North America Commercial Heat Pump Water Heater Market Size
North America Commercial Heat Pump Water Heater Market size in 2023 was valued at USD 481.6 million and is estimated to surpass USD 1.34 billion by 2032. A heat pump water heater is a type of water heater that operates by using a heat pump to efficiently transfer heat from the surrounding air or ground to heat the water for domestic use. Instead of generating heat directly, like traditional electric or gas water heaters, heat pump water heaters work on the principle of heat transfer.
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Growing concerns pertaining to harmful greenhouse gas emissions have propelled the transitions toward placement of clean & sustainable energy systems. Ongoing deployment and adoption of clean energy systems with low carbon footprint to alleviate adverse environmental impacts will stimulate the deployment of heat pump water heaters.
North America Commercial Heat Pump Water Heater Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| North America Commercial Heat Pump Water Heater Market Size in 2023 |
USD 481.6 million |
| Forecast Period |
2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR |
11.8% |
| 2032 Value Projection |
USD 1.34 Billion |
| Historical Data for |
2019 to 2023 |
| No. of Pages |
205 |
| Tables, Charts & Figures |
232 |
| Segments covered |
Capacity, Temperature, Application |
| Growth Drivers |
- Growing emphasis toward energy efficient heating systems
- Encouraging regulatory framework to mitigate carbon emissions
- Shifting focus toward the deployment of low carbon technologies
- Increasing demand for heating systems
|
| Pitfalls & Challenges |
- High initial implementation cost coupled with availability of conventional technologies
|
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COVID– 19 Impact
The heat pump water heater industry does not witness do not witness any impact of COVID- 19. In the recent past, the geographies have witnessed robust installation of these primarily across the multi-family apartments and small scale commercial facilities which is aligned with the ongoing pandemic situation. Increasing trend of work from home concept along with increasing demand for space & water heating technologies has escalated the industry outlook.
North America Commercial Heat Pump Water Heater Market Trends
The heat pump water heater market has experienced continuous growth in the demand for clean energy sources as part of the region's commitment to achieving renewable deployment goals. Governments have also put in place supportive policies such as financial aid, incentives for renewable heat, tax credits, and subsidies to encourage the incorporation of clean energy sources. Additionally, the implementation of significant policies related to the adoption of renewable technology is anticipated to positively impact the business outlook.
North America Commercial Heat Pump Water Heater Market Analysis
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Heat Pump Water HeatersA Breakdown When it comes to how heat pump water heaters are made, there are four main temperature ranges they fall intoUp to 140°F 140°F - 160°F 160°F - 180°F Over 180°F Heat pump water heaters with temperatures up to 140°F are expected to grow the fastest, reaching a 12% growth rate by 2032. Why the Heat Pump Buzz? The heat pump water heater industry is buzzing for several reasonsConsumers are getting more and more interested in eco-friendly tech. Governments are cracking down on carbon emissions. Businesses are looking for ways to save money on energy while also helping the environment.Perks of Heat Pump Water HeatersThese water heaters come with some pretty cool perks, like Remote Monitoring You can keep an eye on your water heater from anywhere with an app on your phone. Smart ControlsYou can use your phone or voice assistant to control the settings. Home Automation You can connect the water heater to your smart home system for even more convenience. These features give you more control over your water heater, making it easier to save energy, save money, and save the planet.
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When it comes to commercial heat pump water heaters in North America, their size matters. The market is divided into buckets based on how much water they can holdTiny ones50 gallons or less Medium onesOver 50 gallons but not more than 100 gallons Large onesOver 100 gallons but not more than 200 gallons Extra large onesOver 200 gallons but not more than 500 gallons Giant onesOver 500 gallons The ones that hold between 200 and 500 gallons are the most popular, making up more than 30% of the market in 2022. They're ideal for places like apartment buildings, schools, and hotels where a lot of hot water is needed. Governments are also getting on board, offering financial incentives to businesses that switch to these systems. Plus, more and more businesses are using these advanced water heaters to meet their high hot water needs. So, the future looks bright for these heat pump water heaters in North America.
Imagine you're looking for ways to heat your home or workplace. In North America, heat pump water heaters have become increasingly popular, especially for businesses. They're commonly used in places like apartment buildings, offices, and warehouses. In fact, offices are expected to spend over $50 million on heat pump water heaters by 2032! That's a lot of warm water. Why are these systems so popular? Well, they're a great way to heat both your water and the air around you, even in cold climates. Plus, governments and energy companies often offer money-saving incentives like tax breaks and loans to encourage people to use them. It's a win-win for everyone involved!
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The U.S. commercial heat pump water heater was valued at over USD 365.8 million in 2022. The industry will witness significant growth on account of positive outlook towards various low carbon alternatives coupled with the encouraging regulatory policies for heat pump systems. Furthermore, the swift shift toward adopting low-carbon technologies, stringent emissions regulations, rigorous building energy efficiency criteria, and changing consumer preferences, supported by attractive financial incentives will energize the industry dynamic.
North America Commercial Heat Pump Water Heater Market Share
The key players include operational across the North America commercial heat pump water heater market include
- A. O. Smith
- Lochinvar
- Rheem Manufacturing Company,
- Trane
- Hubbell Heaters
- Nyle Systems
- Bradford White Corporation
- INTELLIHOT
- Colmac Industries
- Daikin Industries
- American Water Heaters
- Lync
- LG Electronics
- Panasonic Holdings Corporation
- Ariston Holding
North America Commercial Heat Pump Water Heater Industry News
- In August 2023, Lochinvar introduced the Veritus Air Source HPWH that incorporates advanced features including fans, ECM pumps, and a scroll compressor to minimize emissions and optimize heat transfer. With its compact footprint and adaptable structure, the product finds applicability across sectors including fitness centers, healthcare, multi-unit housing, and other commercial establishments. The high-efficient heat pump water heater technology has reinforced its relevance and value in the business landscape.
- In January 2023, Lochinvar unveiled Aquastore, an extensive range of HPWHs ranging from 7.7kW for domestic hot water applications up to a remarkable 219kW for projects encompassing large & medium commercial applications. This product range is strategically designed to minimize disruptions during installation, eliminating the need for extensive modifications to the existing heating and hot water systems. It is efficient and features hybrid modes, capable of providing hot water up to 65°C. It can achieve an impressive output of 490 liters in an hour, with a temperature increase of 50°C. This product launch strengthened the company’s market share in commercial facilities.
The North America commercial heat pump water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments
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By Capacity, 2019 – 2032 (Units & USD)
- ≤ 50 Gallons
- > 50 - ≤ 100 Gallons
- > 100 - ≤ 200 Gallons
- > 200 - ≤ 500 Gallons
- > 500 Gallons
By Temperature, 2019 – 2032 (Units & USD)
- ≤ 140°F
- > 140°F - 160°F
- > 160°F - 180°F
- > 180°F
By Application, 2019 – 2032 (Units & USD)
- Multi-Family Apartments
- Offices
- Warehouse & Storage
- Retail
- Education
- Lodgings,
- Public Assembly
- Healthcare
- Others
The above information has been provided for the following countries
