Market Insight-Global Heat Pump Water Heaters Market Overview 2022

Global Heat Pump Water Heaters market was valued at USD 4104.32 million in 2021 and is expected to reach USD 6988.99 million by the end of 2029, growing at a CAGR of 6.08% between 2022 and 2029.- Bossonresearch.com

Heat Pump Water Heaters is a device which uses electricity to move heat from one place to another instead of generating heat directly. Therefore, it can be two to three times more energy efficient than conventional electric resistance water heaters. To move the heat, heat pumps work like a refrigerator in reverse. Heat pumps are more energy efficient than standard water heaters because instead of using energy to generate new heat, they collect existing ambient heat and transfer it to the water.

The global Heat Pump Water Heaters market size is projected to reach US$ 6988.99 Million by 2029 from US$ 4104.32 million in 2022 at a CAGR of 7.10% during 2023-2029. Green features and government incentives are the key factors for the development of the heat pump water heater market core drive. Due to increasing CO2 emissions, many countries aim to reduce primary energy demand and implement policies to limit greenhouse gas emissions. Heat pump water heaters are one of the most promising technologies for reducing greenhouse gas emissions. In fact, energystar.gov estimates that if all residential water heaters were replaced with heat pump water heaters, annual cost savings of $12 billion and up to 140 billion pounds of greenhouse gas emissions would be achieved. Carbon emissions associated with energy consumption and electricity generation can be significantly reduced by using heat pump water heater systems instead of fossil fuel based systems. This has driven an increase in the number of installations of heat pump water heaters in the residential, commercial, and industrial segments.
Driving Factors

The main advantages of the product

1) Save electricity bills. One of the main drivers for the adoption of heat pump water heaters is their high energy efficiency. From a technical point of view, the basic principles of heat pump water heaters are similar to related technologies in the air-conditioning industry, but they are different from the use of air-conditioning in terms of the design of core heat exchange components such as heat exchangers and intelligent defrosting technology. Air energy heat pumps have advantages in thermal efficiency. According to the European Heat Pump Association (EHPA), the heating efficiency of heat pump water heaters is 300%~400%, while the heating efficiency of electric heaters, oil-fired boilers, and gas-fired boilers is below 100%.

2) High security. Although ordinary electric water heaters have various safety protections, there are still potential safety hazards of electric leakage. The heat pump water heater uses water and electricity separation technology, and uses a coil heat exchanger for heat exchange, so that there is no need to worry about potential safety hazards during use, so that users can feel more at ease.

3) Environmental protection. Gas water heaters produce gases such as carbon monoxide and carbon dioxide, which are not good for global environmental protection. The air energy water heater will not produce any toxic and harmful gases. In today's concept of energy saving and emission reduction, it is a water heater that is truly energy-saving and environmentally friendly.

4) Dehumidification. General heat pump water heaters have a maximum dehumidification capacity of 6-8 kg per day for 24 hours, and the effect is more obvious in rainy weather, especially suitable for humid countries and regions.

Reducing carbon dioxide emissions

The production and consumption of energy results in the emission of carbon dioxide (CO2), which is released in large quantities through the burning of fossil fuels such as coal, oil and natural gas. Due to increasing CO2 emissions, many countries aim to reduce primary energy demand and implement policies to limit greenhouse gas emissions. Heat pump water heaters are one of the most promising technologies for reducing greenhouse gas emissions. Heat pump water heaters provide an energy-efficient way of providing heating through air thermal and geothermal technologies. Exhaust air, ground water, and surface water (lakes, rivers, or ponds) are other examples of common heat sources. Heat pump water heaters absorb ambient heat from the air, water, and ground at low temperatures, and use energy input (mainly electricity) to raise the water temperature level. To heat water, air-source or water-source heat pumps use 66% to 80% of the heat from renewable heat sources in the environment and 20% to 33% of the electricity used for the heat pump compressor. Therefore, by using a heat pump water heater system instead of a fossil fuel based system, the carbon emissions associated with energy consumption and electricity generation can be significantly reduced. This has driven an increase in the number of installations of heat pump water heaters in the residential, commercial, and industrial segments.

Integration of IoT and Heat Pump Water Heaters

Internet of Things (IoT) enabled heat pump water heater systems are expected to provide real-time monitoring, predictive maintenance, and remote diagnostics for heat pump water heaters. The IoT enabled heat pump water heater system consists of smart thermostats that help to monitor environmental changes and communicate with the heat pump water heater equipment. Technologically advanced software enables heat pump water heater systems to use data to continuously improve efficiency and energy savings. For example, a building management system (BMS) involves installing sensors, software, networking and cloud-based data storage. Their functions include managing boilers, chillers, pumps, air handling units, rooftop units, heat pumps, VAV boxes, radiators, fan coil units, exhaust fans as well as security and safety operations. These systems help facility managers easily manage heat pump water heater systems, saving time and money. Integration with IoT helps to track anomalies in heat pump water heaters, thereby reducing system failures. Hence, the integration of IoT and heat pump water heaters offers significant opportunities for market growth.

