Heat Pump Water Heater Market High Hopes for Future Revenues as Market Size Continues to Rise | Taiwan News

Report Ocean recently published a comprehensive report on this Heat Pump Water Heater Marketand provides valuable insights into various factors affecting market growth. The report provides key information on market restraints, drivers and opportunities and enables readers to understand market dynamics. It also provides a detailed analysis of industry developments and trends shaping the industry Global heat pump water heater market. Additionally, the report provides a thorough assessment of the market at both global and regional levels, providing comprehensive insights for companies and stakeholders. [Download Free Sample]

The global heat pump water heater market is valued at approximately $4.55 billion in 2022 and is expected to grow at a healthy growth rate of more than 14.4%. in the forecast period 2023-2030. The heat pump water heater (HPWH) is a type of water heater that uses technology similar to that of a refrigerator, but in reverse.

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Instead of extracting heat from the interior of a room and releasing it to the 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 warm it. The key factors driving the market growth are growing energy efficiency concerns, increasing awareness about environmental issues and rising consumer demand for smart homes, which are expected to create lucrative demand in the market during the forecast period 2023-2030.

Additionally, increasing consumer demand for smart homes has contributed significantly to 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 remotely control and monitor their water heaters via smartphone apps or other smart devices. Integration with home automation systems increases the overall convenience and efficiency of managing home appliances. According to Statista, the number of smart home users worldwide was 224.18 million in 2020; In 2022, the number reached 307.82 million and is expected to reach 493.55 million by 2025. Therefore, increasing adoption of smart homes is expected to support market growth. Furthermore, integration of Internet of Things (IoT) with heat pump water heaters and growing construction industry is expected to create a lucrative opportunity for the market. However, the performance fluctuations of heat pump water heaters due to climatic conditions and the complexities associated with the installation and maintenance of heat pump water heaters are restraining the market growth throughout the forecast period 2023-2030.

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The key regions considered for the global Heat Pump Water Heater market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America dominated the market in 2022 due to increasing emphasis on energy efficiency, supportive government initiatives, subsidies and incentives, as well as growing environmental awareness and desire to reduce carbon footprint. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to factors such as increasing awareness of environmental sustainability, supportive government incentives and subsidies, rapid urbanization and ongoing construction activities.

The key market players listed in this report are:

Panasonic Holdings Corporation

LG Electronics

Johnson Controls Hitachi Air Conditioner

Mitsubishi Electric Corporation

Trane Technologies plc

Daikin Industries, Ltd.

Midea Group

RHEEM Manufacturing Company

AO Smith Corporation

Robert Bosch GMBH

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Current developments on the market:

In April 2023, Rheem introduced an air source heat pump that provides consistent heating performance even in difficult conditions and maintains efficiency even in ambient temperatures as low as 22.9°F. This heat pump has successfully met the US Department of Energy's Cold Climate Heat Pump Challenge criteria.

The report also provides detailed information about the crucial aspects such as driving factors and challenges that will determine the future growth of the market. Additionally, it also includes potential investment opportunities in micro markets for stakeholders as well as a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segments of the market are explained below:

By type:

Air source

Geothermal energy

By rated capacity:

Up to 10kW





Over 150kW

By storage tank capacity:

Up to 500 LT

500 LT to 1000 LT

Over 1000 LT

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By region:

North America




United Kingdom






Asia Pacific





South Korea


Latin America



Middle East and Africa

Saudi Arabia

South Africa

Rest of the Middle East and Africa

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Key questions answered in the report:

  • What are the strengths and weaknesses of the main providers?
  • Who are the leading key gamers and what are their key business plans for the near future?
  • What will the market price and measurement be in the coming year?
  • What are the main key factors driving the market?
  • What are the key market trends influencing the growth of the global market?
  • What trending elements are influencing the market shares of the top regions around the world?
  • Who are the main players and what strategies do they pursue in the international market?
  • What are the market opportunities and threats faced by the carriers in the global market?
  • Which industry trends, drivers and challenges are manipulating growth?
  • What are the key implications of the five forces assessment of global industry?

Get the insights you need by customizing your report to your unique needs and goals @-https://reportocean.com/industry-verticals/sample-request?report_id=bw8232

(*Note: The historical years and projected time period in the report are flexible and can be adjusted upon request. In addition, the scope of the published report can be adjusted to meet specific requirements and custom analysis based on specific regions or countries be inserted as part of the adjustment.)

About Report Ocean:

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