Europe Heat Pump Water Heater Market Size

Europe Heat Pump Water Heater Market Size

Europe Heat Pump Water Heater Market size was valued at USD 590 million in 2022 is projected to grow at a CAGR of 17% between 2023 and 2032. The rising demand for reliable and efficient hot water solutions in various application verticals along with the ongoing development across buildings infrastructure will positively complement the industry landscape. The elevating demand for energy efficient units across commercial and residential verticals coupled with shifting focus toward replacement of prevailing heating systems to limit carbon emissions further augmenting the industry growth. Moreover, significant variation in climatic conditions across various countries attributed by the growing pollution and global warming levels together with increasing demand for enhanced technological systems have propelled the product deployment rate across the region. The global market of heat pump water heater is set to reach USD 7.6 billion by 2032.

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A heat pump water heater (HPWH), also known as sanitary hot water heat pump, is a type of air to water heat pump unit that uses electricity for transferring heat from one place to the another, rather than producing heat directly. This makes them more energy-efficient than traditional water heaters, which uses electricity to directly heat water and work by using a compressor to move heat from the outside air into the water tank. The compressor is powered by electricity, but the heat that is moved into the water tank is free and can save energy bills, while also providing hot water.

The respective governments have implemented various policies to support the transition to energy-efficient alternatives across different industries and address climate change. For instance, in April 2022, a study by the IEA Heat Pumping Technologies Technical Collaboration Programme (HPT TCP) verified that air-to-water heat pump systems using propane (R290) offer superior energy efficiency compared to other alternatives. As a result, these systems are gaining traction in both the German and European markets. In addition, continuous technological advancements to develop advanced heat pump water heater units with improved installation flexibility and operational benefits will propel the Europe heat pump water heater market dynamics.