Heat Pump Water Heater Market worth $10.2 billion by 2028

CHICAGO, January 24, 2024 /PRNewswire/ — The heat pump water heater market is expected to reach $10.2 billion by 2028 $5.2 billion in 2023, with a CAGR of 14.4% during 2023-2028, according to a new report from MarketsandMarkets™. Governments around the world are enacting policies and initiatives to encourage the adoption of energy efficient technologies such as heat pump water heaters. These regulations and incentives for the use of renewable energy sources in various applications are crucial for the expansion of the heat pump water heater market. In addition, consumers benefit from federal tax credits and regional incentives provided by utilities, such as: B. Price discounts, which promotes increased acceptance of heat pump water heaters. Combining these systems with renewable energy contributes to their increased demand and is in line with global efforts to reduce dependence on fossil fuels and minimize carbon footprint. A notable 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, enabling users to detect anomalies and mitigate system failures.

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Heat Pump Water Heater Market Scope:

Report coverage


Market sales in 2023

$10.2 billion

Estimated value by 2028

$5.2 billion

Growth rate

Expected to grow at a compound annual growth rate of 14.4%

Biggest market

Asia Pacific

Available market size for


forecast period


Forecast units

Value (Million USD/Billion), Volume (MW/KW)

Report coverage

Sales forecast, competitive landscape, growth factors and trends

Segments covered

by type, by end-use industry, by rated capacity, by refrigerant type, by storage tank capacity and region

Regions covered

Asia Pacific, North America, Europe, Middle East and Africa, South America

Important market opportunities

Integrating IoT with heat pump water heaters

Key market drivers

Increasing demand for hot water heating solutions in private and commercial sectors

Air to air heat pump water heater is expected to be the largest segment by type during the forecast period.

Based on type, the heat pump water heater market is divided 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 largest segment as it has low operating costs. Air-to-air heat pumps offer versatility in both heating and cooling, making them an attractive temperature control solution for homeowners year-round. They efficiently absorb heat from the outside air and are well suited to various climates, especially in warmer regions where traditional air source heat pumps work well. The increasing popularity of air source heat pumps is the result of concerted efforts to reduce carbon footprints and reduce reliance on traditional fossil fuel-based home heating methods. In space heating, air-to-air heat pumps distribute heated air to specific rooms via ventilation devices or throughout the entire house 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 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 fastest growing segment during the forecast period. Heat pump water heaters up to 10kW are often used to heat water due to their suitability for residential and light commercial applications. These heat pumps are efficient and can meet the hot water needs of typical homes and small businesses. Additionally, they often lend themselves well to integration into 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 includes major economies such as Germany, Italy, France and other. 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 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 Due to the varied 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. Above all, France The “My Electricity” program enables subsidies of up to 1,060 euros for air heat and hot water heat pumps when integrated into a PV system. In IrelandIncentives include €3,500 for air-to-air heat pumps for all house types and €4,500 for air-to-water and geothermal heat pumps.

Key figures

Major players in the heat pump water heater space include Panasonic Corporation (Japan), LG Electronics (South Korea), Johnson Controls–Hitachi Air Conditioning (Japan), Mitsubishi Electric Corporation (Japan), 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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Related reports:

Heat pump market by type (air-air, air-water, water source, geothermal, hybrid), refrigerant (R410A, R407C, R744), rated capacity (up to 10 kW, 10-20 kW, 20-30 kW). , >30 kW) end consumer region (residential, commercial, industrial sector) (2022–2026)

Large Natural Refrigerant Heat Pump Market by Refrigerant (Ammonia (R717), Carbon Dioxide (R744), Hydrocarbons), Capacity (20-200kW, 200-500kW, 500-1,000kW, Over 1,000kW), End Use (Commercial, Industrial ), Region – Global Forecast to 2027

VRF system market by components (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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