North America Commercial Heat Pump Water Heater Market - By Capacity (≤ 50 Gallons, > 50 - ≤ 100 Gallons, > 100 - ≤ 200 Gallons, > 200 - ≤ 500 Gallons, > 500 Gallons), By Temperature (≤ 140°F, > 140°F - 160°F, > 160°F - 180°F, > 180°F), By Application & Forecast, 2024 – 2032

North America Commercial Heat Pump Water Heater Market Size

North America Commercial Heat Pump Water Heater Market size in 2023 was valued at USD 481.6 million and is estimated to surpass USD 1.34 billion by 2032.  A heat pump water heater is a type of water heater that operates by using a heat pump to efficiently transfer heat from the surrounding air or ground to heat the water for domestic use. Instead of generating heat directly, like traditional electric or gas water heaters, heat pump water heaters work on the principle of heat transfer.

Growing concerns pertaining to harmful greenhouse gas emissions have propelled the transitions toward placement of clean & sustainable energy systems. Ongoing deployment and adoption of clean energy systems with low carbon footprint to alleviate adverse environmental impacts will stimulate the deployment of heat pump water heaters.
 

COVID– 19 Impact

The heat pump water heater industry does not witness do not witness any impact of COVID- 19. In the recent past, the geographies have witnessed robust installation of these primarily across the multi-family apartments and small scale commercial facilities which is aligned with the ongoing pandemic situation. Increasing trend of work from home concept along with increasing demand for space & water heating technologies has escalated the industry outlook.
 

North America Commercial Heat Pump Water Heater Market Trends

The heat pump water heater market has experienced continuous growth in the demand for clean energy sources as part of the region's commitment to achieving renewable deployment goals. Governments have also put in place supportive policies such as financial aid, incentives for renewable heat, tax credits, and subsidies to encourage the incorporation of clean energy sources. Additionally, the implementation of significant policies related to the adoption of renewable technology is anticipated to positively impact the business outlook.
 

North America Commercial Heat Pump Water Heater Market Analysis

Based on construction, the North America commercial heat pump water heater market is segmented as ≤ 140°F, > 140°F - 160°F, > 160°F - 180°F, and > 180°F. ≤ 140°F temperature heat pump water heaters segment will witness growth rate of 12% by 2032. The industry will witness an upsurge owing to growing consumer interest in sustainable & green technologies and stringent government focus to limit carbon emissions. Paradigm shift toward the deployment of energy-efficient solutions to reduce operating costs and environmental impact will positively impact the business landscape. These systems offer key benefits including remote monitoring, control through mobile apps, and integration with automation systems. These capabilities offer users greater control, convenience, and the potential for energy savings.
 

Based on capacity, the North America commercial heat pump water heater market is segmented as ≤ 50 Gallons, > 50 - ≤ 100 Gallons, > 100 - ≤ 200 Gallons, > 200 - ≤ 500 Gallons, and > 500 Gallons. The > 200 - ≤ 500 gallons capacity holds a business share of over 30% in 2022. These systems are projected to observe a significant adoption on account of rapidly developing multi-family apartments, educational institutes and hotels across the region. Moreover, the growing financial support from national governments to reduce dependency on fossil fuels and replace the existing heating systems will favor the industry landscape. Additionally, the growing deployment of advanced units to cater to large quantity water requirements across the commercial facilities will positively complement the product demand across the region.
 

Based on application, the North America commercial heat pump water heater market is segmented as multi-family apartments, offices, warehouse & storage, retail, education, lodgings, public assembly, healthcare and others. The offices application is set to surpass USD 50 million by 2032. These technologies are becoming increasingly popular as both primary and secondary heating solutions across areas with mild and colder climates. Furthermore, the prevalence of cold weather conditions, stringent building energy efficiency standards, and financial support programs such as subsidies, tax incentives, and low-interest loans provided by federal, and state regulatory bodies will continue to positively impact the industry landscape.  
 

The U.S. commercial heat pump water heater was valued at over USD 365.8 million in 2022. The industry will witness significant growth on account of positive outlook towards various low carbon alternatives coupled with the encouraging regulatory policies for heat pump systems. Furthermore, the swift shift toward adopting low-carbon technologies, stringent emissions regulations, rigorous building energy efficiency criteria, and changing consumer preferences, supported by attractive financial incentives will energize the industry dynamic.
 

North America Commercial Heat Pump Water Heater Market Share

The key players include operational across the North America commercial heat pump water heater market include:

• A. O. Smith
• Lochinvar
• Rheem Manufacturing Company,
• Trane
• Hubbell Heaters
• Nyle Systems
• Bradford White Corporation
• INTELLIHOT
• Colmac Industries
• Daikin Industries
• American Water Heaters
• Lync
• LG Electronics
• Panasonic Holdings Corporation
• Ariston Holding
   

North America Commercial Heat Pump Water Heater Industry News

• In August 2023, Lochinvar introduced the Veritus Air Source HPWH that incorporates advanced features including fans, ECM pumps, and a scroll compressor to minimize emissions and optimize heat transfer. With its compact footprint and adaptable structure, the product finds applicability across sectors including fitness centers, healthcare, multi-unit housing, and other commercial establishments. The high-efficient heat pump water heater technology has reinforced its relevance and value in the business landscape.
   
• In January 2023, Lochinvar unveiled Aquastore, an extensive range of HPWHs ranging from 7.7kW for domestic hot water applications up to a remarkable 219kW for projects encompassing large & medium commercial applications. This product range is strategically designed to minimize disruptions during installation, eliminating the need for extensive modifications to the existing heating and hot water systems. It is efficient and features hybrid modes, capable of providing hot water up to 65°C. It can achieve an impressive output of 490 liters in an hour, with a temperature increase of 50°C. This product launch strengthened the company’s market share in commercial facilities.
   

The North America commercial heat pump water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments:

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By Capacity, 2019 – 2032 (Units & USD)

• ≤ 50 Gallons
• > 50 - ≤ 100 Gallons
• > 100 - ≤ 200 Gallons
• > 200 - ≤ 500 Gallons
• > 500 Gallons

By Temperature, 2019 – 2032 (Units & USD)

• ≤ 140°F
• > 140°F - 160°F
• > 160°F - 180°F
• > 180°F

By Application, 2019 – 2032 (Units & USD)

• Multi-Family Apartments
• Offices
• Warehouse & Storage
• Retail
• Education
• Lodgings,
• Public Assembly
• Healthcare
• Others

The above information has been provided for the following countries:

• U.S.
• Canada