Heat Pump Water Heater Market: Market Segments: By Type (Air Source and Geothermal); By Liter (Up to 500 L, 500–1000 L and Above 1000 L); By Rated Capacity (Up to 10 kW, 10‒20 kW, 20‒30 kW, 30‒100 kW, 10–150 kW and Above); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
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.
Heat Pump Water Heater Market is expected to project a notable CAGR of 5.7% in 2030.
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.
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.
Heat Pump Water Heater Market: Market Dynamics
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.
Lack of awareness regarding benefits of heat pump water heaters
Awareness regarding energy efficiency, cost efficiency, and environmental benefits of heat pump water heaters is 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.
Heat Pump Water Heater Market: Key Players
• Midea Group
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• GE Appliances
• Hangzhou Jinjiang Solar
• Hayward Industries
• Johnson Controls – Hitachi Air Conditioning
• Zodiac Pool Solutions (Maydy)
• MTechnologysubishi Electric
• New Energy
Heat Pump Water Heater Market: Regions
Heat Pump Water Heater Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Heat Pump Water Heater Market in Asia Pacific held the largest market share of XX.X% in the year 2019 and is anticipated to continue its dominance over the forecast period owing to the increase in the use of renewable energy and energy efficient products. A number of emerging economies such as China, India, New Zealand, and Malaysia, are based in the region. These countries are taking numerous steps to boost the installation of water heaters with a view to increasing energy efficiency and reducing environmental pollution. The growth of the market in this region will be driven by the increase in construction activities and the focus of governments in this region on growing energy efficiency and reducing carbon emissions. In addition, the need to replace conventional systems with modern and sustainable systems and developments in the use of sensors and touchscreen interfaces to enhance heat pump functionality would also fuel the growth of the EMEA region.
Heat Pump Water Heater Market report also contains analysis on:
Heat Pump Water Heater Market Segments:
• Air source
• 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
• Heat Pump Water Heater Market Dynamics
• Heat Pump Water Heater Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Heat Pump Water Heater Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Heat Pump Water Heater Market?
· What could be the challenging factors in the growth of Heat Pump Water Heater Market?
· What are the growth drivers for the Heat Pump Water Heater Market?