Global Commercial Heat Pump Water Heater Market Size By Type (Air Source And Geothermal), By Capacity (Up to 500 LT, 500‒1,000 LT, Above 1,000 LT), By Storage (Up to 10 kW, 10‒20 kW, 20‒30 kW), By Geographic Scope And Forecast

Commercial Heat Pump Water Heater Market Size And Forecast

Commercial Heat Pump Water Heater Market size was valued at USD 1.5 Billion in 2024 and is projected to reach USD 2.5 Billion by 2031, growing at a CAGR of 6.54% from 2024 to 2031.

Factors driving the growth of the heat pump water heater market include energy-efficient technology along with the usage of non-conventional sources of energy to heat the water. The Global Commercial Heat Pump Water Heater Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Commercial Heat Pump Water Heater Market Definition

Think of a heat pump as a device that's like a heat transporter, moving warmth from one place (the source) to another (like a heat sink). It's a bit like magic because it moves heat against its natural flow – grabbing it from a cold area and sending it to a warmer one. A typical heat pump has four key partsa condenser, an expansion valve, an evaporator, and a compressor. You might even have one at home! They're often used in things like domestic water heaters for your kitchen, bathrooms, and laundry room. These heat pump water heaters use electricity, not to create heat, but to move it. This makes them incredibly efficient - often two to three times better than those old-fashioned electric water heaters. They essentially act like a refrigerator running backward!

Heat pump water heaters will not operate efficiently in a cold space. They tend to cool the spaces they are in. You can also install an air-source heat pump system that combines heating, cooling, and water heating. These combination systems pull their heat indoors from the outdoor air in the winter and from the indoor air in the summer. Because they remove heat from the air, any type of air-source heat pump system works more efficiently in a warm climate.

Global Commercial Heat Pump Water Heater Market Overview

Factors driving the growth of the heat pump water heater market include the energy efficient technology along with the usage of non conventional sources of energy to heat the water. In addition, supportive regulations and grants for using renewable sources of energy in different applications are also expected to play a key role in the growth of this market during the forecast period. The production and consumption of energy lead to the emission of carbon dioxide (CO2), which is released in substantial amounts through the burning of fossil fuels, such as coal, oil, and natural gas.

Lots of countries are trying to use less energy because of all the CO2 we're pumping into the atmosphere, and they're making rules to cut down on greenhouse gases. One cool solution? Heat pump water heaters! They're a super-efficient way to heat water using heat from the air and ground. Think about itexhaust air, groundwater, and even lakes and rivers can be heat sources. These heat pump water heaters grab that low-temperature heat from the air, water, or ground and, with a little electricity, boost the water temperature. Here's the magicair or water source heat pumps get around 66% to 80% of their heat from renewable sources in the environment, and only need 20% to 33% electrical energy to power the compressor. So, by swapping out those old fossil fuel guzzlers for heat pump water heaters, we can seriously cut down on carbon emissions. That's why you're seeing more and more of these things popping up in homes, businesses, and factories!

The restraints,such as Lack of awareness regarding benefits of heat pump water heaters in developing and underdeveloped countries, could become one of the critical hinderers for market growth. The awareness regarding energy efficiency, cost efficiency, and environmental benefits of heat pump water heaters is low among all end-user segments. This is because they are typically perceived to be expensive, which acts as a restraint for market penetration in developing as well as underdeveloped economies. There is also a lack of awareness regarding the opportunities that heat pump water heaters provide for energy conservation and reduction of CO2 emissions.

Global Commercial Heat Pump Water Heater MarketSegmentation Analysis

The Global Commercial Heat Pump Water Heater Market is segmented based on Type, Capacity, Storage, and Geography.

Commercial Heat Pump Water Heater Market, By Type

•  Air Source
•  Geothermal

Based on Type, the market is bifurcated into Air Source and Geothermal. The air source segment is estimated to be the largest- segment of the heat pump water heater market, by type, from 2020 to 2026. The demand for air source heat pumps is growing majorly in the residential sector owing to its low installation cost and environmental friendly technology.

