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Residential Heat Pump Water Heater Market Trends

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

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Residential Heat Pump Water Heater Market Trends

Residential heat pump water heater industry is set to grow owing to extensive combustion of fossil fuels for water heating, rising development of residential infrastructure driven by increasing urbanization and adoption of energy efficient water heating systems. Government authorities are rolling out various schemes to replace conventional heating systems, enhance energy management, and reduce carbon footprint. For instance, in May 2024, the Danish Energy Agency offered subsidies for residential heat pump installations. Citizens can receive a grant of DKK 17,000 for air-to-water heat pumps, applicable to all home sizes if the installation reduces energy consumption. Furthermore, stringent energy efficiency standards for building infrastructure coupled with stern regulatory mandates to reduce carbon emissions will complement the industry landscape.

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.