The global heat pump water heater market was valued at US$ 1.4 Billion in FY 2021, reaching US$ 1.6 Billion in 2022, as per a recently published market research study by Fact.MR. During the forecast period ranging from 2022 to 2032, the market is poised to increase at a 6.8% value CAGR (Compound Annual Growth Rate), concluding at a valuation of US$ 3.08 Billion. The utilization of air, water, or geothermal heat to generate hot water is one of the prominent features offered by heat pump water heaters, which in turn, will boost their industry profile in the coming years.
Demand for heat pump water heaters has increased, registering a historical CAGR of 2.0% from 2017 to 2021. Strict governmental regulations and policies to curb emissions from HVAC equipment across the residential and commercial sectors will augment product penetration. Governments across major regions including North America and Asia Pacific are retrofitting heating & cooling equipment across buildings to meet their emission targets, will further boost the technology advancements.
Rising need for sustainable technologies from the residential sector will bolster the product requirement. The majority of governments around the globe are implementing various policies and schemes to promote the distribution of clean technologies in the residential and commercial sectors, improving the perception of the technology. Additionally, stringent emission norms and regulations will compel constructors to install energy-efficient and renewable technologies, which will in turn stimulate the heat pump water heater market demand.
Key Takeaways from the Market Study
· Global heat pump water heater market growth to double by 2032
· By application, residential applications to experience maximum growth, at a CAGR of 4.8% until 2032
· U.S will be an opportunistic heat pump water heater market, accruing 30.5% revenue in 2022
· India will be one of the most opportunistic markets across the Asia-Pacific, accumulating 17.8% revenue in 2022
Market Competition
Penetrating new geographies, collaborating with government agencies or service providers and rebranding initiatives comprise some major strategies adopted by prominent Heat Pump Water Heater Service providers. Some prominent market developments include:
- In August 2020, Panasonic Corporation partnered with Systemair on technology to launch heating and cooling products for offering its customers with more options related to HVAC products, including heat pumps. Both companies will have their separate sales channels and branding for these products.
- In August 2020, Bosch Thermotechnology launched the Bosch Tronic 3000, a line of electric instantaneous water heaters that significantly reduce hot water wait times in light commercial applications. The new series, which includes four new types, is the first stage in Bosch’s intended cutting-edge, new dynamic electric instantaneous water heater portfolio.
- In July 2020, Daikin launched Daikin SmartSource, a dedicated outdoor air system (DOAS) for heat pumps that enables efficient and cost-effective cooling and heating in all conditions using 100% fresh outside air. It also taps a water source heat pump's hot gas reheat coil in addition to the unit's primary DX coil; to enhance the efficiency of the heat pump.
Additional Insights
According to an analyst at Fact.MR, the integration of heat pump water heater with IoT will help in tracking the abnormalities in heat pump water heaters, subsequently reducing system failure. The integration is expected to provide lucrative opportunities for the growth of the market during the forecast period.
The study reveals essential insights on the basis of application (residential and commercial), and capacity (less than 50 gallons, 50-100 gallons, 100-200 gallons, and above 200 gallons) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
To view the full report from Fact.MR, visit www.factmr.com/report/heat-pump-water-heater-market..