Heat Pump Water Heater Market

Heat Pump Water Heater Market by Type (Air-to-Air, Air-to-Water, Water Source, Geothermal, Hybrid), Storage Tank (Up to 500 L, 500-1,000 L, Above 1,000 L), Refrigerant Type (R410A, R407C, R744), Rated Capacity, End User Region - Global Forecast to 2028

Report Code: EP 7740 Jan, 2024, by marketsandmarkets.com

[316 Pages Report] The global heat pump water heater market is estimated to grow from USD 5.2 billion in 2023 to USD 10.2  billion by 2028; it is expected to record a CAGR of 14.4% during the forecast period. Heat pump water heaters are distinguished by their ability to harness air, water, or geothermal heat for hot water production, establishing them as a compelling option for energy-efficient water heating solutions. The global market for these systems has experienced consistent growth, propelled by rising demand and favorable regulatory environments. The incorporation of heat pump water heaters with renewable energy sources, including solar panels, plays a pivotal role in their widespread adoption. This integration facilitates the effective utilization of surplus renewable energy to heat water, diminishing dependence on fossil fuels. This strategic alignment with the worldwide objective of transitioning to cleaner and more sustainable energy solutions serves as a driving force behind the continued expansion of the market.

Heat Pump Water Heater Market

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Heat Pump Water Heater Market

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Heat Pump Water Heater Market Dynamics

Driver: Rising demand for residential and commercial water heating solutions

The increasing demand for residential and commercial water heating solutions is a transformative force shaping the global heating industry. This upsurge reflects broader societal changes driven by factors such as population growth, urbanization, and heightened expectations for comfort and convenience. Specifically within the heat pump water heater market, this trend acts as a significant catalyst, influencing product development, market strategies, and the overall trajectory of the industry. Governments and regulatory bodies are increasingly recognizing the environmental impact of energy-intensive systems and are incentivizing the adoption of eco-friendly technologies. This regulatory support, manifesting through energy efficiency standards, subsidies, and incentives, further propels the demand for heat pump water heaters. The market's response to these regulatory measures indicates a broader societal shift towards sustainable living and responsible consumption.

Technological advancements play a pivotal role in meeting the escalating demand for water heating solutions. The heat pump water heater market is witnessing continuous innovation in terms of system efficiency, integration with smart technologies, and adaptability to various climatic conditions. Enhanced compressor technologies, advanced heat exchanger designs, and improved control systems contribute to higher performance standards, making heat pump water heaters more versatile and appealing to a broader consumer base. The increasing demand for water heating solutions also presents an opportunity for market players to engage in strategic partnerships and collaborations. Collaborations between manufacturers, energy providers, and construction companies can lead to integrated solutions addressing not only the heating needs of consumers but also broader energy efficiency goals. Partnerships with technology companies can facilitate the incorporation of smart features, enhancing the usability and control of water heating systems.

Restraint: Variability in performance based on climate conditions

Heat pump water heaters excel in extracting ambient heat from the surrounding air, making them highly efficient in moderate and warmer climates. However, their effectiveness is significantly impacted by colder temperatures, presenting a climatic sensitivity that poses challenges for regions enduring extended periods of low temperatures. This challenge may result in diminished efficiency and increased energy consumption. Climate variability's impact on heat pump water heater performance extends beyond operational efficiency; it also affects the overall system lifespan. In regions with frequent temperature drops below freezing, components such as the compressor and heat exchanger may experience additional stress and wear. This can result in increased maintenance requirements and potentially shorten the lifespan of the equipment, leading to higher long-term costs for consumers and reduced system reliability.

Opportunities: Integration of IoT with heat pump water heaters

It is anticipated that heat pump water heaters equipped with Internet of Things (IoT) capabilities will provide remote diagnostics, predictive maintenance, and real-time monitoring. Smart thermostats that monitor environmental changes and communicate with the heat pump water heater equipment are a component of Internet of Things (IoT)-enabled heat pump water heater systems. Heat pump water heater systems can use data to continuously enhance performance and save energy thanks to sophisticated software. For example, the installation of sensors, software, a network, and a cloud-based data store is part of building management systems (BMS). Among the things they oversee are boilers, chillers, pumps, rooftop units, heat pumps, VAV boxes, radiators, fan coil units, exhaust fans, and security and safety procedures. Facility managers can maintain heat pump water heater systems more quickly and affordably thanks to these systems. Integration with IoT reduces system failure by tracking abnormalities in heat pump water heaters. Consequently, given the integration of IoT with heat pump water heaters, there are numerous opportunities for market expansion. Among the things they oversee are boilers, chillers, pumps, rooftop units, heat pumps, VAV boxes, radiators, fan coil units, exhaust fans, and security and safety procedures. These systems save time and money by making it easier for facility managers to maintain heat pump water heater systems. By tracking anomalies in heat pump water heaters, integration with IoT helps to lower system failure. Therefore, there are a lot of prospects for market expansion given the integration of IoT with heat pump water heaters.

Challenges: High installation costs

Heat pump water heater systems play a pivotal role in enhancing energy efficiency, cutting energy expenses, and mitigating carbon emissions across residential, commercial, and industrial settings. These systems come in two main types: aerothermal heat pumps (air source heat pumps) and geothermal heat pumps (ground source heat pumps). Air source heat pump water heaters are more prevalent, offering cost-effectiveness and efficiency suitable for most homes and small commercial structures. On the other hand, geothermal heat pump water heaters tend to be pricier due to their underground installation, involving the placement of high-density polyethylene pipes. Despite the longer installation period, geothermal systems boast enhanced efficiency and are ideal for larger buildings.

The installation expenses for heat pump water heater equipment in residential, commercial, and industrial contexts hinge on various factors. In residential applications, costs are influenced by home size, additional ductwork, equipment type, and the British Thermal Unit (BTU) value of the system. The installation cost of a heat pump water heater is also contingent on factors such as complexity, type, brand, and size of the heat pump. Consequently, the higher installation costs pose a challenge that may impede the growth of the heat pump market.

Heat pump water heater
Market Ecosystem

In the heat pump water heater market, leading enterprises distinguish themselves as established and financially sound providers of products and services. Boasting extensive experience, these companies showcase a diverse product range, cutting-edge technologies, and robust global sales and marketing networks. Their proven track record in the industry establishes them as dependable and trusted partners for customers seeking heat pump water heater solutions. Demonstrating adaptability to Market Dynamics

, these companies consistently deliver high-quality products and services, positioning them as leaders in addressing the energy and power sector's demands. Notable players in this market include Panasonic Corporation (Japan), LG Electronics (South Korea), Johnson Controls-Hitachi Air Conditioning (Japan), Mitsubishi Electric Corporation (Japan), and Trane Technologies plc (Ireland).

Heat Pump Water Heater Market

By End user industry, the residential segment is expected to be the largest segment in the market during the forecast period.

Based on the end user segment, the heat pump water heater market is segmented into three categories: residential, commercial, and industrial. The Residential segment is expected to be the largest segment during the forecast period. Heat pump water heaters are more cost-effective in the long run than standard water heaters since they use less energy and require less maintenance. Heat pump water heaters are becoming increasingly popular among homes looking for energy-efficient, cost-effective, and ecologically friendly water heating options. Governments throughout the world are offering incentives and subsidies to encourage the use of energy-efficient devices such as heat pump water heaters. These incentives have reduced the cost of heat pump water heaters for homeowners.

By storage tank capacity, up to 500 liters is expected to be the fastest-growing segment during the forecast period.

Based on the storage tank capacity segment the heat pump water heater market is categorized into three categories: up to 500 liters, 500–1,000 liters, and above 1,000 liters. Up to 500 liters segment is expected to be the fastest growing segment during the forecast period. Heat pumps with up to 500 liters capacity are widely used for water heating due to their compact size, ease of installation, and suitability for small commercial and residential applications. These heat pumps are suitable for less hot water requirement applications in small individual heat pump water heaters of up to 500 liters capacity, such as in hospitality, personal laundry, and other similar applications. Additionally, government subsidies for residential heat pumps are driving the market for heat pump water heaters with up to 500 liters capacity.

