US, Rockville MD, August 4, 2022 (GLOBE NEWSWIRE) – The global heat pump water heater market was valued at $1.4 billion in fiscal year 2021, to reach $1.6 billion in 2022, according to a recently published market research study by Fact. MR. During the forecast period from 2022 to 2032, the market is poised to rise at a compound annual growth rate of 6.8%, concluding with a valuation of $3.08 billion. The use of air, water or geothermal heat to generate hot water is one of the outstanding features offered by heat pump water heaters, which in turn will raise the expectations of its industry in the coming years.
Demand for heat pump water heaters has increased, registering a compound annual growth rate of 2.0% from 2017 to 2021. Stringent government regulations and policies to limit emissions from HVAC equipment across the residential and commercial sectors will increase product penetration. Governments across key regions including North America and Asia Pacific are adjusting heating and cooling equipment across buildings to meet their emissions targets, which will further advance technology advancement.
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The growing need for sustainable technologies from the residential sector will enhance product requirements. The majority of governments around the world are implementing various policies and schemes to promote the distribution of clean technologies in the residential and commercial sectors, leading to improved technology awareness. In addition, strict emissions rules and regulations will force manufacturers to install energy-saving and renewable technologies, and stimulate demand in the heat pump water heater market.
The main takeaway from the market study
- Global Heat Pump Water Heater Market Growth Doubles To 2032
- By application, residential applications will achieve maximum growth, at a compound annual growth rate of 4.8% through 2032
- US to be an opportunistic market for heat pump water heaters, generating 30.5% of revenue in 2022
- To be one of the most opportunistic markets across the Asia Pacific region, with revenue of 17.8% in 2022
Penetration into new geographies, collaboration with government agencies or service providers and rebranding initiatives include some of the key strategies adopted by prominent heat pump water heater service providers. Some of the notable developments in the market are as follows:
- In August 2020, Panasonic Corporation partnered with Systemair on technology to launch heating and cooling products to provide its customers with more choices for HVAC products, including heat pumps. Both companies will have separate sales channels and brands for these products.
- In August 2020, Bosch Thermotechnology launched the Bosch Tronic 3000, a line of instant electric water heaters that dramatically reduce hot water wait times in light commercial applications. The new series, which includes four new types, represents the first stage in the range of new dynamic instantaneous electric water heaters from Bosch.
- In July 2020, Daikin launched the Daikin SmartSource, a dedicated Outdoor Air System (DOAS) heat pump system that enables efficient and cost-effective cooling and heating in all conditions using 100% pure outdoor air. It also taps the hot gas reheat coil of the water source heat pump as well as the unit’s primary DX coil; To enhance the efficiency of the heat pump.
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Analysis by category
Based on the application, Fact.MR has forecast that heat pump water heaters for residential applications will be in more demand yet. According to the report, the sector is expected to witness a compound annual growth rate of 4.8% during the assessment period 2022-2032. Increasing urbanization in developing countries has complemented the construction of new residential buildings, prompting the need for energy-efficient HVAC systems.
Heat pump water heater providers such as HoCoSto, Nostromo, and Malta Inc. And Inficold, Stash Energy, Nexol Photovoltermic, OffGridBox, Gelsons Corporate, and Solar Water Solutions, among others, offer various marketing strategies such as new product launches, geographic expansion, mergers, acquisitions, partnerships and collaborations to identify potential buyers’ interests and create a larger customer base. for example,
- In June 2022, BotswineLtd., which specializes in energy storage in buildings, has signed an agreement with Clalit Group’s Soroka University Medical Center to install an energy storage system – the first to be installed in a hospital in Israel. The system will be installed in the energy center after being renovated in the hospital operating rooms.
- The collaboration between the two bodies was created as part of the Zero Carbon Hospital Challenge to promote energy efficiency solutions and reduce carbon emissions at Soroka Medical Center, held at the initiative of the HealthIL community and the climate change community PLANETech.
Major Segments Covered in Heat Pump Water Heater Market Report
- by Request :
- Residential applications
- one family
- several families
- commercial applications
- Residential applications
- by Eligibility:
- less than 50 gallons
- 50-100 gallons
- 00-200 gallons
- over 200 gallons
- by region :
- North Amarica
- Latin america
- Asia Pacific
- Middle East and Africa
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More insights available
In its new presentation, Fact.MR provides an unbiased analysis of the global heat pump water heaters market, providing historical analysis from 2017 to 2021 and forecast statistics for the period 2022 to 2032.
The study reveals key insights based on application (residential and commercial), and capacity (under 50 gallons, 50-100 gallons, 100-200 gallons, and over 200 gallons) across five major regions (North America, Latin America, Europe and Asia Pacific). Middle East and Africa).
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