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Heat Pump Water Heater Market Size – By Capacity, By Application (Residential {Single Family, Multi Family}, Commercial, Industrial), By Operation, By Type, By Refrigerant (R410A, R134A, R744, R290, R32), & Forecast, 2024 - 2032
Report ID: GMI5278
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Published Date: June 2022
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 18
Tables & Figures: 111
Countries covered: 24
Pages: 160
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Heat Pump Water Heater Market Size
Heat Pump Water Heater Market was valued at USD 10.7 billion in 2023 and is anticipated to register about 9.2% CAGR from 2024 to 2032. The increasing preference for efficient heating and cooling systems, coupled with the rising demand for hot water in both residential and commercial settings, is driving significant investment in sustainable technologies.
Moreover, the ongoing adoption of efficient systems aims to ensure secure heating services, spurred by rapid population growth and a shift towards environmentally friendly sources, which will enhance business dynamics. The devices are gaining substantial traction owing to their dual capability of providing space heating & hot water along with the continuous replacement of traditional heating systems to reduce carbon emissions.
Heat Pump Water Heater Market Trends
Heat pump water heater industry is set to grow significantly on account of the rapid increase in GHG emissions, growing global warming & ozone depletion levels, and stringent measures by respective government. Moreover, administrative authorities have introduced various standards and beneficial schemes to replace conventional heating systems, improve energy management, and reduce carbon footprints catering to the heat pump industry expansion.
For instance, in April 2024, the U.S. Department of Energy concluded new energy-efficiency standards for various domestic water heaters that could generate a potential savings of about USD 7.6 billion per year across housing structures. The mandate requires the replacement of generic electric water heaters with high efficiency heat pump technology to reduce load on electric grid while achieving significant cost savings.
Heat Pump Water Heater Market Analysis
Based on capacity, the ≤ 25 gallons heat pump water heaters are projected to surpass USD 1.8 billion by 2032 on account of the rapid development of residential applications and the increasing construction of single and multi-family homes across the globe. Additionally, growing financial support from various governments to reduce dependence on fossil fuels and replace existing household heating systems will further benefit the industry landscape.
The residential application is anticipated to experience over 8.5% CAGR through 2032. Increasing demand for hot water in domestic applications and a growing preference for energy-efficient technologies will add to the industry landscape. In addition, governments are introducing favorable policies to replace conventional water heating systems with heat pump water heaters in residential settings, which will play a crucial role in boosting demand across various residential sizes. Additionally, improved living standards, rising disposable incomes, and variations in climatic conditions are set to further drive product demand in residential applications.
Asia Pacific heat pump water heater market is likely to exceed USD 16 billion by 2032. The industry is propelled by a growing focus on renewable energy sources coupled with a shift in consumer preference towards energy-efficient systems to reduce energy bills. Moreover, the introduction of smart and connected technologies has boosted product demand, as manufacturers incorporate advanced features including Wi-Fi connectivity, remote control, and smart scheduling into their products, further shaping business dynamics.
The rapid development of commercial & residential infrastructure coupled with strong economic conditions will complement the Europe heat pump water heater industry. Government policies, including financial incentives including subsidies, tax benefits, and other financial aids, are encouraging product deployment. Additionally, administrative initiatives promoting green building infrastructure along with a heightened emphasis on mitigating the carbon footprint from domestic establishments, commercial spaces, and industrial buildings will significantly boost the regional industry dynamics.
Heat Pump Water Heater Market Share
The heat pump water heater industry is highly competitive, with numerous key players striving to gain market share through innovation and strategic initiatives. Major companies including LG Electronics, DAIKIN INDUSTRIES Ltd., Rinnai Corporation, SAMSUNG, and Panasonic Corporation, among many others are focusing on advanced technology integration, energy efficiency, and sustainability to differentiate their offerings with the introduction of various air to water heat pump systems catering to hot water applications.
Heat Pump Water Heater Market Companies
Major manufacturers operating across the industry comprising of:
Heat Pump Water Heater Industry News
This heat pump water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2021 to 2032 for the following segments:
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Market, By Capacity
Market, By Application
Market, By Operation
Market, By Type
Market, By Refrigerant
The above information has been provided for the following countries: