Heat Pump Water Heater: Introduction
- Heat pump water heaters use electricity for movement of heat from one place to another, instead of generating heat directly. This function of heat pump water heaters makes them two to three times more efficient than conventional electric resistance water heaters.
- Heat pump water heaters work like refrigerators, but in reverse, wherein refrigerators extract heat and dumps it into the surrounding. Heat pump water heaters extract heat from the surrounding air and dump it at a higher temperature into a tank to heat water.
- Heat pump water heaters heat up large volume of water and are highly cost-effective, as they consumes lesser electricity for heating the same volume of water as compared to the regular water heater.
Key Drivers and Restraints of Heat Pump Water Heater Market
- Demand for energy-efficient products that reduce energy cost and lower carbon emissions has been rising significantly in residential, commercial, and industrial sectors across the globe. Significant rise in energy prices has raised the focus of manufacturers toward the adoption of cost-effective and energy-efficient products that consume less electricity such as air source and geothermal heat pump. This, in turn, is expected to drive the global heat pump water heater market during the forecast period.
- Shift in trend toward the adoption of renewable technologies to minimize climatic change and to reduce greenhouse gas emissions is also expected to propel the global heat pump water heater market during the forecast period. Policymakers have introduced several norms & directives to achieve renewable targets and reduce GHG emissions. Heat pump water heaters are more efficient in reducing carbon dioxide emissions.
- Rise in investment toward green infrastructure coupled with cooling and heating water systems in the residential sector is anticipated to boost the demand for global heat pump water heater market during the forecast period
- Technological innovation with respect to internet of things (IoT)-enabled heat pump water heater is projected to propel the global heat pump water heater market between 2021 and 2031. However, lack of awareness regarding benefits of heat pump water heaters in developing and underdeveloped countries is estimated to hamper the global heat pump water heater market.
COVID-19 Impact Analysis
- Governments of various countries have enforced nationwide lockdowns as a precautionary measure to limit the spread of the COVID-19 pandemic. During the lockdown, several restrictions were placed on movement of individuals and economic activities. Consequently, manufacturers of water heaters had to halt their production facilities, which have negatively impacted the global heat pump water heater market.
Global Heat Pump Water Heater Market: Key Segment
- The global heat pump water heater market can be segmented based on type, storage, capacity, end-user, and region
- Based on type, the global heat pump water heater market can be divided into air source and geothermal. The air source segment is projected to account for a notable share of the global heat pump water heater market due to a rise in the demand for air source heat pump water heaters in the residential sector owing to their low installation cost and environment-friendly technology.
- Based on storage, the global heat pump water heater market can be classified into 500 L, 500-1000 L, and above 1000L. The up to 500 L segment is projected to expand at a rapid pace during the forecast period. Heat pumps falling included under the 500 L segment are compact, easy to install, and witness high demand for small commercial and residential use where the requirement of hot water is less. Moreover, heat pumps with this capacity easily cater to the requirements of commercial and residential users.
- Based on capacity, the global heat pump water heater market can be segregated into 10 kW, 10-20 kW, 20-30 kW, and above 30 kW. The 10–20 kW segment is likely to account for a prominent share of the market during the forecast period. The instant requirement of hot water has increased at a significant rate in the residential sector. This has led to the deployment of low powered heat pump water heaters to cater to the demand for instant hot water.
- Based on end user, the global heat pump water heater market can be split into residential, commercial, and industrial. The residential sector is anticipated to account for a notable share of the market during the forecast period due to an increase in rate of adoption of heat pump water heaters owing to their energy-efficient technology.
Global Heat Pump Water Heater Market: Regional Segmentation
- In terms of region, the global heat pump water heater market can be classified into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- Asia Pacific is expected to hold a major share of the global heat pump water heater market during the forecast period due to the presence of heat pump water heater manufacturing facilities of key players in the region. Furthermore, increase in the use of renewable energy and energy-efficient products in the region is estimated to drive the global heat pump water heater market.
- North America is estimated to hold a prominent share of global heat pump water heater market. Expansion of the market in the region can be ascribed to an increase in usage of energy-efficient products.
- Europe is estimated to be a highly attractive region of the global heat pump water heater market due to a rise in the demand for heat pump water heaters owing to their longer life span, less maintenance, and ease of installation
Key Players Operating in Global Market
Leading companies operating in the global heat pump water heater market are:
- Midea Group
- Rheem Manufacturing Company
- DAIKIN INDUSTRIES, Ltd.
- A. O. Smith
- Ingersoll Rand
- Mitsubishi Electric Corporation
- Viessmann Manufacturing Company Inc.
- Vaillant Group
- Havells India Ltd.
Global Heat Pump Water Heater Market: Research Scope
Global Heat Pump Water Heater Market, by Type
- Air Source
Global Heat Pump Water Heater Market, by Storage
- Up to 500 L
- 500-1000 L
- Above 1000 L
Global Heat Pump Water Heater Market, by Capacity
- 10 kW
- 10-20 kW
- 20-30 kW
- Above 30 Kw
Global Heat Pump Water Heater Market, by End-User
Global Heat Pump Water Heater Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.