NEW YORK, March 13, 2023 /PRNewswire/ -- The heat pump water heater market size is forecast to increase by USD 7,218.42 million from 2022 to 2027, at a CAGR of 24.07%, according to the recent market study by Technavio. The growth of the market is driven by the advantages of heat pump water heaters. Heat pump water heaters collect energy from water, waste heat sources, the ambient air, and the earth. This reduces the dependency on fossil fuels for heating water in residential and commercial buildings. They are more efficient compared to traditional water heaters such as gas boilers and heavy-emission water heating sources. Such benefits are increasing the popularity of heat pump water heaters, which is driving the market growth. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

Technavio has extensively analyzed 15 major vendors, including A. O. Smith Corp., Ariston Holding NV, Bradford White Corp., Carrier Global Corp., Daikin Industries Ltd., Fujitsu General Ltd., Glen Dimplex Group, Guangdong PHNIX Eco energy Solution Ltd., Haier Smart Home Co. Ltd., LG Corp., MIDEA Group Co. Ltd., Mitsubishi Heavy Industries Ltd., NIBE Industrier AB, Nyle Systems LLC, Panasonic Holdings Corp., Rheem Manufacturing Co., Rinnai Corp., STIEBEL ELTRON GmbH and Co. KG, V Guard Industries Ltd., and Vaillant Group.

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.

• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.

• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.

• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.

• Furthermore, market adoption rates for all regions have been covered.

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The market is segmented by application (residential and commercial), type (air source heat pump and geothermal heat pump), and geography (Europe, North America, APAC, Middle East and Africa, and South America).

Segmentation by Type (Inclusion/Exclusion)

• The market will witness significant growth in the residential segment during the forecast period. The increase in the construction of residential buildings worldwide is a key factor driving the growth of the segment. Another factor supporting the segment's growth is the availability of favorable government initiatives and tax rebates offered on the installation of energy-saving products such as heat pump water heaters.

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What are the key data covered in this heat pump water heater market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the heat pump water heater market between 2023 and 2027

• Precise estimation of the size of the heat pump water heater market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the heat pump water heater market industry across APAC, Europe, North America, Middle East and Africa, and South America

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of heat pump water heater market vendors

Related Reports:

• The commercial water heaters market is estimated to grow at a CAGR of 5.25% between 2022 and 2027. The size of the market is forecast to increase by USD 3,068.01 million. The increasing demand from the hospitality sector is notably driving the market growth, although factors such as technical challenges associated with the product may impede the market growth.

• The heat shrink tubing market is estimated to grow at a CAGR of 5.84% between 2022 and 2027. The size of the market is forecast to increase by USD 626.94 million. The increasing use of bio-based heat shrink tubing is notably driving the market growth, although factors such as the growing concern about plastic degradability may impede the market growth.

Browse through Technavio's Industrials Market Reports, ToC & LoE

Table of contents:

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global heat pump water heater market 2017 - 2021

• 4.2 Applicaton Segment Analysis 2017 - 2021

• 4.3 Type Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Application

• 6.1 Market segments

• 6.2 Comparison by Application

• 6.3 Residential - Market size and forecast 2022-2027

• 6.4 Commercial - Market size and forecast 2022-2027

• 6.5 Market opportunity by Application

7 Market Segmentation by Type

• 7.1 Market segments

• 7.2 Comparison by Type

• 7.3 Air source heat pump - Market size and forecast 2022-2027

• 7.4 Geothermal heat pump - Market size and forecast 2022-2027

• 7.5 Market opportunity by Type

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 Europe - Market size and forecast 2022-2027

• 9.4 North America - Market size and forecast 2022-2027

• 9.5 APAC - Market size and forecast 2022-2027

• 9.6 Middle East and Africa - Market size and forecast 2022-2027

• 9.7 South America - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 France - Market size and forecast 2022-2027

• 9.10 Germany - Market size and forecast 2022-2027

• 9.11 China - Market size and forecast 2022-2027

• 9.12 UK - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 A. O. Smith Corp.

• 12.4 Bradford White Corp.

• 12.5 Daikin Industries Ltd.

• 12.6 Fujitsu General Ltd.

• 12.7 Glen Dimplex Group

• 12.8 Guangdong PHNIX Eco energy Solution Ltd.

• 12.9 Haier Smart Home Co. Ltd.

• 12.10 LG Corp.

• 12.11 MIDEA Group Co. Ltd.

• 12.12 Mitsubishi Heavy Industries Ltd.

• 12.13 NIBE Industrier AB

• 12.14 Panasonic Holdings Corp.

• 12.15 Rheem Manufacturing Co.

• 12.16 Rinnai Corp.

• 12.17 STIEBEL ELTRON GmbH and Co. KG

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

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