NEW YORK, July 12, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, “Heat Pump Water Heaters Market: Market Segmentation: By Type; By Liters; By Rated Capacity; and By Region – Global Analysis By Market Size , 2014-2020 Shares and Trends and 2030 Predictions” – https://www.reportlinker.com/p06191729/?utm_source=GNW Instead, when a heat pump water heater draws heat from the surrounding air and stores it in When heating water in a hot water tank.Heat pump water heaters save energy by transferring available heat (BTU) from the air to the water heater tank.They can be installed to absorb heat from indoor air (if cooling is required) or from outdoor air.Heat pump water heaters provide the best energy savings when used in areas with mild temperatures.Market Highlights The heat pump water heater market is expected to witness a significant CAGR of 5.7% by 2030.The heat pump water heater market will exceed $3.7 billion by 2030, growing at a CAGR of 6.9% throughout the forecast period (ie 2020-30) from $1.2 billion in 2019.Energy efficient technologies and the use of unconventional energy sources for water heating are factors driving the growth of the heat pump water heater market.Furthermore, legislation and appropriations to support the use of renewable energy in different applications are also expected to play a key role in the growth of this market during the forecast period.These heat pumps have gained widespread adoption and acceptance due to their environmental and cost saving advantages.In addition, the initiatives of various national governments are also driving the growing demand for geothermal heat pumps.In addition, the increasing emphasis on the use of renewable energy to control climate change and environmental degradation in the coming years will also drive the demand for the heat pump water market.Heat Pump Water Heater Market: Segmentation Geothermal segment to grow at the highest CAGR during 2020-30 The pump water heater market is segmented by type into air source, geothermal.The air source segment based on type was the largest segment of the heat pump water heater market in 2019.The air source heat pump market has surged in the residential segment due to its low installation cost and eco-friendly technology.They are mainly used in the Asia-Pacific region as countries such as China, Australia, Thailand and New Zealand focus on limiting the carbon footprint from the use of fossil fuels.They are mainly used in the residential sector because multi-family dwellings typically require heat pump water heaters that take up less space and are less expensive to install due to the low hot water demand compared to commercial buildings such as hotels and hospitals.500-1,000 Litre Market Segment Growing at the Highest CAGR in 2020-30 The heat pump water heater market is segmented by liter into up to 500 liters, 500-1000 liters, and above 1000 liters.The sub-500 liter capacity segment leads the market and accounts for XX.X % of revenue share in 2019 due to high applicability of applications in residential and multiple commercial establishments.Water heater heat pumps that fall into this category are lightweight and therefore easy to build.They have enough hot water for the residential sector and almost all small commercial applications.Water heaters with this feature are also ideal for applications with lower hot water requirements in small commercial and residential industries such as domestic and multi-family dwellings.In the hospitality sector of holiday homes and motels, use small independent heat pump water heaters with a capacity of up to 500 liters, as they ensure uninterrupted access to hot water for applications such as bathing, personal washing, and more.Heat Pump Water Heaters Market: Market Dynamics Driving Factors Rising global energy consumption Rising population coupled with rapid global economic growth will lead to increased energy demand.The increased demand for heat pumps is the result of a combination of economic growth and increased energy consumption.With the recovery of the residential construction industry in developed countries and the increase in housing demand in developing countries, the demand for HVAC systems will be plentiful and the demand for heat pumps will also increase.Hence, increasing energy consumption and strong demand from the housing sector will add impetus to the global heat pump market during the forecast period.Growing demand for geothermal heat pumps Central heating/cooling systems that transfer heat from or to the ground are geothermal heat pumps. These systems utilize the earth as a heat source or sink, depending on the application.At a depth of 10 feet, the superficial layers of the Earth’s crust typically maintain a fairly constant temperature of 10°C-16°C.In order to provide the necessary heating and cooling, geothermal heat pumps have the ability to harness this energy.Growing focus on renewable energy sources will pave