The global commercial water heaters market size is projected to reach USD 7.7 billion by 2026 from an estimated value of USD 5.4 billion in 2020, at a CAGR of 6.1%. Factors driving the growth of the commercial water heaters market include increasing investments for the development and expansion of commercial sector operations across different regions. In addition, supportive regulations and grants for using renewable sources of energy in different applications are also expected to play a key role in the growth of this market during the forecast period.
The commercial water heaters market is dominated by a few global players, mainly from the North America, Asia Pacific, and Europe. Key players in the commercial water heaters market include A.O. Smith Corporation (US), RHEEM Manufacturing Company (US), Rinnai Corporation (Japan), Solahart Industries (Australia), Carrier Global (US), Stiebel Eltron (Germany), etc. Other players in the market include the likes of Viessmann Group (Germany), NIBE Energy Systems (Sweden), Danfoss (Denmark), Valliant Group (Germany), American Water Heaters (US), Daikin (Japan), Mitsubishi Electric (Japan), Andrewes Water Heaters (Baxi Heating) (UK), and more.
Major strategies adopted by the players are new product launches; contracts & agreements; mergers & acquisitions; and investments & expansions from January 2017 to July 2020. New product launches was the most commonly adopted strategy. Industry players also adopted mergers & acquisitions, contracts & agreements, new product launches and partnerships & collabrations, which were the second and third most widely followed strategies, respectively, during the same period.
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A.O. Smith Corporation is one of the key manufacturers of commercial and residential water heating equipment. It focuses on the development of innovative technologies and energy-efficient solutions for its products marketed worldwide. The company offers gas and electric water heaters, boilers, tanks, and water treatment systems for commercial and residential sectors through its 2 reporting segments—North America and Rest of World. A.O. Smith offers oil-fired, gas-based, electric, solar, and tankless commercial water heaters for use in hotels, restaurants, motels, office complexes, laundries, car wash centers, and small businesses. Its commercial water heaters have a volume capacity ranging from 19 to 9,500 liters and electrical ratings ranging from 3 to 900kW.
RHEEM Manufacturing is a developer and provider of solutions for water heating, pool/spa heating, and commercial refrigeration applications. The company specializes in gas furnaces, heat pumps, heat pump water heaters, water heaters, tankless water heaters, commercial water heaters, etc. It offers gas- and electricity-powered commercial tankless water heaters, commercial tank-type gas water heaters, and commercial tank-type electric water heaters. These heaters have a power rating from 3kW to 900kW and can be used in light and heavy-duty commercial water heating applications. The company also provides hybrid commercial water heaters that can operate on both electricity and gas, including propane, natural gas, etc.
Commercial Water Heaters Market by Type(Electric, Gas, Oil, Heat Pump, Solar, Hybrid & Others), Liter (Below 500, 500-1,000, 1,000-3,000, 3,000-4,000 & more), Rated Capacity (Up to 10kW, 10-50kW, 50-150kW & more),and Region - Global Forecast to 2026
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