Heat Pump Water Heater Market is Projected to Reach US$ 38.60 Billion Growing at a CAGR 11.9% From 2025 to 2034

The growing acquisition across domestic, commercial, and industrial sectors to diminish carbon dioxide discharge is driving the market demand.

NEW YORK CITY, NY, UNITED STATES, March 18, 2025 /EINPresswire.com/ -- 𝐀𝐜𝐜𝐨𝐫𝐝𝐢𝐧𝐠 𝐭𝐨 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐡𝐞𝐚𝐭 𝐩𝐮𝐦𝐩 𝐰𝐚𝐭𝐞𝐫 𝐡𝐞𝐚𝐭𝐞𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 𝐔𝐒𝐃 12.53 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 2024 𝐚𝐧𝐝 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 𝐔𝐒𝐃 38.60 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 2034, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐜𝐨𝐦𝐩𝐨𝐮𝐧𝐝 𝐚𝐧𝐧𝐮𝐚𝐥 𝐠𝐫𝐨𝐰𝐭𝐡 𝐫𝐚𝐭𝐞 (𝐂𝐀𝐆𝐑) 𝐨𝐟 11.9% 𝐟𝐫𝐨𝐦 2025 𝐭𝐨 2034.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧:
Heat pump water heaters use electricity to locate heat from one place to another rather than creating heat instantly. Thus, they can be two or three times more economical than conventional electric resistance water heaters. While refrigerators extract heat from within a box and dispatch it into the adjacent room, an independent air source heat pump water heater withdraws heat from adjoining air and conveys it to heat water in the repository tank.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/heat-pump-water-heater-market/request-for-sample?utm_source=EIN&utm_medium=EIN&utm_campaign=EIN&utm_id=01

These heaters will not function productively in a cold space as they deal with cooling the space they are in. Positioning them in a space with extra heat, such as a furnace room, will escalate their productivity. One can also position an air-source heat pump system that merges heating, cooling, and water heating. As worldwide endeavours to restrict climate change escalate, industries and households are shifting to green heating solutions, thus propelling the heat pump water heater market toward a more sustainable alternative.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬:

𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐔𝐬𝐚𝐠𝐞 𝐨𝐟 𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥 𝐇𝐞𝐚𝐭:
Conventional water heating systems, especially those dependent on electricity or fossil fuel, facilitate elevated energy disbursement for domestic, commercial, and industrial users. Heat pump water heaters (HPWHs) provide an economical option by using environmental heat to warm water, thus lessening energy intake. Businesses and homeowners are growingly selecting HPWHs to obtain prolonged savings with surging energy costs and a growing focus on sustainability.

𝐏𝐫𝐨𝐠𝐫𝐞𝐬𝐬𝐢𝐨𝐧𝐬 𝐢𝐧 𝐇𝐞𝐚𝐭 𝐏𝐮𝐦𝐩 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬:
Inventions in compression design, refrigerants, and regulatory systems have enhanced the productivity and longevity of HPWHs, rendering them more appropriate for varied climatic conditions. For instance, in November 2024, Daikin instigated the EWYE-CZ air-to-water inverter heat pump, utilizing R-454C refrigerant for superior energy efficiency and generating warm air up to 70 degrees Celsius, perfect for low carbon warming requirements.

𝐊𝐞𝐲 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐢𝐧 𝐇𝐞𝐚𝐭 𝐏𝐮𝐦𝐩 𝐖𝐚𝐭𝐞𝐫 𝐇𝐞𝐚𝐭𝐞𝐫 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

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/heat-pump-water-heater-market/request-for-discount-pricing?utm_source=EIN&utm_medium=EIN&utm_campaign=EIN&utm_id=01

𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬:

𝐍𝐨𝐭𝐚𝐛𝐥𝐞 𝐈𝐧𝐜𝐞𝐧𝐭𝐢𝐯𝐞𝐬 𝐛𝐲 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭𝐬 𝐖𝐨𝐫𝐥𝐝𝐰𝐢𝐝𝐞:
Policymakers globally are executing subsidies, tax rebates, and stringent efficiency caliber to motivate the usage of low-carbon heating solutions and the acquisition of heat pump water heaters. For instance, in August 2022, the US Department of Energy (DOE) asserted that the IRA provides notable stimulus for home energy enhancements involving rebates of up to USD 8,000 for heat pumps and USD 4,000 for retrofits.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:
The heat pump water heater market segmentation is based on technology, capacity, operation type, application, tank capacity, and region.

Based on operation type, the electric segment garnered the largest market share in 2024 due to extensive acquisition across domestic and commercial applications. They are favored for their simplicity of installation, lesser expense as contrasted to hybrid variants, and least dependence on fossil fuels. Further, enhancements in compressor productivity and refrigerant technology have improved the performance of electric HPWHs, rendering them a viable option for traditional electric resistance water heaters.

Based on tank capacity, the 300 to 500 L segment is expected to witness the fastest growth owing to growing demand from commercial setups and multi-family domestic buildings. The potential scale provides a maximal balance between storage proportion and functional productivity, rendering it appropriate for an ongoing supply of hot water.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
Asia Pacific dominated the global market in 2024. This is because of speedy urbanization, growing energy efficiency directives, and robust government enterprises encouraging green heating solutions. Nations such as China, Japan, and South Korea have been at the apex of acquiring HPWHs reinforced by approved policies and stringent ecological objectives.

The North America heat pump water heater market is projected to register the fastest growth from 2025 to 2034 due to growing administrative reinforcement and growing consumer inclination for energy-efficient apparatus. The US and Canada have instigated stringent energy efficiency regulations and fiscal stimulus to motivate the acquisition of HPWHs, speeding up market reach.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐌𝐨𝐫𝐞 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/heat-pump-water-heater-market/inquire-before-buying?utm_source=EIN&utm_medium=EIN&utm_campaign=EIN&utm_id=01

𝐅𝐀𝐐𝐬:
What are the 𝐡𝐞𝐚𝐭 𝐩𝐮𝐦𝐩 𝐰𝐚𝐭𝐞𝐫 𝐡𝐞𝐚𝐭𝐞𝐫 market stats?
The market size was valued at USD 12.53 billion in 2024 and is projected to grow to USD 38.60 billion by 2034.

Who are the key players in the heat pump water heater market?
Some of the key players in the market are 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; and Vaillant Group International GmbH.

Which operation type segment dominated the market in 2024?
The electric segment dominated the market in 2024.

What is the regional scope of the market?
The market covers regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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