Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Heat Pump Water Heater Market Size is Expected to Grow from USD 5.29 Billion in 2023 to USD 20.06 Billion by 2033, at a CAGR of 14.26% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Heat Pump Water Heater Market Size, Share, and COVID-19 Impact Analysis, By Type (Air Source and Geothermal), By Capacity (Less than 10 kW, 10 kW to 30 kW, and Greater Than 30 kW), By End-User (Residential, Commercial, and Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The manufacturing, distribution, and use of systems that use electricity to transfer heat from the air, water, or ground to heat water an energy-efficient substitute for conventional water heaters are all part of the global heat pump water heater market. The market is being driven by the growing need for environmentally friendly and energy-efficient solutions, which is being bolstered by government incentives and technological developments. The global heating industry is experiencing a surge in demand for water heating solutions due to population growth, urbanization, and increased comfort. The heat pump water heater market is influenced by this trend, with government support for eco-friendly technologies and regulatory measures. Technological advancements are enhancing system efficiency, adaptability to various conditions, and enhancing control systems. This demand also presents opportunities for strategic partnerships between manufacturers, energy providers, and construction companies, addressing both heating needs and energy efficiency goals. However, heat pump water heaters, efficient in warmer climates, face challenges in colder regions due to climatic sensitivity, affecting efficiency, energy consumption, system lifespan, and long-term costs.
The air-source segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the type, the heat pump water heater market is classified into air source and geothermal. Among these, the air-source segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Air-source heat pumps provide efficient heating and cooling for homes and other places, offering a simpler installation process than geothermal heat pumps. They don't require extensive excavation or ground loop installation, making them versatile and easier to install than other heat pumps.
The 10 kW to 30 kW segment accounted for the highest market share in 2023 and is expected to grow at a remarkable CAGR during the forecast period.
Based on the capacity, the heat pump water heater market is divided into less than 10 kW, 10 kW to 30 kW, and greater than 30 kW. Among these, the 10 kW to 30 kW segment accounted for the highest market share in 2023 and is expected to grow at a remarkable CAGR during the forecast period. The 10 kW to 30 kW segment is primarily used for commercial applications, including small businesses and cafes. Its higher handling capacity allows it to handle higher hot water demand, making it suitable for larger households, businesses, and commercial use, including hotels, restaurants, and small-scale industrial facilities.
The residential segment accounted greatest share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the end-use, the heat pump water heater market is divided into residential, commercial, and industrial. Among these, the residential segment accounted for the greatest share in 2023 and is expected to grow at a significant CAGR during the forecast period. High-efficiency hot water heaters (HPWHs) convert electricity into heat, reducing energy consumption and operating costs. These units meet the significant demand for hot water in residential households, which are sensitive to utility costs. By reducing water heating energy consumption, they lower electricity bills.
Asia Pacific is estimated to hold the largest share of the heat pump water heater market over the forecast period.
Asia Pacific is estimated to hold the largest share of the heat pump water heater market over the forecast period. High installations have been established throughout Asia Pacific as a result of significant investments made in infrastructure and technology. As it pursues its thirteenth five-year plan, China is gaining dominance in the Asia-Pacific area. In order to improve the quality of low-temperature heat energy, the project intends to develop chemical heat pumps, high-efficiency absorption heat pumps, and compressed high-efficiency heat pumps for industrial waste heat.
North America is predicted to have the fastest CAGR growth in the heat pump water heater market over the forecast period. The US heat pump water heater market is experiencing growth due to energy efficiency advantages and efforts by manufacturers, utilities, and governments. The market is dominated by a few companies, driven by factors like new home construction, energy-efficiency standards, increased incentives, and customer preferences for efficient products with reduced operational costs.
Company Profiling
Major key players in the heat pump water heater market include Daikin, Trane, Rheem Manufacturing, Zealux Electric Limited, Bosch Thermotechnology Corp, A. O. Smith Corporate, Midea, Nihon Itomic Co. Ltd., MITSUBISHI HEAVY INDUSTRIES THERMAL SYSTEMS, LTD., LG Electronics, NIBE, and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the heat pump water heater market based on the below-mentioned segments:
Global Heat Pump Water Heater Market, By Type
Global Heat Pump Water Heater Market, By Capacity
Global Heat Pump Water Heater Market, By End-User
Global Heat Pump Water Heater Market, By Regional Analysis
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