Press release
Heat Pump Water Heater Market Size, Share, Trends, and Forecast 2024-2031
heat pump water heater market
Heat pump water heaters (HPWHs) efficiently move away from natural gas, saving 2-3 times more energy than electric resistance heaters. Acting as a reverse refrigerator, they draw heat from the air and transfer it for water heating. While initial costs are higher, lower operational expenses compensate over time.
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Market Segment and Shares Analysis:
Residential, Commercial, and Industrial
Incentives by governments drive residential demand for HPWHs. Geothermal heat pumps are popular among homeowners, providing efficient and clean water heating. Silicon Valley Clean Energy's FutureFit program offers rebates for switching to electric HPWHs.
Geographical Analysis
North America
New regulations promoting HPWH use in North America are expected to boost demand. In Canada, shifting to HPWHs for space and water heating could significantly reduce the carbon footprint. Solar-assisted HPWHs and smart electric heaters gain attention for their environmental benefits.
US Market Dynamics
Water heating contributes significantly to residential energy consumption. The adoption of smart electric heat pump water heaters in California reflects efforts to reward grid benefits and promote sustainability.
Competitive Landscape
Major players in the global market include Midea Group, PHNIX, RHEEM Manufacturing Company, Bosch Industries, Daikin, A.O. Smith Corporation, Ingersoll Rand, NIBE Energy Systems, Valliant Group, and Mitsubishi Electric.
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