U.S. Heat Pump Water Heater MarketU.S. Heat Pump Water Heater Market Unlocking Growth Potential: Analysis and Forecasts 2024-2032
U.S. Heat Pump Water Heater Market by Type (Air Source, Geothermal), by Capacity (Less than 10 kW, 10 kW to 30 kW, Greater than 30 kW), by End-user (Residential, Commercial, Industrial), by Forecast 2024-2032
Base Year: 2023
120 Pages
U.S. Heat Pump Water Heater Market Unlocking Growth Potential: Analysis and Forecasts 2024-2032
Key Insights
The U.S. Heat Pump Water Heater Market size was valued at USD 468.22 USD Million in 2023 and is projected to reach USD 699.39 USD Million by 2032, exhibiting a CAGR of 5.90 % during the forecast period. A heat pump water heater is an equipment that applies the heat pump working principle to warm water, which is used in households. Geothermal energy production is done using two main processes whereby it draws heat from the surrounding air or ground and delivers it to the water. This technology is widely used in homes and offices which is energy efficient compared to conventional water heaters. There are several types of heat pump water heaters such as air source heat pump water heater, ground source heat pump water heater, hybrid heat pump water heater. They are in demand because they are energy efficient, have low running costs, and are eco-friendly. Current trends in the US market indicate that the consumption of heat pump water heaters is on the rise due to increased energy consumption standards and concerns regarding sustainability.
U.S. Heat Pump Water Heater Trends
- Growing adoption of energy-efficient heating solutions
- Government incentives and rebates
- Rising awareness of environmental sustainability
- Technological advancements in heat pump technology
Driving Forces: What's Propelling the U.S. Heat Pump Water Heater Market
- Rising energy costs
- Increasing demand for sustainable heating solutions
- Technological advancements in heat pumps
- Government incentives and rebates
- Energy efficiency regulations
Challenges and Restraints in U.S. Heat Pump Water Heater Market
- High upfront cost
- Lack of awareness about heat pumps
- Limited availability of skilled installers
- Climate limitations (cold weather)
- Concerns about refrigerant leaks
Emerging Trends in U.S. Heat Pump Water Heater
- Smart and connected heat pumps
- Heat pump water heaters with integrated solar panels
- Heat pumps with built-in water storage tanks
- Heat pumps with advanced controls and monitoring systems
Growth Catalysts in U.S. Heat Pump Water Heater Industry
- Favorable Government Policies: Federal and state incentives, tax credits, and rebates encourage homeowners and businesses to adopt energy-efficient heat pump water heaters.
- Stringent Energy Efficiency Standards: Rising energy standards mandate the use of efficient appliances, including heat pump water heaters, to reduce energy consumption.
- Technological Advancements: Ongoing improvements in design and materials are increasing the efficiency, durability, and affordability of heat pump water heaters.
- Enhanced Consumer Awareness: Increased media coverage, social media campaigns, and educational programs are raising awareness about the benefits of heat pump water heaters.
- Strategic Partnerships: Collaborations between manufacturers, distributors, and utility companies facilitate the adoption and distribution of heat pump water heaters.
Market Segmentation: U.S. Heat Pump Water Heater Analysis
Type:
- Air Source
- Geothermal
Capacity:
- Less than 10 kW
- 10 kW to 30 kW
- Greater than 30 kW
End-user:
- Residential
- Commercial
- Industrial
Leading Players in the U.S. Heat Pump Water Heater Market
- STIEBEL ELTRON GmbH & Co. KG (Germany)
- Daikin Industries Ltd. (Japan)
- Glen Dimplex Group (Ireland)
- Panasonic Corporation (Japan)
- Samsung Electronics Co. Ltd. (South Korea)
- LG Electronics (South Korea)
- Rheem Manufacturing Company (U.S.)
- Ariston Holding N.V. (Italy)
- Bradford White Corporation (U.S.)
- Rinnai Corporation (Japan)
Significant developments in U.S. Heat Pump Water Heater Sector
- June 2023: Samsung Electronics Co. Ltd. and SMA interlinked their communications, enabling the integration of Samsung heating systems into SMA's home energy management system.
- April 2023: Rheem Manufacturing Company developed a heat pump water heater for cold climates.
- February 2023: LG Electronics introduced an air source heat pump with a capacity to heat 200 to 300 liters of domestic water.
Comprehensive Coverage U.S. Heat Pump Water Heater Market Report
The report provides a detailed analysis of the U.S. heat pump water heater market, including drivers, challenges, and opportunities. It covers segmentation, market size, and share, competitive landscape, and regional insights. The report also includes detailed profiles of leading players in the market.
Regional Insight
The U.S. heat pump water heater market is primarily concentrated in North America. Key factors driving regional dominance include:
- Strong Government Support: Favorable policies and incentives in the U.S. encourage the transition to energy-efficient technologies like heat pump water heaters.
- Established Infrastructure: North America has a well-established infrastructure for the distribution and installation of heat pump water heaters.
- Growing Environmental Consciousness: Consumers in North America are increasingly prioritizing energy efficiency and sustainability, contributing to the demand for heat pump water heaters.
Technology Analysis
The report provides a detailed analysis of the latest technological advancements in the U.S. heat pump water heater market. It covers innovations in compressor technology, refrigerant, and control systems.
Pestle Analysis
The report includes a PESTLE analysis of the U.S. heat pump water heater market. This analysis provides insights into the political, economic, social, technological, legal, and environmental factors that influence the market.
Porter's Five Force Analysis
The report includes a Porter's Five Force Analysis of the U.S. heat pump water heater market. This analysis provides insights into the competitive forces that shape the market.
BCG Matrix
The report includes a BCG matrix analysis of the U.S. heat pump water heater market. This analysis provides insights into the market share and growth potential of leading players.
Import & Export Analysis
The report provides an analysis of the import and export trends of heat pump water heaters in the U.S.
Production & Consumption
The report provides an analysis of the production and consumption trends of heat pump water heaters in the U.S.
Regulatory Landscape
The report provides an analysis of the regulatory landscape governing the U.S. heat pump water heater market. It covers environmental regulations, energy efficiency standards, and safety codes.
U.S. Heat Pump Water Heater Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 5.90% from 2018-2032 |
| Segmentation |
|
Frequently Asked Questions
Table Of Content
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Supportive Government Initiatives and Development to Boost Market Growth
- 3.3. Market Restrains
- 3.3.1. Higher Costs of Installation May Hinder Product Usage Impeding Market Expansion
- 3.4. Market Trends
- 3.4.1. Increasing use of Alternatives to Fossil-Fuels-Based Boilers Stimulates Demand for Heat Pump Water Heaters
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. U.S. Heat Pump Water Heater Market Analysis, Insights and Forecast, 2018-2030
- 5.1. Market Analysis, Insights and Forecast - by Type
- 5.1.1. Air Source
- 5.1.2. Geothermal
- 5.2. Market Analysis, Insights and Forecast - by Capacity
- 5.2.1. Less than 10 kW
- 5.2.2. 10 kW to 30 kW
- 5.2.3. Greater than 30 kW
- 5.3. Market Analysis, Insights and Forecast - by End-user
- 5.3.1. Residential
- 5.3.2. Commercial
- 5.3.3. Industrial
- 5.4. Market Analysis, Insights and Forecast - by Region
- 5.4.1.
