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.
By type, the air source segment is the largest contributor in the heat pump water heater market during 2019.
The electric 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 heater is more energy efficient when compared with other sources of water heating such as water heater or boiler. They are mainly used in Asia Pacific owing to the fact that countries such as China, India, South Korea, and Japan are focusing on limiting their carbon footprint resulting from the use of fossil fuels.
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By storage tank capacity, up to 500 LT segment is expected to grow at the fastest rate during the forecast period.
Heat pump water heater falling under this category are compact and hence, are easy to install. They provide ample hot water for almost all small commercial applications and to residential sector. Hence, water heaters with this capacity are suitable for low hot water requirement applications in small commercial establishments and residential sector such as homes and multi family buildings. Small individual heat pump water heater of up to 500 liters capacity are used in the hospitality sector for holiday homes and motels as they ensure interruption-free availability of hot water for bathing, personal laundry, etc. applications.
Asia Pacific: Key market for heat pump water heater during the forecast period.
In this report, the heat pump water heater has been analyzed with respect to 4 regions, namely, Asia Pacific, Europe, North America, South America. 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, Indonesia and Australia are the fastest-growing markets in the Asia Pacific region. Asia Pacific is expected to dominate the heat pump 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, Midea Group, RHEEM Manufacturing, and Mitsubishi Electric 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.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the heat pump water heater market such as 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), Daikin (Japan), Mitsubishi Electric (Japan), Glen Dimplex (Ireland), Stiebel Eltron (Germany), and more.
