Heat Pump Water Heater Market Is Poised To Incline At A 6.8% value CAGR, Concluding At A Valuation of US$ 3.08 Bn by 2032

The heat pump water heater market was valued at US$ 1.4 Billion in FY 2021, reaching US$ 1.6 Billion in 2022. During the forecast period ranging from 2022 to 2032, the market is poised to incline at a 6.8% value CAGR, concluding at a valuation of US$ 3.08 Billion.

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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Key Takeaways from the Market Study

• Global heat pump water heater market growth to double until 2032
• By application, residential applications to experience maximum growth, at a CAGR of 4.8% until 2032
• U.S to be an opportunistic heat pump water heater market, accruing 30.5% revenue in 2022
• India to be one of the most opportunistic markets across the Asia-Pacific, accumulating 17.8% revenue in 2022

Market Competition

Penetrating new geographies, collaborating with government agencies or service providers and rebranding initiatives comprise some major strategies adopted by prominent Heat Pump Water Heater Service providers. Some prominent market developments are as follows:

• In August 2020, Panasonic Corporation partnered with Systemair on technology to launch heating and cooling products for offering its 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 line of electric instantaneous water heaters that significantly reduce hot water wait times in light commercial applications. The new series, which includes four new types, is the first stage in Bosch's intended cutting-edge, new dynamic electric instantaneous water heater portfolio.

• In July 2020, Daikin launched Daikin SmartSource, a dedicated outdoor air system (DOAS) for heat pumps that enables efficient and cost-effective cooling and heating in all conditions using 100% fresh outside air. It also taps a water source heat pump's hot gas reheat coil in addition to the unit's primary DX coil; to enhance the efficiency of the heat pump.

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Competitive Landscape

The market for heat pump water heaters appears to be majorly consolidated, characterized by the presence of a few prominent manufacturers. To cement their geographical presence, these players are relying on a multitude of growth strategies- ranging from collaborations with government entities to rebranding of existing portfolios and penetrating new markets. Some prominent developments are as follows:

Recent Developments :

• In August 2020, Panasonic Corporation partnered with Systemair on technology to launch heating and cooling products for offering its 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 line of electric instantaneous water heaters that significantly reduce hot water wait times in light commercial applications. The new series, which includes four new types, is the first stage in Bosch's intended cutting-edge, new dynamic electric instantaneous water heater portfolio.

• In July 2020, Daikin launched Daikin SmartSource, a dedicated outdoor air system (DOAS) for heat pumps that enables efficient and cost-effective cooling and heating in all conditions using 100% fresh outside air. It also taps a water source heat pump's hot gas reheat coil in addition to the unit's primary DX coil; to enhance the efficiency of the heat pump.

Key Heat Pump Water Heater Providers Medtronic

• STIEBEL ELTRON GmbH & Co. KG
• Daikin Industries Ltd.
• Glen Dimplex Group
• Panasonic Corporation
• Samsung Electronics Co. Ltd.
• LG Electronics
• Rheem Manufacturing Company
• Ariston Holding N.V
• Bradford White Corporation
• Rinnai Corporation
• Hubbell Electric Heater Co.
• Vaillant Group
• Mitsubishi Electric Corporation

Key Segments Covered in the Heat Pump Water Heater Market Report

• By Application :

o Residential Applications
 Single Family
 Multi-Family
o Commercial Applications

• By Capacity :

o Less than 50 Gallons
o 50-100 Gallons
o 00-200 Gallons
o Above 200 Gallons

• By Region :

o North America
o Latin America
o Europe
o Asia Pacific
o Middle East & Africa

Questionnaire answered in the Heat Pump Water Heater Market report include:

• How the market for Heat Pump Water Heater has grown?
• What is the present and future outlook of the global Heat Pump Water Heater on the basis of region?
• What are the challenges and opportunities for the Heat Pump Water Heater?
• Why the consumption of Heat Pump Water Heater highest in region?
• In which year segment is expected to overtake segment?

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What makes Fact.MR report stand out from others?

• MR follows a six-point mechanism known as E.V.O.L.V.E. (Evaluate. Visualize. Overcome. Leverage. Verify. Eradicate.). The report is specially created to assess the COVID-19 impact on the Heat Pump Water Heater market. This mechanism focuses on almost all the factors in a definite manner to provide the best research report for the market stakeholders.

• Evaluate: A Fact.MR report evaluates every small aspect that can prove to be a growth generator for the Heat Pump Water Heater market, thus, making it different and special from other reports.
• Visualize: The authors involved in the research activities visualized the post-COVID-19 era so that the key stakeholders of market get an overview and helps them take certain steps to ensure continuous growth during the forecast period.

• Overcome: The report scrutinizes on points that can prove to be an Achilles heel to the Heat Pump Water Heater market and assists to create strategies to overcome the obstacles that may hinder the growth of the Heat Pump Water Heater market.

• Leverage: The Heat Pump Water Heater market can leverage certain aspects that can prove beneficial for the increase in growth rate. Fact.MR covers all the points on which the key stakeholders can leverage upon.

• Verify: Research is done systematically to assure validation of all the aspects covered in the report. All the points are rechecked and verified thoroughly to avoid flaws and fake information.

• Eradicate: Last but not the least, this aspect helps the key stakeholder eradicate all the obstacles that come between the growth rate and the Heat Pump Water Heater market.

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