The global heat pump water heater market size is projected to reach USD 2.1 billion by 2026 from an estimated value of USD 1.4 billion in 2020, at a CAGR of 6.8%.
Factors driving the growth of the heat pump water heater market include the energy efficient technology along with the usage of non conventional sources of energy to heat the water. In addition, supportive regulations and grants for using renewable sources of energy in different applications are also expected to play a key role in the growth of this market during the forecast period.
The Air Source segment is expected to hold the largest share of the heat pump water heater market, by type, during the forecast period.
The air source segment is estimated to be the largest- segment of the heat pump water heater market, by type, from 2020 to 2026. Air source heat pump water heaters offer exceptionally high operational efficiency and has a lower installation cost in comparison with geothermal heat pump water heater. They are mainly used in the residential sector because a multi family building will generally have a requirement of heat pump water heater that occupies less space and have low installation cost due to low hot water requirements in comparison with commercial buildings such as hotels and Hospitals.
Asia-Pacific: The fastest growing market for heat pump water heater.
The Asia Pacific is expected to be the largest as well as the fastest growing heat pump water heater, by region, during the forecast period. Countries such as China, New Zealand and Australia are the fastest-growing markets in the Asia-Pacific region. Asia Pacific is expected to dominate the heat pump water water heater market during the forecast period as owing to the increase in the use of renewable energy and energy efficient products.
Several leading players in the heat pump water heater market such as A.O. Smith Corporation, RHEEM Manufacturing, and Midea Group have their manufacturing facilities in countries such as China, India, and Malaysia. The region is home to a number of emerging economies such as China, India, Singapore, and Malaysia.
The key players in the commercial water heaters market are Midea Group (China), RHEEM Manufacturing Company (US), Daikin (Japan), A.O. Smith Corporation (US), Bosch Industries (Germany), and Ingersoll Rand (US), etc. and other players such as Viessmann Group (Germany), NIBE Energy Systems (Sweden), Valliant Group (Germany), Mitsubishi Electric (Japan), Glen Dimplex (Ireland), Stiebel Eltron (Germany), and more.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Heat Pump Water Heater Market During the Forecast Period
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Reduction in Co2 Emissions 5.2.1.2 Governmental Incentives and Regulations to Enhance Energy Efficiency 5.2.2 Restraints 5.2.2.1 Lack of Awareness Regarding Benefits of Heat Pump Water Heaters in Developing and Underdeveloped Countries 5.2.3 Opportunities 5.2.3.1 Integration of IoT with Heat Pump Water Heaters 5.2.3.2 Positive Outlook Toward Use of Geothermal Energy 5.2.4 Challenges 5.2.4.1 High Installation Costs 5.2.4.2 COVID-19 Impact
6 Water Heater Heat Pump Market, by Type 6.1 Introduction 6.2 Insights of Industry Experts 6.3 Air Source 6.3.1 Low Installation Cost is Boosting Demand for Air Source Heat Pumps 6.4 Geothermal Heat Pump 6.4.1 High Efficiency and Government Subsidies are Expected to Drive the Market for Geothermal Heat Pumps
7 Heat Pump Water Heater Market, by Rated Capacity 7.1 Introduction 7.2 Insights of Industry Experts 7.3 Up to 10 Kw 7.3.1 Suitability for Single-Family Houses is Expected to Drive This Segment 7.4 10-20 Kw 7.4.1 Growing Demand from Residential Sector is Expected to Drive This Segment 7.5 20-30 Kw 7.5.1 Ability to Meet Heating Demand of Commercial Sector is Expected to Drive This Segment 7.6 30-100 Kw 7.6.1 Demand from Small and Medium-Sized Commercial Buildings is Expected to Drive the Market 7.7 100-150 Kw 7.7.1 Heating Demand of Large Commercial Operators and Government Initiatives are Expected to Drive the Market 7.8 Above 150 Kw 7.8.1 High-Volume Hot Water Demand in Industries is Driving the Market
8 Water Heater Heat Pump Market, by Refrigerant Type 8.1 Introduction 8.2 Insights of Industry Experts 8.3 R410A 8.3.1 No Contribution to Ozone Depletion is Expected to Drive the Market for the R410 Segment 8.4 R407C 8.4.1 Higher Temperature Operations is Expected to Drive the Market for This Segment 8.5 R744 8.5.1 Eco-Friendly Operational Characteristic is Expected to Drive the Market for R744 Segment 8.6 Others
9 Heat Pump Water Heater Market, by Storage Tank Capacity 9.1 Introduction 9.2 Insights of Industry Experts 9.3 Up to 500 Liters 9.3.1 Government Subsidies for Residential Heat Pumps are Driving the Market 9.4 500-1,000 Liters 9.4.1 Ability to Provide Heating to Small Commercial Industries is Driving the Market 9.5 Above 1,000 Liters 9.5.1 Need to Replace Conventional Heating Technologies with Energy-Efficient Source is Expected to Drive the Segment
10 Water Heater Heat Pump Market, by End-user 10.1 Introduction 10.2 Insights of Industry Experts 10.3 Residential 10.3.1 Government Initiatives for Energy Efficiency are Likely to Boost Demand for Water Heater Heat Pumps 10.4 Commercial 10.4.1 Need to Adopt Renewable Energy Sources for Commercial Operations is Driving the Market 10.5 Industrial 10.5.1 Water Heater Heat Pumps Enhance Energy Efficiency in Multiple Industrial Applications
13 Company Profiles: Business Overview, Products/Solutions/Services Offered, Recent Developments, COVID-19-Related Developments, Analyst's View 13.1 Panasonic Corporation 13.2 LG Electronics 13.3 Johnson Controls-Hitachi Air Conditioning 13.4 Mitsubishi Electric 13.5 Ingersoll Rand (Trane Technologies) 13.6 Fujitsu General 13.7 Lennox International 13.8 Haier 13.9 United Technologies Corporation (Carrier Global) 13.10 Rheem Manufacturing Company 13.11 A.O. Smith Corporation 13.12 Bosch Industries 13.13 Vaillant Group 13.14 Midea Group 13.15 Daikin 13.16 Viessmann Group 13.17 Stiebel Eltron 13.18 Glen Dimplex 13.19 Nibe Energy Systems 13.20 Gree Electric Appliances 13.21 Emerson 13.22 Nortek Global HVAC 13.23 Guangzhou Sprsun New Energy Technology Development 13.24 Ariston Thermo 13.25 Evo Energy Technologies
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