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.
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.
Market Report Segmentation
By Storage Tank- Up to 500 L
- 500-1,000 L
- Above 1,000 L
- R410A
- R407C
- R744
- Others
- Air-to-Air
- Air-to-Water
- Water Source
- Geothermal & Hybrid
- Residential
- Commercial
- Industrial
- Upto 10 KW
- 10 - 20 KW
- 20 - 30 KW
- 30 - 100 KW
- Others
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Heat Pump Water Heater Market by Storage Tank
Chapter 6. North America Heat Pump Water Heater Market by Refrigerant Type
Chapter 7. North America Heat Pump Water Heater Market by Type
Chapter 8. North America Heat Pump Water Heater Market by End-User
Chapter 9. North America Heat Pump Water Heater Market by Rated Capacity
Chapter 10. North America Heat Pump Water Heater Market by Country
Chapter 11. Company Profiles
Companies Mentioned
- 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.
Methodology
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