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Heat Pump Water Heater Market by Application, Type, and Geography - Forecast and Analysis 2023-2027

  • Published: Nov 2022
  • Pages: 166
  • SKU: IRTNTR74716
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The heat pump water heater market is estimated to grow at a CAGR of 24.07% between 2022 and 2027. The size of the market is forecast to increase by USD 7,218.42 million. The growth of the market depends on serval factors, including the advantages of heat pump water heaters, the growing initiatives to support renewable power, and the rising global energy consumption.

This report extensively covers market segmentation 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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Heat Pump Water Heater Market During the Forecast Period?

Heat Pump Water Heater Market Size

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Parent Market Analysis

Technavio categorizes the global heat pump water heater market as a part of the global electrical components and equipment market within the global electrical equipment market. The parent market, the global electrical components, and equipment market covers companies engaged in the manufacturing of electric cables and wires, electrical components, and electrical equipment. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Heat Pump Water Heater Market: Key Drivers, Trends, Challenges, and Customer Landscape

The advantages of heat pump water heaters are notably driving the market growth, although factors such as the lack of awareness may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Heat Pump Water Heater Market Driver

The advantages of heat pump water heaters are the key factor driving the global heat pump water heater market growth. Heat pumps water heaters are efficient water heating products that are better than traditional electric water heaters. The main operating elements of these water heaters are their compressors and controllers. They collect energy from water, waste heat sources, the ambient air, and the earth to heat the water stored in the water heater tank. The adoption of heat pump water heaters reduces the use of polluted energy, such as fossil fuels, for heating water in residential and commercial buildings. Thus, these are effective measures and better alternatives to gas boilers and other heavy emission water heating sources and contribute towards the target to reach carbon neutrality worldwide.

The high efficiency of heat pump water heaters has marked them as appropriate for use in residential buildings and commercial buildings. Thus, they are also gaining traction due to their high energy efficiency. Electricity prices globally are growing at a significant rate. This also fuels the demand for energy-efficient water heaters such as heat pump water heaters. Hence, the growth in demand for heat pump water heaters, owing to the advantages, will propel the growth of the market in focus during the forecast period.

Key Heat Pump Water Heater Market Trend

New product launches are the primary trend in the global heat pump water heater market. There has been a significant increase in demand for smart, sustainable water heater systems in residential and commercial buildings. Office buildings and high-rise buildings are adopting heat pump water heaters instead of other water heaters, which include gas water heaters. Thus, owing to the increasing demand for heat pump water heaters, vendors are launching new products.

For instance, in September 2022, A. O. Smith launched the Voltex AL (anti-leak) hybrid heat pump water heater to its portfolio of residential products. This heat pump water heater comes with integrated leak detection, smart connectivity, and updated water connections for homeowners. Such factors will increase the market growth during the forecast period.

Key Heat Pump Water Heater Market Challenge

The lack of awareness is a major challenge to the global heat pump water heater market growth. Heat pumps water heaters are efficient and renewable alternatives for water heaters. Industries such as food and beverage extensively use heat. Heat pump water heaters are an ideal choice for operations such as the concentration of waste beer in breweries and process water heating in the pharmaceutical industry. However, the challenge that is faced by the global heat pump water heater market is the lack of awareness among potential consumers.

It has been observed that numerous end-users are not aware of the fact that heat pumps and water heaters make use of renewable energy and are significantly more efficient than other traditional equipment. This has led to a lower adoption rate of heat pumps. It is therefore required that academia and governments globally spread more awareness about the positive environmental impacts of heat pumps and water heaters. Hence, the lack of awareness will limit the growth of the market in focus during the forecast period.

Key Heat Pump Water Heater Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Heat Pump Water Heater Market Share by Geography

Global Heat Pump Water Heater Market Customer Landscape

Who are the Major Heat Pump Water Heater Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

aosmith.com - The company offers heat pump water heaters such as HPW 60, HPI 40, and HPA 80. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • 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.

Qualitative and quantitative analysis of vendors has been conducted 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.

