Global Heat Pump Water Heater Market Size study & Forecast, by Type, by Rated Capacity, by Storage Tank Capacity and Regional Analysis, 2023-2030

Description

List of Tables

Global Heat Pump Water Heater Market is valued at approximately USD 4.55 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 14.4% during the forecast period 2023-2030. Heat Pump Water Heater (HPWH) is a type of water heater that uses a technology similar to that of a refrigerator but in reverse. Instead of extracting heat from the interior of a space and expelling it outside (as a refrigerator does), a heat pump water heater extracts heat from the surrounding air or ground and transfers it to the water in the tank to heat it. The key factors driving the market growth are growing energy efficiency concerns, increasing awareness of environmental issues, and rising consumer demand for smart homes that are anticipated to create lucrative demand for the market during the forecast period 2023-2030.

Additionally, the rising consumer demand for smart homes has played a significant role in supporting the growth of the Heat Pump Water Heater (HPWH) market. Heat pump water heaters can be integrated into smart home ecosystems. This allows homeowners to control and monitor their water heaters remotely through smartphone apps or other smart devices. Integration with home automation systems enhances the overall convenience and efficiency of managing household appliances. According to Statista, globally the number of smart homes users in 2020 was 224.18 million; in 2022 the number reached 307.82 million and it is anticipated to reach 493.55 million by 2025. As a result, the growing adoption of smart homes is anticipated to support the market growth. Moreover, the integration of the Internet of Things (IoT) with heat pump water heaters, and the growing construction industry are anticipated to create a lucrative opportunity for the market. However, the variability in performance of heat pump water heaters based on climatic conditions, and complexities associated with installation and maintenance of heat pump water heaters stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Heat Pump Water Heater Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing emphasis on energy efficiency, supportive government initiatives, subsidies, and incentives, and growing environmental consciousness and a desire to reduce carbon footprints. Whereas, the Asia Pacific is expected to grow with the highest CAGR over the forecast period, owing to factors such as the rising awareness of environmental sustainability, supportive government incentives and subsidies, and rapid urbanization and ongoing construction activities.

Major market player included in this report are:

Panasonic Holdings Corporation
LG Electronics
Johnson Controls-Hitachi Air Conditioning
Mitsubishi Electric Corporation
Trane Technologies plc
Daikin Industries, Ltd.
Midea Group
RHEEM Manufacturing Company
A.O. Smith Corporation
Robert Bosch GmbH

Recent Developments in the Market:

In April 2023, Rheem has unveiled an air-source heat pump designed to provide consistent heating performance in challenging conditions, maintaining efficiency even in ambient temperatures as low as 22.9°F. This heat pump has successfully fulfilled the criteria set by the U.S. Department of Energy's Cold Climate Heat Pump Challenge.

Global Heat Pump Water Heater Market Report Scope:

Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Type, Rated Capacity, Storage Tank Capacity, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:

Air Source
Geothermal

By Rated Capacity:

Up to 10 kW
10-20 kW
20-30 kW
30-100 kW
100-150 kW
Above 150 kW

By Storage Tank Capacity:

Up to 500 LT
500 LT to 1000 LT
Above 1000 LT

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Heat Pump Water Heater Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Heat Pump Water Heater Market, by Type, 2020-2030 (USD Billion)
- 1.2.3. Heat Pump Water Heater Market, by Rated Capacity, 2020-2030 (USD Billion)
- 1.2.4. Heat Pump Water Heater Market, by Storage Tank Capacity, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

Chapter 2. Global Heat Pump Water Heater Market Definition and Scope

2.1. Objective of the Study
2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

Chapter 3. Global Heat Pump Water Heater Market Dynamics

3.1. Heat Pump Water Heater Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
  - 3.1.1.1. Growing energy efficiency concerns
  - 3.1.1.2. Increasing awareness of environmental issues
  - 3.1.1.3. Rising consumer demand for smart homes
- 3.1.2. Market Challenges
  - 3.1.2.1. Variability in performance of heat pump water heaters based on climatic conditions
  - 3.1.2.2. Complexities associated with installation and maintenance of heat pump water heaters
- 3.1.3. Market Opportunities
  - 3.1.3.1. Integration of Internet of Things (IoT) with heat pump water heaters
  - 3.1.3.2. Growing construction industry

