The global commercial water heaters market size is experiencing a significant upsurge, projected to reach a value of USD 3.06 billion with a Compound Annual Growth Rate (CAGR) of 5.25% between 2022 and 2027. This forecasted growth is attributed to several factors including increasing demand from the hospitality sector, technological advancements in commercial water heating equipment, and government initiatives promoting energy-efficient heating solutions.
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One of the key drivers of this growth is the rising demand from the hospitality sector, where water heaters are essential for numerous applications such as bathing, cleaning, and cooking. With establishments like hotels, hospitals, and airports requiring large amounts of hot water, the adoption of commercial water heaters is witnessing a significant surge. Moreover, the energy savings achieved in commercial facilities are higher compared to residential buildings, making them an attractive investment for businesses
Moreover, the energy savings achieved in commercial facilities are higher compared to residential buildings, making them an attractive investment for businesses
Innovation in commercial water heating technology, particularly in the electric water heater segment, is another contributing factor to market growth. Despite being at a maturity stage, ongoing innovations such as tankless or instantaneous products have revitalized the market. Electric water heaters offer advantages such as lower maintenance costs compared to gas heaters, flexibility in installation, and suitability for commercial spaces with space constraints. These factors have led to increased adoption, especially in commercial buildings
These factors have led to increased adoption, especially in commercial buildings

Source prnewswire