Heat Pump Water Heater Market Size By Capacity (≤50 gallons, >50 - ≤100 gallons, >100 - ≤200 gallons, >200 gallons), By Application (Residential {Single Family, Multi Family}, Commercial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

Industry Trends

Heat Pump Water Heater Market size was valued at over USD 2.5 billion in 2021 and is projected to observe a growth rate of nearly 5% from 2022 to 2030. 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.
 

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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 Europe, North America, and Asia Pacific are retrofitting heating & cooling equipment across buildings to meet their emission targets, will further boost the technology advancements. In addition, various policymakers are offering various rebates and schemes to promote the deployment of sustainable technologies, which is anticipated to drive the heat pump water heater market growth.
 

The growing real estate industry across North America and Asia Pacific

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Ongoing urbanization across developing nations including India, Brazil, and others has influenced the real estate business during the last few years. Increasing investments across the industry will foster the implementation of small capacity heat pump water heater technologies.
 

Rising necessity 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.
 

Growing need for water heating applications in residential buildings

The residential segment accounted for a significant market share and is anticipated to grow at a CAGR of about 5% through 2030. 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 ongoing retrofitting of single- and multi-family buildings with cleaner technologies to effectively save energy and reduce carbon emissions is set to complement the technology demand. Continuous technological advancements in the heat pump water heater technology to create a much more efficient unit than conventional water heaters will sway the heat pump water heater market outlook.
 

Stringent emission norms and targets for heat pump technology

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Europe heat pump market surpassed USD 490 million in 2021 and is anticipated to showcase significant pace by 2030. The ongoing rise in environmental degradation has compelled policymakers to devise new strategies and regulations to reduce carbon emissions from buildings & industries, thus reducing the overall impact on nature. Countries across the region have set various carbon emission targets owing to which various industries are replacing their conventional HVAC units with cleaner technologies including heat pumps. Furthermore, the demand for clean and energy-efficient technologies including heat pump water heaters witnessed a substantial rise in the last few years on account of rising electricity prices, stimulating growth potential for the industry.
 

Product innovations and strategic mergers & collaborations

Key participants are investing in R&D activities to develop innovative products with numerous features to capture a bigger market share in the heat pump water heater industry. Companies are engaging in forward & backward integration with component suppliers and service providers to enhance their customer base and gain a competitive edge in the global heat pump water heater sector. Moreover, major organizations operating in the marketplace are engaged in the acquisition of new or small heat pump water heater manufacturers to accelerate their production capabilities and thus generate a greater revenue stream.
 

Prominent players profiled in the heat pump water heater market report include Rheem Manufacturing Company, A. O. Smith, Vaillant Group, SmartHeat Deutschland GmbH, Bradford White Corporation, STIEBEL ELTRON GmbH & Co. KG, DAIKIN INDUSTRIES, Ltd., Mitsubishi Electric Trane HVAC US LLC, Panasonic Corporation, SAMSUNG, LG Electronics, Ariston Holding N.V., Nyle Systems, Glen Dimplex Group, Lochinvar, Hubbell Heaters, and Rinnai Corporation, among other players.
 

This market research report on heat pump water heater includes in-depth coverage of the industry with estimates & forecast in terms of ‘000 Units and USD million from 2018 to 2030 for the following segments:

Market, By Capacity

• ≤50 gallons
• 50 - ≤100 gallons
• 100 - ≤200 gallons
• >200 gallons

Market, By Application

• Residential
  • Single Family
  • Multi Family
• Commercial

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • Turkey
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina