Heat Pump Water Heater Market Size, Share & Impact Analysis
The global heat pump water heater market was valued at USD 1.95 billion in 2022 and is forecasted to grow from USD 2.09 billion in 2023 to USD 3.43 billion by 2030, with a CAGR of 7.33% during the forecast period. In 2022, the Asia Pacific region dominated the market with a 43.07% share.
Heat Pump Water Heaters (HPWHs) operate by using electricity to extract heat from the surrounding air to heat water, rather than generating heat directly from electricity or gas. This method enhances energy efficiency, potentially making HPWHs two to three times more efficient than standard water heaters. Given that water heaters typically contribute about 19% to residential energy consumption, widespread adoption of HPWHs could significantly reduce energy use and greenhouse gas emissions. They are suitable for installation in various settings including residential homes, hotels, hospitals, and commercial buildings, especially in moderate to warm climates where ambient air or ground temperatures are higher, optimizing their efficiency.