New Zealand Domestic Heat Pump Water Heater Market By Type (Integrated, Split), By Price Segment (Low, Medium, and High), By Capacity (Less Than 200L, 200L-300L, More Than 300L), By Sales Channel (Plumbers, Dealers & Mechanical Contractors, House Builders & Constructors, Online, and Retailers), By Region, Competition Forecast & Opportunity, 2027

New Zealand domestic heat pump water heater market is expected to reach USD9.94 million by 2027F, growing at a CAGR of 14.27% during the forecast period. New Zealand heat pump water heater market is mainly driven by factors such as high humidity levels in the country, increasing urbanization, rising disposable income, etc. Heat pump water heaters use electricity to transmit heat from one location to another, making water heating 2-3 times more energy efficient than traditional techniques. They are gaining popularity in the residential sector. Such factors are positively increasing the demand for heat pump water heaters in New Zealand. Heat pump water heaters are also related to lower greenhouse gas emissions. The renewable energy utilized to heat the water with heat pumps accounts for over 80% of the heat requirement. As a result, adopting heat pump water heater systems reduces energy consumption considerably. Furthermore, during the forecast period, an increase in investment in green infrastructure as well as cooling and heating water systems in the residential sector is expected to drive demand for heat pump water heaters in New Zealand.

Increasing Government Initiatives Aiding the Market Growth

Water heaters are always in high demand in New Zealand due to the country's climatic characteristics. Water heaters are increasingly being used in houses for various domestic purposes, resulting in rising energy costs. Therefore, the New Zealand government is constantly coming up with initiatives to encourage people to shift towards such energy efficient products. Also, the New Zealand government with the help of the Energy Efficiency and Conservation Authority, launched a campaign to promote the use of renewable energy sources to benefit both the environment and individual electricity bills. Such factors are anticipated to propel the market of heat pump water heater in New Zealand in the forecast period.

Reduction in CO2 Emission

The production and consumption of energy results in the release of carbon dioxide (CO2), which is released in large quantities when fossil fuels like coal, oil, and natural gas are burned. Due to rising CO2 emissions, several countries are attempting to lower their primary energy demand and establish regulations to limit greenhouse gas emissions. One of the most promising technologies for lowering greenhouse gas emissions is the heat pump water heater. Through aerothermal and geothermal technology, a heat pump water heater offers an energy-efficient approach to provide heating. Other heat sources often used include exhaust air, groundwater, and surface water (lake, river, or pond), etc. Heat pump water heaters use low-temperature ambient heat from the air, water, and earth to raise the water temperature using energy input, mostly from electricity. Air source heat pumps use 66 to 80 percent renewable heat sources in the environment to heat the water and 20 to 33 percent electrical energy for the heat pump compressor. As a result, adopting heat pump water heater systems instead of fossil fuel-based systems can substantially reduce carbon emissions connected with energy use and generation. This is driving an increase in the number of heat pump water heater installations, especially in the residential sector.

Growing Technological Advancements to Proper the Market Growth

The technological advancements in internet of things (IoT)-enabled heat pump water heaters are expected to boost the entire heat pump water heater market in the country. However, the heat pump water heater market is expected to be hampered by a lack of proper awareness about the benefits of heat pump water heaters in New Zealand.

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Market Segmentation

The New Zealand domestic heat pump water heater market is segmented based on type, price segment, capacity, sales channel, region and competitional landscape. Based on type, the market is categorized into integrated and split. In terms of price segment, the market is further fragmented into low, medium, and high. Based on region, the market is divided into North Island and South Island.

Company Profiles

Rheem New Zealand Ltd, Parex Industries Limited, Sanden International (Australia) Pty Ltd., Hot Water Heat Pumps Ltd., Superheat Limited, Stiebel Eltron NZ Limited, Trade Depot Ltd., Daikin Air Conditioning New Zealand Ltd, Energy Alternatives NZ, The Alternative Energy Company Ltd., etc. are among the major market players in the New Zealand domestic heat pump water heater market.

Report Scope:

In this report, New Zealand domestic heat pump water heater market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• New Zealand Domestic Heat Pump Water Heater Market, By Type:
• Integrated
• Split
• New Zealand Domestic Heat Pump Water Heater Market, By Price Segment:
• Medium
• Low
• High
• New Zealand Domestic Heat Pump Water Heater Market, By Capacity:
• 200L-300L
• Less Than 200L
• More Than 300L
• New Zealand Domestic Heat Pump Water Heater Market, By Sales Channel:
• Plumbers
• Dealers & Mechanical Contractors
• House Builders & Constructors
• Online
• Retailers
• New Zealand Heat Pump Water Heater Market, By Region:

o   North Island

o   South Island

·         Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in New Zealand domestic heat pump water heater market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).