Heat Pump Water Market Size, Industry Share 2029

 

Heat Pump Water Market

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

The factors driving growth of the Heat Pump Water Market includes Government regulations regarding retrofitting heating & cooling equipment, rising focus on reducing greenhouse gas emissions, increasing demand for heat pump water solution in residential and commercial areas around the world and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, rising emphasis on reducing the dependency on fossil fuels across the globe, increase in the launch of new products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic collaborations and partnerships between companies and growing population growth rates, are further contributing towards the market growth.

However, growth of the Heat Pump Water Market is hindered attributed to high up-front cost of heat pump water

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

Based on Storage, the Above 1000 L segment is predicted to dominate the market during the forecast period

Increasing deployment of central cooling and heating system at malls, public places, and corporate offices, is propelling growth of the segment.

Based on Product, the Air-to-water emerged as the fastest growing segment over the forecast period

Rise in the launch of new products and technological advancements in heat pump water solutions, are pushing segment’s growth.

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

Presence of the leading players such as Midea Group, A.O. Smith Corporation, RHEEM Manufacturing, and Mitsubishi Electric, growing concerns related to greenhouse gas emissions, rapid urbanization, rising per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.

 

Key Developments

  • In 2020, Daikin introduced 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 partnered 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.

Market Segmentation

Segmentation by Type

  • Geothermal
  • Air Source

Segmentation by Product

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

Segmentation by Storage

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

Segmentation by Capacity

  • Up to 10 kW
  • Above 10 kW

Segmentation by End-User

  • Residential
  • Industrial
  • Commercial

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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