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Global Heat Pump Water Heater Market to reach USD 13.35 billion by the end of 2030

Global Heat Pump Water Heater Market Size study & Forecast, by Type (Air Source, Geothermal), by Rated Capacity (Up to 10 kW, 10‒20 kW, 20‒30 kW, 30‒100 kW, 100–150 kW, Above 150 kW), by Storage Tank Capacity (Up to 500 LT, 500 LT to 1000 LT, Above 1000 LT) and Regional Analysis, 2023-2030

Product Code: OIRIME-20649612
Publish Date: 29-02-2024
Page: 200

Global Heat Pump Water Heater Market is valued at approximately USD 4.55 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 14.4% during the forecast period 2023-2030. Heat Pump Water Heater (HPWH) is a type of water heater that uses a technology similar to that of a refrigerator but in reverse. Instead of extracting heat from the interior of a space and expelling it outside (as a refrigerator does), a heat pump water heater extracts heat from the surrounding air or ground and transfers it to the water in the tank to heat it. The key factors driving the market growth are growing energy efficiency concerns, increasing awareness of environmental issues, and rising consumer demand for smart homes that are anticipated to create lucrative demand for the market during the forecast period 2023-2030.

Additionally, the rising consumer demand for smart homes has played a significant role in supporting the growth of the Heat Pump Water Heater (HPWH) market. Heat pump water heaters can be integrated into smart home ecosystems. This allows homeowners to control and monitor their water heaters remotely through smartphone apps or other smart devices. Integration with home automation systems enhances the overall convenience and efficiency of managing household appliances. According to Statista, globally the number of smart homes users in 2020 was 224.18 million; in 2022 the number reached 307.82 million and it is anticipated to reach 493.55 million by 2025. As a result, the growing adoption of smart homes is anticipated to support the market growth. Moreover, the integration of the Internet of Things (IoT) with heat pump water heaters, and the growing construction industry are anticipated to create a lucrative opportunity for the market. However, the variability in performance of heat pump water heaters based on climatic conditions, and complexities associated with installation and maintenance of heat pump water heaters stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Heat Pump Water Heater Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing emphasis on energy efficiency, supportive government initiatives, subsidies, and incentives, and growing environmental consciousness and a desire to reduce carbon footprints. Whereas, the Asia Pacific is expected to grow with the highest CAGR over the forecast period, owing to factors such as the rising awareness of environmental sustainability, supportive government incentives and subsidies, and rapid urbanization and ongoing construction activities.

Major market player included in this report are:
Panasonic Holdings Corporation
LG Electronics
Johnson Controls–Hitachi Air Conditioning
Mitsubishi Electric Corporation
Trane Technologies plc
Daikin Industries, Ltd.
Midea Group
RHEEM Manufacturing Company
A.O. Smith Corporation
Robert Bosch GmbH

Recent Developments in the Market:
Ø In April 2023, Rheem has unveiled an air-source heat pump designed to provide consistent heating performance in challenging conditions, maintaining efficiency even in ambient temperatures as low as 22.9°F. This heat pump has successfully fulfilled the criteria set by the U.S. Department of Energy’s Cold Climate Heat Pump Challenge.

Global Heat Pump Water Heater Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Rated Capacity, Storage Tank Capacity, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Air Source

By Rated Capacity:
Up to 10 kW
10‒20 kW
20‒30 kW
30‒100 kW
100–150 kW
Above 150 kW

