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Variable Speed Heat Pump Water Heater Market Size

Report ID: GMI11261
Published Date: Sep 2024
Report Format: PDF

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Variable Speed Heat Pump Water Heater Market Size

Variable Speed Heat Pump Water Heater Market Size was valued at USD 9.1 billion in 2023 and is projected to observe a growth rate of 9% between 2024 and 2032. The industry is undergoing significant transformation backed by a combination of technological advancements, increasing environmental awareness, and evolving regulatory frameworks.

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Moreover, the implementation of stern energy efficiency standards and availability of financial incentives, including tax credits, rebates, and subsidies, to encourage the switch to more sustainable water heating solutions will sway the industry size. For instance, in May 2024, Efficiency Vermont, a U.S. state government body, unveiled a new program enabling the eligible domestic users opting for new HPWHs with a rebate of USD 5,000 and USD 4,500 for low- and moderate-income households, respectively.

Variable Speed Heat Pump Water Heater Market Report Attributes
Report Attribute	Details
Base Year:	2023
Variable Speed Heat Pump Water Heater Market Size in 2023:	USD 9.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9%
2032 Value Projection:	USD 19.6 Billion
Historical Data for:	2021 - 2023
No. of Pages:	105
Tables, Charts & Figures:	32
Segments covered:	Application and Region
Growth Drivers:	Increasing consumer and regulatory focus on energy efficiency Innovations in inverter technology with advanced compressors Supportive government policies, rebates, and stern energy efficiency standards
Pitfalls & Challenges:	Significant initial deployment cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The variable speed heat pump water heater industry was valued at USD 9.1 billion in 2023 and will display a 9% CAGR through 2032, stimulated by technological advancements, increasing environmental awareness, and evolving regulatory frameworks.

The residential sector is projected to surpass USD 18 billion by 2032 due to the increasing demand for energy-efficient and environmentally friendly water heating solutions.

Asia Pacific variable speed heat pump water heater will cross USD 14 billion by 2032, propelled by rapid urbanization, rising disposable incomes, and expanding residential construction.

Advantix S.p.A., Ariston Holding N.V., DAIKIN INDUSTRIES, Ltd., Guangzhou Sprsun New Energy Technology Development Co., Ltd., and Glen Dimplex Group., among others.