Press release
Global Heat Pump Water Heater Market Projected to Surpass $3.6 Billion by 2029 with 7.8% Annual Growth
Heat Pump Water Heater Market Size
The surge in renewable energy utilization is predicted to fuel the expansion of the heat pump water heater market. Renewable energy comes from natural processes which are consistently renewed. The escalating public anxiety about climate change has stimulated the raised demand for renewable energy and environmental preservation. Heat pumps are exceptionally energy-efficient and support clean energy technologies, encouraging sustainability and energy saving in residential and commercial locations. For example, in January 2024, the European Commission, a governing body in the UK, reported that the European Union (EU) had reached a 23.0% share of its total final energy consumption from renewable sources in 2022, representing an increase of roughly 1.1 percentage points. Consequently, the amplified utilization of renewable energy sources is propelling the heat pump water heater market's growth.
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What is the projected compound annual growth rate (CAGR) of the heat pump water heater market from 2025 to 2034, and what factors influence it?
In the past few years, there has been considerable growth in the heat pump water heater market. The market is projected to expand from $2.45 billion in 2024 to $2.66 billion in 2025, marking a compound annual growth rate (CAGR) of 8.6%. This upsurge in the historical period can be attributed to a variety of factors such as incentives for energy efficiency, savings in utility costs, heightened environmental consciousness, market inroads, regulatory building codes and standards, and evolving consumer preferences.
The market for heat pump water heaters is predicted to see a significant increase in size in the coming years, escalating to a value of $3.6 billion in 2029 with a CAGR of 7.8%. The growth anticipated during the forecasting period is credited to factors such as amplified electricity grid integration, burgeoning trends in net-zero buildings, escalating market competition and innovation, the rise in energy performance labeling, residential and commercial retrofit programs, and increased efforts towards climate resilience and adaptation. The market will also be shaped by the growing trend towards energy-efficient solutions, adoption of heat pump water heaters, integration with smart home systems, increased demand fueled by government incentives, the introduction of products with enhanced efficiency, increasing usage alongside renewable energy, the emergence of hybrid heat pump water heaters, incorporation in sustainable building designs, and innovation in heat pump technology.
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How are the latest trends influencing the growth of the heat pump water heater market?
Leading businesses in the heat pump water heater sector are shifting their attention towards the production of hybrid electric heat pump water heaters as a strategy to outperform their competition. This kind of water heater is a fusion of a heat pump's technology and conventional electric resistance heating components. This creative approach permits the device to function in multiple modes, choosing the most energy-saving option relative to the current conditions and the need for hot water. For example, A. O. Smith Corporation, an American company specializing in water heaters and boilers, introduced the Voltex AL (anti-leak) smart hybrid electric heat pump water heater series in September 2022. The Voltex AL variant is the most energy-conserving water heater, registering the highest overall uniform energy factor (UEF) of 4.02 for the 66-gallon unit. It is equipped with iCOMM smart connectivity which provides homeowners with the ability to manage their water heaters and get warnings and updates via the A.O. Smith application. Features such as integrated leak detection, smart connectivity, and improved water connections make the Voltex AL model an ideal choice for a variety of new and retrofit installations.
What are the major segments of the heat pump water heater market and their role in driving growth?
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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Which regions are key players in the growth of the heat pump water heater market?
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.
Who are the key firms paving the way for growth in the heat pump water heater market?
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
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What Is Covered In The Heat Pump Water Heater Global Market Report?
•Market Size Forecast: Examine the heat pump water heater market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the heat pump water heater market for a structured understanding.
•Key Players Overview: Analyze major players in the heat pump water heater market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the heat pump water heater market.
•Segment Contributions: Evaluate how different segments drive overall growth in the heat pump water heater market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the heat pump water heater market.
•Industry Challenges: Identify potential risks and obstacles affecting the heat pump water heater market.
•Competitive Landscape: Review strategic developments in the heat pump water heater market, including expansions, agreements, and new product launches.
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