The Asia Pacific Heat Pump Water Heater Market would witness market growth of 11.5% CAGR during the forecast period (2023-2030).
Industries, including food processing, textiles, and chemicals, benefit from the adaptability and scalability of HPWHs to meet their specific hot water needs. HPWHs can be employed to heat water for swimming pools and recreation facilities. Their efficiency in extracting heat from the ambient air makes them suitable for maintaining optimal water temperatures in these settings, offering a cost-effective and environmentally friendly alternative to traditional heating methods. Agriculture and horticulture operations often require hot water for greenhouse heating and other agricultural processes.
Manufacturers are incorporating Wi-Fi connectivity, mobile apps, and smart home integration features. These technologies allow users to monitor and control their HPWHs remotely, optimize performance, and even schedule heating cycles, enhancing user convenience and energy management. Hybrid water heating systems, combining HPWH technology with traditional heating methods, are gaining popularity. These systems leverage both technologies' strengths, ensuring a consistent hot water supply even in extreme weather conditions. Hybrid configurations maximize energy efficiency and provide a seamless transition for users accustomed to conventional water heaters.
China has set ambitious energy efficiency targets to reduce carbon emissions and promote sustainable development. The integration of renewable energy sources, such as solar and wind power, is a focus in China. China's ongoing urbanization and new construction projects create opportunities to integrate modern and energy-efficient technologies. The increasing middle-class population in China is driving demand for improved living standards and comfort. China has been facing challenges related to air quality and pollution. Increasing awareness among Chinese consumers about energy efficiency and environmental impact influences purchasing decisions. Therefore, due to the above-mentioned factors, the market will grow significantly in this region.
The China market dominated the Asia Pacific Heat Pump Water Heater Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,065.2 million by 2030. The Japan market is registering a CAGR of 10.8% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 12.2% during (2023 - 2030).
Based on Storage Tank, the market is segmented into Up to 500 L, 500-1,000 L, and Above 1,000 L. Based on Refrigerant Type, the market is segmented into R410A, R407C, R744, and Others. Based on Type, the market is segmented into Air-to-Air, Air-to-Water, Water Source, and Geothermal & Hybrid. Based on End-User, the market is segmented into Residential, Commercial, and Industrial. Based on Rated Capacity, the market is segmented into Upto 10 KW, 10 - 20 KW, 20 - 30 KW, 30 - 100 KW, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Industries, including food processing, textiles, and chemicals, benefit from the adaptability and scalability of HPWHs to meet their specific hot water needs. HPWHs can be employed to heat water for swimming pools and recreation facilities. Their efficiency in extracting heat from the ambient air makes them suitable for maintaining optimal water temperatures in these settings, offering a cost-effective and environmentally friendly alternative to traditional heating methods. Agriculture and horticulture operations often require hot water for greenhouse heating and other agricultural processes.
Manufacturers are incorporating Wi-Fi connectivity, mobile apps, and smart home integration features. These technologies allow users to monitor and control their HPWHs remotely, optimize performance, and even schedule heating cycles, enhancing user convenience and energy management. Hybrid water heating systems, combining HPWH technology with traditional heating methods, are gaining popularity. These systems leverage both technologies' strengths, ensuring a consistent hot water supply even in extreme weather conditions. Hybrid configurations maximize energy efficiency and provide a seamless transition for users accustomed to conventional water heaters.
China has set ambitious energy efficiency targets to reduce carbon emissions and promote sustainable development. The integration of renewable energy sources, such as solar and wind power, is a focus in China. China's ongoing urbanization and new construction projects create opportunities to integrate modern and energy-efficient technologies. The increasing middle-class population in China is driving demand for improved living standards and comfort. China has been facing challenges related to air quality and pollution. Increasing awareness among Chinese consumers about energy efficiency and environmental impact influences purchasing decisions. Therefore, due to the above-mentioned factors, the market will grow significantly in this region.
The China market dominated the Asia Pacific Heat Pump Water Heater Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,065.2 million by 2030. The Japan market is registering a CAGR of 10.8% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 12.2% during (2023 - 2030).
Based on Storage Tank, the market is segmented into Up to 500 L, 500-1,000 L, and Above 1,000 L. Based on Refrigerant Type, the market is segmented into R410A, R407C, R744, and Others. Based on Type, the market is segmented into Air-to-Air, Air-to-Water, Water Source, and Geothermal & Hybrid. Based on End-User, the market is segmented into Residential, Commercial, and Industrial. Based on Rated Capacity, the market is segmented into Upto 10 KW, 10 - 20 KW, 20 - 30 KW, 30 - 100 KW, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
List of Key Companies Profiled
- Panasonic Holdings Corporation
- LG Electronics, Inc. (LG Corporation)
- Mitsubishi Electric Corporation
- Haier Smart Home Co., Ltd. (Haier Group Corporation)
- Carrier Global Corporation (Carrier)
- The Glen Dimplex Group
- Robert Bosch GmbH (Bosch Thermotechnology Corporation)
- A.O. Smith Corporation
- Trane Technologies PLC
- Daikin Industries Ltd.
Market Report Segmentation
By Storage Tank- Up to 500 L
- 500-1,000 L
- Above 1,000 L
- R410A
- R407C
- R744
- Others
- Air-to-Air
- Air-to-Water
- Water Source
- Geothermal & Hybrid
- Residential
- Commercial
- Industrial
- Upto 10 KW
- 10 - 20 KW
- 20 - 30 KW
- 30 - 100 KW
- Others
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Asia Pacific Heat Pump Water Heater Market by Storage Tank
Chapter 6. Asia Pacific Heat Pump Water Heater Market by Refrigerant Type
Chapter 7. Asia Pacific Heat Pump Water Heater Market by Type
Chapter 8. Asia Pacific Heat Pump Water Heater Market by End-User
Chapter 9. Asia Pacific Heat Pump Water Heater Market by Rated Capacity
Chapter 10. Asia Pacific Heat Pump Water Heater Market by Country
Chapter 11. Company Profiles
Companies Mentioned
- Panasonic Holdings Corporation
- LG Electronics, Inc. (LG Corporation)
- Mitsubishi Electric Corporation
- Haier Smart Home Co., Ltd. (Haier Group Corporation)
- Carrier Global Corporation (Carrier)
- The Glen Dimplex Group
- Robert Bosch GmbH (Bosch Thermotechnology Corporation)
- A. O. Smith Corporation
- Trane Technologies PLC
- Daikin Industries Ltd.
Methodology
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