Commercial Electric Water Heater Market size was valued at USD 1.89 Billion in 2024 and is forecasted to grow at a CAGR of 6.5% from 2026 to 2033, reaching USD 3.12 Billion by 2033.
In 2022, the global commercial electric water heater market was valued at approximately USD 6.3 billion, with projections indicating growth to USD 9.9 billion by 2032, representing a compound annual growth rate (CAGR) of 4.6%. This growth is driven by increased investments in the commercial sector and the rising adoption of hybrid water heaters. Regionally, North America held the largest market share in 2022, accounting for nearly one third of the global revenue. This dominance is attributed to high hot water consumption during winter and the presence of major industry players. Europe, led by Germany, is experiencing growth due to rapid electrification and a push for sustainable energy solutions. The Asia Pacific region is anticipated to exhibit the highest growth rate during the forecast period. China and India are major contributors, driven by rapid urbanization, population growth, and increased infrastructural activities. The demand in this region is further amplified by the hospitality and healthcare sectors need for efficient water heating solutions. Opportunities in the market include technological advancements, such as the integration of smart features and IoT capabilities, enhancing operational efficiency and user convenience. Additionally, government initiatives promoting energy efficiency and the adoption of eco friendly appliances are expected to further stimulate market growth.
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A. O. Smith Corp.
Bradford White Corp.
Haier Electronics Group Co. Ltd.
Midea Group Co. Ltd.
Rinnai Corp
Ferroli
Robert Bosch
Rheem Manufacturing
American Water Heaters
Westinghouse
Hubbell Electric Heater Company
Lochinvar
State Industries
Noritz
HTP Comfort Solutions LLC
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Commercial Electric Water Heater Market
Storage Water Heaters
Tankless Water Heaters
Heat Pump Water Heaters
Solar Water Heaters
Less than 20 Gallons
20 to 50 Gallons
51 to 100 Gallons
More than 100 Gallons
Food and Beverage Industry
Healthcare Facilities
Hospitality Sector
Manufacturing and Industrial Applications
Restaurants and Cafes
Lodging and Accommodations
Healthcare Providers
Educational Institutions
Conventional Electric Units
Smart Water Heaters
Hybrid Water Heaters
Energy-Efficient Models
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Commercial Electric Water Heater Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Commercial Electric Water Heater Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Commercial Electric Water Heater Market, By Type
6. Global Commercial Electric Water Heater Market, By Application
7. Global Commercial Electric Water Heater Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Commercial Electric Water Heater Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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