Commercial Heat Pump Water Heater Market Size, Growth Analysis and Forecast To 2030

The commercial heat pump water heater market is being driven by the need for energy efficient technology that uses unconventional sources of energy in order to heat water. In addition, supportive regulations and grants offered by the government for utilizing the renewable sources of energy in applications like water heating are also anticipated to play a pivotal part in the growth of commercial heat pump water heaters market during the forecast period.

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Top Impacting Factors

  • The heat pump water heater offers an energy-efficient solution to substitute combustion of fossil fuels with aerothermal and geothermal technologies in order to heat the water for use in commercial applications. Exhaust air, groundwater, and surface water (lake, river, or pond) are the other examples of commonly used heat sources. In addition, supportive regulations and grants provided by the governments across the world for using renewable sources of energy in diverse applications are also anticipated to play a pivotal role in the growth of this market during the forecast period. 
  • Heat pump water heaters consume heat from the surrounding air, water, and ground at low temperatures and raise the temperature of the water needed to be heated, by the means of energy input, typically from electricity. In order to heat the water, air source or water source heat pump utilizes 66 to 80% of the heat from renewable sources; whereas 20 to 33% electrical energy for the heat pump compressor. Therefore, carbon emissions related with energy consumption and generation can be reduced significantly by using heat pump water heater systems instead of fossil fuel-based systems.
  • Conferring to a report published by the United Nations Environment Program, there is a lack of awareness among the end users about the energy efficiency, cost efficiency, and environmental benefits of heat pump water heaters. There is also a lack of awareness concerning the energy conservation and reduction of CO2 emissions offered by the commercial heat pump water heaters is a roadblock for the market. Higher cost of installation is another obstruction in the growth of this market.

Market Trends

  • New product launches to flourish the market: Continuous advancements are being made to deliver smart and more efficient heat pump water heaters into the market, such as Internet of Things enabled heat pump water heaters. They offer real-time monitoring, predictive maintenance, and remote diagnostics for heat pump water heaters, thus reducing the system failure.
  • The air source heat pump water heaters occupy the major share of the market as they offer exceptionally high operational efficiency and has a lower space requirement and installation cost in comparison with geothermal heat pump water heater. In terms of refrigerant used, R410A is expected to grow sharply due to its non-toxicity and low ozone depletion effect. 
  • The Asia-Pacific region is expected to be the major market for heat pump water heaters, especially the developing countries like India, China, Thailand, New Zealand and others, due to their resolve to reduce their carbon footprint by increasing the share of renewable energy and energy efficient technologies in their energy mix. 

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COVID-19 Impact analysis

The commercial heat pump water heater market faced the negative impact of the COVID 19 pandemic as the implementation of lockdowns across the globe as a measure to prevent the widespread of the COVID 19 pandemic, the construction and hospitality activities for both residential and commercial segment were on a halt or cancelled. The maintenance of the pre-existing structures were also postponed. On the other hand, the supply chain got disrupted, hampering movement of man, material and money to restore the growth of the global commercial heat pump water heater market. Furthermore, the financial health of the hospitality, construction & building industry as well as individuals also suffered from the impact of COVID 19 pandemic rendering the businesses unable to construct and the public unable to purchase or renovate their establishments. All these factors, cumulatively led to the decline in the sales and revenue of the commercial heat pump water heater.

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