Asia Pacific: The largest in the heat pump water heater market.

 Asia Pacific is expected to be the largest region in the heat pump water heater market in 2023. Asia Pacific has been leading the heat pump water heater market. The regional heat pump water heater market is experiencing growth due to the presence of leading heat pump water heater providers Panasonic Corporation (Japan), LG Electronics (South Korea), Johnson Controls–Hitachi Air Conditioning (Japan), Mitsubishi Electric Corporation (Japan). China, India, New Zealand, and Malaysia are among the region's rising economies. The development in urbanization and economic growth has resulted in an increase in commercial building construction, such as retail malls, hospitals, hotels, and manufacturing facilities, driving demand for heat pump water heaters.

Heat Pump Water Heater Market Size, and Share

Key Market Players

The heat pump water heater market is dominated by a few major players that have a wide regional presence. The major players in the heat pump water heater market include Panasonic Corporation (Japan), LG Electronics (South Korea), Johnson Controls–Hitachi Air Conditioning (Japan), Mitsubishi Electric Corporation (Japan), and Trane Technologies plc (Ireland). Between 2018 and 2023, Strategies such as new product launches, contracts, agreements, partnerships, collaborations, acquisitions, and expansions are followed by these companies to capture a larger share of the heat pump water heater market.

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Scope of the Report

Report Metric

Details

Market size available for years

2019–2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Value (USD Million/Billion), Volume (MW/KW)

Segments Covered

Heat pump water heater market by Type, End user industry,  by Rated capacity, by Refrigerant type, by Storage tank capacity and Region.

Geographies covered

Asia Pacific, North America, Europe, Middle East & Africa, South America

Companies covered

Panasonic Holdings Corporation (Japan), LG Electronics (South Korea), Johnson Controls-Hitachi Air Conditioning (Japan), Midea Group (China), RHEEM Manufacturing Company (US), Daikin (Japan), A. O. Smith Corporation (US), Bosch Industries (Germany), and Ingersoll Rand (US), Viessmann Group (Germany), NIBE Energy Systems (Sweden), Valliant Group (Germany), Mitsubishi Electric (Japan), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Trane Technologies plc (Ireland), Haier (China), Fujitsu General (Japan), Emerson (US), Gree Electric Appliances (China), Ariston Holding N.V. (Italy), EVO Energy Technologies (Austria) Namma Swadeshi (India), Ecotech Solutions, Guangzhou SPRSUN New Energy Technology Development (China), Electrify my home (US).

This research report categorizes the heat pump water heater market based on by Type, End user industry,  by Rated capacity, by Refrigerant type, by Storage tank capacity and Region.

On the basis of type:
  • Air-to-Air heat pump water heater
  • Air-to-Water heat pump water heater
  • Water source heat pump water heater
  • Ground source (geothermal) heat pump water heater
  • Hybrid heat pump water heater
On the basis of End user industry:
  • Residential
  • Commercial
  • Industrial
On the basis of refrigerant type:
  • R410A
  • R407C
  • R744
  • Others
On the basis of storage tank capacity:
  • Upto 500 liters
  • 500–1,000 liters
  • Above 1,000 liters
On the basis of rated capacity:
  • UP TO 10 KW
  • 10–20 KW
  • 20–30 KW
  • 30–100 KW
  • 100–150 KW
On the basis of region:
  • Europe
  • North America
  • Asia Pacific
  • Middle East & Africa
  • South America 

Recent Developments

  • In January 2023, Fujitsu General established a joint venture with FGAHP, a manufacturer of heat pump and water solutions, for the manufacture of heat pump water heating systems known as ATW within Europe.
  • In December 2022, Fujitsu General Limited and Groupe Atlantic established a joint venture for the manufacture of heat pump water heating systems ATW within Europe.
  • In October 2022, The expansion plan for Panasonic Corporation's air-to-water (A2W) heat pump business in Europe was revealed. The company intends to introduce three new eco-friendly models with varying heating capacities for homes in Europe that use natural refrigerants.
  • In August 2020, Johnson Controls-Hitachi Air Conditioning acquired McDowall Air Conditioning, which provides specialist design, manufacture, installation, and servicing of HVAC systems. The acquisition will help the company to increase its customer base for heat pump water heaters and market share for HVAC equipment.
  • In June 2020, Johnson Controls-Hitachi Air Conditioning acquired East Lancashire Refrigeration, which provides specialist design, manufacture, installation, and servicing of HVAC systems. The acquisition will help the company enhance its customer base for heat pump water heaters and market share for HVAC equipment.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 35)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE 
           1.3.1 MARKETS COVERED
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
           1.3.4 CURRENCY CONSIDERED
           1.3.5 UNITS CONSIDERED
    1.4 LIMITATIONS 
    1.5 STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
    1.7 IMPACT OF RECESSION 
 
2 RESEARCH METHODOLOGY (Page No. - 41)
    2.1 RESEARCH DATA 
           FIGURE 1 HEAT PUMP WATER HEATER MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    TABLE 1 LIST OF MAJOR SECONDARY SOURCES
                    2.1.1.1 Key secondary sources
           2.1.2 PRIMARY DATA
                    TABLE 2 LIST OF PRIMARY INTERVIEW PARTICIPANTS
                    2.1.2.1 Key industry insights
                    2.1.2.2 Breakdown of primaries
                               FIGURE 2 BREAKDOWN OF PRIMARIES
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 
                    FIGURE 3 DATA TRIANGULATION
    2.3 MARKET SIZE ESTIMATION 
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 4 HEAT PUMP WATER HEATER MARKET: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 5 HEAT PUMP WATER HEATER MARKET: TOP-DOWN APPROACH
    2.4 DEMAND-SIDE ANALYSIS 
           FIGURE 6 HEAT PUMP WATER HEATER MARKET: DEMAND-SIDE ANALYSIS
           2.4.1 DEMAND-SIDE METRICS
                    FIGURE 7 METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR HEAT PUMP WATER HEATERS
                    2.4.1.1 Assumptions for demand-side analysis
                    2.4.1.2 Calculations for demand-side analysis
    2.5 SUPPLY-SIDE ANALYSIS 
           2.5.1 SUPPLY-SIDE METRICS
                    FIGURE 8 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF HEAT PUMP WATER HEATERS
                    FIGURE 9 HEAT PUMP WATER HEATER MARKET: SUPPLY-SIDE ANALYSIS
                    2.5.1.1 Calculations for supply-side analysis
                    2.5.1.2 Assumptions for supply-side analysis
    2.6 FORECAST 
    2.7 RISK ASSESSMENT 
    2.8 RECESSION IMPACT 
 
3 EXECUTIVE SUMMARY (Page No. - 53)
    TABLE 3 HEAT PUMP WATER HEATER MARKET SNAPSHOT 
    FIGURE 10 ASIA PACIFIC HELD LARGEST SHARE OF MARKET IN 2022 
    FIGURE 11 UP TO 10 KW SEGMENT TO LEAD MARKET IN 2028 
    FIGURE 12 AIR-TO-AIR HEAT PUMP WATER HEATERS SEGMENT TO HOLD LARGEST SHARE OF MARKET IN 2028 
    FIGURE 13 R410A SEGMENT TO DOMINATE MARKET IN 2028 
    FIGURE 14 UP TO 500 LITERS SEGMENT TO DOMINATE MARKET IN 2028 
    FIGURE 15 RESIDENTIAL SEGMENT TO DOMINATE MARKET IN 2028 
 
