Heat Pump Water Heater Market Size is Projected to Grow $10.2 Billion, Globally at a 14.4% CAGR by 2028 – Report by MarketsandMarkets™

Chicago, Feb. 21, 2024 (GLOBE NEWSWIRE) — Heat Pump Water Heater Market size is projected to grow from USD 5.2 billion in 2023 to USD 10.2 billion by 2028, at a CAGR of 14.4% according to a new report by MarketsandMarkets™. Technological advancements, environmental concerns, energy efficiency goals, and regulatory policies accelerate the growth of the Heat Pump Water Heater Market. This report segments the Heat Pump Water Heater Market based on type 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 fastest-growing segment as it holds low operating costs. Air-to-air systems typically boast lower installation costs compared to alternatives like ground-source units. This affordability makes them a popular choice. Air-to-air heat pump water heaters are adaptable for installation in various settings, both indoors and outdoors, providing flexibility for diverse environments.

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431 – Tables
58 – Figures
316– Pages

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Scope of the Report

Report Metric Details
Heat Pump Water Heater Market Size Values
  • CAGR 14.4%
  • USD 10.2 billion by 2028
  • USD 5.2 billion in 2023
Base Year 2022
Forecast Period 2023–2028
Forecast Unit Value (USD Million/Billion), Volume (MW/KW)
Segments Covered Heat Pump Water Heater Market by Type, End user industry, by Rated capacity, by Refrigerant type, by Storage tank capacity and Region.
Geographic Regions Covered Asia Pacific, North America, Europe, Middle East & Africa, South America
Companies Covered Panasonic Holdings Corporation (Japan), LG Electronics (South Korea), Johnson Controls-Hitachi Air Conditioning (Japan), Midea Group (China), RHEEM Manufacturing Company (US), Daikin (Japan), A. O. Smith Corporation (US), Bosch Industries (Germany), and Ingersoll Rand (US), Viessmann Group (Germany), NIBE Energy Systems (Sweden), Valliant Group (Germany), Mitsubishi Electric (Japan), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Trane Technologies plc (Ireland), Haier (China), Fujitsu General (Japan), Emerson (US), Gree Electric Appliances (China), Ariston Holding N.V. (Italy), EVO Energy Technologies (Austria) Namma Swadeshi (India), Ecotech Solutions, Guangzhou SPRSUN New Energy Technology Development (China), Electrify my home (US).

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 largest segment during the forecast period. Manufacturers opt for refrigerants that are easy to handle and maintain, reducing complexities and ensuring the longevity of the heat pump water heater. Ongoing technological advancements may impact refrigerant choices, with manufacturers considering newer, environmentally friendly options with improved performance characteristics.

This report segments the Heat Pump Water Heater Market based on refrigerant type into four categories: R410A, R407C, R744, and others. R410A is expected to be the fastest growing segment during the forecast period. R410A is a hydrofluorocarbon (HFC) refrigerant that does not contain chlorine, making it environmentally friendly and compliant with regulations aimed at reducing ozone depletion and global warming potential. Additionally, R410A has a higher energy efficiency compared to its predecessors, contributing to the overall energy efficiency of heat pump water heaters. Furthermore, R410A offers improved heat transfer characteristics, allowing for better performance and heat exchange in various temperature ranges.

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This report segments the Heat Pump Water Heater Market based on storage tank capacity into three categories: up to 500 liters, 500–1,000 liters, and above 1,000 liters. Up to 500 liters segment is expected to be the fastest growing segment during the forecast period. The prevalence of a 500-litre storage tank capacity in the Heat Pump Water Heater Market can be attributed to a thoughtful equilibrium between efficiency, usability, and consumer demand. This specific capacity has gained popularity due to its ability to efficiently supply hot water for the typical household’s daily needs while optimizing energy consumption. The 500-liter tank strikes a balance that ensures an abundant hot water supply without unnecessary excess, which could result in energy wastage. Its size aligns well with the dimensions of residential properties and fits conveniently into available spaces.

Based on the end-user segment, the Heat Pump Water Heater Market is segmented into three categories: residential, commercial, and industrial. The Residential segment is expected to be the fastest-growing segment during the forecast period. The adaptability and compact design of these systems not only make them well-suited for a variety of living spaces within the residential sector but also underscore their versatility in seamlessly integrating with diverse architectural layouts and spatial constraints. Whether installed in compact apartments, spacious single-family homes, or multi-story residences, the compact footprint of heat pump water heaters ensures minimal space requirements.

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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Key Players

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.

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Commercial Water Heaters Market – Global Forecast to 2026

Heat Pump Market – Global Forecast to 2026

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