The Heat Pump Water Heater market in India is estimated at US$24 Billion in the year 2020; the world`s second-largest economy is forecast to reach a projected market size of US$35.5 Billion by the year 2027, trailing a CAGR of 12.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets, each forecast to grow at 6.6% and 8.2%, respectively, over the 2020-2027 period. Within forecast to grow at approximately 7.5% CAGR.
Sun Stellar set standards of efficiency and comfort for inverter-controlled air-water heat pumps with the HPWH 15/25 heat pump series presented in 2013. Sun Stellar's company is going a step further and presenting the HPWH 19/24 – a further power-regulated heat pump series specially designed for modernizations and is suitable for indoor and outdoor installation.
The new inverter system is being launched in the technology leader’s familiar HPWH design. However, the HPWH 19/24 works more efficiently than the classic on-off version because, thanks to the power control, the heating capacity is precisely tailored to the heat demand. The vapor and intermediate vapor injection used by Sun Stellar ensures that it can temporarily reach high flow temperatures of up to 65 degrees the whole year. Furthermore, as the ambient temperature falls, the available heating capacity rises – meaning that the unit is better adapted to the heat demand of the building because the demand naturally increases as the temperature falls outside.
Both units are suitable for indoor and outdoor installation. Also, there is a variant for indoor installation that includes the compact airflow module with pre-installed air tubes at the air intake and air outlet and controllers and hydraulic components. This makes it possible to install the unit quickly and cleanly in a corner – a clear space advantage for every modernization project and replacing the Solar water heater heat pump's predecessor model. With the well-proven, mushroom-shaped exterior housing, the new HPWH 19/24 is ideal for outdoor installation in snowy conditions.
Factors driving the heat pump water heater market's growth include energy-efficient technology and the usage of non-conventional sources of energy to heat the water. Supportive regulations and grants for using renewable energy sources in different applications are also expected to play a vital role in this market's growth during the forecast period.
The Air Source segment is expected to hold the largest share of the heat pump water heater market, by type, during the forecast period.
The air source segment is estimated to be the largest- segment of the heat pump water heater market, by type, from 2020 to 2026. Air source heat pump water heaters offer exceptionally high operational efficiency and have a lower installation cost than the geothermal heat pump water heater. They are mainly used in the residential sector because a multi-family building will generally require a heat pump water heater that occupies less space and has low installation cost due to low hot water requirements compared to commercial buildings such as hotels and Hospitals.
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