Heat Pump Water Market

Global Heat Pump Water Market

The GMI Research forecasts that the Heat Pump Water Market is witnessing an upsurge in demand over the forecast period. This is mainly due to their growing installation across residential, commercial and industrial areas, reducing carbon discharge and increasing inclination towards the energy-effective product.

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Introduction of the Heat Pump Water Market

Heat pump water heaters help to heat and cool homes or water and implement electricity to move heat from one place to another instead of directly generating heat. The compressor absorbs the heat from the surrounding air and moves it to the storage tank, allowing the water to be heated.

Key Players of the Global Heat Pump Water Market:

· Danfoss

· Hangzhou Jinjiang Solar

· Idemitsu

· Webasto SE

· Ingersoll Rand

· Midea Group.

· RHEEM Manufacturing Company

· DAIKIN

· O. SMITH CORPORATION

· Zodiac Pool Solutions.

Heat Pump Water Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

The heat water pumps play an extremely crucial role in reducing energy consumption and carbon discharge. Thus, the increasing demand across the residential sector to decrease the energy exhaustion and CO2 emissions accounts to be the major drivers supplementing the heat water market growth. As per the International Energy Agency (IEA) in 2019, residential buildings contributed approximately 20% of energy demand, responsible for nearly 22% of global carbon dioxide (CO2) emissions.

In addition, the leading market players are increasingly adopting new technology-based devices to raise the effectiveness and minimize carbon emission in the industry due to rapid globalization and urbanization. iPHNIX, leading China's heat pump manufacturer, in March 2020, introduced a New HeatForce Series CO2 Heat Pump Water Heating system for commercial and industrial applications. The pump helped to enhance the efficiency of the heat pump system by minimizing the impact on the environment under extremely low-temperature conditions. Further, PHNIX is bringing powerful eco-friendly CO2 refrigerants into the European market for various commercial and industrial uses.

Besides this, several other factors, include mounting demand for power-efficient cooling and heating systems, surging government initiatives to promote geothermal heat pumps, and the increasing prominence of renewable energy to combat climate change and environmental degradation. However, inflated installation and manufacturing costs and instability in the prices of raw materials will hamper the heat water market share.

Heat Pump Water Market Segmentation:

Segmentation by Type

· Geothermal

· Air Source

Segmentation by Product

· Air-to-water

· Ground source heat pumps (GHSP)

Segmentation by Storage

· Up to 500 L

· 500–1000 L

· Above 1000 L

Segmentation by Capacity

· Up to 10 kW

· Above 10 kW

Segmentation by End-User

· Residential

· Industrial

· Commercial

Segmentation by Region:

· North America

o United States of America

o Canada

· Asia Pacific

o China

o Japan

o India

o Rest of APAC

· Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

· RoW

o Brazil

o South Africa

o Saudi Arabia

o UAE

o Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

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