LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global heat pump water heater market to grow at a CAGR of more than 11% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global heat pump water heater market for 2017-2021. The report also lists residential and non-residential sector as the two major end-user segments, of which the residential sector dominated the market with close to 53% of the market share in 2016.
According to Gaurav Mohindru, a lead analyst at Technavio for engineering tools research, “The global heat pump market is expected to grow significantly during the forecast period owing to the growth of the construction industry in developing countries, the need to conserve energy and the shift to unconventional sources of energy.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global heat pump water heater market:
- Rising global energy consumption coupled with recovery in housing sector
- Growing demand for geothermal heat pumps
- Operational benefits over conventional systems
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Rising global energy consumption coupled with recovery in housing sector
Growing population, along with rapid economic growth globally will lead to the increase in the demand for energy. The combined impact of economic growth and rising energy consumption will result in an increased demand for heat pumps. The growing emphasis on renewable energy owing to the changing energy mix will pave the way for the increased use of geothermal and hydrothermal heat pumps.
With the recovery in the residential construction sector in developed countries and increased demand for housing from developing countries, there will be ample demand for HVAC systems, which will increase the demand for heat pumps. Therefore, growing energy consumption and robust demand from housing sector will add momentum to the global heat pump market during the forecast period.
Growing demand for geothermal heat pumps
Geothermal heat pumps are central heating/cooling systems that either transfer heat from or to the ground. Depending on the application, these systems make use of the earth as the heat source or sink. The shallow surface of the earth's crust up to a depth of 10 feet, normally maintains a fairly constant temperature of 10°C-16°C. Geothermal pumps have the capability to tap into this energy resource to provide the necessary heating and cooling.
“Although geothermal heat pumps have been in existence since the 1940s, they have gained widespread adoption and acceptance only recently owing to their environmental benefits. The global geothermal heat pump market is projected to grow at a CAGR of more than 12% during the forecast period,” says Gaurav.
Operational benefits over conventional systems
Heat pumps provide major benefits in comparison to conventional heating and cooling systems like boilers, furnaces, air conditioners, and room heaters. One major advantage is that the same or a single device, i.e., the heat pump, provides the benefits of both heating and cooling throughout the year.
Moreover, in comparison with the other HVAC systems like room heaters, heat pumps deliver better co-efficient of performance (COP) and hence, deliver a more efficient performance. Heat pumps deliver lower operating costs in comparison to other heating systems, especially oil or electric heating systems. In all HVAC systems, service contracts are provided for all components, but heat pumps only need simple maintenance work like the cleaning of filters and coils, which can be done by the consumers themselves. All these factors augur well for the growth of the heat pump water heater market.
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