4 PREMIUM INSIGHTS (Page No. - 58)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HEAT PUMP WATER HEATER MARKET 
           FIGURE 16 RISING DEMAND FOR RESIDENTIAL AND COMMERCIAL WATER HEATING SOLUTIONS
    4.2 MARKET, BY REGION 
           FIGURE 17 EUROPEAN MARKET TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
    4.3 ASIA PACIFIC MARKET, BY END USER AND COUNTRY 
           FIGURE 18 RESIDENTIAL SEGMENT AND CHINA HELD LARGEST SHARES OF ASIA PACIFIC MARKET IN 2022
    4.4 MARKET, BY TYPE 
           FIGURE 19 AIR-TO-AIR HEAT PUMP WATER HEATERS SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028
    4.5 MARKET, BY RATED CAPACITY 
           FIGURE 20 10–20 KW SEGMENT TO ACCOUNT FOR LARGEST SHARE OF MARKET IN 2028
    4.6 MARKET, BY END USER 
           FIGURE 21 RESIDENTIAL SEGMENT TO DOMINATE MARKET IN 2028
    4.7 MARKET, BY STORAGE TANK CAPACITY 
           FIGURE 22 UP TO 500 LITERS SEGMENT TO DOMINATE MARKET IN 2028
    4.8 MARKET, BY REFRIGERANT TYPE 
           FIGURE 23 R410A SEGMENT TO DOMINATE MARKET IN 2028
 
5 MARKET OVERVIEW (Page No. - 63)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 24 HEAT PUMP WATER HEATER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Increasing installation of heat pump water heaters in residential, commercial, and industrial sectors to reduce carbon dioxide (CO2) emissions
                    5.2.1.2 Government-led incentives and regulations to enhance energy efficiency
           5.2.2 RESTRAINTS
                    5.2.2.1 Variability in performance of heat pump water heaters based on climatic conditions
                    5.2.2.2 Complexities associated with installation and maintenance of heat pump water heaters
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Expansion of heat pump water heater market in emerging economies and untapped regions
                    5.2.3.2 Integration of Internet of Things (IoT) with heat pump water heaters
                    5.2.3.3 Increased sales of heat pumps in Europe
                               FIGURE 25 ANNUAL SALES GROWTH OF HEAT PUMPS WORLDWIDE AND SELECTED MARKETS BETWEEN 2021 AND 2022
           5.2.4 CHALLENGES
                    5.2.4.1 Lack of awareness regarding benefits of heat pump water heaters in developing and underdeveloped countries
                    5.2.4.2 High installation cost
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 
           FIGURE 26 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
    5.4 PRICING ANALYSIS 
           5.4.1 INDICATIVE PRICE TREND OF HEAT PUMP WATER HEATERS, BY REGION
                    TABLE 4 INDICATIVE PRICE TREND OF HEAT PUMP WATER HEATERS, BY REGION, 2022–2028 (USD)
           5.4.2 INDICATIVE PRICE TREND OF HEAT PUMP WATER HEATERS, BY END USER
                    TABLE 5 INDICATIVE PRICE TREND OF HEAT PUMP WATER HEATERS, BY END USER, 2022–2028 (USD)
    5.5 SUPPLY CHAIN ANALYSIS 
           FIGURE 27 MARKET: SUPPLY CHAIN ANALYSIS
           5.5.1 RAW MATERIAL SUPPLIERS
           5.5.2 ORIGINAL EQUIPMENT MANUFACTURERS (OEMS)
           5.5.3 DISTRIBUTORS
           5.5.4 END USERS
    5.6 ECOSYSTEM/MARKET MAP 
           FIGURE 28 MARKET MAP
           TABLE 6 COMPANIES AND THEIR ROLES IN HEAT PUMP WATER HEATER ECOSYSTEM
    5.7 REGULATORY LANDSCAPE 
           5.7.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 7 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 8 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 9 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 10 SOUTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 MIDDLE EAST & AFRICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.7.2 REGULATORY FRAMEWORK RELATED TO HEAT PUMP WATER HEATERS
                    5.7.2.1 Regulatory framework in North America
                    5.7.2.2 Regulatory framework in Europe
                    5.7.2.3 Regulatory framework in Asia Pacific
                    5.7.2.4 Regulatory framework in RoW
    5.8 PATENT ANALYSIS 
           FIGURE 29 MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2012–2022
           TABLE 12 MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2018–2022
    5.9 CASE STUDY ANALYSIS 
           5.9.1 COMMERCIAL FACILITY USED DAIKIN INDUSTRIES’ HEAT PUMP WATER HEATER TO REVOLUTIONIZE WATER HEATING EFFICIENCY
           5.9.2 INDUSTRIAL PLANT IMPLEMENTED CARRIER AQUAEDGE 19DV WATER-COOLED CHILLER WITH HEAT RECOVERY TO REDUCE ENERGY COSTS, INCREASE OPERATIONAL EFFICIENCY, AND MINIMIZE ENVIRONMENTAL IMPACT
           5.9.3 HOTEL DEPLOYED A. O. SMITH VOLTEX HYBRID ELECTRIC HEAT PUMP WATER HEATER TO ENHANCE HOSPITALITY WITH SUSTAINABLE HOT WATER SOLUTIONS
    5.10 TECHNOLOGY ANALYSIS 
           5.10.1 HYBRID HEAT PUMP SYSTEMS
           5.10.2 ENERGY RECOVERY SYSTEMS
           5.10.3 VARIABLE SPEED COMPRESSORS
    5.11 KEY CONFERENCES AND EVENTS, 2023–2024 
                    TABLE 13 MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2023–2024
    5.12 TRADE ANALYSIS 
           5.12.1 EXPORT SCENARIO
                    TABLE 14 EXPORT DATA FOR HS CODE 8418-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND)
                    FIGURE 30 EXPORT DATA FOR HS CODE 8418-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND)
           5.12.2 IMPORT SCENARIO
                    TABLE 15 IMPORT SCENARIO FOR HS CODE 8418-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND)
                    FIGURE 31 IMPORT DATA FOR HS CODE 8418-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND)
    5.13 PORTER’S FIVE FORCES ANALYSIS 
                    FIGURE 32 MARKET: PORTER’S FIVE FORCES ANALYSIS
                    TABLE 16 MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.13.1 THREAT OF SUBSTITUTES
           5.13.2 BARGAINING POWER OF SUPPLIERS
           5.13.3 BARGAINING POWER OF BUYERS
           5.13.4 THREAT OF NEW ENTRANTS
           5.13.5 INTENSITY OF COMPETITIVE RIVALRY
    5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 33 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY END USER
                    TABLE 17 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER (%)
           5.14.2 BUYING CRITERIA
                    FIGURE 34 KEY BUYING CRITERIA, BY END USER
                    TABLE 18 KEY BUYING CRITERIA, BY END USER
 
