Commercial Water Heater Market 2023 By Demand, Top Trend & Forecast To 2028

03-02-2023

By Ronak Bora

Increasing consumer outlay in energy-efficient appliances is boosting the global commercial water heater market revenue. Industry participants are relying on developments of commercial establishments in the wake of demand for hot water across end-use sectors, including hotels and hospitals. Prominently, emphasis on the expansion of smart & green building projects in both emerging and advanced economies has prompted manufacturers to up the production of water heaters.

Rigorous building efficiency codes and standards have complemented the trend for smart water heating systems, expediting the installation of advanced equipment. Rising urbanization and industrialization are expected to encourage service-providing facilities to adopt water heaters. According to a recent study, commercial water heater market could witness 4 million units’ yearly installation by 2028.

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Leading companies are likely to emphasize the following trends to gain a stronghold globally:

250-400 liters water heater to gain traction

Commercial establishments will continue to exhibit traction for 250-400 liters water heaters on the heels of demand for smart control systems. Industry players will potentially explore opportunities in intelligent water heating systems through the integration of IoT. Besides, small commercial establishments are expected to invest in these water heaters to streamline management. The 250-400 liters commercial water heater segment is likely to expand at a healthy growth rate through 2028.

The U.S. to provide compelling growth opportunities

Key players are likely to envisage the U.S. as a revenue-boosting hub considering the prevalence of extreme climate conditions. End-users have also shown traction for the replacement and refurbishment of conventional heating systems with modern designs and energy-efficient solutions. Amidst escalating carbon emission concerns, stakeholders are expected to inject funds into the landscape. The U.S. commercial water heater market could expand at a moderate CAGR of over 3% through 2028.

Instant electric water heater to bolster growth potentials

The commercial sector has shown profound interest in instant electric water heaters given the global pitch for sustainability and efficiency. The rising penetration of electric water heaters is mainly associated with indoor air quality features, energy efficiency and convenience. Amidst the growing call to save on energy costs, the trend for the tankless water system is likely to be on the rise. Driven by these factors, the instant commercial water heater segment is likely to grow at a notable rate in the ensuing period.

The COVID-19 pandemic reflected the importance of water heater

The pandemic expedited some of the notable shifts already tilted towards commercial water heating systems. Although several sectors observed a drastic fall in commercial water usage with empty buildings, offices and facilities, hospitals witnessed an unprecedented spike in hot water usage. It created a trend for instant water heaters among the commercial sectors.

In a bid to boost end-users to invest in efficient water equipment, governments have started providing rebates and incentives. For instance, in February 2020, California regulators earmarked USD 45 million in new funding for heat pump water heaters through 2025.

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With operators and commercial building owners seeking sustainable water heating solutions, high-performance heating solutions are expected to be gain prominence. The advent of smart water heaters is poised to bring a marked rise in the commercialization of heating equipment. Smart water heaters with temperature control, Wi-Fi connect, more savings and safety are slated to be prioritized, auguring well for the global business outlook.

Partial Chapter of the Table of Content

Chapter 2 Executive Summary

2.1 Commercial water heater industry 360⁰ synopsis, 2021 – 2028

2.1.1 Business trends

2.1.2 Product trends

2.1.3 Capacity trends

2.1.4 Energy source trends

2.1.5 Application trends

2.1.6 Regional trends

Chapter 3 Commercial Water Heater Industry Insights

3.1 Industry segmentation

3.2 Industry ecosystem analysis

3.2.1 Vendor Matrix

3.3 Regulatory landscape

3.3.1 North America

3.3.1.1 U.S.

3.3.1.1.1 Minimum Energy Performance Standards (MEPS)

3.3.1.2 Canada

3.3.1.3 Renewable heat program

3.3.2 Europe

3.3.2.1 Germany

3.3.2.2 Ireland

3.3.2.2.1 Standards

3.3.2.2.2 Regulation

3.3.3 Asia Pacific

3.3.3.1 India

3.3.3.2 China

3.3.3.2.1 Minimum Energy Performance Standards (MEPS)

3.3.4 Middle East & Africa

3.3.4.1 Saudi Arabia

3.3.4.1.1 Saudi Arabia energy efficiency standards for electrical appliances

3.3.4.1.2 Saudi Water heaters: (SASO 2884:2017)

3.4 Innovation and sustainability

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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....