Growing demand for industrial applications

Heat pump water heaters are not limited to residential use. The industrial sector has recognized their potential for energy savings and the need to comply with environmental standards. Industries such as hotels, hospitals, manufacturing facilities, and commercial buildings have turned to heat pump water heaters to reduce energy consumption and operating costs. Adoption in the industrial sector is further contributing to the growth and development of the heat pump water heater market.

Government Incentives and Regulations

Governments around the world have recognized the energy-saving potential of heat pump water heaters and implemented various incentives and regulations to promote their adoption. These incentives can include tax credits, tax rebates or grants to reduce upfront costs for consumers. Additionally, building codes and energy efficiency standards have been updated to encourage or mandate the use of energy-efficient appliances, including heat pump water heaters. These policies and measures have created a favorable market environment, driving the demand for heat pump water heaters.

Global sales of heat pumps are expected to soar to record levels in the coming years, the International Energy Agency (IEA) said in a special report on The Future of Heat Pumps. And believes that if governments succeed in advancing their emissions reduction and energy security targets, annual sales of heat pumps in the EU could soar from 2 million in 2021 to 7 million by 2030, equivalent to a 2.5-fold increase. IEA Director Birol said that heat pumps are an integral part of emission reduction and development, as well as a solution to the current energy crisis in the European Union.

Energy conservation and energy efficiency stipulated by the law are long-term influencing factors, and the subsidy policies introduced by various countries are short-term factors (the 21-year "Federal Building Energy Efficiency Funding Plan" provides 35%-45% of the cost of installing heat pumps as subsidies, if it is the overall renovation of building comprehensive energy efficiency then an additional +5% subsidy), the two are expected to jointly promote the growth of the heat pump product market.

Advances in technology

Advances in heat pump technology have promoted the development of heat pump water heaters. Manufacturers have improved the efficiency and performance of heat pumps through innovations in compressor technology, heat exchangers, and control systems. Many brands use cutting-edge new energy power generation technology and frequency conversion power-saving technology to make power generation more efficient and consume less energy, which greatly saves users' electricity costs and has great competitiveness. These advancements have resulted in more reliable and cost-effective heat pump water heaters, further driving their adoption.

For example, with the progress of heat pump technology, low-temperature air energy heat pump products have been developed, and the latest air jet enthalpy increase technology is used to solve the problem of low heating efficiency at low temperatures. In Antarctica, Xinjiang and other regions, heat pump water heaters have been used to achieve ultra-low temperature Examples of heating and hot water supply in the environment. The low temperature environment is no longer the "soft underbelly" of heat pump water heaters in the cold climate market.

Russo-Ukrainian War

After the Russia-Ukraine conflict, the European energy structure urgently needs to be transformed. According to the World Energy Statistics Report, natural gas will account for 25% of the European energy consumption structure in 2021; natural gas imported from Russia will account for nearly 40% of natural gas consumption. In the first half of 2021, power shortages swept across Europe, and energy prices rose rapidly. After the Russia-Ukraine conflict in 2022, European oil and gas prices will skyrocket. According to World Bank data, natural gas and Brent crude oil prices have increased by 50% and 41% respectively compared to before the Russo-Ukrainian war, which has exacerbated inflation in Europe. The European Union launched the "RepowerEU" energy plan in May 2022. In order to reduce energy dependence on Russia, it proposed rapid deployment of heat pumps, integration of solar energy and other clean energy sources. In 2022H1, UK natural gas futures prices and Brent crude oil futures prices rose by 278% and 61% year-on-year respectively. In the context of high energy prices, heat pump water heaters will meet the needs of European families for efficient and energy-saving heating solutions.

In the next few years, Russia's oil and gas production and export restrictions will lead to a continuous shortage of global natural gas supply. Coupled with the low willingness to invest in fossil energy and the increase in the proportion of renewable energy caused by the carbon neutrality action of carbon peak, the stability of global energy supply will be obvious. Reduced, and even mild supply shortage crises will occur frequently. This will also drive the demand for heat pump water heaters.

Global Retinal Surgery Devices Market: Competitive Landscape

According to our calculations, in 2022, the two indicators used to measure the concentration of the global Heat Pump Water Heaters market, HHI and CR5, will be 26.95% and 1.49% respectively. This means that the Heat Pump Water Heaters market remains fragmented and the manufacturers within it are highly competitive. Key players in the current market include Panasonic, Haier, Mitsubishi Electric, PHNIX, GREE, A. O. Smith, Guangdong New Energy Technology Development Co., Ltd, General Electric Appliances (GE), Midea, Rheem, ATLANTIC, vanward, Viessmann, Solareast Holdings Co.,ltd., Daikin, Dimplex, Hitachi, Hayward, Rinnai Corporation, OUTES, Thermia, Toshiba, Bradford White Corporation, Pentair, Itomic.

Key players in the Retinal Surgery Devices Market include:

Panasonic

Haier

Mitsubishi Electric

PHNIX

GREE

O. Smith

Guangdong New Energy

General Electric Appliances (GE)

Midea

Rheem

ATLANTIC

vanward

Viessmann

Solareast Holdings Co.,ltd.

Daikin

Dimplex

Hitachi

Hayward

Rinnai Corporation

OUTES

Thermia

Toshiba

Bradford White Corporation

Pentair

Itomic

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