Product Overview

Water heat pump heaters usually use electricity to transfer heat directly from one location to another instead of producing heat, which helps to minimize energy consumption by three times compared to traditional electric water heaters. The heat pump water heaters act like a fridge to transfer the heat from one location to another but in reverse, as the heat pump water heaters draw the heat from the surrounding air and hold it in a tank at a higher temperature to heat water. The heat pump water heater saves energy by transferring the heat available (BTUs) in air to the water heater tank. They can be installed to draw heat from indoor air (if cooling is desired) or from outdoor air. The heat pump water heater provides the best energy savings when used in areas where temperatures are mild.

Market Highlights

Heat Pump Water Heater Market is expected to project a notable CAGR of 5.7% in 2030.

Heat Pump Water Heater Market to surpass USD 3.7 billion by 2030 from USD 1.2 billion in 2019 at a CAGR of 6.9% throughout the forecast period, i.e., 2020-30. Energy efficient technology along with the use of non-conventional energy sources for water heating are factors driving the growth of the Heat Pump Water Heater Market. Furthermore, it is also predicted that supporting legislation and grants for the use of renewable energy sources in different applications will play a key role in the growth of this market during the forecast period. Due to their environmental and cost-saving advantages, these heat pumps have gained widespread adoption and acceptance. In addition, initiatives from different countries' governments are also contributing to the increasing demand for geothermal heat pumps. Also, the growing emphasis on the use of renewable energy to control climate change and environmental degradation in the coming years would also fuel demand for heat pump water market.

Heat Pump Water Heater Market: Segments

Geothermal segment to grow with the highest CAGR during 2020-30

Heat Pump Water Heater Market is segmented by type as Air Source, Geothermal. Based on type air source segment is the largest segment of the market for Heat Pump Water Heater in 2019. Due to its low installation cost and environmentally friendly technology, the market for air source heat pumps is rising largely in the residential sector. Due to the fact that countries such as China, Australia, Thailand, and New Zealand are focused on limiting their carbon footprint resulting from the use of fossil fuels, they are primarily used in Asia Pacific. They are primarily used in the residential sector because a multifamily building would usually need a heat pump water heater that takes up less space and has low installation costs compared to commercial buildings such as hotels and hospitals due to low hot water requirements.

500-1,000 Liter Segment to grow with the highest CAGR during 2020-30

Heat Pump Water Heater Market is segmented by liter into Up to 500 L, 500–1000 L, Above 1000 L. The Below 500 liters capacity segment led the market and accounted for a XX.X% revenue share in 2019 due to the high suitability of applications across residential and multiple commercial establishments. Water heater heat pumps falling under this category are lightweight and are therefore simple to build. They have enough hot water for the residential sector and for almost all small commercial applications. Water heaters with this capability are also ideal for applications with low hot water requirements in small commercial and residential industries, such as homes and multi-family buildings. In the hospitality sector for holiday homes and motels, small individual heat pump water heaters of up to 500 litres capacity are used as they ensure interruption-free accessibility of hot water for bathing, personal washing, etc. applications.

Heat Pump Water Heater Market: Market Dynamics

Drivers

Rising global energy consumption

Increasing population, along with rapid economic growth worldwide, would lead to a rise in energy demand. Increased demand for heat pumps would result from the combined effect of economic growth and increasing energy consumption. As the residential construction sector in developed countries recovers and housing demand from developing countries increases, there will be sufficient demand for HVAC systems, thus growing the demand for heat pumps. Therefore, during the forecast period, rising energy consumption and robust demand from the housing sector would add momentum to the global heat pump market.

Growing demand for geothermal heat pumps

Central heating/cooling systems that either transfer heat from or to the ground are geothermal heat pumps. These systems make use of the earth as the source or sink of heat, depending on the application. Up to a depth of 10 feet, the shallow surface of the earth's crust usually retains a fairly constant temperature of 10°C-16°C. To provide the requisite heating and cooling, geothermal pumps have the capacity to tap into this energy resource. With the shifting energy mix, the increasing focus on renewable energy will pave the way for the increased use of geothermal and hydrothermal heat pumps.

Restrain

Lack of awareness regarding benefits of heat pump water heaters

Awareness regarding energy efficiency, cost efficiency, and environmental benefits of heat pump water heaters is low among all end user segments. This is because they are generally considered to be costly, serving as a barrier to market penetration in both emerging and underdeveloped economies. There is also a lack of understanding of the possibilities provided by heat pump water heaters for energy conservation and CO2 emission reduction. The lack of knowledge of heat pump technology in the supply chain is also an obstacle to the adoption of water heat pump heaters in developing and underdeveloped countries.

