Increase in urbanization and economic growth has led to rise in construction of shopping malls, hospitals, commercial buildings, hotels, and manufacturing facilities. The expansion of commercial spaces, new office surfaces, corporate centers & special economic zones (SEZs), and organized points of sale drives the demand for commercial heat pump water heater market growth in all countries. The commercial heat pump water heater market size is expected to grow significantly in the coming years, driven by a number of factors, such as increase in energy costs, government incentives, and growth in awareness of environmental benefits.
WILMINGTON, Del., Nov. 24, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Commercial Heat Pump Water Heater Market by Type (Air Source, Geothermal), by Storage (Up to 500 L, 500‒1,000 L, Above 1,000 L), by Capacity (Up to 10 kW, Above 10 kW) by Refrigerant (R410A, R407C, R744): Global Opportunity Analysis and Industry Forecast, 2023-2032″.According to the report, the Commercial Heat Pump Water Heater Market was valued for $299.4 million in 2022 and is estimated to reach $608.5 million by 2032, exhibiting a CAGR of 7.4% from 2023 to 2032.
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Prime determinants of growth
Growth of the commercial heat pump water heater industry is primarily influenced by stringent government regulations, climate change concerns, technological advancements, rise in consumer demand, and resource scarcity. These factors collectively drive innovation & adoption of energy-efficient models to address environmental challenges and promote sustainability. Further, there is lack of awareness regarding the benefits related to commercial heat pump water heater that it provides energy conservation and reduces CO2 emissions.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$299.4 million |
|
Market Size in 2032 |
$608.5 million |
|
CAGR |
7.4 % |
|
No. of Pages in Report |
389 |
|
Segments covered |
Type, Storage, Capacity, Refrigerant, and Region. |
|
Drivers |
Increase in affordability |
|
Advancement in refrigerants |
|
|
Opportunities |
Need for energy-efficient heat pump water heater systems |
|
Restraints |
High installation cost and space requirement |
Impact Scenario
- The impact of the Russia–Ukraine war on the commercial heat pump water heater market may vary by region. Ukraine plays a significant role in the global supply chain for various raw materials, components, and electronic parts used in the manufacturing of commercial heat pump water heaters.
- Disruptions in the supply chain can lead to delays in production & potentially increase manufacturing costs. Supply disruptions and increase in manufacturing costs may result in price volatility in the commercial heat pump water heater market, which can affect both manufacturers and consumers. Higher energy costs could encourage businesses and individuals to invest in more energy-efficient commercial heat pump water heaters.
The air source segment to maintain its leadership status throughout the forecast period
Based on type, the air source segment held the highest market share in 2022, accounting for more than four-fifths of the global commercial heat pump water heater market revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to need for energy-efficient & environmentally friendly water heating solutions in various industries along with rise in hospitality, restaurants, healthcare, agriculture, retail & commercial buildings, and recreation & sports facilities further drives the demand for air source heat pump water heater.
However, the geothermal segment is projected to manifest a CAGR of 7.9% from 2023 to 2032, as rise in commercial construction industry is a significant driver for the adoption of geothermal heat pump water heater.
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The 500‒1,000L segment to maintain its leadership status throughout the forecast period
Based on storage, the 500‒1,000L segment held the highest market share in 2022, accounting for more than half of the global commercial heat pump water heater market revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to rise in commercial heat pump water heater market trends such as demand for smart & connected features, hybrid systems, and advancement in refrigerant & compressor technology further drives the commercial heat pump water heater market.
However, up to 500 L segment is projected to manifest a CAGR of 7.8% from 2023 to 2032, as the 500L heat pump water heater stores a larger volume of hot water, which is used for various purposes such as bathing & washing dishes, depending on the specific application.
The above 10 kW segment to maintain its leadership status throughout the forecast period
Based on capacity, the above 10 kW segment held the highest market share in 2022, accounting for more than three-fourths of the global commercial heat pump water heater market revenue, and is estimated to maintain its leadership status throughout the forecast period. Heat pump water heaters with a capacity exceeding 10 kW play a significant role in the commercial heat pump water heater market and serves larger-scale applications such as hotels, restaurants, industrial facilities, and other commercial enterprises.
However, up to 10 kW segment is projected to manifest a CAGR of 7.7% from 2023 to 2032, the market for storage capacity of less than 10 kW is a significant growing segment within the commercial heat pump water heater market. Furthermore, heat pump water heaters with smaller capacity range are typically designed for residential & small-scale commercial applications.
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The R410A segment to maintain its leadership status throughout the forecast period
Based on refrigerant, R410A segment held the highest market share in 2022, accounting for more than two-fifths of the global commercial heat pump water heater market revenue, and is estimated to maintain its leadership status throughout the forecast period. R410A is a more environmentally friendly refrigerant than older types, such as R-22. It has a lower ozone depletion potential (ODP) and global warming potential (GWP).
However, the R744 segment is projected to manifest a CAGR of 7.9% from 2023 to 2032, R744 has gained popularity as a refrigerant in various applications, such as in supermarkets, cold storage facilities, and heat pump water heater.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global commercial heat pump water heater market revenue, and is likely to dominate the market during the forecast period. Asia-Pacific is expected to be the largest as well as the fastest growing region in the market during the forecast period. This is owing to increase in use of renewable energy and energy-efficient products.
Leading Market Players: –
- Daikin Industries, Ltd.
- Hitachi Ltds
- Mitsubishi Electric
- Panasonic Corporation
- Midea Group Co., Ltd.
- Samsung Electronics
- Sharp Corporation
- Electrolux AB
- LG Electronics
- Johnson Controls
The report provides a detailed commercial heat pump water heater market analysis of these key players. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their commercial heat pump water heater market share and maintain dominant position in different regions. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under commercial heat pump water heater market scope in this report. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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