The global commercial water heaters market size was US$ 5.5 billion in 2021. The global commercial water heaters market is forecast to grow to US$ 8.6 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market
The widely grown commercial sector, including facility settlements, shopping malls, business complexes, communities, hotels, restaurants, medical facilities, and public places, is playing an important role in the commercial water heaters market during the forecast period. 
The rising healthcare sector and the increasing number of hospitals, restaurants, and other public places will drive the demand for commercial water heaters market during the study period.
Growing initiatives by government bodies to adopt renewable energy-based water heaters will be opportunistic for the commercial water heaters market. On the contrary, the high cost of installation of commercial water heaters may restrict the market from growth during the study period. Innovations in this sector will also be opportunistic for the global commercial water heaters market.

COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for commercial water heaters reduced. Public places were ordered to close during the pandemic, which impeded the demand for commercial water heaters. However, the adoption of commercial water heaters in hospitals and clinics remained the same to cater to the demands of the patients. As a result, the market witnessed significant growth opportunities in this sector. Apart from that, the market for commercial water heaters will witness ample growth opportunities as governments are increasing healthcare expenditure to build more hospitals. Thus, it will drive the commercial water heaters market forward in the coming years.

Regional Analysis
The Asia-Pacific commercial water heaters market is forecast to emerge as the largest market, owing to the growing commercialization in countries such as China and India, that will upsurge the demand for water heaters over the forecast period. Moreover, growing industrialization and rising support by government bodies will contribute to the growth of the commercial water heaters market during the forecast period. 
The European market for water heaters forecasts to have a substantial contribution due to the growing commercialization and industrialization in the region. Apart from that, severe cold weather in the region will also surge the demand for hot water, which will benefit the commercial water heaters market.

Competitors in the Market
• Midea Group
• A.O. Smith Corporation
• Daikin
• Rinnai Corporation
• Danfoss
• Mitsubishi Electric
• Nibe Energy Systems
• Johnson Controls-Hitachi Air Conditioning
• Bosch Industries
• Viessmann
• Vaillant
• Rheem Manufacturing Company
• American Water Heaters
• Bradford White
• Ariston Thermo Group
• Other Prominent Players

Market Segmentation
The global commercial water heaters market segmentation focuses on Type, Liter, Rated Capacity, and Region. 
By Type:
• Electric
• Oil
• Gas
• Solar
• Hybrid
• Heat Pump
• Others
By Liter:
• Below 500 Liters
• 500‒1,000 Liters
• 1,000‒3,000 Liters
• 3,000‒4,000 Liters
• Above 4,000 Liters
By Rated Capacity:
• Up to 10kW
• 10‒50kW
• 50‒150kW
• 150‒300kW
• Above 300kW
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America