Selbyville, Delaware, Oct. 06, 2020 (GLOBE NEWSWIRE) — As per credible estimates, global heat pump water heater market was valued at USD 1.3 billion in the year 2019 and is expected to record a CAGR of 6.8% during 2020-2027. The growth is attributable to incentives offered by government to improve energy efficacy and federal regulation aimed towards reduction in CO2 emissions.
According to the given report, global heat pump water heater market is analyzed with reference to type, rated capacity, storage tank capacity, and regional terrain. Besides, the document mentions the competitive arena of this business space while emphasizing on product offerings and market share held by each major player. It also acknowledges the collaborations planned by leading organizations to gain competitive edge in this industry sphere.
For those uninitiated, heat pump water heaters transfer heat from one place to another through electricity instead of directly generating heat, which makes them more efficient than traditional electric resistance water heaters. It functions as a refrigerator in reverse, draws heat from surrounding air and drains it into a tank to heat water at a higher temperature.
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Shifting focus towards usage of renewable energy in order to minimize climatic changes and environmental degradation is propelling global heat pump water heater market size expansion. Moreover, introduction of products and services, along with planned alliances by leading firms is likely to create lucrative opportunities for industry growth.
Citing an instance, Panasonic Corporation, on 11th October 2018, began production of residential air to water heat pump at Panasonic AVC Networks Czech with the intention of improving its air conditioning business in European market. Further, in March 2019, the company in partnership with Systemair, agreed to launch a heat pump chiller series. As per the agreement, both the firms will develop and meet the high environment standards, providing long term business prospects in Europe, thereby augmenting global heat pump water heater industry share.
However, lack of awareness about advantages offered by the product in underdeveloped as well as developing economies is projected to hamper the growth of worldwide heat pump water heater market over the assessment period.
Based on type, worldwide heat pump water heater industry is split into geothermal, and air source. Speaking of rated capacity, the market is divided into above 150 kW, 10-150 kW, 30-100 kW, 20-30 kW, 10-20 kW, and up to 10 kW. In terms of storage tank capacity, the industry is categorized into above 1000 LT, 500-1000 LT, and up to 500 LT.
Evaluating regional landscape:
As per industry experts, North America currently holds considerable share of global heat pump water heater market and is poised to grow considerably over 2020-2027, owing to increasing usage of renewable energy as well as inclination towards energy-efficient products in the region.
Meanwhile, APAC heat pump water heater industry is projected to grow rapidly through 2027. Several major players such as Mitsubishi Electric, RHEEM Manufacturing, Midea Group, and A.O. Smith Corporation have their manufacturing bases in nations like Thailand, India, and China, thereby facilitating the business scenario in Asia Pacific.
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Global Heat Pump Water Heater Market by Type (Revenue, USD Billion, 2017-2027)
Global Heat Pump Water Heater Market by Rated Capacity (Revenue, USD Billion, 2017-2027)
- Above 150 kW
- 10-150 kW
- 30-100 kW
- 20-30 kW
- 10-20 kW
- Up to 10 kW
Global Heat Pump Water Heater Market by Storage Tank Capacity (Revenue, USD Billion, 2017-2027)
- Above 1,000 LT
- 500-1,000 LT
- Up to 500 LT
Global Heat Pump Water Heater Market Regional Landscape (Revenue, USD Billion, 2017-2027)
- Rest of Europe
- South Korea
- Rest of Asia Pacific
Rest of the World
Global Heat Pump Water Heater Market Competitive Hierarchy (Revenue, USD Billion, 2017-2027)
- Rheem Manufacturing Company
- United Technologies Corporation (Carrier Global)
- Haier Group Corporation
- Lennox International
- Fujitsu General
- Trane Technologies (Ingersoll Rand plc)
- Mitsubishi Electric
- Johnson Controls-Hitachi Air Conditioning
- LG Electronics
- Panasonic Corporation
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Heat Pump Water Heater Market, by Region, 2018-2027 (USD Billion)
1.2.2. Heat Pump Water Heater Market, by Type, 2018-2027 (USD Billion)
1.2.3. Heat Pump Water Heater Market, by Rated Capacity, 2018-2027 (USD Billion)
1.2.4. Heat Pump Water Heater Market, by Storage Tank Capacity, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Heat Pump Water Heater Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Heat Pump Water Heater Market Dynamics
3.1. Heat Pump Water Heater Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Heat Pump Water Heater Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Heat Pump Water Heater Market, by Type
5.1. Market Snapshot
5.2. Global Heat Pump Water Heater Market by Type, Performance – Potential Analysis
5.3. Global Heat Pump Water Heater Market Estimates & Forecasts by Type 2017-2027 (USD Billion)
5.4. Heat Pump Water Heater Market, Sub Segment Analysis
5.4.1. Air source
Chapter 6. Global Heat Pump Water Heater Market, by Rated Capacity
6.1. Market Snapshot
6.2. Global Heat Pump Water Heater Market by Rated Capacity, Performance – Potential Analysis
6.3. Global Heat Pump Water Heater Market Estimates & Forecasts by Rated Capacity 2017-2027 (USD Billion)
6.4. Heat Pump Water Heater Market, Sub Segment Analysis
6.4.1. Up to 10 kW
6.4.2. 10a??20 kW
6.4.3. 20a??30 kW
6.4.4. 30a??100 kW
6.4.5. 10-150 kW
6.4.6. Above 150 kW
Chapter 7. Global Heat Pump Water Heater Market, by Storage Tank Capacity
7.1. Market Snapshot
7.2. Global Heat Pump Water Heater Market by Storage Tank Capacity, Performance – Potential Analysis
7.3. Global Heat Pump Water Heater Market Estimates & Forecasts by Storage Tank Capacity 2017-2027 (USD Billion)
7.4. Heat Pump Water Heater Market, Sub Segment Analysis
7.4.1. Up to 500 LT
7.4.2. 500a??1,000 LT
7.4.3. Above 1,000 LT
Chapter 8. Global Heat Pump Water Heater Market, Regional Analysis
Global Heat Pump Market Size, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026
Global Heat Pump Market will surpass 16 million units by 2026, as per new research report. Rising environmental concerns coupled with adoption of energy efficient heating technologies is positively influencing the deployment for these units. A heat pump is a mechanical compression cycle refrigeration system, that supports reverse functionality & operation to either cool or heat a restricted space. A heat pump is comprised of two main components which includes an indoor air handler and an outdoor unit. The outdoor unit includes a compressor that circulates the refrigerant that absorbs & releases heat as it travels between the indoor & outdoor units. Europe heat pump market is anticipated to witness growth over 5% by 2026.
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