Driving assessment

Heat pump water heater market to double by 2032, boosted

USA, Rockville MD, August 04, 2022 (GLOBE NEWSWIRE) — The global heat pump water heater market was valued at US$1.4 billion in fiscal year 2021, reaching US$1.6 billion. US dollars 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 decline at a CAGR of 6.8%, ending at a valuation of US$3.08 billion. The use of air, water or geothermal heat to produce hot water is one of the main features offered by heat pump water heaters, which in turn will proliferate their industrial prospects in the years to come.

Demand for heat pump water heaters has been growing, registering a historic CAGR of 2.0% from 2017 to 2021. Strict government regulations and policies to reduce emissions from HVAC equipment in the residential and commercial sectors will increase penetration some products. Governments in major regions, including North America and Asia-Pacific, are retrofitting heating and cooling equipment in buildings to meet their emissions targets, which will further drive technological progress.

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The growing need for sustainable technologies in the residential sector will increase the demand for the product. The majority of governments around the world are implementing various policies and programs to promote the distribution of clean technologies in the residential and commercial sectors, thereby improving the perception of the technology. Additionally, stringent emission standards and regulations will force manufacturers to install energy-efficient and renewable technologies, drive the market demand for heat pump water heaters.

Key insights from market research

  • Global Heat Pump Water Heater Market Growth to Double to 2032
  • By application, residential applications will experience maximum growth at a CAGR of 4.8% through 2032
  • The United States will be an opportunistic market for heat pump water heaters, with sales of 30.5% in 2022
  • India will be one of the most opportunistic markets in the Asia-Pacific region, accumulating 17.8% revenue in 2022

Market competition

Penetrating new geographies, working with government agencies or service providers, and rebranding initiatives comprise some of the major strategies adopted by leading heat pump water heater service providers. Some important market developments are as follows:

  • In August 2020, Panasonic Corporation partnered with Systemair on technology to launch heating and cooling products to provide customers with more options related to HVAC products including heat pumps. Both companies will have their separate sales channels and branding for these products.
  • In August 2020, Bosch Thermotechnology launched the Bosch Tronic 3000, a range of electric instantaneous water heaters that significantly reduce hot water waiting times in light commercial applications. The new series, which includes four new types, is the first step in Bosch’s new range of state-of-the-art dynamic electric instantaneous water heaters.
  • In July 2020, Daikin launched Daikin SmartSource, a dedicated outdoor air system (DOAS) for heat pumps that enables efficient and economical cooling and heating in all conditions using 100% fresh outdoor air. It also operates the hot gas reheat coil of a water source heat pump in addition to the unit’s main DX coil; to improve the efficiency of the heat pump.

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Analysis by category

Based on the application, Fact.MR predicts that heat pump water heaters for residential applications should be the most sought after. According to the report, the segment is expected to experience a CAGR of 4.8% during the assessment period 2022-2032. Increasing urbanization in developing countries has complemented the construction of new residential buildings, which has propelled the urge for energy efficient HVAC systems.

The start-up ecosystem:

Heat pump water heater suppliers such as HoCoSto, Nostromo, Malta Inc., Inficold, Stash Energy, Nexol Photovolthermic, OffGridBox, Gelsons Corporate and Solar Water Solutions among others are adopting various marketing strategies such as launching new products, geographic expansion, mergers and acquisitions, partnerships and collaborations to identify potential buyer interest and create a broader customer base. For instance,

  • In June 2022, Nostromo, specializing in energy storage in buildings, has signed an agreement with the Soroka University Medical Center of the Clalit Group for the installation of an energy storage system – the first to be installed in a hospital in Israel. The system will be installed in the renovated energy center of the hospital’s operating rooms.
  • The collaboration between the two organizations was created as part of the Zero Carbon Hospital Challenge competition to promote energy efficiency and carbon emission reduction solutions at Soroka Medical Center, organized by the HealthIL community and the PLANETech climate change community.

Key segments covered in the heat pump water heater market report

  • By Application :
    • Residential applications
      • Single parent family
      • Several families
    • Commercial applications
  • By Ability :
    • Less than 50 gallons
    • 50-100 gallons
    • 00-200 gallons
    • Above 200 gallons
  • By Region :
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa

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Fact.MR, in its new offering, presents an unbiased analysis of the global heat pump water heater market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.

The study reveals critical 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 (Americas North, Latin America, Europe, Asia-Pacific and Middle East and Africa).

Knowledge of Fact.MR domain in Industrial products

Our team of Industrial Goods consultants guide organizations through every step of their business strategy by helping you understand how the latest influencers explain the operational and strategic transformation of the Industrial Goods sector. Our expertise in recognizing challenges and trends impacting the global industrial goods industry provides much-needed insight and support – encompassing a strategic perspective that helps you identify critical issues and design appropriate solutions.

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