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$1.4 Bn Heat Pump Water Heater Market by Type, Storage, Capacity, Refrigerant, End User and Region - Global Forecast to 2026

Research and Markets
·7-min read

Dublin, Oct. 05, 2020 (GLOBE NEWSWIRE) -- The "Global Heat Pump Water Heater Market by Type (Air Source, Geothermal), Storage (Up to 500 L, 500-1000 L, Above 1000 L), Capacity (Up to 10 kW, Above 10 kW), Refrigerant (R410A, R407C, R744), End User (Residential, Commercial, Industrial) and Region - Forecast to 2026" report has been added to's offering.

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 Reduction in Co2 Emissions Governmental Incentives and Regulations to Enhance Energy Efficiency
5.2.2 Restraints Lack of Awareness Regarding Benefits of Heat Pump Water Heaters in Developing and Underdeveloped Countries
5.2.3 Opportunities Integration of IoT with Heat Pump Water Heaters Positive Outlook Toward Use of Geothermal Energy
5.2.4 Challenges High Installation Costs 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

11 Heat Pump Water Heater Market, by Region

12 Competitive Landscape
12.1 Overview
12.2 Competitive Leadership Mapping
12.2.1 Star
12.2.2 Emerging Leader
12.2.3 Pervasive
12.2.4 Participants
12.3 Market Share, 2019
12.4 Competitive Scenario
12.4.1 New Product Launches
12.4.2 Mergers & Acquisitions
12.4.3 Contracts & Agreements
12.4.4 Investments & Expansions
12.4.5 Others

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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