6 HEAT PUMP WATER HEATER MARKET, BY STORAGE TANK CAPACITY (Page No. - 89)
    6.1 INTRODUCTION 
           FIGURE 35 MARKET, BY STORAGE TANK CAPACITY, 2022
           TABLE 19 MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
           TABLE 20 MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
    6.2 UP TO 500 LITERS 
           6.2.1 GOVERNMENT SUBSIDIES FOR RESIDENTIAL HEAT PUMPS TO DRIVE DEMAND
                    TABLE 21 UP TO 500 LITERS: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 22 UP TO 500 LITERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.3 500–1,000 LITERS 
           6.3.1 CAPABILITY TO PROVIDE HEATING TO SMALL COMMERCIAL BUSINESSES TO FUEL DEMAND
                    TABLE 23 500–1,000 LITERS: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 24 500–1,000 LITERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.4 ABOVE 1,000 LITERS 
           6.4.1 NEED TO REPLACE CONVENTIONAL HEATING METHODS WITH ENERGY-EFFICIENT ONES AND TECHNOLOGICAL ADVANCEMENTS IN HEAT PUMP WATER HEATERS TO FUEL DEMAND
                    TABLE 25 ABOVE 1,000 LITERS: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 26 ABOVE 1,000 LITERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
7 HEAT PUMP WATER HEATER MARKET, BY END USER (Page No. - 96)
    7.1 INTRODUCTION 
           FIGURE 36 MARKET, BY END USER, 2022
           TABLE 27 MARKET, BY END USER, 2019–2022 (THOUSAND UNITS)
           TABLE 28 MARKET, BY END USER, 2023–2028 (THOUSAND UNITS)
           TABLE 29 MARKET, BY END USER, 2019–2022 (USD MILLION)
           TABLE 30 MARKET, BY END USER, 2023–2028 (USD MILLION)
    7.2 RESIDENTIAL 
           7.2.1 GOVERNMENT PROGRAMMES AIMED AT ENHANCING ENERGY EFFICIENCY TO INCREASE DEMAND
                    TABLE 31 RESIDENTIAL: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 32 RESIDENTIAL: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.3 COMMERCIAL 
           7.3.1 GROWING FOCUS ON USING RENEWABLE ENERGY SOURCES FOR COMMERCIAL OPERATIONS TO DRIVE MARKET
                    TABLE 33 COMMERCIAL: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 34 COMMERCIAL: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.4 INDUSTRIAL 
           7.4.1 ENERGY-EFFICIENT DESIGN TO FUEL DEMAND
                    TABLE 35 INDUSTRIAL: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 36 INDUSTRIAL: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
8 HEAT PUMP WATER HEATER MARKET, BY RATED CAPACITY (Page No. - 103)
    8.1 INTRODUCTION 
           FIGURE 37 MARKET, BY RATED CAPACITY, 2022
           TABLE 37 MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
           TABLE 38 MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
    8.2 UP TO 10 KW 
           8.2.1 SUITABILITY FOR SINGLE-FAMILY HOUSES TO DRIVE DEMAND
                    TABLE 39 UP TO 10 KW: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 40 UP TO 10 KW: MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.3 10–20 KW 
           8.3.1 GROWING DEMAND IN RESIDENTIAL SECTOR TO FUEL MARKET GROWTH
                    TABLE 41 10–20 KW: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 42 10–20 KW: MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.4 20–30 KW 
           8.4.1 ABILITY TO MEET HEATING REQUIREMENTS OF COMMERCIAL SECTOR TO FUEL DEMAND
                    TABLE 43 20–30 KW: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 44 20–30 KW: MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.5 30–100 KW 
           8.5.1 GROWING DEMAND FROM SMALL AND MEDIUM-SIZED COMMERCIAL BUILDINGS TO DRIVE MARKET
                    TABLE 45 30–100 KW: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 46 30–100 KW: MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.6 100–150 KW 
           8.6.1 INCREASING HEATING DEMAND FROM LARGE COMMERCIAL OPERATORS TO DRIVE MARKET
                    TABLE 47 100–150 KW: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 48 100–150 KW: MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.7 ABOVE 150 KW 
           8.7.1 RISING HIGH-VOLUME HOT WATER DEMAND IN VARIOUS INDUSTRIES TO BOOST INSTALLATION
                    TABLE 49 ABOVE 150 KW: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 50 ABOVE 150 KW: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
9 HEAT PUMP WATER HEATER MARKET, BY TYPE (Page No. - 113)
    9.1 INTRODUCTION 
           FIGURE 38 MARKET, BY TYPE, 2022
           TABLE 51 MARKET, BY TYPE, 2019–2022 (USD MILLION)
           TABLE 52 MARKET, BY TYPE, 2023–2028 (USD MILLION)
    9.2 AIR-TO-AIR HEAT PUMP WATER HEATERS 
           9.2.1 LOW INSTALLATION COST TO BOOST DEMAND
                    TABLE 53 AIR-TO-AIR HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 54 AIR-TO-AIR HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.3 AIR-TO-WATER HEAT PUMP WATER HEATERS 
           9.3.1 INCREASING INCLINATION TOWARD SUSTAINABLE ALTERNATIVES TO MINIMIZE ENERGY CONSUMPTION TO FUEL DEMAND
                    TABLE 55 AIR-TO-WATER HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 56 AIR-TO-WATER HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.4 WATER-SOURCE HEAT PUMP WATER HEATERS 
           9.4.1 GROWING AWARENESS REGARDING REDUCING CARBON FOOTPRINT TO DRIVE DEMAND
                    TABLE 57 WATER-SOURCE HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 58 WATER-SOURCE HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.5 GROUND-SOURCE (GEOTHERMAL) HEAT PUMP WATER HEATER 
           9.5.1 HIGH EFFICIENCY AND EMERGENCE AS SUSTAINABLE ALTERNATIVE TO TRADITIONAL HEAT PUMPS TO DRIVE MARKET
                    TABLE 59 GROUND-SOURCE (GEOTHERMAL) HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 60 GROUND-SOURCE (GEOTHERMAL) HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.6 HYBRID HEAT PUMP WATER HEATER 
           9.6.1 GOVERNMENT-LED SUPPORT AND VERSATILITY FOR USE IN ALL SEASONS TO DRIVE DEMAND
                    TABLE 61 HYBRID HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 62 HYBRID HEAT PUMP WATER HEATERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
10 HEAT PUMP WATER HEATER MARKET, BY REFRIGERANT TYPE (Page No. - 122)
     10.1 INTRODUCTION 
               FIGURE 39 MARKET, BY REFRIGERANT TYPE, 2022
               TABLE 63 MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
               TABLE 64 MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
     10.2 R410A 
             10.2.1 RISING DEMAND IN VARIOUS SECTORS DUE TO VERSATILITY AND EFFECTIVENESS TO DRIVE MARKET
                       TABLE 65 R410A: MARKET, BY REGION, 2019–2022 (USD MILLION)
                       TABLE 66 R410A: MARKET, BY REGION, 2023–2028 (USD MILLION)
     10.3 R407C 
             10.3.1 GROWING DEMAND FOR HEATING, VENTILATION, AND AIR CONDITIONING (HVAC) SYSTEMS WITH RAPID URBANIZATION AND RISING DISPOSABLE INCOME TO DRIVE MARKET
                       TABLE 67 R407C: MARKET, BY REGION, 2019–2022 (USD MILLION)
                       TABLE 68 R407C: MARKET, BY REGION, 2023–2028 (USD MILLION)
     10.4 R744 
             10.4.1 ECO-FRIENDLY OPERATIONAL FEATURES TO PROPEL DEMAND
                       TABLE 69 R744: MARKET, BY REGION, 2019–2022 (USD MILLION)
                       TABLE 70 R744: MARKET, BY REGION, 2023–2028 (USD MILLION)
     10.5 OTHERS 
               TABLE 71 OTHERS: MARKET, BY REGION, 2019–2022 (USD MILLION)
               TABLE 72 OTHERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
11 HEAT PUMP WATER HEATER MARKET, BY REGION (Page No. - 129)
     11.1 INTRODUCTION 
               FIGURE 40 EUROPEAN MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
               FIGURE 41 MARKET, BY REGION, 2022
               TABLE 73 MARKET, BY REGION, 2019–2022 (USD MILLION)
               TABLE 74 MARKET, BY REGION, 2023–2028 (USD MILLION)
               TABLE 75 MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)
               TABLE 76 MARKET, BY REGION, 2023–2028 (THOUSAND UNITS)
     11.2 ASIA PACIFIC 
               FIGURE 42 ASIA PACIFIC: MARKET SNAPSHOT
             11.2.1 ASIA PACIFIC MARKET: RECESSION IMPACT
             11.2.2 BY TYPE
                       TABLE 77 ASIA PACIFIC: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                       TABLE 78 ASIA PACIFIC: MARKET, BY TYPE, 2023–2028 (USD MILLION)
             11.2.3 BY STORAGE TANK CAPACITY
                       TABLE 79 ASIA PACIFIC: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 80 ASIA PACIFIC: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
             11.2.4 BY RATED CAPACITY
                       TABLE 81 ASIA PACIFIC: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 82 ASIA PACIFIC: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
             11.2.5 BY REFRIGERANT TYPE
                       TABLE 83 ASIA PACIFIC: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                       TABLE 84 ASIA PACIFIC: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
             11.2.6 BY END USER
                       TABLE 85 ASIA PACIFIC: MARKET, BY END USER, 2019–2022 (USD MILLION)
                       TABLE 86 ASIA PACIFIC: MARKET, BY END USER, 2023–2028 (USD MILLION)
             11.2.7 BY COUNTRY
                       TABLE 87 ASIA PACIFIC: MARKET, BY REGION, 2019–2022 (USD MILLION)
                       TABLE 88 ASIA PACIFIC: MARKET, BY REGION, 2023–2028 (USD MILLION)
                       11.2.7.1 India
                                   11.2.7.1.1 Government-led initiatives for boosting adoption of renewable energy to drive market
                                   11.2.7.1.2 By type
                                                 TABLE 89 INDIA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 90 INDIA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.1.3 By storage tank capacity
                                                 TABLE 91 INDIA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 92 INDIA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.1.4 By rated capacity
                                                 TABLE 93 INDIA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 94 INDIA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.1.5 By refrigerant type
                                                 TABLE 95 INDIA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 96 INDIA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.1.6 By end user
                                                 TABLE 97 INDIA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 98 INDIA: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.2.7.2 China
                                   11.2.7.2.1 Growing urban population and initiatives to minimize pollution to drive demand
                                   11.2.7.2.2 By type
                                                 TABLE 99 CHINA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 100 CHINA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.2.3 By storage tank capacity
                                                 TABLE 101 CHINA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 102 CHINA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.2.4 By rated capacity
                                                 TABLE 103 CHINA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 104 CHINA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.2.5 By refrigerant type
                                                 TABLE 105 CHINA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 106 CHINA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.2.6 By end user
                                                 TABLE 107 CHINA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 108 CHINA: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.2.7.3 Australia
                                   11.2.7.3.1 Favorable environmental conditions and focus on developing renewable industry to drive demand
                                   11.2.7.3.2 By type
                                                 TABLE 109 AUSTRALIA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 110 AUSTRALIA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.3.3 By storage tank capacity
                                                 TABLE 111 AUSTRALIA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 112 AUSTRALIA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.3.4 By rated capacity
                                                 TABLE 113 AUSTRALIA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 114 AUSTRALIA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.3.5 By refrigerant type
                                                 TABLE 115 AUSTRALIA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 116 AUSTRALIA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.3.6 By end user
                                                 TABLE 117 AUSTRALIA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 118 AUSTRALIA: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.2.7.4 Japan
                                   11.2.7.4.1 Growing focus on minimizing pollution to drive demand
                                   11.2.7.4.2 By type
                                                 TABLE 119 JAPAN: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 120 JAPAN: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.4.3 By storage tank capacity
                                                 TABLE 121 JAPAN: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 122 JAPAN: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.4.4 By rated capacity
                                                 TABLE 123 JAPAN: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 124 JAPAN: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.4.5 By refrigerant type
                                                 TABLE 125 JAPAN: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 126 JAPAN: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.4.6 By end user
                                                 TABLE 127 JAPAN: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 128 JAPAN: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.2.7.5 South Korea