Commercial Heat Pump Water Heater Market, By Capacity

•  Up to 500 LT
•  500?1,000 LT
•  Above 1,000 LT

Based on Capacity, the market is bifurcated into Up to 500 LT, 500?1,000 LT, Above 1,000 LT. The Up to 500 LT segment is expected to grow at the fastest rate during the forecast period. Small individual heat pump water heaters of up to 500 liters capacity are used in the hospitality sector for holiday homes and motels as they ensure interruption-free availability of hot water for bathing, personal laundry, etc. applications.

Commercial Heat Pump Water Heater Market, By Storage

•  Up to 10 kW
•  10?20 kW
•  20?30 kW
•  30?100 kW
•  10–150 kW
•  Above 150 kW

Based on Storage, the market is bifurcated into Up to 10 kW, 10?20 kW, 20?30 kW, 30?100 kW, 10–150 kW, Above 150 kW. The 10–20kW segment is estimated to dominate the market from 2020 to 2026. In the residential sector, the requirement of instant hot water has been rising at a significant rate. Heat pump water heater with 10–20 kW rated capacity are easy to use, offer high operational efficiency.

Commercial Heat Pump Water Heater Market, By Geography

•  North America
•  Europe
•  Asia Pacific
•  Rest of the world

Looking at how things break down by region, the global market for commercial heat pump water heaters can be split into North America, Europe, Asia Pacific, and, well, the Rest of the world. And get thisAsia Pacific is predicted to really take the lead during the coming years! Why? Because they're using more renewable energy and energy-efficient products. Plus, you've got booming economies there like China, India, New Zealand, and Malaysia. They're all pushing to install more heat pump water heaters to be more energy efficient and cut down on pollution.

Key Players

The “Global Commercial Heat Pump Water Heater Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Midea Group, RHEEM Manufacturing Company, Daikin, A.O. Smith Corporation, Bosch Industries, Ingersoll Rand, Viessmann Group, NIBE Energy Systems, Valliant Group, and Mitsubishi Electric.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations, and Agreements

•  In August 2020, Panasonic Corporation collaborated with Systemair on technology to launch heating and cooling goods in order to provide its clients with more HVAC product options, including heat pumps. For these products, each company will have their own sales channels and branding.

Mergers and Acquisitions

•  In May 2019, RHEEM Manufacturing Company acquired Intergas, a manufacturer of high-efficiency residential gas boilers and water heaters. The acquisition will assist the company in obtaining a first-class platform in the European heating and hot water sector as well as a rise in market share.

Product Launches and Product Expansions

•  In July 2020, Daikin launched Daikin SmartSource, a dedicated outdoor air system (DOAS) for heat pumps that provides efficient and cost-effective cooling and heating in all situations by using 100% fresh outside air. It also uses a water source heat pump’s hot gas reheat coil in addition to the unit’s primary DX coil to improve heat pump efficiency.
•  In August 2020, Bosch Thermotechnology launched the Bosch Tronic 3000, a line of electric instantaneous water heaters that significantly reduce hot water wait times in light commercial applications. The new series, which includes four new types, is the first stage in Bosch’s intended cutting-edge, new dynamic electric instantaneous water heater portfolio.
•  In August 2020, AO Smith has announced the release of MiniBot, a 3-litre quick water heater with a unique design and revolutionary technologies. Glass covering protects the incoloy heating element, preventing scale formation and extending the heating element’s life even in the worst water conditions.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

We dig deep, using both qualitative and quantitative methods, to understand the market by breaking it down into segments based on economic and non-economic factors. You'll get market value data in USD Billion for every segment and sub-segment, and we'll point out which region and segment we expect to grow the fastest and be the biggest overall. Plus, we analyze each region geographically, looking at how the product/service is used and what's impacting the market there. Expect a competitive landscape view, showing market rankings of the big players, new launches, partnerships, expansions, and acquisitions from the last five years, with detailed company profiles including overviews, insights, product comparisons, and SWOT analyses. Get a handle on the present and future of the industry, factoring in recent happenings like growth opportunities, drivers, challenges, and restraints in both up-and-coming and mature regions. We also provide an in-depth look at the market using Porter's Five Forces and the Value Chain, revealing market dynamics and future growth opportunities. Oh, and you get 6 months of analyst support after the sale!

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