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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.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 571.1 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 13% |
| 2032 Value Projection: | USD 1.6 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 95 |
| Tables, Charts & Figures: | 30 |
| Segments covered: | Application, Operation, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Commercial Heat Pump Water Heater Market Trends
Commercial heat pump water heater industry is anticipated to grow driven by a surging demand for hot water across various sectors and replacement of traditional heating systems. Respective authorities are enforcing stringent energy performance standards for buildings, aiming to reduce carbon footprint along with favorable schemes for adoption of energy efficient systems will complement the industry landscape. Moreover, rapidly increasing construction spending along with rising disposable incomes have led to the adoption of advanced technologies further augmenting the business outlook.
Commercial Heat Pump Water Heater Market Analysis
The healthcare facilities segment is set to cross over USD 300 million through 2032. Rising construction of new government buildings and the consistent demand for temperature control in healthcare facilities, including hospitals and super-specialty units, are driving the adoption of commercial heat pump water heaters. Favorable regulatory landscape toward adoption of clean energy technologies along with government initiatives and beneficial schemes have accelerated the deployment of these systems. Ongoing technological advancements, including enhanced efficiency and performance are driving healthcare facilities to implement energy-efficient systems to reduce operational costs and minimizing carbon emissions, further augmenting the product deployment.
The inverter segment is anticipated to witness a CAGR of over 12.5% through 2032. Heat pump water heaters incorporating inverter technology have witnessed substantial growth owing to their enhanced efficiency and cost-saving benefits. Furthermore, increasing adoption of these products is driven by rising energy costs, supportive government incentives, and continuous technological improvements aimed at reducing energy consumption.
U.S. commercial heat pump water heater industry is set to reach more than USD 220 million by 2032. The introduction of advanced technologies to improve energy efficiency, supported by favorable regulatory policies, will positively influence the business dynamics. For instance, in May 2024, The U.S. Department of Energy has initiated the Better Buildings Commercial Building Heat Pump Accelerator. This program, partnering with industry leaders, aims to develop more efficient and cost-effective commercial heat pump rooftop units by 2027.
Asia Pacific commercial heat pump water heater market 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. Moreover, introduction of advanced technologies designed to reduce emissions, supported by favorable regulatory policies for adoption of energy efficient systems, will positively influence the business dynamics.
Commercial Heat Pump Water Heater Market Share
Key players in the commercial heat pump water heater industry are forming strategic alliances, partnerships, and pursuing mergers and acquisitions to strengthen their industry presence and advance technological development. These initiatives enable companies to pool resources, introduce advanced technologies, and launch innovative products. Through collaborations, firms can conduct joint research and development projects and expand their market reach. Additionally, strategic mergers and acquisitions allow companies to consolidate their positions, acquire new capabilities, and gain a competitive advantage in the industry.
Commercial Heat Pump Water Heater Market Companies
Major players operating across the industry include:
- A.O. Smith
- AIROSD
- Ariston
- Colmac
- Daikin
- Guangteng
- Lochinvar
- Lync
- Mikee
- Nyle
- Rheem
- Sprsun
- State Industries
- Vaughn
- Venus
Commercial Heat Pump Water Heater Industry News
- In February 2024, A. O. Smith unveiled new heat pump and tankless water heating solutions, at the NAHB International Builders' Show, held in Las Vegas, U.S. The company's booth featured the Voltex MAX HPWH along with the gas tankless water heater named Adapt Premium Condensing with X3 Scale Prevention Technology. Visitors can also explore other products, including various Voltex models, the CHP-120 commercial heat pump water heater, and the Cyclone MXi commercial water heater.
- In August 2023, Lochinvar introduced new Veritus air source heat pump water heater, that offers a high-efficiency, sustainable solution for commercial hot water needs. This innovative system features enhanced energy efficiency, simplified operation, and a modular design for scalability and easy installation. Utilizing advanced components like ECM pumps and a scroll compressor, the Veritus achieves high performance while aligning with recent energy regulations. Its compact footprint and versatility make it suitable for various commercial settings, from healthcare facilities to multifamily buildings, providing reliable and energy-efficient hot water production.
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
- Hotels
- Restaurants
- Cafes
- Hospitality Sector
- Healthcare Facilities
- Academic Institution
- Laundry Services
- Corporate Spaces
- Retail
- Others
Market, By Operation
- Inverter
- Non-Inverter
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Asia Pacific
- China
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
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