Heat Pump Water Market

The Heat Pump Water Market is expected to witness a CAGR of approximately 6.3% during the forecast period, 2022-2029.

To have an edge over the competition by knowing the market dynamics and current trends of “Heat Pump Water Market”, request for Sample Report here

Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global heat pump water market include increasing demand for energy efficient heating and cooling systems along with surge in governments initiatives for geothermal heat pumps, renewable energy to combat the climate change and environmental degradation. Increasing heat pumps demand in the residential sector for reducing the energy consumption and reduce the carbon dioxide emission. For instance, according to International Energy Agency (IEA) in 2019, residential buildings have been contributed around 20% final energy demand globally and that is responsible for 22% of global carbon dioxide (CO2) emissions. Thus, heat water pumps play vital role in reducing the energy consumption and carbon emission across the globe.

Also, several leading players are adopting the new technology-based devices to enhance the efficiency and reduce the energy and carbon emission in the global industry due to growing demand by the globalization and rising urban population. For instance, in March 2020, PHNIX, one of the leading China’s heat pump manufacturers has launched New HeatForce Series CO2 Heat Pump Water Heating system for commercial and industrial application. This heat pump water has enhanced the efficiency of heat pump system minimizes the impact on environment under extreme low temperature condition. PHNIX is bringing powerful heat pump water heating system new eco-friendly CO2 refrigerant into the European market for commercial and industrial applications.

Restraint in the Heat Pump Water Market

However, high installation and manufacturing cost and fluctuation in raw Materials prices may hamper the global heat pump water market.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Type- Segmentation Analysis

Based on the type, air source segment has the highest share for the global heat pump water market during the forecast period; this is primarily attributed to its low cost and wide range of options for operating under high pressure and temperature conditions

Product- Segment Analysis

Based on the product, air-to-water expected to grow at the fastest rate in the global heat pump water market during the study forecast period; this is primarily attributed to along with launching of new technology based air-to-water heat water pumps around the globe. For instance, in 2017, Venus, one of the leading manufacturer of water heaters in India had launched new instant with latest technological advance heat pump water heaters in the water heating industry.

Storage – Segment Analysis

Based on the Material, above 1000 L segment is projected to have the largest market share over the forecast period in the global heat pump water market, owing to rising demand for the central heating and cooling systems across the globe require for the commercial purposes such as in malls, public places, corporate offices.

End-User – Segment Analysis

Based on the end-user, residential holds the highest market share in 2020 in the global heat pump water market owing to surge in demand by the household people due to growing demand for the urban population and surge in the global population. For instance, according to the UN Organization in 2018, the global urban population has reached to 4.2 billion that was approximately 68% of the world’s population.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, Asia-Pacific region is dominated the global heat pump water market in 2020 due presence of several leading players such as Midea Group, A.O. Smith Corporation, RHEEM Manufacturing, and Mitsubishi Electric, growing manufacturing facilities in most populous countries such as India, China, and Thailand. In the Asia-Pacific region, several countries governments are implementing the strict rules and regulations to reduce the carbon dioxide emission, promoting the energy efficient technology like heat water pumps to reduce environmental pollution. For instance, China has made a certain laws and regulations to reduce industrial emissions. In 2018, China’s Beijing launched an action plan which required 480 million tons of carbon capacity in the steel production for meeting the “ultra-low emission” standards by 2020.

Top Market Players

Various notable players operating in the market, include Danfoss, NIBE., Midea Group., Bosch Industries, Ingersoll Rand, RHEEM Manufacturing Company, DAIKIN, Hangzhou Jinjiang Solar, Zodiac Pool Solutions., A.O. Smith Corporation, and among others. 

Key Developments:

• • In 2020, Daikin have launched a dedicated outdoor air system (DOAS) for heat pumps Daikin SmartSource that enables cost effective and efficient cooling and heating in all conditions with the help of 100% fresh outside air. It uses water source heat pump’s hot gas reheating coil and the unit’s primary DX coil for enhancing the efficiency of the heat pump.
  • In 2020, Panasonic Corporation made partnership with Systemair technology for launching heating and cooling products for its customers. The partnership has their separate sales channels and branding to HVAC products, including heat pumps.
  • In 2019, RHEEM Manufacturing Company has completed the acquisition of Intergas, one of the leading manufacturing company of high-efficiency residential gas boilers and water heaters. The acquisition helped to obtain a first-class platform in the European hot water and heating market and to increase market share.

Segments covered in the Report:

The global heat pump water market has been segmented on the basis of type, product, Material, Capacity, end-user and key regions. Based on type, the global heat pump water market is divided into geothermal and air source. Based on product, the global market is divided into Air-to-water, Ground source heat pumps (GHSP). In terms of the Storage, the global market is divided into Up to 500 L, 500–1000 L, Above 1000 L. Based on Capacity, the global heat pump water market is divided into Up to 10 kW, Above 10 kW. Based on the Refrigerant, the global heat pump water market is divided into R744, R410A, R407C, others. Based on the end-user, the global heat pump water market is divided into residential, industrial and commercial. 

For detailed scope of the “Heat Pump Water Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is global Heat Pump Water market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Heat Pump Water market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Heat Pump Water market?
  • Which Vehicles Type generated maximum revenues in 2021 and identify the most promising Vehicles Type during the forecast period?
  • What are the various Engine Type areas of global Heat Pump Water market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD Million
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Product, By Storage, By Capacity, By End-User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Danfoss, NIBE., Midea Group., Bosch Industries, Ingersoll Rand, RHEEM Manufacturing Company, DAIKIN, Hangzhou Jinjiang Solar, Zodiac Pool Solutions., A.O. SMITH CORPORATION, Teijin, Danfoss A/S, Webasto SE and among others.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Heat Pump Water Market by Type

• • Geothermal
  • Air Source

Global Heat Pump Water Market by Product

• • Air-to-water
  • Ground source heat pumps (GHSP)

Global Heat Pump Water Market by Storage

• • Up to 500 L
  • 500–1000 L
  • Above 1000 L

Global Heat Pump Water Market by Capacity

• • Up to 10 kW
  • Above 10 kW

Global Heat Pump Water Market by End-User

• • Residential
  • Industrial
  • Commercial

Global Heat Pump Water Market by Region

• • North America Heat Pump Water Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Product
    • By Material
    • By Capacity
    • By Refrigerant
    • By End-User
    • US Market All-Up
    • Canada Market All-Up
  • Europe Heat Pump Water Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Product
    • By Material
    • By Capacity
    • By Refrigerant
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Heat Pump Water Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Product
    • By Material
    • By Capacity
    • By Refrigerant
    • By End-User
    • China Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Heat Pump Water Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Product
    • By Material
    • By Capacity
    • By Refrigerant
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Heat Pump Water (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Danfoss
  • NIBE
  • Midea Group.
  • Webasto SE
  • Idemitsu
  • Ingersoll Rand
  • RHEEM Manufacturing Company
  • DAIKIN
  • Hangzhou Jinjiang Solar
  • Zodiac Pool Solutions.
  • O. SMITH CORPORATION