Rockville , July 12, 2023 (GLOBE NEWSWIRE) -- The heat pump Water heater market is estimated to grow from US$ 1.6 billion in 2023 to US$ 3.4 billion in 2033 at a rate of 7.9% creating an absolute $ opportunity of US$ 1.9 billion.
Heat pump water heaters offer a prominent feature of utilizing air, water, or geothermal heat to generate hot water, making them an appealing choice for energy-efficient water heating solutions. The market has witnessed steady growth globally, driven by increasing demand and supportive regulations. However, the high installation cost poses a challenge to the market's growth.
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The energy-efficient technology of heat pump water heaters, coupled with their ability to utilize non-conventional sources of energy, is a significant driver for market growth. Consumers are increasingly seeking sustainable technologies, and heat pump water heaters align with their demand for environmentally friendly water heating solutions.
The integration of heat pump water heaters with renewable energy sources, such as solar panels, contributes to their adoption. This synergy allows the utilization of excess renewable energy to efficiently heat water, reducing reliance on fossil fuels. This aligns with the global goal of transitioning to cleaner and greener energy solutions, driving the market's growth.
Key Takeaways from Market Study
- The Europe market for Heat Pump Water Heater is highly lucrative growing at a CAGR of 8.7% during the forecast period
- In 2018, the Heat Pump Water Heater market had a valuation of US$ 1.4 billion
- Historic growth of the United States Heat Pump Water Heater market was 2.7% between 2018 to 2022
- By end user, the Residential is estimated to account for a market share of 80.4% in 2023
- Split system type is likely to grow at a CAGR of 7.4% during the forecast period creating an absolute $ opportunity of US$ 1.3 billion
“The Stringent Government Regulation Regarding Utility of Energy Efficient Solutions Will Escalate their Demand in the Residential Sector” says a Fact.MR analyst.
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Market Growth Stratagems
Prominent market players include A. O. Smith Corporation, American Water Heaters, Bosch (Bosch thermotechnik), Bradford White Corporation, Daikin Industries, Ltd., Danfoss Group, Dimplex, Hitachi Ltd., Mitsubishi Electric Corporation, Nibe Energy Systems, Noritz Corporation, Panasonic Corporation, Rheem Manufacturing Company, State Water Heaters, and Stiebel Eltron.
Continuously investing in research and development to enhance product features, improve energy efficiency, and increase performance can give companies a competitive edge. Innovations such as smart controls, connectivity options, and improved efficiency can attract customers and drive market growth.
Companies focus on increasing their market share by targeting untapped customer segments and regions. Achieved through effective marketing campaigns, distribution channel expansion, and competitive pricing strategies. Additionally, offering customized solutions for specific applications and customer needs can help penetrate new markets.
Further, engaging with government bodies and industry associations to advocate for supportive policies, incentives, and regulations can create a favourable market environment.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the Heat Pump Water Heater market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the type (Split System, Integrated Unit), Capacity (Up to 50 Gallons, 50-65 Gallons, 65-80 Gallons, Above 80 Gallons), end users (Industrial, Residential (Standalone Bulding/ Villas, Apartments), Commercial (HoReCa, Hospitality Sector, Healthcare Facilities, Academic Institution, Laundry Services, Corporate Spaces, Others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
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