What is the Fastest-Growing Segment in the Heat Pump Water Heater Market?

The market share growth by the residential segment will be significant during the forecast period. The residential segment is the largest segment of the market in focus in 2022 and will continue to be the largest segment of the market in focus during the forecast period. Heat pump water heaters are used for water heating applications in residential buildings. Owing to the various benefits such as high efficiency and renewable alternative to traditional heating systems, heat pump water heaters are experiencing high demand in residential buildings. Development in the construction of residential buildings has a direct impact on the demand for heat pump water heaters as they are gaining importance in residential buildings.

Heat Pump Water Heater Market Size

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The residential segment was valued at USD 454.25 million in 2017 and continue to grow by 2021The increasing need for energy-efficient products that are specifically designed for hot water generation applications in houses and apartments is propelling the demand for heat pump water heaters. The demand for heat pump water heaters in the residential sector is expected to increase due to favourable government initiatives and tax rebates offered on the installation of energy-saving products. Such factors will boost the growth of the residential segment of the global heat pump water heater market during the forecast period.

Which are the Key Regions for the Heat Pump Water Heater Market?

Heat Pump Water Heater Market Share by Geography

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Europe is projected to contribute 54% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. 

The heat pump water heater market in Europe in 2022 was mainly driven by the increasing demand for energy-efficient heat pump water heaters as governments geared up to achieve their target of reducing greenhouse gas (GHG) emissions. Furthermore, Europe has set minimum energy performance requirements for new buildings, a major renovation of buildings, and replacement or retrofit of building elements (heating and cooling systems, roofs, and walls). The growth of the heat pump water heater market in Europe is attributed to the cold climatic conditions prevalent in European countries. This increases the demand for heat pump water heaters in residential and commercial buildings, which in turn will lead to the growth of the regional market in focus during the forecast period.

This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for Europe. In the first half of 2021, numerous countries in Europe lifted COVID-19-induced restrictions due to the initiation of large-scale vaccination drives. Vendors mandated social distancing and restricted the entry of non-essential visitors at their facilities. Such initiatives helped vendors to remain operational and allowed the regional market in focus to recover in 2021. The easing of lockdown restrictions, large-scale COVID-19 vaccination drives, the redesigning of distribution channels, and the adoption of digital technologies in supply chain operations are expected to drive the growth of the regional heat pump water heater market during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been 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).

  • Application Outlook (USD Million, 2017 - 2027)
    • Residential
    • Commercial
  • Type Outlook (USD Million, 2017 - 2027)
    • Air source heat pump
    • Geothermal heat pump
  • Region Outlook (USD Million, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Heat Pump Water Heater Market Scope

Report Coverage

Details

Page number

166

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 24.07%

Market growth 2023-2027

USD 7,218.42 million

Market structure

Fragmented

YoY growth (%)

20.5

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 54%

Key countries

US, China, France, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

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

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.

Customization purview

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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 of the market in focus to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behaviour
  • Growth of the market industry across Europe, North America, APAC, Middle East and Africa, and South America
  • 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

