The global heat pump water heater market is projected to reach USD 10.2 billion by 2028 from an estimated USD 5.2 billion in 2023, at a CAGR of 14.4% during the forecast period. 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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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.
Europe is expected to be the fastest-growing region in the heat pump water heater market.
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.
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Some of the major players in the heat pump water heater market 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.