Global Commercial Electric Water Heater Market was valued at USD 0.8 Billion in 2022 and is projected to reach USD 1.2 Billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030.
The commercial electric water heater market is experiencing significant growth, driven by the increasing demand for energy-efficient heating solutions in both residential and commercial sectors. These water heaters, which use electric power to heat water, have become a popular choice due to their easy installation and lower maintenance costs compared to traditional gas-powered heaters. As businesses and industries strive for more sustainable and cost-effective solutions, the adoption of electric water heaters has soared in recent years. In 2024, the market is expected to continue its upward trajectory, fueled by the growing awareness of energy-saving technologies and government incentives promoting eco-friendly options.
One of the key factors driving the commercial electric water heater market is the shift towards energy efficiency. Electric water heaters are known for their ability to convert nearly all the energy they consume into heat, reducing energy waste and lowering operating costs. In contrast to gas-powered water heaters, which can lose heat through venting systems, electric models provide better insulation and temperature control, making them more efficient in the long run.
The global market is also benefiting from the increasing demand for hot water in commercial establishments such as hotels, restaurants, and healthcare facilities. These industries require reliable, high-capacity water heaters to meet the daily needs of their customers or patients. As the need for consistent and reliable hot water continues to grow, electric water heaters are becoming the preferred solution due to their reliability and ease of maintenance.
Technological advancements in electric water heater design have further propelled the market. Manufacturers are now offering smart electric water heaters with advanced features such as Wi-Fi connectivity, remote control options, and energy monitoring capabilities. These innovations allow businesses to optimize their energy consumption, offering more control over heating schedules and further enhancing the cost-efficiency of electric water heaters.
Despite the numerous benefits, the commercial electric water heater market faces challenges such as high upfront costs and limited availability in some regions. However, the continuous evolution of the technology and a growing trend toward eco-conscious investments are expected to mitigate these challenges in the coming years.
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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. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. 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
School
Offices
Government
Hospital
Others
Based on Types the Market is categorized into Below types that held the largest Commercial Electric Water Heater market share In 2023.
≥ 100 Gallons
Tankless
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, 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
Global
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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