Global Commercial Water Heaters Market:
About this market
Technavio’s commercial water heaters market analysis considers sales from the electric water heater, gas water heater, and solar water heater. Our analysis also considers the sales of commercial water heaters in APAC, Europe, MEA, North America, and South America. In 2018, the electric water heater market segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growing government regulations on energy efficiency and lower maintenance cost will play a significant role in the electric water heater chocolate segment to maintain its market position. Also, our global commercial water heaters market report looks at factors such as increasing demand from the hospitality sector, technological innovations in commercial water heaters, and growing government initiatives promoting the use of energy-efficient heating solutions. However, high installation and maintenance cost, increasing market competition, and technical challenges associated with the product may hamper the growth of the commercial water heaters industry over the forecast period.
Global Commercial Water Heaters Market: Overview
Increasing demand from the hospitality sector
The energy savings from water heaters in commercial spaces are higher than residential buildings because they are installed in many bathrooms as well as the frequency of hot water use is also high. As the frequency of use is high in establishments such as hospitals, hotels, and airports, every watt of energy saved while heating water gets multiplied. So, high energy savings, coupled with increasing investments in new hotels, are key driving factors for the adoption of water heaters in the hospitality sector. This demand from the hospitality sector will lead to the expansion of the global commercial water heaters market at a CAGR of over 5% during the forecast period.
Increasing demand for hybrid water heaters
Water heaters mainly use solar, propane, oil, and electricity as an energy source for heating water. However, hybrid water heaters also called as heat pump water heaters, make use of surrounding hot air, and transfer the heat to an enclosed water tank. Hybrid water heaters can overcome the drawbacks of conventional gas and solar water heaters as they use limited energy to heat water. Such features make hybrid water heaters more energy-efficient than standalone solar or gas water heaters. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global commercial water heaters market during the forecast period 2019-2023, click here.
With the presence of several major players, the global commercial water heaters market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading commercial water heaters manufacturers, that include A. O. Smith Corp., Bradford White Corp., Haier Electronics Group Co. Ltd., Midea Group Co. Ltd., and Rinnai Corp.
Also, the commercial water heaters analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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