Global Heat Pump Water Heaters Market Growth 2025-2031

The global Heat Pump Water Heaters market size is predicted to grow from US$ 2310 million in 2025 to US$ 3318 million in 2031; it is expected to grow at a CAGR of 6.2% from 2025 to 2031.

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.

LP Information, Inc. (LPI) ' newest research report, the “Heat Pump Water Heaters Industry Forecast” looks at past sales and reviews total world Heat Pump Water Heaters sales in 2024, providing a comprehensive analysis by region and market sector of projected Heat Pump Water Heaters sales for 2025 through 2031. With Heat Pump Water Heaters sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Heat Pump Water Heaters industry.

This Insight Report provides a comprehensive analysis of the global Heat Pump Water Heaters landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Heat Pump Water Heaters portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Heat Pump Water Heaters market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Heat Pump Water Heaters and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Heat Pump Water Heaters.

This report presents a comprehensive overview, market shares, and growth opportunities of Heat Pump Water Heaters market by product type, application, key manufacturers and key regions and countries.

Segmentation by Type:
All-in-One
Split-type

Segmentation by Application:
Residential
Commercial
Other

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
A. O. Smith
Rinnai
Stiebel Eltron
Viessmann
Rheem
Haier
Midea
OUTES
Phnix
Dimplex
GREE
New Energy
Apricus Australia
Ochsner
Panasonic
Mitsubishi Electric
Darkin
Hitachi
Wotech
Toshiba

Key Questions Addressed in this Report

What is the 10-year outlook for the global Heat Pump Water Heaters market?

What factors are driving Heat Pump Water Heaters market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Heat Pump Water Heaters market opportunities vary by end market size?

How does Heat Pump Water Heaters break out by Type, by Application?

Please note: The report will take approximately 2 business days to prepare and deliver.