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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
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Base Year: 2023
Companies covered: 16
Tables & Figures: 32
Countries covered: 24
Pages: 105
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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.
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
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.
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:
Variable Speed Heat Pump Water Heater Industry News
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:
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Market, By Application
The above information has been provided for the following countries: