“The global heat pump water heater market size is projected to grow at a CAGR of 6.8%, from 2020 to 2026.”
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.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 47.2%, Tier 2- 30.7%, Tier 3- 22.1%
- By Designation: C-Level Executives- 42.1%, Managers- 39.6%, Others- 18.3%
- By Region: Asia Pacific- 50.1%, South America- 2%, Europe- 25.8%, and North America- 22.1%
Note: The tier of the companies has been defined based on their total revenue; as of 2017: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The report provides a complete view of the heat pump water heater market across the power industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as type, rated capacity, storage tank capacity, refrigerant type, end user, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
The market has been segmented based on type, rated capacity, storage tank capacity, refrigerant type, end user, and region, with a focus on industry analysis (industry trends). The market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the heat pump water heater market.
Key Benefits of Buying the Report
- The report identifies and addresses key markets for the implementation of a heat pump water heater in various industries, which would help manufacturers review the growth in demand.
The report helps solution providers understand the pulse of the market and provide insights into drivers, opportunities, restraints, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.