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Residential Heat Pump Water Heater Market Size

Report ID: GMI11470
Published Date: Sep 2024
Report Format: PDF

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Residential Heat Pump Water Heater Market Size

The global residential heat pump water heater market size stood at USD 10.1 billion in 2023 and is set to attain a CAGR of 8.9% between 2024 and 2032. Rising demand for efficient water heating systems, increasing need for hot water in households along with ongoing investments in sustainable technologies will complement the industry landscape.

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Growing population and shifting preference for environmentally friendly solutions and inclination for energy efficiency will augment the product deployment. For instance, in April 2024, the U.S. Department of Energy revealed energy-efficiency standards for residential water heaters, projected to save American households USD 7.6 billion annually. Furthermore, stringent regulations for emission reduction coupled with ongoing replacement of traditional hot water systems, will augment the industry outlook.

Residential Heat Pump Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Heat Pump Water Heater Market Size in 2023:	USD 10.1 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	8.9%
2024 – 2032 Value Projection:	USD 21.6 Billion
Historical Data for:	2021-2023
No. of Pages:	85
Tables, Charts & Figures:	32
Segments covered:	Application, Operation and Region
Growth Drivers:	Rising demand for heating & hot water solutions Favorable regulatory landscape and supportive financial policies toward adoption of energy efficient systems Flourishing investment for development of residential infrastructure
Pitfalls & Challenges:	Prevalence of alternative technologies

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Market size for residential Heat pump water heater stood at USD 10.1 billion in 2023 and is set to attain 8.9% CAGR through 2032 due to the rising demand for efficient water heating systems.

The single family segment in the residential heat pump water heater market is anticipated to grow at over USD 10.8 billion by 2032 owing to the increasing demand for reliable space heating.

U.S. residential heat pump water heater is projected to cross USD 1.3 billion in 2032 driven by a combination of environmental, economic, and regulatory factors.

A. O. Smith, American Water Heaters, Ariston Holding, Bradford White Corporation, Daikin, LG Electronics, Lochinvar, MIKEE, Panasonic Marketing Europe, Rheem Manufacturing Company, Rinnai America Corporation, and SAMSUNG among others.