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global heat pump water heater market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global heat pump water heater market 2017 - 2021 ($ million)
    • 4.2 Applicaton Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Applicaton Segment 2017 - 2021 ($ million)
    • 4.3 Type Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 30: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Application - Market share 2022-2027 (%)
    • 6.2 Comparison by Application
      • Exhibit 32: Chart on Comparison by Application
      • Exhibit 33: Data Table on Comparison by Application
    • 6.3 Residential - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Residential - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
      • Exhibit 36: Chart on Residential - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Residential - Year-over-year growth 2022-2027 (%)
    • 6.4 Commercial - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 40: Chart on Commercial - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Commercial - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Application
      • Exhibit 42: Market opportunity by Application ($ million)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 43: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 44: Data Table on Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Type
      • Exhibit 45: Chart on Comparison by Type
      • Exhibit 46: Data Table on Comparison by Type
    • 7.3 Air source heat pump - Market size and forecast 2022-2027
      • Exhibit 47: Chart on Air source heat pump - Market size and forecast 2022-2027 ($ million)
      • Exhibit 48: Data Table on Air source heat pump - Market size and forecast 2022-2027 ($ million)
      • Exhibit 49: Chart on Air source heat pump - Year-over-year growth 2022-2027 (%)
      • Exhibit 50: Data Table on Air source heat pump - Year-over-year growth 2022-2027 (%)
    • 7.4 Geothermal heat pump - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Geothermal heat pump - Market size and forecast 2022-2027 ($ million)
      • Exhibit 52: Data Table on Geothermal heat pump - Market size and forecast 2022-2027 ($ million)
      • Exhibit 53: Chart on Geothermal heat pump - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Geothermal heat pump - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Type
      • Exhibit 55: Market opportunity by Type ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 57: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 58: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 59: Chart on Geographic comparison
      • Exhibit 60: Data Table on Geographic comparison
    • 9.3 Europe - Market size and forecast 2022-2027
      • Exhibit 61: Chart on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 62: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 63: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 64: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.4 North America - Market size and forecast 2022-2027
      • Exhibit 65: Chart on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 66: Data Table on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 67: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 68: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.5 APAC - Market size and forecast 2022-2027
      • Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.6 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 73: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 74: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 75: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.7 South America - Market size and forecast 2022-2027
      • Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.8 US - Market size and forecast 2022-2027
      • Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.9 France - Market size and forecast 2022-2027
      • Exhibit 85: Chart on France - Market size and forecast 2022-2027 ($ million)
      • Exhibit 86: Data Table on France - Market size and forecast 2022-2027 ($ million)
      • Exhibit 87: Chart on France - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on France - Year-over-year growth 2022-2027 (%)
    • 9.10 Germany - Market size and forecast 2022-2027
      • Exhibit 89: Chart on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 90: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 91: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.11 China - Market size and forecast 2022-2027
      • Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.12 UK - Market size and forecast 2022-2027
      • Exhibit 97: Chart on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 99: Chart on UK - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 101: Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 102: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 103: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 104: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 105: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 106: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 107: Matrix on vendor position and classification
            • 12.3 A. O. Smith Corp.
              • Exhibit 108: A. O. Smith Corp. - Overview
              • Exhibit 109: A. O. Smith Corp. - Business segments
              • Exhibit 110: A. O. Smith Corp. - Key offerings
              • Exhibit 111: A. O. Smith Corp. - Segment focus
            • 12.4 Bradford White Corp.
              • Exhibit 112: Bradford White Corp. - Overview
              • Exhibit 113: Bradford White Corp. - Product / Service
