Heat Pump Water Heater Market will Revenue to Cross USD 3.7 billion by 2030 Research by Business Opportunities, Size, Share, Upcoming Trends

Heat Pump Water Heater Market to surpass USD 3.7 billion by 2030 from USD 1.2 billion in 2019 at a CAGR of 6.9% throughout the forecast period, i.e., 2020-30. Energy-efficient technology along with the use of non-conventional energy sources for water heating are factors driving the growth of the Heat Pump Water Heater Market. Furthermore, it is also predicted that supporting legislation and grants for the use of renewable energy sources in different applications will play a key role in the growth of this market during the forecast period. Due to their environmental and cost-saving advantages, these heat pumps have gained widespread adoption and acceptance. In addition, initiatives from different countries’ governments are also contributing to the increasing demand for geothermal heat pumps. Also, the growing emphasis on the use of renewable energy to control climate change and environmental degradation in the coming years would also fuel the demand for the heat pump water market.

Water heat pump heaters usually use electricity to transfer heat directly from one location to another instead of producing heat, which helps to minimize energy consumption by three times compared to traditional electric water heaters. The heat pump water heaters act like a fridge to transfer the heat from one location to another but in reverse, as the heat pump water heaters draw the heat from the surrounding air and hold it in a tank at a higher temperature to heat water. The heat pump water heater saves energy by transferring the heat available (BTUs) in the air to the water heater tank. They can be installed to draw heat from indoor air (if cooling is desired) or from the outdoor air. The heat pump water heater provides the best energy savings when used in areas where temperatures are mild.

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  • Top market players with sales, revenue, and business strategies analysis
  • Market growth drivers and restraints
  • Market opportunities & challenges
  • Research methodology

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Heat Pump Water Heater Market: Key Players

  • Midea Group
  • GE Appliances
  • Gree
  • Hangzhou Jinjiang Solar
  • Hayward Industries
  • Johnson Controls – Hitachi Air Conditioning
  • Zodiac Pool Solutions (Jandy)
  • Midea
  • MTechnologysubishi Electric
  • New Energy
  • Panasonic
  • Pentair

Heat Pump Water Heater Market: Segments

Geothermal segment to grow with the highest CAGR during 2020-30

Heat Pump Water Heater Market is segmented by type as Air Source, Geothermal. Based on type air source segment is the largest segment of the market for Heat Pump Water Heater in 2019. Due to its low installation cost and environmentally friendly technology, the market for air source heat pumps is rising largely in the residential sector. Due to the fact that countries such as China, Australia, Thailand, and New Zealand are focused on limiting their carbon footprint resulting from the use of fossil fuels, they are primarily used in Asia Pacific. They are primarily used in the residential sector because a multifamily building would usually need a heat pump water heater that takes up less space and has low installation costs compared to commercial buildings such as hotels and hospitals due to low hot water requirements.

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Heat Pump Water Heater Market: Market Dynamics

Drivers

Rising global energy consumption

Increasing population, along with rapid economic growth worldwide, would lead to a rise in energy demand. Increased demand for heat pumps would result from the combined effect of economic growth and increasing energy consumption. As the residential construction sector in developed countries recovers and housing demand from developing countries increases, there will be sufficient demand for HVAC systems, thus growing the demand for heat pumps. Therefore, during the forecast period, rising energy consumption and robust demand from the housing sector would add momentum to the global heat pump market.

Restrain

Lack of awareness regarding benefits of heat pump water heaters

Awareness regarding energy efficiency, cost efficiency, and environmental benefits of heat pump water heaters are low among all end-user segments. This is because they are generally considered to be costly, serving as a barrier to market penetration in both emerging and underdeveloped economies. There is also a lack of understanding of the possibilities provided by heat pump water heaters for energy conservation and CO2 emission reduction. The lack of knowledge of heat pump technology in the supply chain is also an obstacle to the adoption of water heat pump heaters in developing and underdeveloped countries.

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Heat Pump Water Heater Market report also contains analysis on:

Heat Pump Water Heater Market Segments:

  • By Type:
    • Air source
    • Geothermal
  • By Liter:
    • Up to 500 LT
    • 500‒1,000 LT
    • Above 1,000 LT
  • By Rated Capacity:
    • Up to 10 kW
    • 10‒20 kW
    • 20‒30 kW
    • 30‒100 kW
    • 10–150 kW
    • Above 150 kW

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