Global Heat Pump Water Heater Market to Reach $168.7 Billion by 2027
Amid the COVID-19 crisis, the global market for Heat Pump Water Heater estimated at US$88.9 Billion in the year 2020, is projected to reach a revised size of US$168.7 Billion by 2027, growing at a CAGR of 9.6% over the period 2020-2027. Air-To-Water Heat Pumps, one of the segments analyzed in the report, is projected to record 9.4% CAGR and reach US$123.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ground Source Heat Pumps segment is readjusted to a revised 10.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $24 Billion, While China is Forecast to Grow at 12.7% CAGR
The Heat Pump Water Heater market in the U.S. is estimated at US$24 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$35.5 Billion by the year 2027 trailing a CAGR of 12.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 8.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR.
Select Competitors (Total 42 Featured):
Amid the COVID-19 crisis, the global market for Heat Pump Water Heater estimated at US$88.9 Billion in the year 2020, is projected to reach a revised size of US$168.7 Billion by 2027, growing at a CAGR of 9.6% over the period 2020-2027. Air-To-Water Heat Pumps, one of the segments analyzed in the report, is projected to record 9.4% CAGR and reach US$123.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ground Source Heat Pumps segment is readjusted to a revised 10.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $24 Billion, While China is Forecast to Grow at 12.7% CAGR
The Heat Pump Water Heater market in the U.S. is estimated at US$24 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$35.5 Billion by the year 2027 trailing a CAGR of 12.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 8.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR.
Select Competitors (Total 42 Featured):
- A.O. Smith Corporation
- ait-deutschland GmbH
- Daikin Industries Ltd.
- Danfoss A/S
- GE Appliances
- GREE, Inc.
- Guangdong Tongyi Heat Pump Science and Technology corp.
- Hayward Industries Inc.
- Johnson Controls - Hitachi Air Conditioning
- Midea Group Co., Ltd.
- Mitsubishi Electric Corporation
- NIBE Industrier AB
- Panasonic Corporation
- Pentair Plc
- Stiebel Eltron
- Thermia AB
- Toshiba Heat Pumps
- Viessmann Ltd.
- Zodiac Pool Systems, Inc.
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| Report Attribute | Details |
|---|---|
| No. of Pages | 273 |
| Published | April 2021 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value ( USD ) in 2020 | $ 88.9 Billion |
| Forecasted Market Value ( USD ) by 2027 | $ 168.7 Billion |
| Compound Annual Growth Rate | 9.6% |
I. METHODOLOGY
II. EXECUTIVE SUMMARY
III. MARKET ANALYSIS
IV. COMPETITION
II. EXECUTIVE SUMMARY
- Influencer Market Insights
- Impact of Covid-19 and a Looming Global Recession
III. MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 42