                                   11.2.7.5.1 Increasing demand for energy-efficient and environmentally friendly heating solutions to drive market
                                   11.2.7.5.2 By type
                                                 TABLE 129 SOUTH KOREA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 130 SOUTH KOREA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.5.3 By storage tank capacity
                                                 TABLE 131 SOUTH KOREA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 132 SOUTH KOREA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.5.4 By rated capacity
                                                 TABLE 133 SOUTH KOREA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 134 SOUTH KOREA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.5.5 By refrigerant type
                                                 TABLE 135 SOUTH KOREA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 136 SOUTH KOREA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.5.6 By end user
                                                 TABLE 137 SOUTH KOREA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 138 SOUTH KOREA: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.2.7.6 Rest of Asia Pacific
                                   11.2.7.6.1 By type
                                                 TABLE 139 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 140 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.6.2 By storage tank capacity
                                                 TABLE 141 REST OF ASIA PACIFIC: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 142 REST OF ASIA PACIFIC: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.6.3 By rated capacity
                                                 TABLE 143 REST OF ASIA PACIFIC: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 144 REST OF ASIA PACIFIC: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.2.7.6.4 By refrigerant type
                                                 TABLE 145 REST OF ASIA PACIFIC: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 146 REST OF ASIA PACIFIC: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.2.7.6.5 By end user
                                                 TABLE 147 REST OF ASIA PACIFIC: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 148 REST OF ASIA PACIFIC: MARKET, BY END USER, 2023–2028 (USD MILLION)
     11.3 EUROPE 
               FIGURE 43 EUROPE: MARKET SNAPSHOT
             11.3.1 EUROPEAN MARKET: RECESSION IMPACT
             11.3.2 BY TYPE
                       TABLE 149 EUROPE: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                       TABLE 150 EUROPE: MARKET, BY TYPE, 2023–2028 (USD MILLION)
             11.3.3 BY STORAGE TANK CAPACITY
                       TABLE 151 EUROPE: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 152 EUROPE: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
             11.3.4 BY RATED CAPACITY
                       TABLE 153 EUROPE: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 154 EUROPE: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
             11.3.5 BY REFRIGERANT TYPE
                       TABLE 155 EUROPE: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                       TABLE 156 EUROPE: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
             11.3.6 BY END USER
                       TABLE 157 EUROPE: MARKET, BY END USER, 2019–2022 (USD MILLION)
                       TABLE 158 EUROPE: MARKET, BY END USER, 2023–2028 (USD MILLION)
             11.3.7 BY COUNTRY
                       TABLE 159 EUROPE: MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                       TABLE 160 EUROPE: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.3.7.1 UK
                                   11.3.7.1.1 Growth in private housing and demand for renewable heat generation to drive market
                                   11.3.7.1.2 By type
                                                 TABLE 161 UK: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 162 UK: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.1.3 By storage tank capacity
                                                 TABLE 163 UK: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 164 UK: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.1.4 By rated capacity
                                                 TABLE 165 UK: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 166 UK: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.1.5 By refrigerant type
                                                 TABLE 167 UK: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 168 UK: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.1.6 By end user
                                                 TABLE 169 UK: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 170 UK: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.3.7.2 Italy
                                   11.3.7.2.1 Government-led schemes for boosting installation of heat pump water heaters to drive market
                                   11.3.7.2.2 By type
                                                 TABLE 171 ITALY: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 172 ITALY: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.2.3 By storage tank capacity
                                                 TABLE 173 ITALY: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 174 ITALY: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.2.4 By rated capacity
                                                 TABLE 175 ITALY: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 176 ITALY: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.2.5 By refrigerant type
                                                 TABLE 177 ITALY: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 178 ITALY: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.2.6 By end user
                                                 TABLE 179 ITALY: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 180 ITALY: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.3.7.3 Germany
                                   11.3.7.3.1 Government-led initiatives for sustainable development to fuel demand
                                   11.3.7.3.2 By type
                                                 TABLE 181 GERMANY: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 182 GERMANY: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.3.3 By storage tank capacity
                                                 TABLE 183 GERMANY: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 184 GERMANY: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.3.4 By rated capacity
                                                 TABLE 185 GERMANY: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 186 GERMANY: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.3.5 By refrigerant type
                                                 TABLE 187 GERMANY: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 188 GERMANY: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.3.6 By end user
                                                 TABLE 189 GERMANY: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 190 GERMANY: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.3.7.4 France
                                   11.3.7.4.1 Government policies to enhance energy efficiency, particularly in building sector, to drive market
                                   11.3.7.4.2 By type
                                                 TABLE 191 FRANCE: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 192 FRANCE: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.4.3 By storage tank capacity
                                                 TABLE 193 FRANCE: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 194 FRANCE: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.4.4 By rated capacity
                                                 TABLE 195 FRANCE: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 196 FRANCE: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.4.5 By refrigerant type
                                                 TABLE 197 FRANCE: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 198 FRANCE: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.4.6 By end user
                                                 TABLE 199 FRANCE: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 200 FRANCE: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.3.7.5 Rest of Europe
                                   11.3.7.5.1 By type
                                                 TABLE 201 REST OF EUROPE: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 202 REST OF EUROPE: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.5.2 By storage tank capacity
                                                 TABLE 203 REST OF EUROPE: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 204 REST OF EUROPE: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.5.3 By rated capacity
                                                 TABLE 205 REST OF EUROPE: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 206 REST OF EUROPE: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.3.7.5.4 By refrigerant type
                                                 TABLE 207 REST OF EUROPE: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 208 REST OF EUROPE: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.3.7.5.5 By end user
                                                 TABLE 209 REST OF EUROPE: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 210 REST OF EUROPE: MARKET, BY END USER, 2023–2028 (USD MILLION)
     11.4 NORTH AMERICA 
             11.4.1 NORTH AMERICAN MARKET: RECESSION IMPACT
             11.4.2 BY TYPE
                       TABLE 211 NORTH AMERICA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                       TABLE 212 NORTH AMERICA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
             11.4.3 BY RATED CAPACITY
                       TABLE 213 NORTH AMERICA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 214 NORTH AMERICA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
             11.4.4 BY REFRIGERANT TYPE
                       TABLE 215 NORTH AMERICA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                       TABLE 216 NORTH AMERICA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
             11.4.5 BY STORAGE TANK CAPACITY
                       TABLE 217 NORTH AMERICA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 218 NORTH AMERICA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
             11.4.6 BY END USER
                       TABLE 219 NORTH AMERICA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                       TABLE 220 NORTH AMERICA: MARKET, BY END USER, 2023–2028 (USD MILLION)
             11.4.7 BY COUNTRY
                       TABLE 221 NORTH AMERICA: MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                       TABLE 222 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.4.7.1 US
                                   11.4.7.1.1 Elevated demand for energy-efficient water heating systems in residential and commercial sectors to drive market
                                   11.4.7.1.2 By type
                                                 TABLE 223 US: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 224 US: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.4.7.1.3 By rated capacity
                                                 TABLE 225 US: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 226 US: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.4.7.1.4 By refrigerant type
                                                 TABLE 227 US: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 228 US: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.4.7.1.5 By storage tank capacity
                                                 TABLE 229 US: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 230 US: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.4.7.1.6 By end user
                                                 TABLE 231 US: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 232 US: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.4.7.2 Canada
                                   11.4.7.2.1 High focus on adopting innovative technologies to reduce energy wastage and loss to fuel demand
                                   11.4.7.2.2 By type
                                                 TABLE 233 CANADA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 234 CANADA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.4.7.2.3 By rated capacity
                                                 TABLE 235 CANADA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 236 CANADA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.4.7.2.4 By refrigerant type
                                                 TABLE 237 CANADA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 238 CANADA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.4.7.2.5 By storage tank capacity
                                                 TABLE 239 CANADA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 240 CANADA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.4.7.2.6 By end user
                                                 TABLE 241 CANADA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 242 CANADA: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.4.7.3 Mexico
                                   11.4.7.3.1 Transition toward eco-friendly heat pump water heaters to drive market
                                   11.4.7.3.2 By type
                                                 TABLE 243 MEXICO: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 244 MEXICO: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.4.7.3.3 By rated capacity
                                                 TABLE 245 MEXICO: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 246 MEXICO: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.4.7.3.4 By refrigerant type