Chapter 4. Global Heat Pump Water Heater Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Impact Analysis
4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion

Chapter 5. Global Heat Pump Water Heater Market, by Type

5.1. Market Snapshot
5.2. Global Heat Pump Water Heater Market by Type, Performance - Potential Analysis
5.3. Global Heat Pump Water Heater Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Heat Pump Water Heater Market, Sub Segment Analysis
- 5.4.1. Air Source
- 5.4.2. Geothermal

Chapter 6. Global Heat Pump Water Heater Market, by Rated Capacity

6.1. Market Snapshot
6.2. Global Heat Pump Water Heater Market by Rated Capacity, Performance - Potential Analysis
6.3. Global Heat Pump Water Heater Market Estimates & Forecasts by Rated Capacity 2020-2030 (USD Billion)
6.4. Heat Pump Water Heater Market, Sub Segment Analysis
- 6.4.1. Up to 10 kW
- 6.4.2. 10-20 kW
- 6.4.3. 20-30 kW
- 6.4.4. 30-100 kW
- 6.4.5. 100-150 kW
- 6.4.6. Above 150 kW

Chapter 7. Global Heat Pump Water Heater Market, by Storage Tank Capacity

7.1. Market Snapshot
7.2. Global Heat Pump Water Heater Market by Storage Tank Capacity, Performance - Potential Analysis
7.3. Global Heat Pump Water Heater Market Estimates & Forecasts by Storage Tank Capacity 2020-2030 (USD Billion)
7.4. Heat Pump Water Heater Market, Sub Segment Analysis
- 7.4.1. Up to 500 LT
- 7.4.2. 500 LT to 1000 LT
- 7.4.3. Above 1000 LT

Chapter 8. Global Heat Pump Water Heater Market, Regional Analysis

8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Heat Pump Water Heater Market, Regional Market Snapshot
8.4. North America Heat Pump Water Heater Market
- 8.4.1. U.S. Heat Pump Water Heater Market
  - 8.4.1.1. Type breakdown estimates & forecasts, 2020-2030
  - 8.4.1.2. Rated Capacity breakdown estimates & forecasts, 2020-2030
  - 8.4.1.3. Storage Tank Capacity breakdown estimates & forecasts, 2020-2030
- 8.4.2. Canada Heat Pump Water Heater Market
8.5. Europe Heat Pump Water Heater Market Snapshot
- 8.5.1. U.K. Heat Pump Water Heater Market
- 8.5.2. Germany Heat Pump Water Heater Market
- 8.5.3. France Heat Pump Water Heater Market
- 8.5.4. Spain Heat Pump Water Heater Market
- 8.5.5. Italy Heat Pump Water Heater Market
- 8.5.6. Rest of Europe Heat Pump Water Heater Market
8.6. Asia-Pacific Heat Pump Water Heater Market Snapshot
- 8.6.1. China Heat Pump Water Heater Market
- 8.6.2. India Heat Pump Water Heater Market
- 8.6.3. Japan Heat Pump Water Heater Market
- 8.6.4. Australia Heat Pump Water Heater Market
- 8.6.5. South Korea Heat Pump Water Heater Market
- 8.6.6. Rest of Asia Pacific Heat Pump Water Heater Market
8.7. Latin America Heat Pump Water Heater Market Snapshot
- 8.7.1. Brazil Heat Pump Water Heater Market
- 8.7.2. Mexico Heat Pump Water Heater Market
8.8. Middle East & Africa Heat Pump Water Heater Market
- 8.8.1. Saudi Arabia Heat Pump Water Heater Market
- 8.8.2. South Africa Heat Pump Water Heater Market
- 8.8.3. Rest of Middle East & Africa Heat Pump Water Heater Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
- 9.1.1. Company 1
- 9.1.2. Company 2
- 9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Panasonic Holdings Corporation
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Recent Developments
- 9.3.2. LG Electronics
- 9.3.3. Johnson Controls-Hitachi Air Conditioning
- 9.3.4. Mitsubishi Electric Corporation
- 9.3.5. Trane Technologies plc
- 9.3.6. Daikin Industries, Ltd.
- 9.3.7. Midea Group
- 9.3.8. RHEEM Manufacturing Company
- 9.3.9. A.O. Smith Corporation
- 9.3.10. Robert Bosch GmbH

