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Heat pump water heaters also referred to as ‘air-source heat pumps’ use electricity to transfer heat from one place to another instead of generating heat directly. This is achieved by drawing heat from surrounding air and draining it into a tank to heat water at a higher temperature. It works like a refrigerator in reverse and the concept is called vapor compression cycle. This leads to consumption of 60-70% lesser energy than conventional electric resistance water heaters which make heat pump heaters more efficient by saving energy, saving money and reducing greenhouse gas emissions.
Also, in wringing the heat from air, HPWHs are known to both cool and dehumidify the air that passes through them which helps in meeting space-conditioning needs during cooling seasons.
The global heat pump water heater market is expected to grow at an exponential CAGR in the years to come.
The growth of this market is attributed towards major relying factors including; the rising global energy consumption coupled with the recovery in housing sector, the increasing supportive regulations and grants for using renewable sources of energy in different applications, the shifting focus towards usage of renewable energy in order to minimize climatic changes and environmental degradation etc.
Moreover, heat pump water heaters can be used as part of demand response programs as they provide similar load control options as resistance water heaters, but offer permanent reductions in energy consumption and far better recovery after a peak power reducing event. This makes them highly desirable among different types of users worldwide and thereby contributes in enhancing the market growth.
Additionally, the rising environmental awareness since last few years has led to the spread of highly energy-efficient space and hot water heaters. Consequently, an ongoing shift from traditional combustion-heat source equipment to heat-pump heating that emits less CO2 can be witnessed globally, which in turn promotes the growth of the HPWHs on a larger scale.
Furthermore, factors such as energy efficient technology along with the usage of non conventional sources of energy to heat the water, the widespread adoption and acceptance of geothermal heat pumps owing to their environmental and cost saving benefits coupled with the increasing initiatives from the governments of various countries leading to the growing demand for geothermal heat pumps, the introduction of new and advanced products and services and the increasing integration of Iot with heat pump water heaters are all projected to further fuel the growth of this market.
However, high costs and lack of awareness regarding benefits offered by HPWHs in the developing and underdeveloped economies is projected to restrain the growth of the worldwide heat pump water heater market. These restraints are however expected to be overcome sooner or later by the market players existing in the market with the advent of new advanced technologies and modified versions of the product.
HEAT PUMP WATER HEATER MARKET SEGMENTATION:
By Rated Capacity:
By Storage Tank Capacity:
By End Use Vertical:
The Asia Pacific region is the fastest and the largest regional market for HPWHs and is anticipated to witness massive growth in the forthcoming years. The growth in this region can be attributed to factors such as the increasing use of renewable energy and energy efficient products, the presence of key market players along with their huge bases in the major economies of the region, the growing number of initiatives to enhance the installation of HPWH in order to increase energy efficiency and reduce environmental pollution etc. The major contributors in the region are India and China with Thailand and Malaysia also contributing significantly along with other countries.
FEW KEY PLAYERS IN HEAT PUMP WATER HEATER MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global heat pump water heater market by the following segments:
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Heat Pump Water Heater Industry Report
The report offers a comprehensive insight on the Heat Pump Water Heaters Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.