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Heat Pump Water Heater Market Size, Opportunities, Share, Growth Rate & Analysis 2024
Heat Pump Water Heater Market Size
According to The Business Research Company's, The heat pump water heater market size has grown rapidly in recent years. It will grow from $2.22 billion in 2023 to $2.45 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to energy efficiency incentives, utility cost savings, environmental awareness, market penetration, building codes and standards, consumer preferences.
The heat pump water heater market size is expected to see rapid growth in the next few years. It will grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to increasing electricity grid integration, increasing net-zero building trends, increasing market competition and innovation, increasing energy performance labeling, increasing residential and commercial retrofit programs, increasing climate resilience and adaptation. Major trends in the forecast period include shift towards energy-efficient solutions, adoption of heat pump water heaters, integration with smart home systems, growth in demand driven by government incentives, expansion of offerings with improved efficiency, increasing use in conjunction with renewable energy, development of hybrid heat pump water heaters, integration in sustainable building designs, innovation in heat pump technology.
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Market Drivers and Trends:
The increased use of renewable energy sources is expected to propel the heat pump water heater market going forward. Renewable energy sources are forms of energy derived from natural processes that are constantly replenished. The growing public concern on climate change has led to increased demand for renewable energy and environmental protection. Heat pumps are highly energy-efficient and align with clean energy technologies by promoting sustainability and energy conservation in residential and commercial settings. For instance, in January 2024, according to the European Commission, a UK-based governing body, the European Union (EU) reached a 23.0% share of its gross final energy consumption from renewable sources in 2022, around 1.1% points higher than in 2021. Therefore, the increasing use of renewable energy sources is driving the growth of the heat pump water heater market.
Major companies operating in the heat pump water heater market are increasing their focus on developing hybrid electric heat pump water heaters to gain a competitive edge. A hybrid electric heat pump water heater is a type of water heating system that combines the technology of a heat pump with traditional electric resistance heating elements. This innovative design allows the system to operate in multiple modes, selecting the most energy-efficient option based on the surrounding conditions and demand for hot water. For instance, in September 2022, A. O. Smith Corporation, a US-based water heaters and boilers manufacturer, launched the Voltex AL (anti-leak) smart hybrid electric heat pump water heater line. The Voltex AL model is the most energy-efficient water heater, with the highest overall uniform energy factor (UEF) of 4.02 with the 66-gallon unit. It comes with iCOMM smart connectivity, allowing homeowners to control their water heaters and receive alerts and notifications through the A.O. Smith app. The Voltex AL model also features integrated leak detection, smart connectivity, and updated water connections, making it suitable for various new and retrofit applications.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Robert Bosch GmbH, Panasonic Holdings Corporation, LG Electronics Inc., Midea Group, Haier Group Corporation, Mitsubishi Heavy Industries Ltd., Daikin Industries Ltd., Johnson Controls International plc, Carrier Global Corporation, Whirlpool Corporation, Trane Technologies Company LLC, Danfoss, A. O. Smith Corporation, Rinnai Corporation, Havells India Ltd., Ariston Thermo S.p.A, Rheem Manufacturing Company, Stiebel Eltron Inc., Vaillant Group International GmbH, V-Guard Industries Ltd., Bradford White Corporation, NORITZ Corporation, Glen Dimplex Deutschland GmbH, Bryant Heating & Cooling Systems
Heat Pump Water Heater Market 2024 Key Insights:
• The heat pump water heater market is expected to grow to $3.34 billion in 2028 at a compound annual growth rate (CAGR) of 8%.
• Renewable Energy Boosts Heat Pump Water Heater Market Growth
• Hybrid Electric Heat Pump Water Heaters Revolutionize The Market
• Asia-Pacific was the largest region in the heat pump water heater market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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