Heat Pump Water Heater Market: Key Players

Midea Group

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.

GE Appliances

Gree

Hangzhou Jinjiang Solar

Hayward Industries

Johnson Controls - Hitachi Air Conditioning

Zodiac Pool Solutions (Jandy)

Midea

MTechnologysubishi Electric

New Energy

Panasonic

Pentair

Heat Pump Water Heater Market: Regions

Heat Pump Water Heater Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.

Heat Pump Water Heater Market in Asia Pacific held the largest market share of XX.X% in the year 2019 and is anticipated to continue its dominance over the forecast period owing to the increase in the use of renewable energy and energy efficient products. A number of emerging economies such as China, India, New Zealand, and Malaysia, are based in the region. These countries are taking numerous steps to boost the installation of water heaters with a view to increasing energy efficiency and reducing environmental pollution. The growth of the market in this region will be driven by the increase in construction activities and the focus of governments in this region on growing energy efficiency and reducing carbon emissions. In addition, the need to replace conventional systems with modern and sustainable systems and developments in the use of sensors and touchscreen interfaces to enhance heat pump functionality would also fuel the growth of the EMEA region.

Competitive Landscape:

Heat Pump Water Heater market, which is highly competitive, consists of several major players such as Midea Group (China), RHEEM Manufacturing Company (US), Daikin (Japan), A.O. Smith Corporation (US), Bosch Industries (Germany), and Ingersoll Rand (US) hold a substantial market share in the Heat Pump Water Heater market. Other players analysed in this report are Viessmann Group (Germany), NIBE Energy Systems (Sweden), Valliant Group (Germany), Daikin (Japan), Mitsubishi Electric (Japan), Glen Dimplex (Ireland), Stiebel Eltron (Germany) among others.

The market competition has been stepped up by the availability of many players offering Heat Pump Water Heater. In August 2020, Panasonic Corporation partnered with System air 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.

Heat Pump Water Heater Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe

APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC

MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Heat Pump Water Heater Market report also contains analysis on:

Heat Pump Water Heater Market Segments:

By Type:

Air source

Geothermal

By Liter:

Up to 500 LT

500‒1,000 LT

Above 1,000 LT

By Rated Capacity:

Up to 10 kW

10‒20 kW

20‒30 kW

30‒100 kW

10–150 kW

Above 150 kW

Heat Pump Water Heater Market Dynamics

Heat Pump Water Heater Market Size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

FAQs on Heat Pump Water Heater Market

Which segment is anticipated to hold the largest market share

At what CAGR is the market anticipated to grow between 2020 and 2030

Who are the key players in the Heat Pump Water Heater Market

What could be the challenging factors in the growth of Heat Pump Water Heater Market

What are the growth drivers for the Heat Pump Water Heater Market

Contents

1. Executive Summary

2. Heat Pump Water Heater Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7. Correlation & Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10. Heat Pump Water Heater Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11. Heat Pump Water Heater Market

11.1. Market Size & forecast, 2019A-2030F

11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12. Heat Pump Water Heater: Market Segmentation

12.1. By Regions

12.1.1. North America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.2. Europe:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.3. Asia-Pacific:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.4. MEA:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.5. Latin America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2. By Type: Market Share (2020-2030F)

12.2.1. Air source, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.2. Geothermal, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3 By Liter: Market Share (2020-2030F)

12.3.1. Up to 500 LT, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.2. 500‒1,000 LT, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.3. Above 1,000 LT, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4 By Rated Capacity: Market Share (2020-2030F)

12.4.1. Up to 10kW, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.2. 10‒20 kW, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.3. 20‒30 kW, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.4. 30‒100 kW, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.5. 100–150 kW, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

13. Company Profile

13.1.1. GE Appliances

13.1.2. Company Overview

13.1.3. Company Total Revenue (Financials)

13.1.4. Market Potential

13.1.5. Global Presence

13.1.6. Key Performance Indicators

13.1.7. SWOT Analysis

13.1.8. Product Launch

13.2. Hangzhou Jinjiang Solar

13.3. Hayward Industries

13.4. Johnson Controls - Hitachi Air Conditioning

13.5. Zodiac Pool Solutions (Jandy)

13.6. Midea

13.7. MTechnologysubishi Electric

13.8. New Energy

13.9. Panasonic

13.10. Pentair

13.11. STIEBEL ELTRON

13.12. Technologyomic

13.13. Thermia

13.14. Tongyi

13.15. Toshiba

13.16. Viessmann

14 Consultant Recommendation

**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)