By Storage Tank Capacity:
Up to 500 LT
500 LT to 1000 LT
Above 1000 LT

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Heat Pump Water Heater Market, by Region, 2020-2030 (USD Billion)
1.2.2. Heat Pump Water Heater Market, by Type, 2020-2030 (USD Billion)
1.2.3. Heat Pump Water Heater Market, by Rated Capacity, 2020-2030 (USD Billion)
1.2.4. Heat Pump Water Heater Market, by Storage Tank Capacity, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Heat Pump Water Heater Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Heat Pump Water Heater Market Dynamics
3.1. Heat Pump Water Heater Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Growing energy efficiency concerns Increasing awareness of environmental issues Rising consumer demand for smart homes
3.1.2. Market Challenges Variability in performance of heat pump water heaters based on climatic conditions Complexities associated with installation and maintenance of heat pump water heaters
3.1.3. Market Opportunities Integration of Internet of Things (IoT) with heat pump water heaters Growing construction industry
Chapter 4. Global Heat Pump Water Heater Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Heat Pump Water Heater Market, by Type
5.1. Market Snapshot
5.2. Global Heat Pump Water Heater Market by Type, Performance – Potential Analysis
5.3. Global Heat Pump Water Heater Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Heat Pump Water Heater Market, Sub Segment Analysis
5.4.1. Air Source
5.4.2. Geothermal
Chapter 6. Global Heat Pump Water Heater Market, by Rated Capacity
6.1. Market Snapshot
6.2. Global Heat Pump Water Heater Market by Rated Capacity, Performance – Potential Analysis
6.3. Global Heat Pump Water Heater Market Estimates & Forecasts by Rated Capacity 2020-2030 (USD Billion)
6.4. Heat Pump Water Heater Market, Sub Segment Analysis
6.4.1. Up to 10 kW
6.4.2. 10‒20 kW
6.4.3. 20‒30 kW
6.4.4. 30‒100 kW
6.4.5. 100–150 kW
6.4.6. Above 150 kW
Chapter 7. Global Heat Pump Water Heater Market, by Storage Tank Capacity
7.1. Market Snapshot
7.2. Global Heat Pump Water Heater Market by Storage Tank Capacity, Performance – Potential Analysis
7.3. Global Heat Pump Water Heater Market Estimates & Forecasts by Storage Tank Capacity 2020-2030 (USD Billion)
7.4. Heat Pump Water Heater Market, Sub Segment Analysis
7.4.1. Up to 500 LT
7.4.2. 500 LT to 1000 LT
7.4.3. Above 1000 LT
Chapter 8. Global Heat Pump Water Heater Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Heat Pump Water Heater Market, Regional Market Snapshot
8.4. North America Heat Pump Water Heater Market
8.4.1. U.S. Heat Pump Water Heater Market Type breakdown estimates & forecasts, 2020-2030 Rated Capacity breakdown estimates & forecasts, 2020-2030 Storage Tank Capacity breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Heat Pump Water Heater Market
8.5. Europe Heat Pump Water Heater Market Snapshot
8.5.1. U.K. Heat Pump Water Heater Market
8.5.2. Germany Heat Pump Water Heater Market
8.5.3. France Heat Pump Water Heater Market
8.5.4. Spain Heat Pump Water Heater Market
8.5.5. Italy Heat Pump Water Heater Market
8.5.6. Rest of Europe Heat Pump Water Heater Market
8.6. Asia-Pacific Heat Pump Water Heater Market Snapshot
8.6.1. China Heat Pump Water Heater Market
8.6.2. India Heat Pump Water Heater Market
8.6.3. Japan Heat Pump Water Heater Market
8.6.4. Australia Heat Pump Water Heater Market
8.6.5. South Korea Heat Pump Water Heater Market
8.6.6. Rest of Asia Pacific Heat Pump Water Heater Market
8.7. Latin America Heat Pump Water Heater Market Snapshot
8.7.1. Brazil Heat Pump Water Heater Market
8.7.2. Mexico Heat Pump Water Heater Market
8.8. Middle East & Africa Heat Pump Water Heater Market
8.8.1. Saudi Arabia Heat Pump Water Heater Market
8.8.2. South Africa Heat Pump Water Heater Market
8.8.3. Rest of Middle East & Africa Heat Pump Water Heater Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Panasonic Holdings Corporation Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. LG Electronics
9.3.3. Johnson Controls–Hitachi Air Conditioning
9.3.4. Mitsubishi Electric Corporation
9.3.5. Trane Technologies plc
9.3.6. Daikin Industries, Ltd.
9.3.7. Midea Group
9.3.8. RHEEM Manufacturing Company
9.3.9. A.O. Smith Corporation
9.3.10. Robert Bosch GmbH
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

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Data Collection:
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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