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Commercial Storage Water Heater Market Size

Report ID: GMI9596
Published Date: May 2024
Report Format: PDF

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Commercial Storage Water Heater Market Size

Commercial Storage Water Heater Market was valued USD 6.01 billion in 2023 and is anticipated to grow at a CAGR of over 6.8% between 2024 and 2032. A commercial storage water heater is a large-scale water heating system designed to meet the demands of businesses, institutions, or other commercial settings. These are built to handle higher volumes of water usage, and typically consist of a large tank, depending on the needs of the commercial establishment.

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Increasing focus on energy efficiency and sustainability will drive the adoption of efficient commercial storage water heaters. Manufacturers are constantly developing models that meet and exceed energy efficiency standards set by regulatory bodies. The standards may differentiate between different types and sizes of commercial storage water heaters. Further, they are subject to periodic updates and revisions to reflect advancements in technology, changes in market conditions, and updates to building codes and regulations, thereby augmenting the market landscape.

Commercial Storage Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2023
Commercial Storage Water Heater Market Size in 2023:	USD 6.01 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.8%
2032 Value Projection:	USD 10.74 Billion
Historical Data for:	2021 - 2023
No. of Pages:	110
Tables, Charts & Figures:	25
Segments covered:	Energy Source, Capacity, Application, Channel and Region
Growth Drivers:	Growing demand for energy efficient equipment Rapid urbanization and advanced product customization Increasing regulatory compliance
Pitfalls & Challenges:	High installation cost

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Rising adoption of smart controls and monitoring systems in commercial water heaters allowing for remote monitoring, diagnostics, and optimization of water heating operations, improving efficiency and reducing maintenance costs, will positively impact the industry statistics. Growing emphasis on energy efficient solutions in commercial establishments, which reduce operating costs and environmental impact, will strengthen the market growth. Further, businesses are investing in high efficiency models to lower the utility bills and meet sustainability goals, thereby strengthening the business landscape.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of commercial storage water heater was reached USD 6.01 billion in 2023 and is anticipated to grow at 6.8% CAGR through 2032, driven by the increasing focus on energy efficiency and sustainability.

The electric segment in the commercial storage water heater market will exceed USD 4.6 billion by 2032, owing to increasing energy costs and environmental concerns coupled with features including remote monitoring.

Europe commercial storage water heater market will cross USD 2.8 billion by 2032, attributed to the introduction of financial incentives, rebates, or grants to encourage the adoption of energy-efficient storage water heaters in commercial establishments.

American Standard Water Heaters, A.O. Smith, Aquamax Australia, Bradford White Corporation, GE Appliances, Racold, Reece Ltd., Rheem Manufacturing Company, State Industries, Saudi Ceramic Company, and Westinghouse Electric Corporation.