Global Heat Pump Water Heater Market 2017-2021
About Heat Pump Water Heater
Heat pump water heaters generally use electricity to move heat from one place to another instead of generating heat directly, which helps in reducing energy consumption by three times compared with conventional electric resistance water heaters. To move the heat from one place to other, the heat pump water heaters work like a refrigerator but in reverse, as the heat pump water heaters pull the heat from the surrounding air and keep it at a higher temperature in a tank to heat water.
Technavio’s analysts forecast the global heat pump water heater market to grow at a CAGR of 11.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global heat pump water heater market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Heat Pump Water Heater Market 2017-2021
Technavio recognizes the following companies as the key players in the global heat pump water heater market: A.O. Smith, Daikin Industries, Danfoss, and NIBE
Other Prominent Vendors in the market are: alpha innotec, GE Appliances, Gree, Hangzhou Jinjiang Solar, Hayward Industries, Johnson Controls - Hitachi Air Conditioning, Zodiac Pool Solutions (Jandy), Midea, MTechnologysubishi Electric, New Energy, Panasonic, Pentair, STIEBEL ELTRON, Technologyomic, Thermia, Tongyi, Toshiba, Viessmann, and Zhongrui.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is tax credits in the US for retrofitting. The Environment Protection Agency (EPA) in the US launched the Energy Star program in 1992, which identifies and promotes energy efficiency in products, homes, and buildings nationwide. Energy Star offers tax credits on the purchase or retrofitting of air-source heat pumps.”
According to the report, one driver in the market is growing demand for geothermal heat pumps. GSHPs, which are also called geothermal heat pumps, are central heating/cooling systems that either transfer heat from or to the ground. Depending on the application, these systems make use of the earth as the heat source or sink. Although geothermal heat pumps have been in existence since the 1940s, they have gained widespread adoption and acceptance only recently owing to their environmental benefits.
Further, the report states that one challenge in the market is challenging market conditions. The heat pump market is highly competitive in nature, wherein the product uses a wide variety of alternative technologies to perform the same functions. Heating technologies such as electric and gas water heaters cost significantly less when compared with heat pumps, and they are easier to install, making them a preferred choice in heating technologies. These have resulted in challenging market conditions for heat pump vendors.
A.O. Smith, Daikin Industries, Danfoss, and NIBEOther Prominent Vendors in the market are: alpha innotec, GE Appliances, Gree, Hangzhou Jinjiang Solar, Hayward Industries, Johnson Controls - Hitachi Air Conditioning, Zodiac Pool Solutions (Jandy), Midea, MTechnologysubishi Electric, New Energy, Panasonic, Pentair, STIEBEL ELTRON, Technologyomic, Thermia, Tongyi, Toshiba, Viessmann, and Zhongrui.