                                                 TABLE 247 MEXICO: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 248 MEXICO: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.4.7.3.5 By storage tank capacity
                                                 TABLE 249 MEXICO: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 250 MEXICO: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.4.7.3.6 By end user
                                                 TABLE 251 MEXICO: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 252 MEXICO: MARKET, BY END USER, 2023–2028 (USD MILLION)
     11.5 MIDDLE EAST & AFRICA 
             11.5.1 MIDDLE EASTERN & AFRICAN MARKET: RECESSION IMPACT
             11.5.2 BY TYPE
                       TABLE 253 MIDDLE EAST & AFRICA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                       TABLE 254 MIDDLE EAST & AFRICA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
             11.5.3 BY RATED CAPACITY
                       TABLE 255 MIDDLE EAST & AFRICA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 256 MIDDLE EAST & AFRICA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
             11.5.4 BY REFRIGERANT TYPE
                       TABLE 257 MIDDLE EAST & AFRICA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                       TABLE 258 MIDDLE EAST & AFRICA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
             11.5.5 BY STORAGE TANK CAPACITY
                       TABLE 259 MIDDLE EAST & AFRICA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 260 MIDDLE EAST & AFRICA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
             11.5.6 BY END USER
                       TABLE 261 MIDDLE EAST & AFRICA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                       TABLE 262 MIDDLE EAST & AFRICA: MARKET, BY END USER, 2023–2028 (USD MILLION)
             11.5.7 BY COUNTRY
                       TABLE 263 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                       TABLE 264 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.5.7.1 GCC
                                   11.5.7.1.1 Saudi Arabia
                                                    11.5.7.1.1.1 Increasing investments in industrial sector to boost demand
                                   11.5.7.1.2 By type
                                                 TABLE 265 SAUDI ARABIA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 266 SAUDI ARABIA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.1.3 By rated capacity
                                                 TABLE 267 SAUDI ARABIA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 268 SAUDI ARABIA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.1.4 By refrigerant type
                                                 TABLE 269 SAUDI ARABIA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 270 SAUDI ARABIA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.1.5 By storage tank capacity
                                                 TABLE 271 SAUDI ARABIA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 272 SAUDI ARABIA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.1.6 By end user
                                                 TABLE 273 SAUDI ARABIA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 274 SAUDI ARABIA: MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   11.5.7.1.7 UAE
                                                    11.5.7.1.7.1 Transformation in consumer lifestyles to fuel the demand
                                   11.5.7.1.8 By type
                                                 TABLE 275 UAE: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 276 UAE: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.1.9 By rated capacity
                                                 TABLE 277 UAE: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 278 UAE: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.1.10 By refrigerant type
                                                 TABLE 279 UAE: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 280 UAE: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.1.11 By storage tank capacity
                                                 TABLE 281 UAE: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 282 UAE: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.1.12 By end user
                                                 TABLE 283 UAE: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 284 UAE: MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   11.5.7.1.13 Rest of GCC
                                   11.5.7.1.14 By type
                                                 TABLE 285 REST OF GCC: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 286 REST OF GCC: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.1.15 By rated capacity
                                                 TABLE 287 REST OF GCC: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 288 REST OF GCC: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.1.16 By refrigerant type
                                                 TABLE 289 REST OF GCC: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                 TABLE 290 REST OF GCC: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.1.17 By storage tank capacity
                                                 TABLE 291 REST OF GCC: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                 TABLE 292 REST OF GCC: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.1.18 By end user
                                                 TABLE 293 REST OF GCC: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                 TABLE 294 REST OF GCC: MARKET, BY END USER, 2023–2028 (USD MILLION)
                     11.5.7.2 South Africa
                                   11.5.7.2.1 Increasing investments in different projects to drive demand
                                   11.5.7.2.2 By type
                                                TABLE 295 SOUTH AFRICA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                TABLE 296 SOUTH AFRICA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.2.3 By rated capacity
                                                TABLE 297 SOUTH AFRICA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 298 SOUTH AFRICA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.2.4 By refrigerant type
                                                TABLE 299 SOUTH AFRICA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                TABLE 300 SOUTH AFRICA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.2.5 By storage tank capacity
                                                TABLE 301 SOUTH AFRICA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 302 SOUTH AFRICA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.2.6 By end user
                                                TABLE 303 SOUTH AFRICA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                TABLE 304 SOUTH AFRICA: MARKET, BY END USER, 2023–2028 (USD MILLION)
                     11.5.7.3 Rest of Middle East & Africa
                                   11.5.7.3.1 By type
                                                TABLE 305 REST OF MIDDLE EAST & AFRICA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                TABLE 306 REST OF MIDDLE EAST & AFRICA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.3.2 By rated capacity
                                                TABLE 307 REST OF MIDDLE EAST & AFRICA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 308 REST OF MIDDLE EAST & AFRICA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.3.3 By refrigerant type
                                                TABLE 309 REST OF MIDDLE EAST & AFRICA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                TABLE 310 REST OF MIDDLE EAST & AFRICA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.5.7.3.4 By storage tank capacity
                                                TABLE 311 REST OF MIDDLE EAST & AFRICA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 312 REST OF MIDDLE EAST & AFRICA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.5.7.3.5 By end user
                                                TABLE 313 REST OF MIDDLE EAST & AFRICA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                TABLE 314 REST OF MIDDLE EAST & AFRICA: MARKET, BY END USER, 2023–2028 (USD MILLION)
     11.6 SOUTH AMERICA 
             11.6.1 SOUTH AMERICAN MARKET: RECESSION IMPACT
             11.6.2 BY TYPE
                       TABLE 315 SOUTH AMERICA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                       TABLE 316 SOUTH AMERICA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
             11.6.3 BY RATED CAPACITY
                       TABLE 317 SOUTH AMERICA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 318 SOUTH AMERICA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
             11.6.4 BY REFRIGERANT TYPE
                       TABLE 319 SOUTH AMERICA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                       TABLE 320 SOUTH AMERICA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
             11.6.5 BY STORAGE TANK CAPACITY
                       TABLE 321 SOUTH AMERICA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                       TABLE 322 SOUTH AMERICA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
             11.6.6 BY END USER
                       TABLE 323 SOUTH AMERICA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                       TABLE 324 SOUTH AMERICA: MARKET, BY END USER, 2023–2028 (USD MILLION)
             11.6.7 BY COUNTRY
                       TABLE 325 SOUTH AMERICA: MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                       TABLE 326 SOUTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.6.7.1 Brazil
                                   11.6.7.1.1 Effective performance in various climatic conditions to drive demand
                                   11.6.7.1.2 By type
                                                TABLE 327 BRAZIL: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                TABLE 328 BRAZIL: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.6.7.1.3 By rated capacity
                                                TABLE 329 BRAZIL: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 330 BRAZIL: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.6.7.1.4 By refrigerant type
                                                TABLE 331 BRAZIL: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                TABLE 332 BRAZIL: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.6.7.1.5 By storage tank capacity
                                                TABLE 333 BRAZIL: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 334 BRAZIL: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.6.7.1.6 By end user
                                                TABLE 335 BRAZIL: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                TABLE 336 BRAZIL: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.6.7.2 Argentina
                                   11.6.7.2.1 Technological advancements to drive demand
                                   11.6.7.2.2 By type
                                                TABLE 337 ARGENTINA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                TABLE 338 ARGENTINA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.6.7.2.3 By rated capacity
                                                TABLE 339 ARGENTINA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 340 ARGENTINA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.6.7.2.4 By refrigerant type
                                                TABLE 341 ARGENTINA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                TABLE 342 ARGENTINA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.6.7.2.5 By storage tank capacity
                                                TABLE 343 ARGENTINA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 344 ARGENTINA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.6.7.2.6 By end user
                                                TABLE 345 ARGENTINA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                TABLE 346 ARGENTINA: MARKET, BY END USER, 2023–2028 (USD MILLION)
                       11.6.7.3 Rest of South America
                                   11.6.7.3.1 By type
                                                TABLE 347 REST OF SOUTH AMERICA: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                                                TABLE 348 REST OF SOUTH AMERICA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   11.6.7.3.2 By rated capacity
                                                TABLE 349 REST OF SOUTH AMERICA: MARKET, BY RATED CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 350 REST OF SOUTH AMERICA: MARKET, BY RATED CAPACITY, 2023–2028 (USD MILLION)
                                   11.6.7.3.3 By refrigerant type
                                                TABLE 351 REST OF SOUTH AMERICA: MARKET, BY REFRIGERANT TYPE, 2019–2022 (USD MILLION)
                                                TABLE 352 REST OF SOUTH AMERICA: MARKET, BY REFRIGERANT TYPE, 2023–2028 (USD MILLION)
                                   11.6.7.3.4 By storage tank capacity
                                                TABLE 353 REST OF SOUTH AMERICA: MARKET, BY STORAGE TANK CAPACITY, 2019–2022 (USD MILLION)
                                                TABLE 354 REST OF SOUTH AMERICA: MARKET, BY STORAGE TANK CAPACITY, 2023–2028 (USD MILLION)
                                   11.6.7.3.5 By end user
                                                TABLE 355 REST OF SOUTH AMERICA: MARKET, BY END USER, 2019–2022 (USD MILLION)
                                                TABLE 356 REST OF SOUTH AMERICA: MARKET, BY END USER, 2023–2028 (USD MILLION)
 
