LONDON--(BUSINESS WIRE)--The global commercial water heaters market size is poised to reach USD 1.09 billion by 2023, according to a new report by Technavio, progressing at a CAGR of 5% during the forecast period.
Read the 122-page research report with TOC on "Commercial Water Heaters Market Analysis Report by type (electric water heater, gas water heater, solar water heater) and geography (APAC, Europe, MEA, North America, and South America) 2019 - 2023" at: Request Free Sample Pages
The market is driven by the technological innovations in commercial water heaters. In addition, the increasing demand from the hospitality sector is anticipated to further boost the growth of the market during the forecast period.
Maintaining water heaters is a tedious task for commercial end-users due to their shorter maintenance cycle. Therefore, to reduce the overall maintenance time and increase the efficiency and life span of water heaters, vendors are focusing on improving the performance by adding new features. Some vendors are using monitoring devices and software that can analyze the performance of water heaters. For instance, in April 2018, A.O. Smith launched the iCOMM Connectivity platform for water heaters that aids in remote monitoring and provides essential data regarding the health and performance of the water heater. Moreover, major vendors are also focusing on developing region-specific water heaters that require reduced maintenance and deliver improved performance. Thus, such technological innovations will improve the overall performance of water heaters, and thus drive the global commercial water heaters market growth.
Many global brands of hotels are building new hotels to support tourism, which is leading to an increase in the demand for water heaters. In addition, luxury hotels, shopping centers, entertainment malls, and airports have a huge demand for hot water. The use of electric water heater aids in supplying instant hot while ensuring high cost savings for hotels owners. Therefore, increasing investments in the hospitality sector will drastically increase the demand for commercial water heaters.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- A. O. Smith Corp.
- Bradford White Corp.
- Haier Electronics Group Co. Ltd.
- Midea Group Co. Ltd.
- Rinnai Corp.
Market Segmentation by Category and Product Types:
The Commercial Water Heater Market can be broadly categorized into the following by type:
- Electric water heater
- Gas water heater
- Solar water heater
Key Regions for the Commercial Water Heater Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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