According to a new report, published by KBV research, The Global Heat Pump Water Heater Market size is expected to reach $10.7 billion by 2030, rising at a market growth of 11.2% CAGR during the forecast period.
The 500-1,000 L segment is exhibiting a CAGR of 11.6% during (2023 - 2030). The energy efficiency of these larger systems results in reduced operating costs over time. While there may be an initial investment, the long-term energy savings contribute to the overall cost-effectiveness of heat pump water heaters in the 500–1,000 liters capacity range. The 500–1,000 liters capacity range makes heat pump water heaters adaptable to various applications. These systems can cater to a broad spectrum of hot water needs, from residential complexes to industrial processes.
The R410A segment is leading the Global Heat Pump Water Heater Market by Refrigerant Type in 2022; thereby, achieving a market value of $5.8 billion by 2030. R410A has excellent heat transfer properties, allowing it to absorb and release heat efficiently during refrigeration. This contributes to the overall performance of heat pump water heaters, ensuring effective water heating and space conditioning. R410A has a higher refrigeration capacity compared to some other refrigerants. This characteristic allows heat pump systems to transfer more heat, making R410A well-suited for applications with higher heating or cooling capacities.
The Air-to-Water segment would exhibit a CAGR of 11.4% during (2023 - 2030). Air-to-water provide water heating and space heating or cooling capabilities. This dual functionality makes them versatile for residential and commercial applications, offering a comprehensive solution for year-round comfort. Air-to-water are commonly integrated with underfloor heating systems. This application is popular in residential and commercial buildings, providing a comfortable and energy-efficient way to heat interior spaces. Air-to-water can be connected to radiators and fan coil units to distribute heat throughout a building. This flexibility in heat distribution systems makes these systems suitable for various heating requirements in homes, offices, and other structures.
The Residential segment is generating the highest revenue in the Global Heat Pump Water Heater Market by End-User in 2022; thereby, achieving a market value of $5.3 billion by 2030. The integration of smart technologies into residential HPWHs enhances user convenience and control. Smart features such as Wi-Fi connectivity, mobile apps, and programmable settings allow homeowners to monitor and manage their water heaters remotely, optimizing energy usage and improving overall efficiency. Many residential HPWHs offer dual functionality by providing water and space heating or cooling. This versatility appeals to homeowners looking for comprehensive solutions to meet their year-round comfort needs, consolidating heating and cooling systems into one unit.
The 10 - 20 KW segment is experiencing a CAGR of 10.9% during (2023 - 2030). Heat pump water heaters in the 10–20 kW range are well-suited for hot water in large residential buildings, such as apartment complexes or condominiums. These systems can efficiently meet the demands of multiple households within the same structure. Hotels with many guest rooms, multiple kitchens, and laundry facilities can benefit from 10–20 kW heat pump water heaters. These systems provide hot water for guest comfort, cleaning, and various operational needs. Office buildings with multiple floors and many occupants may benefit from the increased capacity of 10–20 kW heat pump water heaters. These systems can supply hot water for restrooms, kitchens, and other facilities.
Full Report: https://www.kbvresearch.com/heat-pump-water-heater-market/
The North America region dominated the Global Heat Pump Water Heater Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3.0 billion by 2030. The Europe region is poised to grow at a CAGR of 10.5% during (2023 - 2030). Additionally, The Asia Pacific region would witness a CAGR of 11.5% during (2023 - 2030).
By Storage Tank
By Refrigerant Type
By Type
By End-User
By Rated Capacity
By Geography
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