commercial heat pump water heater market
Heat pump water heaters are used to move heat from the source to a sink, by utilizing electricity instead of generating heat directly. Heat pumps are used to facilitate the movement of thermal energy by absorbing heat from a cold space and release it. Further, several commercial businesses such as hotels, offices, retail stores, and restaurants, are installing heat pump water heater with an aim to lower electricity consumption.
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Presentation Transcript
Introduction The commercial heat pump water heater market was valued at $299.4 million in 2022, and is estimated to reach $608.5 million by 2032, growing at a CAGR of 7.4% from 2023 to 2032. heat pump water heater uses energy-efficient technology to heat water for various commercial applications. It operates on the same principles as a heat pump used for space heating & cooling but is specifically configured to heat water. In addition, rise in need for sustainable technologies from the commercial sector will bolster the product requirement. The majority of governments around the globe are implementing various policies and schemes to promote the distribution of clean technologies in the commercial sectors, and improving the technology perception. Furthermore, the 500L-1000L segment is anticipated to register a CAGR of 5.0% over the commercial heat pump water heater forecast period owing to rapid urbanization and rise in demand for commercial space. Report Overview
Increase in construction activities during the forecast period is expected to contribute to the Europe commercial heat pump water heater market growth. Moreover, stringent emission norms & regulations will compel constructors to install energy-efficient and renewable technologies, which is anticipated to stimulate the commercial heat pump water heater market demand. Air source heat pump water heater is expected to dominate commercial heat pump water heater market during forecast period owing to the need for energy- efficient and environmentally friendly water heating solutions in various industries. In addition, owing to rise in hospitality, restaurants, healthcare, agriculture, retail and commercial buildings, recreation and sports facilities further drives the demand for air source heat pump water heater. Report Overview
Key Findings Of The Study : On the basis of type, the air source segment accounts for more than four-fifths of the market share, in terms of revenue, in 2022. On the basis of storage, the 500 1,000 L segment accounts for more than half of the market share, in terms of revenue, in 2022. On the basis of capacity, the above 10 kW segment accounts for more than three- fourths of the market share, in terms of revenue, in 2022. On the basis of refrigerant, the R410A segments accounts for more than two-fifths of the market share, in terms of revenue, in 2022. Region-wise, Asia-Pacific accounts for nearly two-fifths of the market share, in terms of revenue, in 2022. Report Overview
Key Market Players: Viessmann Group Midea Group Co. Ltd. Daikin Industries Ltd. Valliant Group Rheem Manufacturing Company Inc. NIBE Energy Systems Ingersoll Rand Bosch Industries Report Overview
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