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North America Heat Pump Water Heater Market Size, Share & Trends Analysis Report By Storage Tank, By Refrigerant Type, By Type (Air-to-Air, Air-to-Water, Water Source, and Geothermal & Hybrid), By End-User, By Rated Capacity, By Country and Growth Forecas

Publisher Knowledge Based Value (KBV) Research
Published Feb 16, 2024
Length 157 Pages
SKU # KBV18592686

Description

North America Heat Pump Water Heater Market Size, Share & Trends Analysis Report By Storage Tank, By Refrigerant Type, By Type (Air-to-Air, Air-to-Water, Water Source, and Geothermal & Hybrid), By End-User, By Rated Capacity, By Country and Growth Forecast, 2023 - 2030


The North America Heat Pump Water Heater Market would witness market growth of 10.9% CAGR during the forecast period (2023-2030).

One of the primary drivers for adopting heat pump water heater (HPWHs) is the potential for long-term energy cost savings. Although the initial investment may be higher than conventional water heaters, the energy efficiency of HPWHs often results in lower operational costs over the system's lifespan. As energy prices fluctuate, consumers and businesses are increasingly attracted to solutions that offer stability and cost-effectiveness. Continuous advancements in HPWH technology contribute to increased adoption rates. Manufacturers invest in research and development to enhance these systems' performance, efficiency, and reliability.

Manufacturers, energy agencies, and environmental organizations are actively involved in educating the public about the advantages of HPWHs, dispelling myths, and providing information to help consumers make informed decisions about transitioning to this energy-efficient water heating technology. One of the primary uses of HPWHs is in residential settings for heating water used in households. These systems are commonly installed to provide hot water for domestic activities such as bathing, cooking, and cleaning. The energy efficiency of HPWHs makes them an appealing choice for environmentally conscious homeowners seeking to reduce their carbon footprint and energy bills.

In Canada, numerous federal and provincial government programs provide tax credits, rebates, and incentives to promote using energy-efficient equipment, such as heat pumps and water heaters. These solutions are more enticing and accessible to Canadian customers because of these financial incentives. Canada's diverse climate, with cold winters in many regions, makes the efficiency of heating systems crucial. Heat pump water heaters, despite seasonal variations, are designed to operate efficiently in colder climates, providing a viable solution for Canadian households. Education campaigns by manufacturers, utilities, and government agencies help inform Canadian consumers about the advantages of these systems. Hence, the factors mentioned above will drive the regional market growth.

The US market dominated the North America 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 $2,117.7 million by 2030. The Canada market is experiencing a CAGR of 13.4% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 12.5% 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 U.S., Mexico, Canada, and Rest of North America.

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.
North America Heat Pump Water Heater Market Report Segmentation

By Storage Tank
  • Up to 500 L
  • 500-1,000 L
  • Above 1,000 L
By Refrigerant Type
  • R410A
  • R407C
  • R744
  • Others
By Type
  • Air-to-Air
  • Air-to-Water
  • Water Source
  • Geothermal & Hybrid
By End-User
  • Residential
  • Commercial
  • Industrial
By Rated Capacity
  • Upto 10 KW
  • 10 - 20 KW
  • 20 - 30 KW
  • 30 - 100 KW
  • Others
By Country
  • US
  • Canada
  • Mexico
  • Rest of North America

