DUBLIN–(BUSINESS WIRE)–The “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, By Region, Competition Forecast & Opportunity, 2027F” report has been added to ResearchAndMarkets.com’s offering.
The New Zealand Domestic Heat Pump Water Heater Market stood at USD4.32 million in 2021 and is expected to grow at a steady CAGR of 14.27% in the forecast period to reach USD9.94 million by 2027
Factors such as the rise in the per capita income of the consumers, improved living standards, and the rise in the construction of residential buildings are primarily driving the market demand.
The shift in consumer preference toward renewable energy sources and the launch of novel domestic heat pumps in the market is further expected to accelerate the New Zealand Domestic Heat Pump Water Heater Market growth over the next five years.
The weather condition in New Zealand throughout the year is increasing the demand for hot water throughout the year. A heat pump can hold hot water for several hours in the event of a power cut and therefore is suitable for houses that require a moderate amount of water to complete daily tasks.
The ability to store water in a hot state for several hours lowers the dependency on electricity, unlike the electric heaters. People prefer to take hot showers twice a day in the winter season. Domestic water pumps can provide four back-to-back showers according to consumer requirements.
Domestic heat pumps require less electricity, making them more economically feasible for consumers. Therefore, the rise in awareness about the benefits of using a domestic heat pump is expected to fuel the demand for the New Zealand Domestic Heat Pump Water Heater Market in the coming years.
The New Zealand Domestic Heat Pump Water Heater Market is segmented into type, price segment, capacity, sales channel, regional distribution, and competitive landscape. Based on price segment, the market is divided into low, medium, and high. The medium segment dominated the market in 2021 and held 42.11% of the overall market share.
The segment is expected to grow at a CAGR of 13.53% in the forecast period. The growing disposable income of middle-class families enables them to afford quality products and equipment to lead a quality lifestyle. Medium ranged domestic heat pumps witnessed massive demand due to their cost-effectiveness and ability to heat the water efficiently for domestic purposes.
Objective of the Study:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the New Zealand Domestic Heat Pump Water Heater Market.
Report Scope:
Years considered for this report:
New Zealand Domestic Heat Pump Water Heater Market, By Type:
New Zealand Domestic Heat Pump Water Heater Market, By Price Segment:
New Zealand Domestic Heat Pump Water Heater Market, By Capacity:
New Zealand Domestic Heat Pump Water Heater Market, By Sales Channel:
New Zealand Heat Pump Water Heater Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/55jwx7
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