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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.
Why is the demand for residential heat pump water heaters growing?
The residential application segment in the heat pump water heater market is anticipated to experience over 8.5% CAGR through 2032, backed by the increasing demand for hot water in domestic applications.
How big is the Asia Pacific heat pump water heater industry?
Asia Pacific heat pump water heater market size is projected to surpass USD 16 billion by 2032 propelled by the growing focus on renewable energy sources.
What is the size of the heat pump water heater market?
The market size of heat pump water heater was reached USD 10.7 billion in 2023 and is anticipated to experience 9.2% CAGR from 2024 to 2032, owing to the growing inclination towards deployment of energy efficient heating systems.
Mention the key players involved in heat pump water heater industry?
A. O. Smith, Ariston Holding N.V., Bradford White Corporation, USA, DAIKIN INDUSTRIES, Ltd., Glen Dimplex Group, Hubbell Heaters, LG Electronics, Lochinvar, Mitsubishi Electric Trane HVAC US LLC, Nyle Systems, and Panasonic Corporation