Heat Pump Water Heater Market Size is Projected to Grow

Chicago, Feb. 21, 2024 (GLOBE NEWSWIRE) — The size of the heat pump water heater market is expected to grow from $5.2 billion in 2023 to $10.2 billion in 2028, according to a new report from MarketsandMarkets™ , with an average annual growth rate of 14.4%. Technological advancements, environmental concerns, energy efficiency goals, and regulatory policies are accelerating the growth of the heat pump water heater market. This report divides the heat pump water heater market by type into five categories: air-to-air heat pump water heater, air-to-water heat pump water heater, water heat pump water heater, ground source heat pump (geothermal). Water heaters and hybrid heat pump water heaters. Air to air heat pump water heater is expected to be the fastest growing segment as it has low operating costs. Air-to-air systems are typically characterized by lower installation costs compared to alternatives such as ground source systems. This affordability makes them a popular choice. Air to air heat pump water heaters can be installed in various environments both indoors and outdoors, providing flexibility for different environments.

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Scope of the report

Report metrics details
Heat Pump Water Heater Market Size Values
  • CAGR 14.4%
  • $10.2 billion by 2028
  • $5.2 billion in 2023
Base year 2022
Forecast period 2023-2028
Forecasting unit Value (Million USD/Billion), Volume (MW/KW)
Segments covered Heat Pump Water Heater Market by Type, by 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 and 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 (USA), Daikin (Japan), AO Smith Corporation (USA), Bosch Industries (Germany) and Ingersoll Rand (USA), 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 (USA), Gree Electric Appliances (China), Ariston Holding NV (Italy), EVO Energy Technologies (Austria), Namma Swadeshi (India), Ecotech Solutions, Guangzhou SPRSUN New Energy Technology Development (China), Electrify my home (USA).

Based on the rated power segment, the heat pump water heater market is divided 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 10 kW is expected to be the largest segment during the forecast period. Manufacturers choose refrigerants that are easy to handle and maintain, reducing complexity and ensuring the longevity of the heat pump water heater. Continuing technological advances can impact refrigerant selection as manufacturers consider newer, environmentally friendly options with improved performance characteristics.

This report segments the heat pump water heater market into four categories based on refrigerant type: R410A, R407C, R744, and others. R410A is expected to be the fastest growing segment during the forecast period. R410A is a fluorocarbon refrigerant (HFC) that does not contain chlorine. This makes it environmentally friendly and complies with regulations to reduce ozone depletion and global warming potential. In addition, R410A has higher energy efficiency compared to its predecessors, contributing to the overall energy efficiency of heat pump water heaters. In addition, R410A offers improved heat transfer properties, enabling better performance and heat exchange in different temperature ranges.

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This report segments the heat pump water heater market into three categories based on storage tank capacity: up to 500 liters, 500-1,000 liters and over 1,000 liters. The up to 500 liter segment is expected to be the fastest growing segment during the forecast period. The prevalence of a 500 liter storage tank in the heat pump water heater market can be attributed to a thoughtful balance between efficiency, ease of use and consumer demand. This particular capacity has gained popularity due to its ability to efficiently provide hot water for the daily needs of a typical household while optimizing energy consumption. The 500 liter tank creates a balance that ensures an ample supply of hot water without unnecessary excess that could lead to wasted energy. Its size adapts well to the dimensions of residential properties and fits comfortably into available spaces.

Based on the end-use segment, the heat pump water heater market is divided 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 suitable for a variety of residential living spaces, but also highlight their versatility in seamlessly integrating into various architectural layouts and spatial constraints. Whether installed in compact apartments, spacious single-family homes or multi-story homes, 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 includes major economies such as Germany, Italy, France and others. The increasing demand for energy efficient solutions in both commercial and residential sectors, coupled with a strategic shift towards replacing existing heating systems to curb CO2 emissions, has significantly boosted the industry's growth in Europe. The different climatic conditions in European countries, influenced by increasing environmental pollution and the effects of global warming, have led to an increased need for advanced technological systems. Given Europe's diverse climate, heat pump water heaters have proven to be a practical and popular choice for many homes and businesses. European governments are actively promoting the adoption of heat pump water heaters through various support mechanisms and incentives. In particular, the French “My Electricity” program offers subsidies of up to €1,060 for air heat and hot water heat pumps when integrated into a PV system. In Ireland, incentives include €3,500 for air-to-air heat pumps for all house types and €4,500 for air-to-water and geothermal heat pumps.

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Key figures

The key players in the heat pump water heater market include Panasonic Corporation (Japan), LG Electronics (South Korea), Johnson Controls–Hitachi Air Conditioning (Japan), Mitsubishi Electric Corporation (Japan), and Trane Technologies plc (Ireland). The key strategies of 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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