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

LIST OF TABLES

TABLE 1. Global Heat Pump Water Heater Market, report scope
TABLE 2. Global Heat Pump Water Heater Market estimates & forecasts by region 2020-2030 (USD Billion)
TABLE 3. Global Heat Pump Water Heater Market estimates & forecasts by Type 2020-2030 (USD Billion)
TABLE 4. Global Heat Pump Water Heater Market estimates & forecasts by Rated Capacity 2020-2030 (USD Billion)
TABLE 5. Global Heat Pump Water Heater Market estimates & forecasts by Storage Tank Capacity 2020-2030 (USD Billion)
TABLE 6. Global Heat Pump Water Heater Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 7. Global Heat Pump Water Heater Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8. Global Heat Pump Water Heater Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9. Global Heat Pump Water Heater Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10. Global Heat Pump Water Heater Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11. Global Heat Pump Water Heater Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12. Global Heat Pump Water Heater Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13. Global Heat Pump Water Heater Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14. Global Heat Pump Water Heater Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15. Global Heat Pump Water Heater Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16. U.S. Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 17. U.S. Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 18. U.S. Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 19. Canada Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 20. Canada Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 21. Canada Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 22. UK Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 23. UK Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 24. UK Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 25. Germany Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 26. Germany Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 27. Germany Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 28. France Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 29. France Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 30. France Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 31. Italy Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 32. Italy Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 33. Italy Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 34. Spain Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 35. Spain Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 36. Spain Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 37. RoE Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 38. RoE Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 39. RoE Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 40. China Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 41. China Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 42. China Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 43. India Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 44. India Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 45. India Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 46. Japan Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 47. Japan Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 48. Japan Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 49. South Korea Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 50. South Korea Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 51. South Korea Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 52. Australia Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 53. Australia Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 54. Australia Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 55. RoAPAC Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 56. RoAPAC Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 57. RoAPAC Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 58. Brazil Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 59. Brazil Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 60. Brazil Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 61. Mexico Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 62. Mexico Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 63. Mexico Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 64. RoLA Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 65. RoLA Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 66. RoLA Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 67. Saudi Arabia Heat Pump Water Heater Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 68. South Africa Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 69. RoMEA Heat Pump Water Heater Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 70. List of secondary sources, used in the study of global Heat Pump Water Heater Market
TABLE 71. List of primary sources, used in the study of global Heat Pump Water Heater Market
TABLE 72. Years considered for the study
TABLE 73. Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1. Global Heat Pump Water Heater Market, research methodology
FIG 2. Global Heat Pump Water Heater Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Heat Pump Water Heater Market, key trends 2022
FIG 5. Global Heat Pump Water Heater Market, growth prospects 2023-2030
FIG 6. Global Heat Pump Water Heater Market, porters 5 force model
FIG 7. Global Heat Pump Water Heater Market, pest analysis
FIG 8. Global Heat Pump Water Heater Market, value chain analysis
FIG 9. Global Heat Pump Water Heater Market by segment, 2020 & 2030 (USD Billion)
FIG 10. Global Heat Pump Water Heater Market by segment, 2020 & 2030 (USD Billion)
FIG 11. Global Heat Pump Water Heater Market by segment, 2020 & 2030 (USD Billion)
FIG 12. Global Heat Pump Water Heater Market by segment, 2020 & 2030 (USD Billion)
FIG 13. Global Heat Pump Water Heater Market by segment, 2020 & 2030 (USD Billion)
FIG 14. Global Heat Pump Water Heater Market, regional snapshot 2020 & 2030
FIG 15. North America Heat Pump Water Heater Market 2020 & 2030 (USD Billion)
FIG 16. Europe Heat Pump Water Heater Market 2020 & 2030 (USD Billion)
FIG 17. Asia pacific Heat Pump Water Heater Market 2020 & 2030 (USD Billion)
FIG 18. Latin America Heat Pump Water Heater Market 2020 & 2030 (USD Billion)
FIG 19. Middle East & Africa Heat Pump Water Heater Market 2020 & 2030 (USD Billion)