Press release
Major Market Shift in Heat Pump Water Heater Industry: Hybrid Electric Heat Pump Water Heaters Revolutionize The Market
Heat Pump Water Heater Market Outlook
The heat pump water heater market will grow from $2.45 billion in 2024 to $2.66 billion in 2025, at a CAGR of 8.6%. Growth factors include energy efficiency incentives, utility cost savings, environmental awareness, market penetration, building codes, and consumer preferences.
The heat pump water heater market is expected to grow strongly, reaching $3.6 billion by 2029 at a CAGR of 7.8%. Growth drivers include increasing integration with electricity grids, net-zero building trends, rising market competition, improved energy performance labeling, and enhanced climate resilience. Key trends include a shift towards energy-efficient solutions, the adoption of heat pump water heaters, integration with smart home systems, government incentives, and innovations in heat pump technology.
What Factors Are Propelling the Expansion of the Heat Pump Water Heater Market?
The increasing use of renewable energy sources is expected to fuel the growth of the heat pump water heater market. Renewable energy sources are derived from natural processes that are consistently replenished. The rising public concern over climate change has heightened the demand for renewable energy and environmental protection. Heat pumps are highly energy-efficient and align with clean energy technologies, supporting sustainability and energy conservation in residential and commercial settings. For example, in January 2024, the European Commission, a UK-based governing body, reported that the EU reached a 23.0% share of gross final energy consumption from renewable sources in 2022, an increase of approximately 1.1 percentage points. Consequently, the growing reliance on renewable energy sources is propelling the heat pump water heater market.
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Which Businesses Are at the Forefront of Heat Pump Water Heater Market Development?
Major companies operating in the heat pump water heater market are 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
What Are the Latest Innovations in the Heat Pump Water Heater Market?
In the heat pump water heater market, companies are introducing hybrid electric heat pump water heaters to improve energy efficiency. A. O. Smith Corporation, a U.S.-based manufacturer, launched its Voltex AL (anti-leak) smart hybrid electric heat pump water heater in September 2022. This model integrates smart connectivity and leak detection features, offering one of the most energy-efficient options in the market.
How Is the Heat Pump Water Heater Market Segmented?
The heat pump water heater market covered in this report is segmented -
1) By Type: Air-To-Air Heat Pump Water Heater, Air-To-Water Heat Pump Water Heater, Water Source Heat Pump Water Heater, Ground Source (Geothermal) Heat Pump Water Heater, Hybrid Heat Pump Water Heater
2) By Energy Source Compatibility: Electricity, Dual-Fuel (Electric And Gas)
3) By Capacity: Traditional Heat Pump Water Heaters, Advanced Heat Pump Water Heaters
4) By Price Range: Economy Heat Pump Water Heaters, Mid-Range Heat Pump Water Heaters, Premium Heat Pump Water Heaters
5) By End-User: Residential, Commercial, Industrial
Subsegments:
1) By Air-To-Air Heat Pump Water Heater: Single-Stage Air-To-Air Heat Pump Water Heater, Two-Stage Air-To-Air Heat Pump Water Heater
2) By Air-To-Water Heat Pump Water Heater: Residential Air-To-Water Heat Pump Water Heater, Commercial Air-To-Water Heat Pump Water Heater
3) By Water Source Heat Pump Water Heater: Closed-Loop Water Source Heat Pump Water Heater, Open-Loop Water Source Heat Pump Water Heater
4) By Ground Source (Geothermal) Heat Pump Water Heater: Horizontal Ground Source Heat Pump Water Heater, Vertical Ground Source Heat Pump Water Heater
5) By Hybrid Heat Pump Water Heater: Plug-And-Play Hybrid Heat Pump Water Heater, Integrated Hybrid Heat Pump Water Heater
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Where Is the Heat Pump Water Heater Market Growth Most Prominent?
Asia-Pacific was the largest region in the heat pump water heater market in 2024. The regions covered in the heat pump water heater market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Heat Pump Water Heater Global Market Report?
- Market Size Analysis: Analyze the Heat Pump Water Heater Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Heat Pump Water Heater Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Heat Pump Water Heater Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Heat Pump Water Heater Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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