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Heat pump water heaters transfer heat from one place to another using electricity, making water heating 2-3 times more energy-efficient as compared to conventional water heating methods. They have gained traction in the residential market segment and are widely employed in the industrial sector to reduce energy usage and to conform to global environmental standards.
Based on the type, the market is classified into air source and geothermal. The air source segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as it is majorly used in the residential sector due to its low installation cost and environmentally friendly attributes that reduce the carbon emissions, which are otherwise generated by fossil fuels.
Based on the rated capacity, the global market is classified into up to 10 kW, 10‒20 kW, 20‒30 kW, 30‒100 kW, 100–150 kW, and above 150 kW. The 10‒20 kW segment accounted for the major share in the market. The residential consumer sector has seen rising traction towards instant water heating equipment, which belongs to the 10‒20 kW segment. These equipment are low power consumption, energy-efficient, and easy to use. Based on the storage tank capacity, the market is classified into up to 500 LT, 500 LT to 1000 LT, and above 1000 LT. The up to 500 LT segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as instant water heating pump for residential use belongs to this category, owing to their ease of use and installation.
Heat pump water heater is attributed to reducing greenhouse gas emissions. They reduce exhaust gases that are generated due to the burning of firewood. To heat the water using heat pumps, the renewable energy used comprises almost 80% of the heat required. Hence, energy consumption is significantly reduced by using heat pump water heater systems. This is the key market driver for the heat pump water heater market.
The key market restraint for the market is the lack of awareness in the developing countries regarding the energy efficiency of heat pump water heaters. Also, inadequate price knowledge hinders the growth of the market.
Key Market Driver -
Responsibility to reduce greenhouse emissions for heating water applications
Key Market Restraint -
Lack of awareness in developing countries
Some of the major companies in the heat pump water heater market are Daikin Industries, Ltd., Midea Group, RHEEM Manufacturing, A.O. Smith Corporation, Bosch, Danfoss, NIBE Group, Carrier HVAC, Haier, Lennox International, Fujitsu General Limited, Ingersoll Rand, Mitsubishi Electric, Johnson Controls-Hitachi Air Conditioning, LG Electronics, and Panasonic.
The global heat pump water heater market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the major share of the global market, as the region is investing in renewable energy and energy-efficient products. The North America market is also increasing due to the growing investments in renewable energy projects in the US. Asia-Pacific is the fastest-growing region for the heat pump water heater market, owing to the rising adaptation of energy-efficient products. Europe, Latin America, and the Middle East and Africa are the regions that are growing steadily.
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By Rated Capacity
By Storage Tank Capacity
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