High Initial Costs Challenge Pool Heat Pump Market Growth: Government Policies and Energy Efficiency Propel the Industry Forward

News provided by

Oct 17, 2023, 17:30 ET

DUBLIN, Oct. 17, 2023 /PRNewswire/ -- The "Global Pool Heat Pump Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global pool heat pump market is on an upward trajectory, projected to grow at a steady CAGR of 5.25% from 2022 to 2028. The market is expected to reach a substantial value of $2.86 billion by 2028, up from $2.1 billion in 2022. Several key trends and drivers are shaping this growth, while certain challenges persist.

Market Trends & Drivers:

Preference for Smart Pool Heat Pumps: The integration of IoT technology is driving the adoption of smart pool heat pumps. These devices offer real-time energy-efficient monitoring, optimized load profiles, flexible electricity use, and affordable operation costs. IoT-enabled heat pumps are contributing to decarbonization efforts and renewable energy utilization.

Favorable Government Policies: Government policies and incentives aimed at reducing greenhouse gas emissions and promoting renewable energy sources are driving the market. Sustainable and green building certification is likely to mandate the use of appliances powered by renewable sources, further boosting the adoption of heat pumps.

Industry Restraints:

High Installation and Upfront Costs: While pool heat pumps offer long-term operational cost savings, their high initial installation costs remain a challenge, particularly in price-sensitive markets. The average installation cost can range from USD 3,600 to USD 6,500, making affordability an issue for some consumers.

Segmentation and Insights:

Type Segmentation: The air source heat pump segment dominates the market, favored for its effectiveness in sourcing heat from outdoor air to pool water.
Capacity Segmentation: The >20kW capacity segment is prominent, particularly in commercial spaces with large pool areas.
End-User Segmentation: Residential and commercial segments drive market growth, with residential applications growing due to rising awareness of geothermal energy and sustainability.

Geographical Analysis:

North America: Holds the largest market share, driven by the need for energy-efficient pool heating solutions, particularly in the U.S.
Europe: Offers growth opportunities, with countries like France, Spain, and Germany contributing to market expansion.
APAC: Emerging economies like China and India are witnessing increased adoption of pool heat pumps.
Latin America: Brazil and Mexico show potential for market growth.
Middle East & Africa: South Africa, Saudi Arabia, and the UAE are emerging markets for pool heat pumps.

Competitive Landscape:

The market is fragmented, with international and prominent vendors operating globally. Key players include:

Rheem Manufacturing Company
AquaCal
Systemair
Pentair
Aldes
Hayward Industries
Fluidra
Daikin
Condeana Commercial Enterprises
CIAT
LG
Panasonic
Midea
Carrier
Daishiba
Flakt Group
Nirvana chauffe-piscine Inc
Viessmann Group
Guangdong PHNIX Eco-energy Solution
Ascler
Venus Home Appliances
Dantherm Group
Evo Industries Australia
Guangzhou Sprsun New Energy Technology Development
Madimack
AquaPro Systems
Gulfstream Manufacturing
Thermeau Industries
Avi Solar Tech
Guangdong Fineco New Energy
EcoTech
Foshan MACON Cooling & Heating Energy-Saving Equipment
Sunrain

Key Questions Answered:

What is the size of the global pool heat pump market?
What is the growth rate of the market?
What are the emerging trends in the pool heat pump market?
Which region holds the largest market share?
Who are the key players in the market?

Market Dynamics

Opportunities & Trends

Preference for Smart Pool Heat Pumps
High Consumer Acceptance of Advanced Pool Heat Pumps
Rise in Disposable Income
Surge in Modular Construction Projects

Growth Enablers

Requirements for Energy Efficiency & Sustainability
Favorable Government Policies and Incentives
Increase in Swimming Pool Construction
High Demand for Low GWP Refrigerant Solutions in Pool Heat Pumps

Restraints

High Installation and Upfront Costs
Low Product Awareness in Emerging Economies
Turbulent Global Political and Trade Relations
Fluctuations in Prices of Raw Materials

For more information about this report visit https://www.researchandmarkets.com/r/jlyqr5

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets