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Heat Pump Water Heater Market Trends

Report ID: GMI5278
Published Date: Jun 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

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.

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.

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.

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