The global pool heat pump market size to cross USD 7.5 billion by 2025, growing at a CAGR of 5% during the forecast period. The industry is expected to offer opportunities as the shipment is likely to surpass two million units by 2025. The US, China, Australia, France, and Italy have been the major revenue contributors though the penetration level has remained low historically. With potential threats from solar and gas boiler heating, the competitive pool heating market is expected to be more strategic oriented with opportunities to increase global footprint. It is estimated that over 85% of the revenue is expected to come from North America and Europe during the forecast period owing to the high acceptance level and vendor concentration. Swimming pools have become a major investment site for residential and commercial spaces. While they enhance the popularity and value of outdoor spaces, they also serve as the differentiator for leading resorts, hotels, and water parks.
- The air source segment is expected to observe an incremental growth of over $1.60 billion by 2025 on high-energy efficiency and low operational and maintenance costs.
- The >20kW segment is likely to reach over $3.80 billion by 2025 due to the growth in commercial construction activities across the globe.
- The residential segment is projected to touch a revenue mark of over $4.50 billion by 2025 because of increased construction of pools in high-rise buildings and awareness of sustainability and eco-friendliness.
GLOBAL POOL HEAT PUMP MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY TYPE
The air source segment is estimated to grow at a CAGR of over 5% during 2019–2025. The growth is expected to be vital from India, Malaysia, Thailand, and Singapore, with China leading the market. With the highest number of outdoor pools, North American contributed the highest share in the segment in terms of unit shipment. Factors such as affordability, low maintenance, and less complexity in the installation are driving the segment.
The water source/geothermal segment is estimated to grow as the future of the HVAC industry can revolve around the benefits of geothermal energy. With ground-breaking results obtained from excavation activities, the momentum for appliances utilizing geothermal sources as a renewable form of energy is expected to increase highly across geographies. In Nordic and Scandinavian countries' established markets, ground source heat pumps can act as differentiators with substantial incentives and rebates from domestic heat pump associations. Further, the European region is also expected to grow during the forecast period.
INSIGHTS BY CAPACITY
The >20kW segment is expected to pose an absolute growth of 40% during the forecast period. Increased focus on booming commercial construction activities such as hotels, spas, and resorts can upscale market value in China, the US, and GCC countries. Swimming pool heat pumps could be given preference in extreme weather conditions such as European markets where load requirements for pools are generally higher than others.
The 10KW-20KW heat pump market is expected to witness growth due to extensive usage in residential and commercial segments. APAC is the fastest-growing region expected to grow at a CAGR of over 5% due to a high concentration of underpenetrated and growing economies. North America is expected to account for 288.44 thousand shipments by the end of 2025. The presence of many vendors trying to cater to the growing demand from the residential segment is expected to contribute to the segment growth.
INSIGHTS BY END-USER
The residential segment is expected to pose an absolute growth of 39% by the end of 2025. As government bodies and associations are increasing the adoption of these pumps via rebates, financial incentives, the growth is expected to be certain during the next five years. The growth in sustainable housing construction projects is acting as an effective driver for pool heat pumps. North America is expected to generate an incremental growth of $590 million during the forecast period.
The commercial segment is considered a goldmine of opportunities due to the implementation of new building code policies, increased focus on green buildings, renovation, remodeling, and public and municipal pools. Heating and cooling are indispensable for the spa industry, hence is a stable demand generator for heat pumps. The district heating concept, especially in European countries, has accelerated commercial heat pumps' growth in recent years, which is further expected to influence the swimming pool heat pump market.
INSIGHTS BY GEOGRAPHY
In terms of revenue, North America accounted for over 47% market share in the pool heat pump market in 2019. The market is expected to witness traction and high demand post-2020, as economic and pool construction activities are expected to revive. While air-source heat pumps have the largest penetration and acceptance level in the US, vendors' efforts could make consumers’ invest in ground-breaking geothermal heat pumps in the coming years. Similarly, the residential heat pumps with a capacity of
INSIGHTS BY VENDORS
The global pool heat pump market is fragmented as it is characterized by a significant number of global and domestic vendors across geographies. Global players such as Rheem Manufacturing, Hayward, AquaCal, Pentair, Jandy are trying to expand their markets through profitable partnerships and merger strategies. In contrast, the domestic vendors capitalize on the product portfolio that best suits the domestic needs and wants. However, being a technology-oriented product, the scope of differentiation lies with sophistication and deployment of advanced features such as energy efficiency, eco-friendly refrigerant, installation costs, analysis of geographical climate and services, and much more through which the product can stay away from the competitive environment.
The pool heat pump market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Type
- Air Source
- Water/Geothermal Source
- Hotels and Resorts
- Educational Institutes
- Water Parks
- Sports Clubs
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa