Heat Pump Water Heater Market Value Projected to Expand by 2028
The global Heat pump water heater market is expected to grow at a significant CAGR during the forecast period (2021-2027). Demand for energy-efficient products that reduce energy costs and lower carbon emissions has been rising significantly in residential, commercial, and industrial sectors across the globe. A 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 sources and geothermal heat pumps. This, in turn, is expected to drive the global heat pump water heater market during the forecast period. A shift in the 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.
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Heat pump water heaters use electricity for the 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 dump 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 a large volume of water and are highly cost-effective, as they consume lesser electricity for heating the same volume of water as compared to the regular water heater.
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· Market Coverage
· Market number available for – 2022-2028
· Base year- 2021
· Forecast period- 2022-2028
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., and others
Global Heat Pump Water Heater Market by Segment
By Type
• Air Source
• Geothermal
By Storage
• Up to 500 L
• 500-1000 L
• Above 1000 L
By Capacity
• 10 kW
• 10-20 kW
• 20-30 kW
• Above 30 kW
By End-User
• Residential
• Commercial
• Industrial
Global Heat Pump Water Heater Market by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
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