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.