              • Exhibit 114: Bradford White Corp. - Key offerings
            • 12.5 Daikin Industries Ltd.
              • Exhibit 115: Daikin Industries Ltd. - Overview
              • Exhibit 116: Daikin Industries Ltd. - Business segments
              • Exhibit 117: Daikin Industries Ltd. - Key news
              • Exhibit 118: Daikin Industries Ltd. - Key offerings
              • Exhibit 119: Daikin Industries Ltd. - Segment focus
            • 12.6 Fujitsu General Ltd.
              • Exhibit 120: Fujitsu General Ltd. - Overview
              • Exhibit 121: Fujitsu General Ltd. - Business segments
              • Exhibit 122: Fujitsu General Ltd. - Key offerings
              • Exhibit 123: Fujitsu General Ltd. - Segment focus
            • 12.7 Glen Dimplex Group
              • Exhibit 124: Glen Dimplex Group - Overview
              • Exhibit 125: Glen Dimplex Group - Product / Service
              • Exhibit 126: Glen Dimplex Group - Key offerings
            • 12.8 Guangdong PHNIX Eco energy Solution Ltd.
              • Exhibit 127: Guangdong PHNIX Eco energy Solution Ltd. - Overview
              • Exhibit 128: Guangdong PHNIX Eco energy Solution Ltd. - Product / Service
              • Exhibit 129: Guangdong PHNIX Eco energy Solution Ltd. - Key offerings
            • 12.9 Haier Smart Home Co. Ltd.
              • Exhibit 130: Haier Smart Home Co. Ltd. - Overview
              • Exhibit 131: Haier Smart Home Co. Ltd. - Business segments
              • Exhibit 132: Haier Smart Home Co. Ltd. - Key offerings
              • Exhibit 133: Haier Smart Home Co. Ltd. - Segment focus
            • 12.10 LG Corp.
              • Exhibit 134: LG Corp. - Overview
              • Exhibit 135: LG Corp. - Business segments
              • Exhibit 136: LG Corp. - Key offerings
              • Exhibit 137: LG Corp. - Segment focus
            • 12.11 MIDEA Group Co. Ltd.
              • Exhibit 138: MIDEA Group Co. Ltd. - Overview
              • Exhibit 139: MIDEA Group Co. Ltd. - Business segments
              • Exhibit 140: MIDEA Group Co. Ltd. - Key offerings
              • Exhibit 141: MIDEA Group Co. Ltd. - Segment focus
            • 12.12 Mitsubishi Heavy Industries Ltd.
              • Exhibit 142: Mitsubishi Heavy Industries Ltd. - Overview
              • Exhibit 143: Mitsubishi Heavy Industries Ltd. - Business segments
              • Exhibit 144: Mitsubishi Heavy Industries Ltd. - Key news
              • Exhibit 145: Mitsubishi Heavy Industries Ltd. - Key offerings
              • Exhibit 146: Mitsubishi Heavy Industries Ltd. - Segment focus
            • 12.13 NIBE Industrier AB
              • Exhibit 147: NIBE Industrier AB - Overview
              • Exhibit 148: NIBE Industrier AB - Business segments
              • Exhibit 149: NIBE Industrier AB - Key offerings
              • Exhibit 150: NIBE Industrier AB - Segment focus
            • 12.14 Panasonic Holdings Corp.
              • Exhibit 151: Panasonic Holdings Corp. - Overview
              • Exhibit 152: Panasonic Holdings Corp. - Business segments
              • Exhibit 153: Panasonic Holdings Corp. - Key news
              • Exhibit 154: Panasonic Holdings Corp. - Key offerings
              • Exhibit 155: Panasonic Holdings Corp. - Segment focus
            • 12.15 Rheem Manufacturing Co.
              • Exhibit 156: Rheem Manufacturing Co. - Overview
              • Exhibit 157: Rheem Manufacturing Co. - Product / Service
              • Exhibit 158: Rheem Manufacturing Co. - Key offerings
            • 12.16 Rinnai Corp.
              • Exhibit 159: Rinnai Corp. - Overview
              • Exhibit 160: Rinnai Corp. - Business segments
              • Exhibit 161: Rinnai Corp. - Key offerings
              • Exhibit 162: Rinnai Corp. - Segment focus
            • 12.17 STIEBEL ELTRON GmbH and Co. KG
              • Exhibit 163: STIEBEL ELTRON GmbH and Co. KG - Overview
              • Exhibit 164: STIEBEL ELTRON GmbH and Co. KG - Product / Service
              • Exhibit 165: STIEBEL ELTRON GmbH and Co. KG - Key offerings

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 166: Inclusions checklist
                • Exhibit 167: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 168: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 169: Research methodology
                • Exhibit 170: Validation techniques employed for market sizing
                • Exhibit 171: Information sources
              • 13.5 List of abbreviations
                • Exhibit 172: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Heat Pump Water Heater market growth will increase by $7218.42 million during 2023-2027.
              The heat pump water heater market is expected to grow at a CAGR of 24.07% during 2023-2027.
              Technavio has segmented the heat pump water heater market 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).
              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., Vaillant Group are a few of the key vendors in the heat pump water heater market.
              Europe will register the highest growth rate of 53.79% among the other regions. Therefore, the heat pump water heater market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the heat pump water heater market growth are:
              • Advantages of heat pump water heaters
              • New product launches
              The heat pump water heater market vendors should focus on grabbing business opportunities from the residential segment as it accounted for the largest market share in the base year.
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