CHICAGO, Jan. 24, 2024 /PRNewswire/ -- Heat Pump Water Heater Market is expected to reach USD 10.2 billion by 2028 from USD 5.2 billion in 2023 at a CAGR of 14.4% during the 2023-2028 period according to a new report by MarketsandMarkets. Governments worldwide are enacting policies and initiatives to encourage the uptake of energy-efficient technologies like heat pump water heaters. These regulations and incentives for leveraging renewable energy sources across various applications are pivotal in propelling the expansion of the Heat Pump Water Heater Market. Furthermore, consumers benefit from federal tax credits and regional utility-driven incentives, such as rebates, fostering a heightened adoption of heat pump water heaters. The amalgamation of these systems with renewable energy contributes to their increased demand, aligning with global efforts to diminish reliance on fossil fuels and minimize carbon footprints. A noteworthy catalyst for market growth is the integration of Internet of Things (IoT) technology in heat pump water heaters. This innovation facilitates remote control and monitoring, empowering users to detect anomalies and mitigate system failures.
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Heat Pump Water Heater Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $10.2 billion |
Estimated Value by 2028 | $5.2 billion |
Growth Rate | Poised to Grow at a CAGR of 14.4% |
Largest Market | Asia Pacific |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion), Volume (MW/KW) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | by Type, End user industry, by Rated capacity, by Refrigerant type, by Storage tank capacity and Region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, South America |
Key Market Opportunities | Integration of IoT with heat pump water heaters |
Key Market Drivers | Rising demand for residential and commercial water heating solutions |
The Air-to-air heat pump water heater, by type, is expected to be the largest segment during the forecast period.
Based on type, the Heat Pump Water Heater Market is categorized into five categories: 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, and hybrid heat pump water heater. The air-to-air heat pump water heater is expected to be the largest segment as it holds low operating costs. Air-to-air heat pumps offer versatility for both heating and cooling, making them an attractive year-round temperature control solution for homeowners. Efficiently absorbing heat from the outside air, they are well-suited for diverse climates, particularly excelling in warmer regions where conventional air-source heat pumps thrive. The rising popularity of air source heat pumps stems from a collective effort to reduce carbon footprints and lessen reliance on traditional fossil fuel-based home heating methods. In delivering space heating, air-to-air heat pumps distribute warmed air through air handling units in designated rooms or throughout a home via duct systems.
The up to 10 kw segment, by rated capacity, is expected to grow at the highest CAGR during the forecast period.
Based on the rated capacity segment, the Heat Pump Water Heater Market is segmented into six categories: up to 10 kw, 10-20 kw, 20-30 kw, 30-100 kw, 100-150 kw, and above 150 kw. Up to 10kw is expected to be the fastest growing segment during the forecast period. Heat pump water heaters up to 10 kW are commonly used for water heating due to their suitability for residential and light commercial applications. These heat pumps are efficient and can meet the hot water demands of typical households and small businesses. Additionally, they are often well-suited for integration with standard electrical systems, making them a practical choice for many water heating applications.
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Europe is expected to be the fastest-growing region in the Heat Pump Water Heater Industry.
Europe is expected to be the fastest-growing region in the Heat Pump Water Heater Market during the forecast period. The European region comprises major economies such as Germany, Italy, France and others. The surging demand for energy-efficient solutions in both commercial and residential sectors, coupled with a strategic shift towards replacing existing heating systems to curb carbon emissions, has significantly boosted the growth of the industry in Europe. The diverse climatic conditions prevalent across European countries, influenced by escalating pollution levels and the impact of global warming, have driven an increased need for advanced technological systems. Given Europe's varied climate, heat pump water heaters have emerged as a practical and favored choice for numerous households and businesses. European governments actively promote the adoption of heat pump water heaters through diverse support mechanisms and incentives. Notably, France's "My Electricity" program provides grants of up to €1,060 for air-source heat and domestic hot water heat pumps when integrated with a PV system. In Ireland, incentives include €3,500 for air-to-air heat pumps across all house types and €4,500 for air-to-water and ground-source heat pumps.
Key Players
Some of the major players in the Heat Pump Water Heater Companies are Panasonic Corporation (Japan), LG Electronics (South Korea), Johnson Controls-Hitachi Air Conditioning (Japan), Mitsubishi Electric Corporation (Japan), Trane Technologies plc (Ireland). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.
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Related Reports:
Heat Pump Market by Type (Air-to-Air, Air-to-Water, Water Source, Geothermal, Hybrid) Refrigerant (R410A, R407C, R744) Rated Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, >30 kW) End User (Residential, Commercial, Industrial) Region (2022-2026)
Large-scale Natural Refrigerant Heat Pump Market by Refrigerants (Ammonia (R717), Carbon Dioxide (R744), Hydrocarbons), Capacity (20-200 kW, 200-500 kW, 500-1,000 kW, Above 1,000 kW), End Use (Commercial, Industrial), Region - Global Forecast to 2027
VRF System Market by Component (Outdoor Units, Indoor Units, and Control Systems and Accessories), System Type (Heat Pump, Heat Recovery), Capacity, Application (Commercial, Residential, and Others), and Geography - Global Forecast to 2025
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