12 COMPETITIVE LANDSCAPE (Page No. - 241)
     12.1 OVERVIEW 
     12.2 STRATEGIES ADOPTED BY KEY PLAYERS, 2019–2023 
               TABLE 357 MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2019–2023
     12.3 MARKET SHARE ANALYSIS, 2022 
               TABLE 358 MARKET: DEGREE OF COMPETITION
               FIGURE 44 MARKET SHARE ANALYSIS OF TOP PLAYERS, 2022
     12.4 MARKET EVALUATION FRAMEWORK, 2019–2023 
               TABLE 359 MARKET EVALUATION FRAMEWORK, 2019–2023
     12.5 REVENUE ANALYSIS, 2018–2022 
               FIGURE 45 MARKET: SEGMENTAL REVENUE ANALYSIS, 2018–2022
     12.6 COMPETITIVE SCENARIOS AND TRENDS 
             12.6.1 DEALS
                       TABLE 360 MARKET: DEALS, 2019–2023
             12.6.2 OTHERS
                       TABLE 361 MARKET: OTHERS, 2019–2023
     12.7 COMPANY EVALUATION MATRIX (KEY PLAYERS), 2022 
             12.7.1 STARS
             12.7.2 EMERGING LEADERS
             12.7.3 PERVASIVE PLAYERS
             12.7.4 PARTICIPANTS
                       FIGURE 46 HEAT PUMP WATER HEATER MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2022
             12.7.5 COMPANY FOOTPRINT (KEY PLAYERS)
                       TABLE 362 TYPE: COMPANY FOOTPRINT
                       TABLE 363 STORAGE TANK CAPACITY: COMPANY FOOTPRINT
                       TABLE 364 RATED CAPACITY: COMPANY FOOTPRINT
                       TABLE 365 REFRIGERANT TYPE: COMPANY FOOTPRINT
                       TABLE 366 END USER: COMPANY FOOTPRINT
                       TABLE 367 REGION: COMPANY FOOTPRINT
                       TABLE 368 COMPANY OVERALL FOOTPRINT
     12.8 COMPANY EVALUATION MATRIX (OTHER PLAYERS), 2022 
             12.8.1 STARS
             12.8.2 EMERGING LEADERS
             12.8.3 PERVASIVE PLAYERS
             12.8.4 PARTICIPANTS
                       FIGURE 47 HEAT PUMP WATER HEATER MARKET: COMPANY EVALUATION MATRIX (OTHER PLAYERS), 2022
             12.8.5 COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 369 TYPE: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 370 STORAGE TANK CAPACITY: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 371 RATED CAPACITY: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 372 REFRIGERANT TYPE: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 373 END USER: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 374 REGION: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 375 COMPANY OVERALL FOOTPRINT (OTHER PLAYERS)
 
