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Variable speed heat pump water heater industry is anticipated to observe significant expansion on account of rapid technological advancements to enhance the performance & reliability of systems coupled with ongoing integration of smart technology with remote monitoring & control capabilities. In addition, stringent environmental regulations and strong government support have led to widespread adoption of clean water & space heating technologies thereby catering to the heat pump industry growth. For instance, in April 2024, the U.S. DoE has established new energy-efficiency mandates for residential water heaters with the ability to generate annual savings of approximately USD 7.6 billion across the national housing. The mandate emphasizes replacing conventional electric water heaters with high-efficiency heat pump technology aiming to alleviate the load on the electric grid while ensuring substantial cost savings.
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.
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.
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.
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.