Heat Pump Water Heater Market by Type (Air-To-Air Heat Pump Water Heater, Air-To-Water Heat Pump Water Heater, Ground Source Heat Pump Water Heater), Refrigerant Type (R407C, R410A, R744), Rated Capacity, Storage Tank Capacity, End-User - Global Forecast 2024-2030
The Heat Pump Water Heater Market size was estimated at USD 2.14 billion in 2023 and expected to reach USD 2.28 billion in 2024, at a CAGR 6.63% to reach USD 3.36 billion by 2030.
A heat pump water heater, often referred to as a hybrid water heater, is an energy-efficient appliance designed to heat water for residential or commercial use. Unlike traditional water heaters that generate heat directly to warm the water, heat pump water heaters utilize electricity to transfer heat. This process is similar to the operations of refrigerators and air conditioners in reverse manner. The heat pump water heater utilizes heat from the surrounding air or the ground and then magnifies this heat before transferring it to the water stored in its tank. Increasing consumer demand for sustainable and cost-effective home appliances positions heat pump water heaters as an attractive product in today's marketplace. Growing environmental awareness and government incentives for green technology adoption further attracted consumers towards adopting heat pump water heaters. Moreover, technological advancements enhance the performance and efficiency of heat pump water heaters, further bolstering the growth of the market. However, High initial installation costs compared to conventional water heaters and performance inefficiencies in colder climates may limit the market expansion. Nevertheless, incorporating smart technologies for better energy management and user control of heat pump water poses an opportunistic view. Moreover, integration with renewable energy sources, such as solar PV, to create hybrid systems is expected to bolster market growth further.
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- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Expansion of residential spaces across the world and the need for energy-efficient systems
- 5.1.1.2. Government initiatives to support several water heating projects and the usage of renewable energy to power water heaters
- 5.1.2. Restraints
- 5.1.2.1. Possibilities of performance inefficiencies and system failures
- 5.1.3. Opportunities
- 5.1.3.1. Technological innovations to improve the performance, safety, and efficiency of heat pump water heaters
- 5.1.3.2. Development of compact and miniaturized heat pump water heating systems
- 5.1.4. Challenges
- 5.1.4.1. Difficulties associated with installation and space constraints
- 5.2. Market Segmentation Analysis
- 5.2.1. Type: Increasing popularity of air-to-water heat pump water heaters owing to efficiency and ease in installation and maintenance
- 5.2.2. Refrigerant Type: Increasing suitability of R744 refrigerant type owing to its non-toxic, non-flammable & no ODP nature
- 5.2.3. Rated Capacity: Increasing preferences for 20-30 kW capacity type heat pump water heaters owing to their efficiency and affordability
- 5.2.4. End-User: Burgeoning demand from the commercial sector with utilization in hotels, restaurants, and other commercial settings
- 5.3. Market Disruption Analysis
- 5.4. Porter’s Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
- 5.5. Value Chain & Critical Path Analysis
- 5.6. Pricing Analysis
- 5.7. Technology Analysis
- 5.8. Patent Analysis
- 5.9. Trade Analysis
- 5.10. Regulatory Framework Analysis
- 6. Heat Pump Water Heater Market, by Type
- 6.1. Introduction
- 6.2. Air-To-Air Heat Pump Water Heater
- 6.3. Air-To-Water Heat Pump Water Heater
- 6.4. Ground Source Heat Pump Water Heater
- 6.5. Hybrid Heat Pump Water Heater
- 6.6. Water Source Heat Pump Water Heater
- 7. Heat Pump Water Heater Market, by Refrigerant Type
- 7.1. Introduction
- 7.2. R407C
- 7.3. R410A
- 7.4. R744
- 8. Heat Pump Water Heater Market, by Rated Capacity
- 8.1. Introduction
- 8.2. 10-20 KW
- 8.3. 100-150 KW
- 8.4. 20-30 KW
- 8.5. 30-100 KW
- 8.6. UP TO 10 KW
- 9. Heat Pump Water Heater Market, by Storage Tank Capacity
- 9.1. Introduction
- 9.2. 500-1,000 Liters
- 9.3. Above 1,000 Liters
- 9.4. Upto 500 Liters
- 10. Heat Pump Water Heater Market, by End-User
- 10.1. Introduction
- 10.2. Commercial
- 10.3. Industrial
- 10.4. Residential
- 11. Americas Heat Pump Water Heater Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Heat Pump Water Heater Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Heat Pump Water Heater Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. Market Share Analysis, 2023
- 14.2. FPNV Positioning Matrix, 2023
- 14.3. Competitive Scenario Analysis
- 14.3.1. Panasonic And Reclaim Energy Announce Exclusive Partnership to Bring New Energy Efficient Hot Water Solution to Australian Market
- 14.3.2. Rinnai Launches Hot Water Heat Pump for Residential Applications
- 14.3.3. LG Debuts State-of-The-Art Inverter Heat Pump Water Heater
- 14.4. Strategy Analysis & Recommendation
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.2. Key Product Portfolio
- FIGURE 1. HEAT PUMP WATER HEATER MARKET RESEARCH PROCESS
- FIGURE 2. HEAT PUMP WATER HEATER MARKET SIZE, 2023 VS 2030
- FIGURE 3. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, 2018-2030 (USD MILLION)
- FIGURE 4. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY REGION, 2023 VS 2030 (%)
- FIGURE 5. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY REGION, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 6. HEAT PUMP WATER HEATER MARKET DYNAMICS
- FIGURE 7. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY TYPE, 2023 VS 2030 (%)
- FIGURE 8. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY TYPE, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 9. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY REFRIGERANT TYPE, 2023 VS 2030 (%)
- FIGURE 10. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY REFRIGERANT TYPE, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 11. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY RATED CAPACITY, 2023 VS 2030 (%)
- FIGURE 12. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY RATED CAPACITY, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 13. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY STORAGE TANK CAPACITY, 2023 VS 2030 (%)
- FIGURE 14. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY STORAGE TANK CAPACITY, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 15. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY END-USER, 2023 VS 2030 (%)
- FIGURE 16. GLOBAL HEAT PUMP WATER HEATER MARKET SIZE, BY END-USER, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 17. AMERICAS HEAT PUMP WATER HEATER MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
- FIGURE 18. AMERICAS HEAT PUMP WATER HEATER MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 19. UNITED STATES HEAT PUMP WATER HEATER MARKET SIZE, BY STATE, 2023 VS 2030 (%)
- FIGURE 20. UNITED STATES HEAT PUMP WATER HEATER MARKET SIZE, BY STATE, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 21. ASIA-PACIFIC HEAT PUMP WATER HEATER MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
- FIGURE 22. ASIA-PACIFIC HEAT PUMP WATER HEATER MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 23. EUROPE, MIDDLE EAST & AFRICA HEAT PUMP WATER HEATER MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
- FIGURE 24. EUROPE, MIDDLE EAST & AFRICA HEAT PUMP WATER HEATER MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 25. HEAT PUMP WATER HEATER MARKET SHARE, BY KEY PLAYER, 2023
- FIGURE 26. HEAT PUMP WATER HEATER MARKET, FPNV POSITIONING MATRIX, 2023
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