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Residential Air to Water Heat Pump Market Size

Report ID: GMI5828
Published Date: Aug 2024
Report Format: PDF

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Residential Air to Water Heat Pump Market Size

Residential Air to Water Heat Pump Market was valued at USD 22.8 billion in 2023 and is projected to observe about 16.4% CAGR between 2024 and 2032, driven by the rising demand for efficient space heating technologies primarily across regions with cold climates.

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Moreover, proactive initiatives from industry players and government bodies, carbon emission reduction targets, and stringent energy efficiency norms are some of the key factors fueling the industry expansion. For instance, in December 2023, the U.S. Department of Energy (DOE) declared to invest about USD 530 million in technical grants to support the deployment of modern energy codes, building performance standards, zero energy codes, and innovative codes that can attain optimized energy savings & efficiency.

Residential Air to Water Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Air to Water Heat Pump Market Size in 2023:	USD 22.8 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	16.4%
2032 Value Projection:	USD 89.5 Billion
Historical Data for:	2021 - 2023
No. of Pages:	90
Tables, Charts & Figures:	12
Segments covered:	Application, Product, and Region
Growth Drivers:	Shifting towards energy efficient water heating technologies Increasing energy demand across residential heating & cooling operations Positive regulatory framework for low carbon technologies
Pitfalls & Challenges:	Availability of conventional technologies along with significant initial cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of residential air to water heat pump was worth over USD 22.8 billion in 2023 and is set to register 16.4% CAGR through 2032, driven by the rising demand for efficient space heating technologies primarily across regions with cold climates.

The residential domestic hot water heat pump market will surpass USD 45 billion by 2032, backed by the increasing need for hot water in residential settings and a growing preference for energy-efficient solutions.

APAC residential air to water heat pump industry size may exceed USD 40 billion by 2032, driven by surging population and the expanding footprint of residential buildings in both urban and suburban settings

Daikin, Mitsubishi Electric Corporation, Panasonic Corporation, Carrier, JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY, Maritime Geothermal, Glen Dimplex Group, Vaillant Group, SAMSUNG, STIEBEL ELTRON GmbH & Co. KG, Lochinvar, WOLF, FUJITSU GENERAL, NIBE Industrier AB, Midea, and LG Electronics are among the top firms operating in the market.