Europe Heat Pump Water Heater Market Analysis

Europe Heat Pump Water Heater Market Analysis

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The heat pump water heaters with capacity ratings of > 50 - ≤ 100 gallons is set to cross USD 1 billion by 2032. Leading manufacturers are developing large capacity systems with easily mounted design to ensure ample hot water provision catering to the industry growth. Moreover, the escalating energy consumption for water heating across large multi-family households and commercial establishments coupled with the increasing financial backing from respective authorities will boost the industry outlook.
 

Residential application vertical is projected to witness more than 16.5% CAGR through 2032, owing to a wide range of factors including robust population growth, a surge in housing construction and renovation, and intensive efforts to transition from traditional units. For example, as per the data updated by the Office for National Statistics, UK in July 2024, the construction output value for public new housing in the Great Britain surpassed USD 630 million in January 2024, increasing about 10.4% from around USD 571 million during the same period in 2023.
 

Germany heat pump water heater market is likely to exceed USD 1 billion by 2032, driven by rising developments in new housing units and retrofitting, alongside the implementation of incentives and policies promoting energy-efficient water heating systems. Furthermore, the continuous ventures by various players to intensify their R&D unveiling products with advanced features & technologies will sway the industry outlook.
 

For instance, in March 2023, Midea Group unveiled its eco-friendly water and space heating products at ISH Frankfurt 2023 in Germany. The company's building technology division present a range of carbon-neutral heat pump units, including the R290 HPWH unit boasting an A+ energy efficiency rating and emphasizing easy installation complementing the Germany heat pump industry expansion.