The Market Reports

Synopsis
The global market for Heat Pump Water Heaters was estimated to be worth US$ 5203 million in 2024 and is forecast to a readjusted size of US$ 9719 million by 2031 with a CAGR of 8.7% during the forecast period 2025-2031.
This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Heat Pump Water Heaters cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.
Heat Pump Water Heaters is a device which uses electricity to move heat from one place to another instead of generating heat directly. Therefore, it can be two to three times more energy efficient than conventional electric resistance water heaters. To move the heat, heat pumps work like a refrigerator in reverse.
The Heat Pump Water Heater (HPWH) market is growing due to increasing demand for energy-efficient and environmentally friendly solutions for water heating. HPWHs are known for their energy efficiency, as they transfer heat from the air into the water, making them far more energy-efficient than conventional electric water heaters or gas water heaters. Heat pump water heaters use significantly less energy than conventional electric resistance water heaters, making them an attractive option for consumers looking to reduce energy bills. Governments around the world are encouraging the adoption of energy-efficient technologies. Incentives, rebates, and tax credits for energy-efficient appliances are common in many regions, further boosting the demand for HPWHs. Regulations aimed at reducing carbon footprints and promoting sustainable practices are also contributing to the market growth, as HPWHs have a lower environmental impact compared to other heating systems. As the focus on reducing carbon emissions and combating climate change intensifies, consumers and businesses are increasingly adopting technologies that help reduce energy consumption. HPWHs, which use renewable energy from the air, align with these environmental goals. As electricity prices rise, consumers are looking for ways to reduce their electricity consumption. HPWHs offer a solution by consuming less power to produce the same amount of hot water, making them an attractive alternative in regions with high energy costs. The technology behind HPWHs continues to improve, making them more efficient and affordable. New models are more adaptable, with features like smart thermostats, noise reduction, and faster heating times, making them more appealing to a broader audience.
This report aims to provide a comprehensive presentation of the global market for Heat Pump Water Heaters, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Heat Pump Water Heaters by region & country, by Type, and by Application.
The Heat Pump Water Heaters market size, estimations, and forecasts are provided in terms of sales volume (K Units) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Heat Pump Water Heaters.
Market Segmentation
By Company
A. O. Smith (including State etc)
Rinnai
Stiebel Eltron
Daikin
Mitsubishi Electric
Paloma (including Rheem etc)
Haier
Gree
Midea
Noritz
Guangdong Vanward New Electric
Guangdong New Energy Technology
Chofu Seisakusho
Atlantic
Ariston
Zhejiang Zhongguang Electrical
Guangdong Phnix Technology
Bradford White
American Standard
Intellihot
Itomic
Ferroli
Segment by Type
Below 60L
60-80L
80-100L
100-200L
200-300L
300-400L
400-500L
Above 500L
Segment by Application
Residential
Hotel and Apartment
Catering Service
School
Office Building
Hospital
Gym
Government
Others
By Region
North America
United States
Canada
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia-Pacific
Europe
Germany
France
U.K.
Italy
Netherlands
Nordic Countries
Rest of Europe
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Heat Pump Water Heaters manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Sales, revenue of Heat Pump Water Heaters in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Sales, revenue of Heat Pump Water Heaters in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

Index