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Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 30
Countries covered: 24
Pages: 95
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Commercial Heat Pump Water Heater Market
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Commercial Heat Pump Water Heater Market Size
The global commercial heat pump water heater market size was estimated at USD 571.1 million in 2023 and is set to attain a growth rate of 13% from 2024 to 2032. Growing demand for efficient hot water solutions across commercial establishments, coupled with increasing focus toward reducing emissions from buildings is fueling substantial investments in sustainable technologies.
Stringent environmental norms and standards along with favorable initiatives toward adoption of low emission and energy efficient technologies will complement the business landscape. For instance, TECH Clean California announced incentives to contractors for installing HPWHs in non-residential properties including retail businesses, office buildings, schools from October 2023.
Commercial Heat Pump Water Heater Market Trends
The commercial heat pump water heater industry will develop as a result of an increase in demand for hot water in multiple sectors and replacement of conventional water heating systems along with the standards implemented by the authorities to lower energy consumption. For example, in December 2023, the European Commission revised EPBD norms on how to lower the carbon footprints of the building stock, introducing the goal of at least 16% of the EU’s lowest rated non-residential buildings being renovated by 2030.
Commercial Heat Pump Water Heater Market Analysis
Healthcare facilities segment is projected to surpass USD 300 million by 2032. The ongoing construction of government buildings and the persistent need for temperature regulation within healthcare structures, specifically in super-specialty facilities and hospitals, is likely to witness a rise in the deployment of commercial heat pump water heaters. The deployment of these systems has been expedited by the introduction of government initiatives and schemes along with the positive regulatory environment regarding the clean energy technologies adoption. Ongoing technological advancements, including enhanced efficiency and performance are driving healthcare facilities to implement energy-efficient systems to reduce operational expenditures while decreasing emissions of carbon, further augmenting the product deployment.
The commercial heat pump water heater market from the inverter segment is set to observe a growth rate of over 12.5% till 2032, owing to the extensive utilization of variable speed technology as a result of their greater efficiency and lower costs. For instance, LG has launched inverter heat pump water heater in January 2024 representing a superior energy efficiency with UEF greater than 3.93, which is above the ENERGY STAR rating. The system utilizes LG's inverter technology and includes a Dual Inverter Compressor for fast heating and quiet operation. In addition, the increasing use of variable speed products is fueled by increasing energy prices, government favorable support and constant modernization directed at energy savings.
The U.S. commercial heat pump water heater market size is set to exceed USD 220 million by 2032, fueled by advancements in energy-efficient technologies and supportive regulations. For instance, in May 2024, the U.S. DoE introduced the Better Buildings Commercial Building Heat Pump Accelerator program. This initiative, in collaboration with industry leaders, aims to design more efficient and cost-effective commercial heat pump rooftop units by 2027.
Asia Pacific commercial heat pump water heater industry is set to grow significantly owing to the rising population, increasing urbanization and accelerating development of commercial infrastructure across developing economies have increased the adoption of low-carbon alternatives, further complementing landscape. The adoption of advanced technologies to lower emissions, combined with supportive regulatory policies encouraging energy-efficient systems, is expected to positively impact business operations.
Commercial Heat Pump Water Heater Market Share
The major participants in the HPWH industry are involving in joint ventures, partnerships and mergers & acquisitions to expand their market presence and enhance their technological development. These activities allow companies to combine innovations, master new technologies, and develop new products. Addition, these strategic standpoint firms can implement collaborative R&D activities and access additional markets, enabling the strengthening of a company’s position, enhancement of its capabilities and the achieve new advantages.
Commercial Heat Pump Water Heater Market Companies
Major players operating across the industry include:
Commercial Heat Pump Water Heater Industry News
The commercial heat pump water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032 for the following segments:
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Market, By Application
Market, By Operation
The above information has been provided for the following regions and countries: