Press release
Renewable Energy Boosts Heat Pump Water Heater Market Growth: Key Factor Driving The Growth In The Heat Pump Water Heater Market
Heat Pump Water Heater
What Is the Expected Heat Pump Water Heater Market Size During the Forecast Period?
In recent times, the heat pump water heater market has seen impressive growth in its size. The market value is expected to increase from $2.45 billion in 2024 to $2.66 billion in 2025, yielding a compound annual growth rate (CAGR) of 8.6%. The past growth can be credited to factors such as energy efficiency incentives, cost savings on utilities, increased environmental consciousness, broader market penetration, establishment of building codes and standards as well as evolving consumer preferences.
In the coming years, the heat pump water heater market size is projected to experience strong growth. It is anticipated to escalate to $3.6 billion in 2029, with a compound annual growth rate (CAGR) of 7.8%. This growth throughout the forecast period is attriable to a surge in electricity grid integration, a rise in net-zero building trends, heightened competition and innovation in the market, augmented energy performance labeling, and an increase in both residential and commercial retrofit programs. Other contriing factors include greater climate resilience and adaptation. The forecast period will be characterized by major trends such as a shift toward energy-efficient solutions, the adoption of heat pump water heaters, integration with smart home systems, growth in demand steered by government incentives, extension of offerings featuring enhanced efficiency, increased usage in tandem with renewable energy, the evolution of hybrid heat pump water heaters, incorporation in sustainable building designs, and advancements in heat pump technology.
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What Are the High-Growth Segments in the Heat Pump Water Heater Market?
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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What Key Drivers Are Expected to Influence Future Heat Pump Water Heater Market Growth?
The expansion of the heat pump water heater market is anticipated to be fueled by the rising utilization of renewable energy sources. These sources of energy, sourced from natural and continually replenishing processes, have seen a surge in demand due to mounting public worry over climate change and the need for environmental safeguarding. Heat pumps, being highly energy-efficient, dovetail with eco-friendly energy technologies and encourage both sustainability and energy savings in both residential and commercial domains. To illustrate, the European Commission reported in January 2024 that the European Union (EU), governed by a UK-based body, had obtained 23.0% of its total final energy consumption in 2022 from renewables, a gain of approximately 1.1 percentage points. As such, the escalating reliance on renewable energy is fostering growth in the heat pump water heater market.
Which Companies Hold the Largest Share Across Different Heat Pump Water Heater Market Segments?
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 Developing Trends in the Heat Pump Water Heater Market?
Leading firms in the heat pump water heater market are strategically focusing on the creation of hybrid electric heat pump water heaters to maintain a competitive advantage. This specific type of water heating system combines a heat pump's technology with traditional heat elements, providing multiple operation modes to choose the most energy-efficient based on demand and environmental conditions. In a recent example from September 2022, A. O. Smith Corporation, an American manufacturer of water heaters and boilers, introduced the Voltex AL (anti-leak) smart hybrid electric heat pump water heater series. The Voltex AL model is known as the top energy-efficient water heater, achieving the highest uniform energy factor (UEF) of 4.02 with its 66-gallon unit. The model features in-built leak detection, smart connectivity, and more advanced water connections, which makes it suitable for a range of new and retrofit uses. Moreover, the iCOMM smart connectivity feature allows users to manage their water heaters and get alerts via the A.O. Smith app.
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What Are the Emerging Geographies for The Heat Pump Water Heater Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Heat Pump Water Heater Market?
2. What is the CAGR expected in the Heat Pump Water Heater Market?
3. What Are the Key Innovations Transforming the Heat Pump Water Heater Industry?
4. Which Region Is Leading the Heat Pump Water Heater Market?
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