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Heat Pump Water Heater Market worth over $4.5 Bn by 2030

  • Published Date: June 9, 2022

Heat Pump Water Heater Market size is set to surpass USD 4.5 billion by 2030, according to a new research report by Global Market Insights Inc.

The market growth is credited to the soaring demand for energy-efficient and renewable technologies across the commercial & residential sectors. Governmental efforts to augment the penetration of these units across the majority of residential buildings and commercial offices to curb the carbon footprint from these infrastructures will proliferate the market statistics.

The introduction of favorable schemes, rebates, and incentives has further propelled the demand for sustainable technologies including heat pump waters. In addition, a positive outlook toward incorporating renewable energy sources and technologies to shift toward carbon neutrality will complement the acceptance of renewable heating technologies augmenting the heat pump water heater market landscape.

Growing demand for water heating applications across small commercial spaces and residential buildings

> 50 - ≤ 100 gallons capacity systems in the heat pump water heater market are gaining wide recognition across multi-family residential buildings and small commercial offices owing to the soaring hot water demand. These units offer higher energy efficiency as compared to the standard water heaters and further reduce the carbon footprint of HVAC equipment across homes, thus reducing the overall impact of the buildings on the environment. Regional administrations have introduced various schemes and financial plans to boost the replacement of boilers, water heaters, and other water heating appliances with more sustainable heat pumps, which in turn, will foster the product adoption. Furthermore, the growing population across developing nations has fueled substantial growth in real estate investments, further influencing the integration of cleaner heating and cooling technologies across new construction projects.

Browse key industry insights spread across 370 pages with 703 market data tables & 34 figures & charts from the report, “Heat Pump Water Heater Market, 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”, in detail along with the table of contents:

Rising concerns about GHG emissions from the residential sector

Over the last few years, the heat pump water heater market for residential application has witnessed a significant rise in the deployment of heating & cooling equipment due to the growing population and disposable incomes of the end-users. These conventional HVAC units consume a large proportion of the energy delivered to the sector and further release a huge amount of carbon emissions, thus posing a concern for policymakers. Therefore, regulators are promoting the use of renewable and energy-efficient technologies including heat pump water heaters to curb the growing emissions from these establishments, thereby creating a potential growth scenario for technology manufacturers across the residential sector. Moreover, HPWH systems are two to three times more efficient than conventional water heater units available across the industry aiding the homeowners in cutting energy costs with comparatively lower maintenance expenses.

Surging demand for end products of the chemical industry to garner will stimulate a growth opportunity for the HPWH business in North America

The North America heat pump water heater market is anticipated to observe a growth rate of over 8% by 2030. Increasing construction of new commercial buildings including restaurants, retail stores, hospitals, and others have boosted the need for energy-efficient technologies to tackle the soaring energy demand. For instance, as per the U.S. Energy Information Administration (EIA), in 2021, the residential & commercial sectors across the U.S. accounted for 21.5% and 17.9% of the total national energy consumption, which in turn, increases the electricity bills of home & office owners. This augments the need for high efficiency technologies across these sectors, which pose a growth opportunity for heat pump water heater technology. Additionally, regulators are formulating various strategic reforms to maintain fossil fuel sustainability along with the mitigation of losses from the residential & commercial sectors, thereby boosting the industry growth.

Technological advancements, joint ventures, and acquisitions are amongst the primary strategies opted by the key players to drive their market share

Eminent participants operating across the heat pump water heater market consist of include Vaillant Group, Ariston Holding N.V., SmartHeat Deutschland, Glen Dimplex Group, Mitsubishi Electric Trane HVAC US LLC, STIEBEL ELTRON, Hubbell Heaters, Rinnai Corporation, Lochinvar, Panasonic Corporation, Rheem Manufacturing Company, LG Electronics, Nyle Systems, SAMSUNG, DAIKIN INDUSTRIES, Ltd., and Bradford White Corporation, A. O. Smith, amongst others.

These leaders are opting for various strategic implications including mergers, acquisitions, joint ventures, and others to gain a significant position in the industry. Manufacturers are increasingly focusing on launching new R&D ventures to develop advanced technologies and attain a competitive advanced over other players.

Authors: Ankit Gupta, Divyendu Sharma