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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.
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.
What is the size of the variable speed heat pump water heater market?
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.
What is the value of Asia Pacific variable speed heat pump water heater industry?
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.
Why is the adoption of residential variable speed heat pump water heaters rising?
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.
Who are the major variable speed heat pump water heater market players?
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.