United States, Rockville MD, Aug. 04, 2022 (GLOBE NEWSWIRE) -- 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 incline at a 6.8% value CAGR, 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 proliferate their industry outlook 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.
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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 technology perception. Additionally, stringent emission norms and regulations will compel constructors to install energy-efficient and renewable technologies, will stimulate the heat pump water heater market demand.
Key Takeaways from the Market Study
- Global heat pump water heater market growth to double until 2032
- By application, residential applications to experience maximum growth, at a CAGR of 4.8% until 2032
- U.S to be an opportunistic heat pump water heater market, accruing 30.5% revenue in 2022
- India to 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 are as follows:
- 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.
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Category-wise Analysis
Based on application, Fact.MR forecasts heat pump water heaters for residential applications are expected to be most sought after. According to the report, the segment is projected to experience a CAGR of 4.8% during the 2022-2032 period of assessment. Growing urbanization in the developing countries has supplemented the construction of new residential buildings, which has propelled the urge for energy-efficient HVAC systems.
The Start-Up Ecosystem:
Heat Pump Water Heater Providers such as HoCoSto, Nostromo, Malta Inc., Inficold, Stash Energy, Nexol Photovolthermic, OffGridBox, Gelsons Corporate, and Solar Water Solutions, among others are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,
- In June 2022, Nostromo, which specializes in energy storage in buildings, signed an agreement with the Soroka University Medical Center of the Clalit Group for the installation of an energy storage system – the first to be installed in a hospital in Israel. The system will be installed in the refurbished energy center of the operating rooms at the hospital.
- The collaboration between the two bodies was created as part of the Zero Carbon Hospital Challenge competition to promote solutions for energy efficiency and reduction of carbon emissions at Soroka Medical Center, held at the initiative of the HealthIL community and the PLANETech climate change community.
Key Segments Covered in the Heat Pump Water Heater Market Report
- By Application :
- Residential Applications
- Single Family
- Multi-Family
- Commercial Applications
- Residential Applications
- By Capacity :
- Less than 50 Gallons
- 50-100 Gallons
- 00-200 Gallons
- Above 200 Gallons
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global heat pump water heater market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
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).
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