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Variable Speed Heat Pump Water Heater Market Size –By Application, Analysis, Share, Growth Forecast, 2024 - 2032

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Variable Speed Heat Pump Water Heater Market Size

The global variable speed heat pump water heater market size was valued at USD 9.1 billion in 2023 and is projected to observe a growth rate of 9% by 2032. The combination of technological transformation, growing environmental concern and changing legislative structures has considerably transformed the industry dynamics.
 

Variable Speed Heat Pump Water Heater Market

In addition, the adoption of stringent energy effectiveness rules alongside the provision of tax breaks, subsidies, and rebates are going to influence the industry size by strengthening the shift towards sustainable water heating options. For example, in May 2024, the U.S. state body called Efficiency Vermont initiated a new program that enables eligible domestic users choosing new HPWHs to receive rebates of USD 5,000 and USD 4,500 for low- and moderate-income domestic users.

Variable Speed Heat Pump Water Heater Market Trends

Variable speed heat pump water heater industry is anticipated to observe significant expansion on account of rapid technological advancements to enhance the performance & reliability of systems coupled with ongoing integration of smart technology with remote monitoring & control capabilities. The adoption of rigorous rules governing environmental protection makes it possible to use pure water and space heating technologies which caused the growth of the heat pump industry.
 

Variable Speed Heat Pump Water Heater Market Analysis

Variable Speed Heat Pump Water Heater Market, By Application, 2022 – 2032 (USD Billion)

Based on application, the industry can be broadly trifurcated into residential, commercial, and industrial segments. The residential sector is projected to surpass USD 18 billion by 2032 owing to rising interest in energy-saving, environmentally friendly, water heating systems. New technological innovations by manufacturers in the water heater solutions, which will increase their productivity, reduce the heating time, and enhance the product's reliability, will tend to add to the industry size.
 

For example, in May 2024 German manufacturer ait-group introduced the Hybrox series of air to water heat pumps, which utilizes propane as a refrigerant. It is intended primarily for larger single family and multifamily dwellings. Additionally, the product range includes 11- and 16-kW units for heating, cooling, and domestic hot water DHW for newly constructed and remodeled buildings.
 

Asia Pacific Variable Speed Heat Pump Water Heater Market Size, 2022 - 2032 (USD Billion)

The Asia Pacific variable speed heat pump water heater market is set to surpass USD 14 billion by 2032 due to the constant efforts to enhance the development of technology, together with the rising consumer inclination towards systems with advanced energy efficiency. The residential heat pump industry is witnessing a rapid expansion as a result of rapid urbanization, increasing per capita income as well as growth in residential building construction.
 

Variable Speed Heat Pump Water Heater Market Share

The industry for variable speed heat pump water heater is notably competitive owing to the surging demand for energy efficient HVAC products and technological evolution. The major players in the market consisting of Daikin, Mitsubishi Electric Trane, Ariston Holding, Panasonic, Rinnai, and many others, are competing by improving their product portfolios and efficiency. In addition, the companies are adopting new technologies including inverter driven compressors and modern control systems to manufacture energy saving products which are capable of changing according to the required heating and cooling demand.
 

Variable Speed Heat Pump Water Heater Market Companies

Key companies actively participating across the industry includes:

  • Advantix S.p.A.
  • Ariston Holding N.V.
  • DAIKIN INDUSTRIES, Ltd.
  • Guangzhou Sprsun New Energy Technology Development Co., Ltd.
  • Glen Dimplex Group
  • Lochinvar
  • LG Electronics
  • Mitsubishi Electric Trane HVAC US LLC
  • Nihon Itomic Co.,Ltd.
  • Panasonic Corporation
  • Rheem Manufacturing Company
  • Rinnai Corporation
  • SUNRAIN
  • SAMSUNG
  • Zhejiang Jiadele Technology Co, Ltd.
     

Variable Speed Heat Pump Water Heater Industry News

  • In June 2024, Itomic revealed that its CHP-80Y HPWH unit utilizing air-to-water CO2 (R744) technology, has secured approval for Australian government rebates in New South Wales and Victoria. This model can increase heating efficiency up to 76 kW and maintains a coefficient of performance (COP) of up to 4.2. Attributed to this performance, the products are expected to receive favorable rebates which utilities are offering for energy efficient solutions in the industry.
     
  • In March 2024, ECO2 Systems, a U.S.-based company, announced the release of Gen5 modular heat pump water heater models with Modbus connectivity. This new line of products allows users to effectively communicate with the utility companies to receive better demand-based system control which helps the country to reach its decarbonization goals. In addition, the company is also raising the UEF of the Gen5 series with inverter compressors for maximum performance in all parts of the U.S.
     

The variable speed heat pump water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2021 to 2032 for the following segments:

Market, By Application

  • Residential
    • Single family
    • Multi family
  • Commercial
  • Industrial

The above information has been provided for the following countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Austria
    • Norway
    • Denmark
    • Finland
    • France
    • Germany
    • Italy
    • Switzerland
    • Spain
    • Sweden
    • UK
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • Australia
    • South Korea
  • Middle East & Africa
    • Saudi Arabia
    • Turkey
    • South Africa
  • Latin America
    • Brazil
    • Mexico
    • Argentina

 

Authors: Ankit Gupta, Divyendu Sharma
Frequently Asked Question(FAQ) :
Who are the major variable speed heat pump water heater market players?
Advantix S.p.A., Ariston Holding N.V., DAIKIN INDUSTRIES, Ltd., Guangzhou Sprsun New Energy Technology Development Co., Ltd., and Glen Dimplex Group., among others.
What is the value of Asia Pacific variable speed heat pump water heater industry?
Why is the adoption of residential variable speed heat pump water heaters rising?
What is the size of the variable speed heat pump water heater market?
Variable Speed Heat Pump Water Heater Market Scope
  • Variable Speed Heat Pump Water Heater Market Size
  • Variable Speed Heat Pump Water Heater Market Trends
  • Variable Speed Heat Pump Water Heater Market Analysis
  • Variable Speed Heat Pump Water Heater Market Share
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    Premium Report Details

    Base Year: 2023

    Companies covered: 16

    Tables & Figures: 32

    Countries covered: 24

    Pages: 105

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