The global Heat pump water heater market is expected to grow at a significant CAGR during the forecast period (2024-2031). Demand for energy-efficient products that reduce energy costs and lower carbon emissions has been rising significantly in residential, commercial, and industrial sectors across the globe. A significant rise in energy prices has raised the focus of manufacturers toward the adoption of cost-effective and energy-efficient products that consume less electricity such as air sources and geothermal heat pumps. This, in turn, is expected to drive the global heat pump water heater market during the forecast period. A shift in the trend toward the adoption of renewable technologies to minimize climatic change and to reduce greenhouse gas emissions is also expected to propel the global heat pump water heater market during the forecast period. Policymakers have introduced several norms & directives to achieve renewable targets and reduce GHG emissions. Heat pump water heaters are more efficient in reducing carbon dioxide emissions.
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Heat pump water heaters use electricity for the movement of heat from one place to another, instead of generating heat directly. This function of heat pump water heaters makes them two to three times more efficient than conventional electric resistance water heaters. Heat pump water heaters work like refrigerators, but in reverse, wherein refrigerators extract heat and dump it into the surrounding. Heat pump water heaters extract heat from the surrounding air and dump it at a higher temperature into a tank to heat water. Heat pump water heaters heat a large volume of water and are highly cost-effective, as they consume lesser electricity for heating the same volume of water as compared to the regular water heater.
A rise in investment toward green infrastructure coupled with cooling and heating water systems in the residential sector is anticipated to boost the demand for the global heat pump water heater market during the forecast period. Technological innovation concerning the internet of things (IoT)-enabled heat pump water heater and is projected to fuel the global heat pump water heater market.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: Midea Group, Rheem Manufacturing Company, DAIKIN INDUSTRIES, Ltd., A. O. Smith, Ingersoll Rand and Mitsubishi Electric Corporation, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Heat Pump Water Heater Market by Segment
By Type
- Air Source
- Geothermal
By Storage
- Up to 500 L
- 500-1000 L
- Above 1000 L
By Capacity
- 10 kW
- 10-20 kW
- 20-30 kW
- Above 30 kW
By End-User
- Residential
- Commercial
- Industrial
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