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Commercial Water Heaters Market Emerging Trend, Top Companies, Industry Demand and Regional Analysis
Commercial Water Heaters Market
Commercial water heaters are devices that heat water and maintain it at a higher temperature for a prolonged period of time Instead of using electricity to create heat, it is simply used to transfer heat from one location to another. The best available technology is combined with environmentally responsible practises in this heat pump water heater. Save More Energy - Up to 70% more energy efficient than traditional water heating methods.
The act of transmitting heat through the use of a power source intended to raise water's normal temperature is known as "heating water." Water heaters guarantee that hot water is always accessible. Fossil fuels, nuclear energy, renewable energy, solar electricity, and other alternative energy sources are used directly or indirectly to power water heaters. Commercial water heaters need special attention and routine maintenance because they are used continuously day and night.
Dynamics of the world market for commercial water heaters Strict building efficiency requirements and norms, as well as increased investment in green construction efforts, are predicted to have an impact on the growth of the commercial water heater market.
Increased consumer awareness of the advantages of water heaters and rising demands for the installation of cutting-edge technology,particularly in commercial and educational institutions, are predicted to have an impact on product uptake. For instance, the US Department of Energy required industrial manufacturers to use new technologies in order to create energy-efficient heaters that were assessed based on thermal efficiency and standby losses in 2015. importance of adopting sustainable solutions and to drive demand for solar water heaters.
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COVID-19 Imapct on Commercial water heaters Market:
Due to a slow decline in manufacturing facilities, delays in various projects, and a limited product launch, the COVID-19 pandemic has had a minimal impact on the US water heater business. Additionally, government spending and regulations on the expansion of renewable technology will fuel business demand. It is anticipated that product demand would rise as a result of the growing usage of a variety of these items in commercial and industrial sectors including the processing and chemical industries. The demand for hot water is likely to increase, especially from hospitals and hotels.
Global Commercial Water Heaters Market- Key Market Trends
One of the major factor that has boosted the market growth over the forecast period is that the market has flourished the global commercial sector. This is because the commercial sector mainly consists of service-providing facilities that includes, institutional living quarters, sewage treatment plants, medical facilities (hospitals and clinics), hotels, restaurants, motels, holiday homes, commercial complexes, shopping malls, and community and public places. Also, it has played an important role in the GDP of developed and emerging economies of the world.
Global Commercial Water Heaters Market- Segmental Analysis
Based on Type
Electric
Oil
Gas
Solar
Hybrid
Heat Pump
Others
The electric segment has dominated the market growth over the forecast period. This is because the Electric water heaters has offered exceptionally high operational efficiency over the forecast period. Global Commercial Water Heaters Market
Based on Liter
Below 500 Liters
500‒1,000 Liters
1,000‒3,000 Liters
3,000‒4,000 Liters
Above 4,000 Liters
The below 500 liters segment has dominated the market growth over the forecast period. This is because the small individual commercial water heaters of below 500 liters capacity are used in the hospitality sector for holiday homes and motels as they ensure interruption-free availability of hot water for bathing, personal laundry, etc. applications.
Based on Rated Capacity
Up to 10kW
10‒50kW
50‒150kW
150‒300kW
Above 300kW
The 10-50 Kw segment has dominated the market growth over the forecast period. This is because of the requirement of instant hot water has been rising at a significant rate. This led to the deployment of high-powered water heaters to cater to this instant hot water requirement.
Global Commercial Water Heaters Market- Competitive Landscape
Some of the prominent companies operating in the market are 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).
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