Water heat pump heaters primarily utilize electricity to transfer heat directly from one location to another instead of introducing heat, which supports decreasing energy consumption by three times compared to the traditional electric water heaters. The heat pump water heaters function like a fridge to transfer the heat from one location to another but in converse, as the heat pump water heaters draw the heat from the surrounding air and control it in a tank at a greater temperature to heat water. The heat pump water heater saves energy by transporting the heat available (BTUs) in air to the water heater tank. They can be installed to draw heat from the indoor air (if cooling is wanted) or from outdoor air. The heat pump water heater delivers the best energy savings when utilized in areas where temperatures are mild.
According to the report analysis, ‘Global Heat Pump Water Heater Market: Market Segments: By Type (Air Source and Geothermal); By Liter (Up to 500 L, 500–1000 L and Above 1000 L); By Rated Capacity (Up to 10 kW, 10‒20 kW, 20‒30 kW, 30‒100 kW, 10–150 kW and Above); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030’ states that energy efficient technology along with the usage of non-conventional energy sources for water heating are aspects propelling the growth of the Heat Pump Water Heater Market. Furthermore, it is also projected that assisting the legislation and grants for the usage of renewable energy sources in dissimilar applications will play a foremost role in the growth of this market during the review period. Owing to their environmental and cost-saving benefits, these heat pumps have gained widespread implementation and acceptance. In addition, initiatives from dissimilar countries’ governments are also underwriting to the increasing requirement for geothermal heat pumps. Also, the increasing emphasis on the usage of renewable energy to control climate change and environmental degradation in the near years would also fuel requirement for heat pump water market.
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In addition, the effective growth in population, along with speedy economic growth worldwide, would lead to an increment in energy requirement. Increased requirement for heat pumps would result from the integrated effect of economic growth and growing energy consumption. As the residential construction sector around developed countries recovers and housing requirement from developing countries augments, there will be sufficient requirement for HVAC systems, thus increasing the requirement for heat pumps. Therefore, during the forecast period, increasing energy consumption and robust requirement from the housing sector would add momentum to the worldwide heat pump market.
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The growth of the market in Asia Pacific region will be propelled by the augment in construction activities and the aim of governments in this region on increasing energy efficiency and decreasing carbon emissions. In addition, the requirement to replace conventional systems with modern and sustainable systems and developments in the usage of sensors and touchscreen interfaces to improve heat pump functionality would also propel the growth of the EMEA region.
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