Report Ocean has recently published a new report, titled “Global Heat Pump Water Heater Market Size study, by Type (Air source and Geothermal), by Rated Capacity (Up to 10 kW, 10‒20 kW, 20‒30 kW, 30‒100 kW, 100–150 kW and Above 150 kW), by Storage Tank Capacity (Up to 500 LT, 500‒1,000 LT and Above 1,000 LT) and Regional Forecasts 2020-2027.”
The high efficacy of heat pumps in comparison with conventional water heaters is driving the global heat pump water heater market. According to the research report, the global market stood at US$1.3 bn in 2019. It is expected to rise at a CAGR of more than 6.80% over the period from 2020 to 2027. Further, the awareness regarding the benefits of heat pump water heaters, such as reduced CO2 emissions, and an increase in government regulations, directed at enhancing energy efficiency, are also providing substantial support to the market. Going forward, the increasing focus on the usage of renewable energy to check environmental degradation and climate change is likely to drive the market significantly in the near future. However, the absence of awareness among consumers about benefits of heat pump water heaters in developing and underdeveloped economies may limit the growth of this market in the coming years.
Key market participants are more focused on introducing new products to remain in the competition. Let us have a look at recent developments in the global heat pump water heater market:
- In March 2019, Panasonic Corp. entered into a partnership with Systemair, a Sweden-based ventilation company, to rollout heat pump chiller series. The company is looking forward to gain a foothold in Sweden and, eventually in Europe, with this move.
- In October 2018, Panasonic Corp. started residential air to water heat pump production in Pilsen, Czech Republic. This move was directed at improving its air conditioning business in the European market.
The regional assessment of the global heat pump water heater market has also been provided in this research study. According to this study, the key regional segments of this market are Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading regional market for heat pump water heaters across the world. The increase in the usage of renewable energy and energy efficient products in this region is boosting this regional market. Asia Pacific is also reporting a healthy rise in its market for heat pump water heaters due to the existence of a large pool of leading players, such as Midea Group, A.O. Smith Corp., Mitsubishi Electric, and RHEEM Manufacturing, in Asian countries, such as India, China, and Thailand.
Impact of Covid 19 on Global Heat Pump Water Heater Market
With the entire world combating the pandemic, the future of the global heat pump water heater market does not look much bright. No major product launches took place over the last few months, which impacted quite negatively on this market. However, as the world prepares to open again, the demand for heat pump water heaters will gain momentum very soon, which, eventually, will reflect on the market as well.
- North America is the leading regional market for heat pump water heaters across the world.
- Asia Pacific is also reporting a healthy rise in its market for heat pump water heaters due to the existence of a large pool of leading players.
The global heat pump water heater market is classified into:
- Air source
By Rated Capacity
- Up to 10 kW
- 10‒20 kW
- 20‒30 kW
- 30‒100 kW
- 100–150 kW
- Above 150 kW
By Storage Tank Capacity
- Up to 500 LT
- 500‒1,000 LT
- Above 1,000 LT
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Panasonic Corporation
- LG Electronics
- Johnson Controls-Hitachi Air Conditioning
- Mitsubishi Electric
- Ingersoll Rand (Trane Technologies)
- Fujitsu General
- Lennox International
- United Technologies Corporation (Carrier Global)
- Rheem Manufacturing Company
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