North America Heat Pump Water Heater Market (2023-2028)

RESEARCH METHODOLOGY

The study involved major activities in estimating the current size of the heat pump water heater market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

This research study on the heat pump water heater market involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg, Factiva, IRENA, International Energy Agency, and Statista Industry Journal, to collect and identify information useful for a technical, market-oriented, and commercial study of the heat pump water heater market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The heat pump water heater market comprises several stakeholders, such as heat pump water heater manufacturers, technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for heat pump water heaters in various applications such as energy, mobility, industrial, and grid injection. The supply side is characterized by rising demand for contracts from the industrial sector and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

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Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the heat pump water heater market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

• The key players in the industry and market have been identified through extensive secondary research, and their market share has been determined through primary and secondary research.
• The industry’s value chain and market size, in terms of value, have been determined through both primary and secondary research processes.
• All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Heat pump water heater market Size: Top-Down Approach

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Heat pump water heater market Size: Bottom-Up Approach

Data Triangulation

After arriving at the overall market size from the above estimation process, the total market has been split into several segments and subsegments. Data triangulation and market breakdown processes have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Market Definition

A heat pump water heater (HPWH) is a type of water heater that uses a heat pump to efficiently heat water. Unlike traditional water heaters that generate heat directly, such as electric or gas water heaters, a heat pump water heater moves heat from the surrounding air or ground to heat the water.

The market for heat pump water heaters is defined as the sum of revenues generated by global companies from the sale of heat pump water heaters. Two different types of heat pump water heaters are available—geothermal heat pump water heaters and air source heat pump water heaters. These heaters are available with different rated capacities, including up to 10 kW, 10–20 kW, 20–30 kW, 30–100 kW, 100–150 kW, and above 150 kW. These devices come with different storage tank capacities, namely, up to 500 liters, 500–1,000 liters, and above 1,000 liters. Heat pump water heaters are used by residential, commercial, and industrial end users. The regions considered for this market study include North America, Europe, Asia Pacific, and South America.

Key Stakeholders

• Companies manufacturing heat pump water heaters
• T&D utilities
• Industrial end users
• Commercial end users
• Power and energy associations
• Government and research organizations
• Manufacturers of heat pump water heater components
• Distributors and suppliers of heat pump water heaters
• Heating, ventilation, and air conditioning (HVAC) industry and environmental associations
• National and local government organizations
• Technology standard organizations, forums, alliances, and associations
• Heat pump water heater associations
• Heat pump water heater survey companies

Objectives of the Study

• To define, describe, segment, and forecast the heat pump water heater market on the basis of type, rated capacity, refrigerant type, storage tank capacity, end user, and region in terms of value.
• To forecast the global heat pump water heater market in terms of volume.
• To describe and forecast the market for five key regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa, along with their country-level market sizes in terms of value.
• To provide detailed information regarding key drivers, restraints, opportunities, and challenges influencing the growth of the market.
• To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market size
• To provide the supply chain analysis, trends/disruptions impacting the customer’s business, market map, pricing analysis, and regulatory analysis of the heat pump water heater.
• To analyze opportunities for stakeholders in the heat pump water heater and draw a competitive landscape of the market.
• To strategically analyze the ecosystem, tariffs and regulations, patent landscape, trade landscape, Porter’s five forces, and case studies pertaining to the market under study.
• To benchmark market players using the company evaluation quadrant, which analyzes market players on broad categories of business and product strategies adopted by them.
• To compare key market players with respect to the product specifications and applications.
• To strategically profile key players and comprehensively analyze their market rankings and core competencies.
• To analyze competitive developments, such as contracts & agreements, investments & expansions, mergers & acquisitions, new product launches, partnerships, joint ventures & collaborations, in the heat pump water heater.

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Product Analysis

• Product Matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

• Detailed analyses and profiling of additional market players