The Commercial Water Heaters Market is being driven by Increasing demand from hospitality sector
The Commercial Water Heaters Market is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2617.8 million. In the realm of commercial construction, there is a growing emphasis on sustainable and holistic building standards, particularly in the sectors of offices and hospitality. While traditional buildings prioritize sustainable development and environmental conservation, these sectors are advancing towards a more comprehensive approach. For instance, the Leadership in Energy and Environmental Design (LEED) system, the most widely adopted green building rating framework, focuses primarily on the design and construction phases. In contrast, Estidama, Abu Dhabi's building rating system, takes a more encompassing approach, evaluating the entire lifecycle of a building, from design and construction to operations. Estidama's tailored approach for the Middle East market underscores the significance of this shift towards a more holistic definition of building standards, which prioritizes both occupant health and operational efficiency.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
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Market growth 2024-2028 |
USD 2617.8 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
4.11 |
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Key countries |
China, US, India, Germany, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Commercial Water Heaters market is experiencing significant growth due to the increasing demand for energy-efficient and technologically advanced solutions. Condensing heat technology is a key trend in this market, allowing for higher energy efficiency and lower CO2 emissions. Smart water heaters, equipped with advanced features like remote monitoring and control, are also gaining popularity. Incentives from governments and organizations, such as those in Massachusetts, are driving the adoption of energy-efficient heaters in commercial buildings like office buildings, hospitals, and hotels. Renewable water sources, like solar and electricity, are being integrated into water heating systems to promote sustainability and reduce reliance on traditional energy sources like oil. Heat pump heaters and heat recovery systems are other energy-efficient solutions that are becoming increasingly common in the market. These systems use renewable energy to heat water and can significantly reduce greenhouse gas emissions. The use of renewable sources and energy-efficient technologies is not only beneficial for the environment but also helps businesses save on energy costs during the energy crisis. Manufacturing facilities, restaurants, corporate places, and other commercial establishments are all potential customers for these sustainable and energy-efficient water heating solutions. The future of the Commercial Water Heaters market looks bright as businesses continue to prioritize sustainability and cost savings.
The Commercial Water Heaters market is a significant segment of the expansive Global Electrical Components and Equipment Market. This market encompasses businesses involved in the production of water heaters and their accompanying accessories. According to Technavio's market analysis, the Electrical Components and Equipment Market size is determined by the consolidated revenue generated by manufacturers of various electrical products, including water heaters, motors, motor control components, encoders and amplifiers, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC systems, and safety components. Furthermore, the market includes the rental and leasing of electrical components and equipment to industrial, commercial, and residential consumers. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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