Press release
Heat Pump Water Heater Market Soars to US$ 38.60 Billion Experiencing a 11.9% CAGR Boosted by Industry Key Players From 2025 to 2034
Heat Pump Water Heater Market
What Are Heat Pump Water Heaters?
Heat pump water heaters are energy-efficient alternatives to traditional water heaters that work by transferring heat from the surrounding air to water instead of generating heat directly. They are known for their high efficiency and lower operating costs compared to electric resistance heaters. Heat pump water heaters operate on a refrigeration cycle, using electricity to move heat from one place to another. They absorb heat from the ambient air, then use a compressor and refrigerant to raise the temperature of this captured heat and transfer it to the water in the storage tank. They are significantly more energy-efficient than traditional electric resistance water heaters, potentially saving up to 70% on electricity costs.
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Market Drivers:
• Growing use in residential, commercial, and industrial sectors to reduce carbon dioxide (CO2) emissions is boosting market growth.
• The demand for more eco-friendly options is driving the adoption of heat pump water heaters.
• The increasing need for energy-saving heating options is enhancing the revenue of the market for heat pump water heaters.
• As technology progresses to enhance efficiency and flexibility, it is promoting wider usage and interest in heat pump water heaters.
Industry Developments - Heat Pump Water Heater Market:
July 2024: A. O. Smith introduced the Voltex® MAX hybrid heat pump water heater, delivering a 40% improvement in First Hour Ratings compared to previous models. The unit also features advanced operating modes designed to enhance hot water availability and overall energy efficiency.
October 2024: Nyle Water Heating Systems unveiled the PyroclastTM Commercial Integrated Heat Pump Water Heater, incorporating cutting-edge Phase Change Material (PCM) technology. This innovative system provides 375 gallons of thermal storage while ensuring rapid installation and reduced risk of pathogen contamination.
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Key Market Players:
The competitive environment consists of a combination of global frontrunners and local companies striving to seize market share in heat pump water heaters by means of innovation, strategic alliances, and expansion into new regions. Following are some of the key players in market:
• A. O. Smith India Water Products Pvt. Ltd.
• Bosch Thermotechnology Corp.
• Carrier.
• DAIKIN INDUSTRIES, Ltd.
• FUJITSU GENERAL
• Haier HVAC Solutions
• INSPUR Co., Ltd.
• Johnson Controls - Hitachi Air Conditioning Company
• LG Electronics.
• Midea America Corp.
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Panasonic Holdings Corporation
• Rheem Manufacturing Company.
• Trane
• Vaillant Group International GmbH
Heat pump water heater Market Report Highlights:
• In terms of operation type, the electric segment led the expansion of the heat pump water heater market in 2024, driven by its extensive adoption across both residential and commercial sectors.
• Based on tank capacity, the 300 to 500 L segment is projected to experience the most rapid growth in the heat pump water heater market during the forecast period, fueled by increasing demand from commercial facilities and multi-family residential buildings.
• Asia Pacific led the global market in 2024, largely attributed to rapid urbanization, stringent energy efficiency regulations, and robust government initiatives supporting sustainable heating solutions.
• The North America heat pump water heater market is expected to witness the fastest growth during the forecast period, propelled by rising regulatory support and a growing consumer shift toward energy-efficient appliances.
Segmental Overview:
By Technology Outlook (Volume Thousand Units; Revenue, USD Billion; 2020-2034)
• Air to Water
• Water Source
• Geothermal
By Capacity Outlook (Volume Thousand Units; Revenue, USD Billion; 2020-2034)
• Upto 20 kW
• 21 to 50 kW
• 51 to 100 kW
• Above 100 kW
By Operation Type Outlook (Volume Thousand Units; Revenue, USD Billion; 2020-2034)
• Electric
• Hybrid
By Application Outlook (Volume Thousand Units; Revenue, USD Billion; 2020-2034)
• Residential
• Industrial
• Commercial
By Tank Capacity Outlook (Volume Thousand Units; Revenue, USD Billion; 2020-2034)
• Upto 150 L
• 150 to 300 L
• 300 to 500 L
• Above 500 L
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Regional Analysis:
• The heat pump water heater market revenue was dominated by Asia Pacific in 2024, mainly because of swift urbanization, rising energy efficiency standards, and robust government efforts advocating for eco-friendly heating options.
• North America is expected to experience the fastest growth during the forecast period, fueled by rising regulatory backing and an increasing consumer inclination towards energy-efficient appliances.
• North America
o Technology Outlook
• Air to Water
• Water Source
• Geothermal
o Capacity Outlook
• Upto 20 kW
• 21 to 50 kW
• 51 to 100 kW
• Above 100 kW
o Application Outlook
• Residential
• Industrial
• Commercial
o Operation Type Outlook
• Electric
• Hybrid
o Tank Capacity Outlook
• Upto 150 L
• 150 to 300 L
• 300 to 500 L
• Above 500 L
• Asia Pacific
o Technology Outlook
• Air to Water
• Water Source
• Geothermal
o Capacity Outlook
• Upto 20 kW
• 21 to 50 kW
• 51 to 100 kW
• Above 100 kW
o Application Outlook
• Residential
• Industrial
• Commercial
o Operation Type Outlook
• Electric
• Hybrid
o Tank Capacity Outlook
• Upto 150 L
• 150 to 300 L
• 300 to 500 L
• Above 500 L
Report Scope:
In order to give a thorough picture of the heat pump water heater market, the report concentrates on the latest developments, market share, revenue generated, leading companies in the market, and geographic analysis.
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