The global heat pump water heater market size is projected to reach USD 2.1 billion by 2026 from an estimated value of USD 1.4 billion in 2020, at a CAGR of 6.8%. Factors driving the growth of the heat pump water heater market include the energy efficient technology along with the usage of non conventional sources of energy to heat the water. In addition, supportive regulations and grants for using renewable sources of energy in different applications are also expected to play a key role in the growth of this market during the forecast period.
The Asia Pacific is expected to be the largest as well as the fastest growing heat pump water heater, by region, during the forecast period. Countries such as China, New Zealand and Australia are the fastest-growing markets in the Asia Pacific region. Asia Pacific is expected to dominate the heat pump water water heater market during the forecast period as owing to the increase in the use of renewable energy and energy efficient products. Several leading players in the heat pump water heater market such as A.O. Smith Corporation, RHEEM Manufacturing, and Midea Group have their manufacturing facilities in countries such as China, India, and Malaysia. The region is home to a number of emerging economies such as China, India, Singapore, and Malaysia.
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Major strategies adopted by the players are new product launches; contracts & agreements; mergers & acquisitions; and investments & expansions from January 2016 to July 2020. New product launches was the most commonly adopted strategy. Industry players also adopted mergers & acquisitions, contracts & agreements, new product launches and partnerships & collabrations, which were the second and third most widely followed strategies, respectively, during the same period.
Midea Group manufactures and sells one of the most comprehensive product ranges in the home appliances industry. The company specializes in air treatment, refrigeration, laundry, large cooking appliances, large and small kitchen appliances, water appliances, floor care, and lighting. It operates its business through three segments, namely, HVAC, Consumer Appliances, and Robotics and Automation Systems and offers heat pump water heaters through its Consumer Appliances segment. Midea Group’s heat pump water heaters have unique features, including IPX4 level waterproofing, IP25 standard certification, double relays for safer operations, and AG+ antibacterial coating. Its products come with protection features such as ground fault indicators, overheating protection, and anti-pressure protection.
RHEEM Manufacturing Company is a manufacturer and provider of heating, cooling, water heating, pool/spa heating, and commercial refrigeration products. The company specializes in products including gas furnaces, heat pumps, heat pump water heaters, tankless water heaters, and commercial water heaters. It offers heat pump water heaters with heating capacity ranging from 10 kW to 540 kW that are suitable for mechanical processes and hydroponic heating applications. The company also provides hybrid heat pumps water heater that can operate on both electricity as well as gas, including propane and natural gas. RHEEM Manufacturing Company has an international presence in 14 countries, including the US, Canada, Mexico, Brazil, Argentina, and Malaysia. Its major brands include Raypak, Ruud, Eemax, Richmond, and Splendid.
Heat Pump Water Heater Market by type (Air Source, Geothermal), Storage (Up to 500 L, 500–1000 L, Above 1000 L), Capacity (Up to 10 kW, above 10 kW), Refrigerant (R410A, R407C, R744), End-User (Residential, Commercial, Industrial), Region - Global Forecast to 2026
Mr. Aashish Mehra
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