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Global Heat Pump Water Heater Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Global Heat Pump Water Heater Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Market Research Reports | Q1 2024 | Report ID: BR0963

About the Report

The heat pump water heaters are one of the most efficient water heaters that operate by moving heat energy instead of producing heat directly from electricity. They absorb heat from environmental sources like earth or air and then pass it on to the water in the tank. Since they only need electricity for heat transfer and not for generating heat, they enable energy saving.


Working Principle of a Heat Pump Water Heater 

In an electric heat pump water heater, the exhaust fan uptakes air from the atmosphere and shifts its energy to a liquid refrigerant present in the evaporator. When the liquid refrigerant comes in contact with hot air, it gets converted into gas. Now, the temperature of the refrigerant gas is raised by compressing it in an electric compressor. From here, the gas refrigerant passes through a condenser containing water. The hot refrigerant gas transfers its heat to the water and regains its liquid state. After this, the liquid refrigerant goes to an expansion valve where its temperature cools down further. Thus, it gets ready to flow into the evaporator and the cycle continues.


Heat Pump Water Heater Market Drivers

Increasing energy prices

Fossil fuels (natural gas and coal) and electricity prices have in recent times risen to their highest levels in decades. Natural gas prices have seen the largest increase, with Asian and European benchmark prices hitting an all-time high - around ten times their level a year ago in 2020.


The strong surge in natural gas prices have prompted an increase in switching to the use of coal rather than natural gas for generating electricity in key regions, including Asia, Europe, and the United States. The surge in use of coal is, in turn, driving up CO2 emissions from electricity generation globally.


The higher coal and gas prices, combined with rising European carbon prices, have resulted in higher electricity prices. The increase in prices is expected to result in sharp upward pressure on household energy bills and also present broader risks to economic activity, chiefly for sectors that are directly affected by the price rises.



In the second half of 2021, average household electricity prices in the European Union (E.U.) increased sharply relative to the same period of 2020 (EUR 21.3 per 100 kWh), standing at EUR 23.7 per 100 kWh. Average gas prices in the E.U. also increased compared with the same period of 2020 (EUR 7.0 per 100 kWh) to EUR 7.8 per 100 kWh in the second half of 2021. More recently, wholesale prices for gas and electricity have increased substantially across the E.U. Energy and supply costs, caused by several economic elements, mainly drove the increase.


North America

According to the US Energy Information Administration (EIA), in 2021, the average nominal retail electricity price paid by U.S. residential electric customers rose at the fastest rate since 2008, increasing 4.3% from 2020 to 13.72 cents per kilowatt-hour (kWh) in 2021. Residential retail electricity prices are expected to continue to rise in 2022, although at a slightly slower pace. In 2022, the average nominal price is expected to increase by 3.9% to 14.26 cents/kWh.



The majority of India's electricity comes from coal-fired power plants, and the domestic scarcity of coal and higher import prices have contributed to the surging electricity prices in India. 


The price of domestic coal has risen sharply in spot e-auctions conducted by Coal India Limited, with premiums over baseline prices set by Coal India reaching an all-time high of 270 per cent in February 2022, which have reportedly increased further to about 300 per cent in March 2022. The increasing coal and natural coal prices are expected to push the household energy prices in the country.


The Southeast Asian region's energy mix is dominated by coal (32%) and gas (31%), which are primarily used for electricity generation. It is one of the few regions of the world where coal-fired generation has been expanding, with close to 20 G.W. of new coal-fired generating capacity under construction, mostly in Indonesia (a major coal producer), Vietnam and the Philippines. 


According to the ASEAN (Association of Southeast Asian Nations) oil and gas update report 2021, the total proven gas reserves of the region declined by 35.1% in 2020 compared to 2010 levels. The region depends on oil and gas imports for its energy needs making it vulnerable to the international price fluctuations thereby affecting the electricity tariffs.


For instance, electricity prices increased by 4.6% in Thailand. Natural gas makes up almost 60% of the fuels used to produce electricity in Thailand. The country has to import LNG at high prices from the spot market, eventually leading to an increase in power bills.


Significant plans are being reconsidered, and greater emphasis is being placed on natural gas as well as the expansion of renewables across the region in order to decrease its dependence on gas imports and cut CO2 emissions. 


Similarly, the ongoing Russia-Ukraine conflict has affected the world energy market due to which countries in the region, such as Singapore, have raised tariffs on electricity by 10%. Considering the slow pace of renewable energy expansion, the countries in the region are expected to continue to depend on gas for their energy requirements.


Rising demand for energy efficiency, increasing construction activities (both commercial and residential sectors), and environmental consciousness among consumers are some of the other factors driving the global heat pump water heater market.