Table of Contents

157 Pages
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Heat Pump Water Heater Market, by Storage Tank
1.4.2 North America Heat Pump Water Heater Market, by Refrigerant Type
1.4.3 North America Heat Pump Water Heater Market, by Type
1.4.4 North America Heat Pump Water Heater Market, by End-User
1.4.5 North America Heat Pump Water Heater Market, by Rated Capacity
1.4.6 North America Heat Pump Water Heater Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Opportunities
3.2.3 Market Restraints
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.2.4 Geographical Expansion
4.3 Market Share Analysis, 2022
4.4 Top Winning Strategies
4.4.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.4.2 Key Strategic Move: (Product Launches and Product Expansions : 2020, May – 2024, Jan) Leading Players
4.5 Porter’s Five Forces Analysis
Chapter 5. North America Heat Pump Water Heater Market by Storage Tank
5.1 North America Up to 500 L Market by Country
5.2 North America 500-1,000 L Market by Country
5.3 North America Above 1,000 L Market by Country
Chapter 6. North America Heat Pump Water Heater Market by Refrigerant Type
6.1 North America R410A Market by Country
6.2 North America R407C Market by Country
6.3 North America R744 Market by Country
6.4 North America Others Market by Country
Chapter 7. North America Heat Pump Water Heater Market by Type
7.1 North America Air-to-Air Market by Country
7.2 North America Air-to-Water Market by Country
7.3 North America Water Source Market by Country
7.4 North America Geothermal & Hybrid Market by Country
Chapter 8. North America Heat Pump Water Heater Market by End-User
8.1 North America Residential Market by Country
8.2 North America Commercial Market by Country
8.3 North America Industrial Market by Country
Chapter 9. North America Heat Pump Water Heater Market by Rated Capacity
9.1 North America Upto 10 KW Market by Country
9.2 North America 10 - 20 KW Market by Country
9.3 North America 20 - 30 KW Market by Country
9.4 North America 30 - 100 KW Market by Country
9.5 North America Others Market by Country
Chapter 10. North America Heat Pump Water Heater Market by Country
10.1 US Heat Pump Water Heater Market
10.1.1 US Heat Pump Water Heater Market by Storage Tank
10.1.2 US Heat Pump Water Heater Market by Refrigerant Type
10.1.3 US Heat Pump Water Heater Market by Type
10.1.4 US Heat Pump Water Heater Market by End-User
10.1.5 US Heat Pump Water Heater Market by Rated Capacity
10.2 Canada Heat Pump Water Heater Market
10.2.1 Canada Heat Pump Water Heater Market by Storage Tank
10.2.2 Canada Heat Pump Water Heater Market by Refrigerant Type
10.2.3 Canada Heat Pump Water Heater Market by Type
10.2.4 Canada Heat Pump Water Heater Market by End-User
10.2.5 Canada Heat Pump Water Heater Market by Rated Capacity
10.3 Mexico Heat Pump Water Heater Market
10.3.1 Mexico Heat Pump Water Heater Market by Storage Tank
10.3.2 Mexico Heat Pump Water Heater Market by Refrigerant Type
10.3.3 Mexico Heat Pump Water Heater Market by Type
10.3.4 Mexico Heat Pump Water Heater Market by End-User
10.3.5 Mexico Heat Pump Water Heater Market by Rated Capacity
10.4 Rest of North America Heat Pump Water Heater Market
10.4.1 Rest of North America Heat Pump Water Heater Market by Storage Tank
10.4.2 Rest of North America Heat Pump Water Heater Market by Refrigerant Type
10.4.3 Rest of North America Heat Pump Water Heater Market by Type
10.4.4 Rest of North America Heat Pump Water Heater Market by End-User
10.4.5 Rest of North America Heat Pump Water Heater Market by Rated Capacity
Chapter 11. Company Profiles
11.1 Panasonic Holdings Corporation
11.1.1 Company Overview
11.1.2 Financial Analysis
11.1.3 Segmental and Regional Analysis
11.1.4 Research & Development Expenses
11.1.5 Recent strategies and developments:
11.1.5.1 Partnerships, Collaborations, and Agreements:
11.1.5.2 Product Launches and Product Expansions:
11.1.6 SWOT Analysis
11.2 LG Electronics, Inc. (LG Corporation)
11.2.1 Company Overview
11.2.2 Financial Analysis
11.2.3 Regional & Segmental Analysis
11.2.4 Research & Development Expenses
11.2.5 Recent strategies and developments:
11.2.5.1 Partnerships, Collaborations, and Agreements:
11.2.5.2 Product Launches and Product Expansions:
11.2.6 SWOT Analysis
11.3 Mitsubishi Electric Corporation
11.3.1 Company Overview
11.3.2 Financial Analysis
11.3.3 Segmental and Regional Analysis
11.3.4 Research & Development Expense
11.3.5 Recent strategies and developments:
11.3.5.1 Product Launches and Product Expansions:
11.3.6 SWOT Analysis
11.4 Haier Smart Home Co., Ltd. (Haier Group Corporation)
11.4.1 Company Overview
11.4.2 Financial Analysis
11.4.3 Segmental and Regional Analysis
11.4.4 Research & Development Expense
11.4.5 SWOT Analysis
11.5 Carrier Global Corporation (Carrier)
11.5.1 Company Overview
11.5.2 Financial Analysis
11.5.3 Segmental and Regional Analysis
11.5.4 Research & Development Expenses
11.5.5 Recent strategies and developments:
11.5.5.1 Product Launches and Product Expansions:
11.5.5.2 Acquisition and Mergers:
11.5.6 SWOT Analysis
11.6 The Glen Dimplex Group
11.6.1 Company Overview
11.6.2 SWOT Analysis
11.7 Robert Bosch GmbH (Bosch Thermotechnology Corporation)
11.7.1 Company Overview
11.7.2 Financial Analysis
11.7.3 Segmental and Regional Analysis
11.7.4 Research & Development Expense
11.7.5 Recent strategies and developments:
11.7.5.1 Product Launches and Product Expansions:
11.7.5.2 Geographical Expansions:
11.7.6 SWOT Analysis
11.8 A. O. Smith Corporation
11.8.1 Company Overview
11.8.2 Financial Analysis
11.8.3 Regional Analysis
11.8.4 Research & Development Expense
11.8.5 Recent strategies and developments:
11.8.5.1 Acquisition and Mergers:
11.8.6 SWOT Analysis
11.9 Trane Technologies PLC
11.9.1 Company Overview
11.9.2 Financial Analysis
11.9.3 Regional Analysis
11.9.4 Research & Development Expense
11.9.5 Recent strategies and developments:
11.9.5.1 Product Launches and Product Expansions:
11.9.6 SWOT Analysis
11.10. Daikin Industries Ltd.
11.10.1 Company Overview
11.10.2 Financial Analysis
11.10.3 Segmental and Regional Analysis
11.10.4 Research & Development Expenses
11.10.5 Recent strategies and developments:
11.10.5.1 Product Launches and Product Expansions:
11.10.5.2 Geographical Expansions:
11.10.6 SWOT Analysis

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