13 COMPANY PROFILES (Page No. - 261)
     13.1 KEY PLAYERS 
(Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View)*
             13.1.1 PANASONIC CORPORATION
                       TABLE 376 PANASONIC CORPORATION: COMPANY OVERVIEW
                       FIGURE 48 PANASONIC CORPORATION: COMPANY SNAPSHOT
                       TABLE 377 PANASONIC CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 378 PANASONIC CORPORATION: PRODUCT LAUNCHES
                       TABLE 379 PANASONIC CORPORATION: DEALS
                       TABLE 380 PANASONIC CORPORATION: OTHERS
             13.1.2 LG ELECTRONICS
                       TABLE 381 LG ELECTRONICS: COMPANY OVERVIEW
                       FIGURE 49 LG ELECTRONICS: COMPANY SNAPSHOT
                       TABLE 382 LG ELECTRONICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.3 JOHNSON CONTROLS-HITACHI AIR CONDITIONING
                       TABLE 383 JOHNSON CONTROLS-HITACHI AIR CONDITIONING: COMPANY OVERVIEW
                       FIGURE 50 JOHNSON CONTROLS-HITACHI AIR CONDITIONING: COMPANY SNAPSHOT
                       TABLE 384 JOHNSON CONTROLS-HITACHI AIR CONDITIONING: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 385 JOHNSON CONTROLS-HITACHI AIR CONDITIONING: PRODUCT LAUNCHES
                       TABLE 386 JOHNSON CONTROLS-HITACHI AIR CONDITIONING: DEALS
             13.1.4 MITSUBISHI ELECTRIC CORPORATION
                       TABLE 387 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW
                       FIGURE 51 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
                       TABLE 388 MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 389 MITSUBISHI ELECTRIC CORPORATION: DEALS
             13.1.5 TRANE TECHNOLOGIES PLC
                       TABLE 390 TRANE TECHNOLOGIES PLC: COMPANY OVERVIEW
                       FIGURE 52 TRANE TECHNOLOGIES PLC: COMPANY SNAPSHOT
                       TABLE 391 TRANE TECHNOLOGIES PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.6 FUJITSU GENERAL
                       TABLE 392 FUJITSU GENERAL: COMPANY OVERVIEW
                       FIGURE 53 FUJITSU GENERAL: COMPANY SNAPSHOT
                       TABLE 393 FUJITSU GENERAL: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 394 FUJITSU GENERAL: DEALS
                       TABLE 395 FUJITSU GENERAL: OTHERS
             13.1.7 HAIER INC.
                       TABLE 396 HAIER INC.: COMPANY OVERVIEW
                       FIGURE 54 HAIER INC.: COMPANY SNAPSHOT
                       TABLE 397 HAIER INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.8 CARRIER
                       TABLE 398 CARRIER: COMPANY OVERVIEW
                       FIGURE 55 CARRIER: COMPANY SNAPSHOT
                       TABLE 399 CARRIER: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 400 CARRIER: PRODUCT LAUNCHES
             13.1.9 RHEEM MANUFACTURING COMPANY
                       TABLE 401 RHEEM MANUFACTURING COMPANY: COMPANY OVERVIEW
                       TABLE 402 RHEEM MANUFACTURING COMPANY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 403 RHEEM MANUFACTURING COMPANY: DEALS
                       13.1.10 A.O. SMITH
                       TABLE 404 A.O. SMITH: COMPANY OVERVIEW
                       FIGURE 56 A.O. SMITH: COMPANY SNAPSHOT
                       TABLE 405 A.O. SMITH: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 406 A.O. SMITH: PRODUCT LAUNCHES
               13.1.11 BOSCH THERMOTECHNOLOGY CORP.
                         TABLE 407 BOSCH THERMOTECHNOLOGY CORP.: COMPANY OVERVIEW
                         TABLE 408 BOSCH THERMOTECHNOLOGY CORP.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                         TABLE 409 BOSCH THERMOTECHNOLOGY CORP.: PRODUCT LAUNCHES
               13.1.12 VAILLANT GROUP
                         13.1.12.1 Business overview
                                   TABLE 410 VAILLANT GROUP: COMPANY OVERVIEW
                         13.1.12.2 Products/Services/Solutions offered
                                   TABLE 411 VAILLANT GROUP: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                         13.1.12.3 Recent developments
                                      13.1.12.3.1 Product launches
                                                     TABLE 412 VAILLANT GROUP: PRODUCT LAUNCHES
             13.1.13 MIDEA
                     TABLE 413 MIDEA: COMPANY OVERVIEW
                     FIGURE 57 MIDEA: COMPANY SNAPSHOT
                     TABLE 414 MIDEA: PRODUCTS/SERVICES/SOLUTIONS OFFERED
             13.1.14 DAIKIN INDUSTRIES, LTD.
                     TABLE 415 DAIKIN INDUSTRIES, LTD.: COMPANY OVERVIEW
                     FIGURE 58 DAIKIN INDUSTRIES, LTD.: COMPANY SNAPSHOT
                     TABLE 416 DAIKIN INDUSTRIES, LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                     TABLE 417 DAIKIN INDUSTRIES, LTD.: PRODUCT LAUNCHES
                     TABLE 418 DAIKIN INDUSTRIES, LTD.: OTHERS
            13.1.15 VIESSMANN GROUP
                     TABLE 419 VIESSMANN GROUP: COMPANY OVERVIEW
                     TABLE 420 VIESSMANN GROUP: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                     TABLE 421 VIESSMANN GROUP: PRODUCT LAUNCHES
*Details on Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
     13.2 OTHER PLAYERS 
             13.2.1 STIEBEL ELTRON GMBH & CO. KG (DE)
                       TABLE 422 STIEBEL ELTRON GMBH & CO. KG (DE): COMPANY OVERVIEW
             13.2.2 GLEN DIMPLEX GROUP
                       TABLE 423 GLEN DIMPLEX GROUP: COMPANY OVERVIEW
             13.2.3 NIBE ENERGY SYSTEMS
                       TABLE 424 NIBE ENERGY SYSTEMS: COMPANY OVERVIEW
             13.2.4 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI
                       TABLE 425 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI: COMPANY OVERVIEW
             13.2.5 EMERSON ELECTRIC CO.
                       TABLE 426 EMERSON ELECTRIC CO.: COMPANY OVERVIEW
             13.2.6 GUANGZHOU CANOVA HEATING & REFRIGERATION EQUIPMENT CO., LTD.
                       TABLE 427 GUANGZHOU CANOVA HEATING & REFRIGERATION EQUIPMENT CO., LTD.: COMPANY OVERVIEW
             13.2.7 ARISTON HOLDING N.V.
                       TABLE 428 ARISTON HOLDING N.V.: COMPANY OVERVIEW
             13.2.8 EVO ENERGY TECHNOLOGIES
                       TABLE 429 EVO ENERGY TECHNOLOGIES: COMPANY OVERVIEW
             13.2.9 NAMMA SWADESHI
                       TABLE 430 NAMMA SWADESHI: COMPANY OVERVIEW
             13.2.10 ECO TECH SOLUTIONS
                       TABLE 431 ECO TECH SOLUTIONS: COMPANY OVERVIEW
 
14 APPENDIX (Page No. - 307)
     14.1 INSIGHTS FROM INDUSTRY EXPERTS 
     14.2 DISCUSSION GUIDE 
     14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     14.4 CUSTOMIZATION OPTIONS 
     14.5 RELATED REPORTS 
     14.6 AUTHOR DETAILS 

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:

Heat Pump Water Heater Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

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

Heat Pump Water Heater Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Heat pump water heater market Size: Bottom-Up Approach

Heat Pump Water Heater Market Size, and Share

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.

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