COVID-19 Impact on Heat Pump Water Heater Market 

The covid pandemic hit industries and businesses globally, and the heat pump water heater industry is no exception. The manufacturers suffered a setback in dispatches and order bookings. The restrictions in international markets and stringent travel curtailments resulted in considerable loss of order bookings and aftersales services.


Major manufacturers faced supply chain and logistics challenges, leading to supply constraints for certain components and raw materials such as steel.


High uncertainty looms over this outlook due to the probable third wave and the evolution of financial conditions. The impact of the COVID-19 pandemic on the energy sector has already been profound.


The new report from Blackridge Research on the Global Heat Pump Water Heater Market comprehensively analyses the Heat Pump Water Heater Market and provides deep insight into the current and future state of the industry. The study examines the drivers, restraints, and regional trends influencing global heat pump water heater market demand and growth. 



The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Heat Pump Water Heater Market, important commercial developments, trends, regions, and segments poised for fastest growth, competitive landscape, and market share of key players. Further, the report will also provide Heat Pump Water Heater Market size, demand forecast, and growth rates.


What do we cover in the report?

Heat Pump Water Heater Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth. The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data. Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.


Heat Pump Water Heater Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations. This section provides an assessment of COVID-19 impact on Heat Pump Water Heater Market demand.


Heat Pump Water Heater Market Size and Demand Forecast

The report provides Global Heat Pump Water Heater Market size and demand forecast until 2027, including year-on-year (YoY) growth rates and CAGR.


Heat Pump Water Heater Market Industry Analysis

The report examines the critical elements of the Heat Pump Water Heater industry supply chain, its structure, and its participants using Porter's five forces framework. The report covers the assessment of the Heat Pump Water Heater industry's state of competition and profitability.


Heat Pump Water Heater Market Segmentation & Forecast

The report dissects the Global Heat Pump Water Heater Market into segments by end-use sector. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment. Further, market size and demand forecasts will be presented, along with various drivers and barriers for individual market segments. 


Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth.


Contact us for a "bespoke" market segmentation to better align the research report with your requirements.


Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook. In addition, market size, demand forecast, and growth rates will be provided for all regions. 


Following are the notable countries covered under each region. 


North America - United States, Canada, Mexico, and Rest of North America 

Europe - Germany, France, United Kingdom (U.K.), Russia, and Rest of Europe 

Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC 

Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries


Key Company Profiles

This report presents detailed profiles of Key companies in the Heat Pump Water Heater industry, which include A.O Smith Corporation, Mitsubishi Electric Corporation, Bradford White, etc. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.


Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (J.V.s), partnerships, collaborations, and other business agreements. The study also discusses the strategies adopted by leading players in the industry.


Executive Summary

The executive summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly. The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.


Get a free sample copy of the Global Heat Pump Water Heater Market report by clicking the "Download a Free Sample Now!" button at the top of the page.

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Analysis of Covid-19 Impact
  • 3.5 Market Opportunities
  • 3.6 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porters Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By End-Use Sector
    • 5.1.1 Commercial & Industrial
    • 5.1.2 Residential

6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Europe
  • 6.3 Asia-Pacific
  • 6.5 Rest of the World

7. Key Company Profiles

  • 7.1 A.O. Smith Corporation
  • 7.2 NIBE Industrier AB
  • 7.3 Bradford White Corporation
  • 7.4 Viessmann Group
  • 7.5 Rheem Manufacturing Company
  • 7.6 Daikin Industries, Ltd.
  • 7.7 PHINX
  • 7.8 Midea Group
  • 7.9 Rinnai Corporation
  • 7.10 Other Notable Players

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures


Additional Notes


  This report helps to:-

  • Gain a deeper understanding of the impact of COVID 19, and oil & gas prices crash on the global heat pump water heater market. 
  • Equip yourself with rigorous analysis and forward-looking insight into the global heat pump water heater market across various regions
  • Evaluate the attractiveness and state of competition in the industry to identify opportunities and develop a strategy
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess the current market size and revenue forecasts as an important part of devising your business plans and strategy 
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players
  • Keep on top of M&A developments, JV’s and other agreements to assess the evolving competitive landscape and enhance your competitive position

  Who need this report?

  • Heat Pump Water Heater Manufacturers & Suppliers
  • Other End Users
  • Investor Community
  • Financing Companies
  • Government Bodies & Industry Organizations

  What's included

Report - Global Heat Pump Water Heater Market Outlook to 2028.pdf
Market Data Sheet - Global Heat Pump Water Heater Market Outlook to 2028.xls

  Why buy this report?

  • Gain a deeper understanding of the impact of Covid-19 on the <Heat Pump Water Heater Market>.
  • Equip yourself with rigorous analysis and forward-looking insights into the <Heat Pump Water Heater Market> across multiple regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
  • Assess market size data and forecasts to understand how the demand across various segments evolves over the next few years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position

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