According to Stratistics MRC, the Global Heat Pump Water Heater Market is accounted for $1.33 billion in 2019 and is expected to reach $2.64 billion by 2027 growing at a CAGR of 8.9% during the forecast period.
Some of the factors such as the reduction in CO2 emissions and governmental incentives and regulations to enhance energy efficiency are the major factors propelling the market growth. However, the lack of awareness regarding the benefits of heat pump water heaters in developing and underdeveloped countries is hindering the market growth.
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Heat pump water heaters normally use electricity to move heat from one place to another instead of generating heat directly, which helps in reducing energy consumption by three times compared with conventional electric resistance water heaters. To move the heat from one place to another, the heat pump water heaters work like a refrigerator but in reverse, as the heat pump water heaters pull the heat from the surrounding air and keep it at a higher temperature in a tank to heat water.
Based on the storage refrigerant type, the R410A segment is estimated to have a lucrative growth during the forecast period as R410A is a low-pressure gas that is stored in copper coils and absorbs the heat that passes through various copper components. R410A is a gas that is used as a refrigerant in HVAC for heating and cooling applications.
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By geography, Asia Pacific is going to have a huge demand during the forecast period due to the increase in the use of renewable energy and energy-efficient products and various initiatives to enhance the installation of heat pump water heater to increase energy efficiency and reduce environmental pollution by the Asia Pacific countries.
Some of the key players profiled in the Heat Pump Water Heater Market include A.O. Smith Corporation, Alpha-Innotec, Darkin, GE Appliances, Hangzhou Jinjiang Solar, Hitachi, BOSCH, Lennox International Inc, Midea Group, Mitsubishi Electric Corporation, Panasonic, Pentair, Stiebel-Eltron, Wotech, EMERSON, LG Electronics, Johnson Controls-Hitachi Air Conditioning, Fujitsu General, Haier, and United Technologies.
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• Air Source Heat Pump
• Geothermal Heat Pump/Ground Source Heat Pump (GSHP)
• Water Source Heat Pump
Rated Capacities Covered:
• Up to 10 kW
• 10-20 kW
• 20-30 kW
• 30-100 kW
• 100–150 kW
• Above 150 kW
Storage Tank Capacities Covered:
• Up to 500 Liters
• 500-1,000 Liters
• Above 1,000 Liters
Storage Refrigerant Types Covered:
Sales Channels Covered:
• Direct Sales
End Users Covered:
• Commercial Use
• Industrial Use
• Residential Use
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
– Market share assessments for the regional and country level segments
– Market share analysis of the top industry players
– Strategic recommendations for the new entrants
– Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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