the way for increased use of geothermal and hydrothermal heat pumps as the energy mix shifts.Restrain the lack of awareness of the benefits of heat pump water heaters Awareness of the energy efficiency, cost efficiency and environmental benefits of heat pump water heaters is low in all end-user segments.This is because they are often considered costly and act as barriers to market penetration in emerging and less developed economies.There is also a lack of understanding of the potential for heat pump water heaters to save energy and reduce CO2 emissions.Lack of knowledge of heat pump technology in the supply chain is also an obstacle to the adoption of water heat pump water heaters in developing and less developed countries.Heat Pump Water Heaters Market: Key Players Midea Group Company Profile, Business Strategies, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.GE Appliances Gree Hangzhou Jinjiang Solar Hayward Industrial Johnson Controls-Hitachi Air Conditioning Zodiac Pool Solutions (Jandy) Midea Technology subishi Electric New Energy Panasonic Pentair Heat Pump Water Heater Market: District Heat Pump Water Heater Market Segmentation into Five Based on Regional Analysis main area.These include North America, Latin America, Europe, Asia Pacific and the Middle East and North Africa.The heat pump water heater market in Asia Pacific accounted for the largest market share of XX.X% in 2019 and is expected to continue to dominate over the forecast period owing to increasing use of renewable energy and energy efficient products.Many emerging economies such as China, India, New Zealand and Malaysia are located in the region.These countries are taking many measures to promote the installation of water heaters to improve energy efficiency and reduce environmental pollution.The growth of the market in this region will be driven by the increase in construction activities and the government’s focus on improving energy efficiency and reducing carbon emissions in the region.In addition, the need to replace legacy systems with modern and sustainable systems and the development of enhanced heat pump functionality using sensors and touchscreen interfaces will also drive growth in the EMEA region.Competitive Landscape: The heat pump water heater market, which is highly competitive, consists of Midea Group (China), RHEEM Manufacturing Company (US), Daikin (Japan), AO Smith (US), Bosch Industries (Germany) and Ingersoll Rand (US) ) and several other major companies.Heat pump water heater market share.Other players analyzed in this report include Viessmann Group (Germany), NIBE Energy Systems (Sweden), Valliant Group (Germany), Daikin (Japan), Mitsubishi Electric (Japan), Glen Dimplex (Ireland), Stiebel Eltron (Germany), and others .Market competition is intensified due to the availability of many players offering heat pump water heaters.In August 2020, Panasonic launched heating and cooling products in partnership with System air on technology, offering its customers more options related to HVAC products, including heat pumps.The two companies will have their own distribution channels and brands for these products.Heat Pump Water Heaters Market is further segmented by region: North America Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – United States & Canada Latin America Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – Mexico, Argentina, Brazil & Rest of Latin America Europe Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, Northern Europe , Russia, Turkey and Rest of Europe Asia Pacific Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – India, China, Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of Asia Pacific Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – North Africa, Israel, GCC, South Africa and Other MENA Heat Pump Water Heaters Market Report Also Contains Analysis: Heat Pump Water Heaters Market Segmentation: By Type: Air Source Geothermal alBy Liter:Up to 500 LT500?1,000 LTAbove 1,000 LT By Rated Capacity:Up to 10 kW10?20 kW20?30 kW30?100 kW10–150 kWAbove 150 kWH Heat Pump Water Heater Market Dynamics Heat Pump Water Heater Market Size Supply and Demand Current Trends/Issues/Challenges Market Value Chain Competition and Companies Involved in Market Drivers and Restraints of Heat Pump Water Heaters Market FAQ Which segment is expected to hold the largest market share?What is the projected CAGR of the market from 2020 to 2030?Who are the key players in the Heat Pump Water Heater Market?What are the challenging factors for the growth of the heat pump water heater market?What are the growth drivers for the heat pump water heater market?Read the full report: https://www.reportlinker.com/p06191729/?utm_source=GNWA About ReportlinkerReportLinker is an award-winning market research solution.Reportlinker finds and organizes the latest industry data so you have all the market research you need in one place, instantly.______________________________