- 5.1. Market Analysis, Insights and Forecast - by Type
- 6. Northeast U.S. Heat Pump Water Heater Market Analysis, Insights and Forecast, 2018-2030
- 6.1. Market Analysis, Insights and Forecast - By Type
- 6.1.1 Air Source
- 6.1.2 Geothermal
- 6.2. Market Analysis, Insights and Forecast - By Capacity
- 6.2.1 Less than 10 kW
- 6.2.2 10 kW to 30 kW
- 6.2.3 Greater than 30 kW
- 6.3. Market Analysis, Insights and Forecast - By End-user
- 6.3.1 Residential
- 6.3.2 Commercial
- 6.3.3 Industrial
- 7. Southeast U.S. Heat Pump Water Heater Market Analysis, Insights and Forecast, 2018-2030
- 7.1. Market Analysis, Insights and Forecast - By Type
- 7.1.1 Air Source
- 7.1.2 Geothermal
- 7.2. Market Analysis, Insights and Forecast - By Capacity
- 7.2.1 Less than 10 kW
- 7.2.2 10 kW to 30 kW
- 7.2.3 Greater than 30 kW
- 7.3. Market Analysis, Insights and Forecast - By End-user
- 7.3.1 Residential
- 7.3.2 Commercial
- 7.3.3 Industrial
- 8. Midwest U.S. Heat Pump Water Heater Market Analysis, Insights and Forecast, 2018-2030
- 8.1. Market Analysis, Insights and Forecast - By Type
- 8.1.1 Air Source
- 8.1.2 Geothermal
- 8.2. Market Analysis, Insights and Forecast - By Capacity
- 8.2.1 Less than 10 kW
- 8.2.2 10 kW to 30 kW
- 8.2.3 Greater than 30 kW
- 8.3. Market Analysis, Insights and Forecast - By End-user
- 8.3.1 Residential
- 8.3.2 Commercial
- 8.3.3 Industrial
- 9. Southwest U.S. Heat Pump Water Heater Market Analysis, Insights and Forecast, 2018-2030
- 9.1. Market Analysis, Insights and Forecast - By Type
- 9.1.1 Air Source
- 9.1.2 Geothermal
- 9.2. Market Analysis, Insights and Forecast - By Capacity
- 9.2.1 Less than 10 kW
- 9.2.2 10 kW to 30 kW
- 9.2.3 Greater than 30 kW
- 9.3. Market Analysis, Insights and Forecast - By End-user
- 9.3.1 Residential
- 9.3.2 Commercial
- 9.3.3 Industrial
- 10. West U.S. Heat Pump Water Heater Market Analysis, Insights and Forecast, 2018-2030
- 10.1. Market Analysis, Insights and Forecast - By Type
- 10.1.1 Air Source
- 10.1.2 Geothermal
- 10.2. Market Analysis, Insights and Forecast - By Capacity
- 10.2.1 Less than 10 kW
- 10.2.2 10 kW to 30 kW
- 10.2.3 Greater than 30 kW
- 10.3. Market Analysis, Insights and Forecast - By End-user
- 10.3.1 Residential
- 10.3.2 Commercial
- 10.3.3 Industrial
- 11. Competitive Analysis
- 11.1. Market Share Analysis 2023
- 11.2. Company Profiles
- 11.2.1 STIEBEL ELTRON GmbH & Co. (Germany)
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 Daikin Industries Ltd. (Japan)
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 Glen Dimplex Group (Ireland)
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 Panasonic Corporation (Japan)
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 Samsung Electronics Co. Ltd. (South Korea)
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 LG Electronics (South Korea)
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 Rheem Manufacturing Company (U.S.)
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 Ariston Holding N.V (Italy)
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.9 Bradford White Corporation (U.S.)
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Financials (Based on Availability)
- 11.2.10 Rinnai Corporation (Japan)
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Financials (Based on Availability)
- 11.2.1 STIEBEL ELTRON GmbH & Co. (Germany)
List of Figures
- Figure 1: U.S. Heat Pump Water Heater Market Revenue Breakdown (USD Million, %) by Product 2023 & 2031
- Figure 2: U.S. Heat Pump Water Heater Market Value Share (%), by Type 2023 & 2031
- Figure 3: U.S. Heat Pump Water Heater Market Value Share (%), by Capacity 2023 & 2031
- Figure 4: U.S. Heat Pump Water Heater Market Value Share (%), by End-user 2023 & 2031
- Figure 5: U.S. Heat Pump Water Heater Market Share (%) by Company 2023
List of Tables
- Table 1: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Type 2018 & 2031
- Table 2: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Type 2018 & 2031
- Table 3: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Capacity 2018 & 2031
- Table 4: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Capacity 2018 & 2031
- Table 5: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by End-user 2018 & 2031
- Table 6: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by End-user 2018 & 2031
- Table 7: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Region 2018 & 2031
- Table 8: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Region 2018 & 2031
- Table 9: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Type 2018 & 2031
- Table 10: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Type 2018 & 2031
- Table 11: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Capacity 2018 & 2031
- Table 12: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Capacity 2018 & 2031
- Table 13: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by End-user 2018 & 2031
- Table 14: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by End-user 2018 & 2031
- Table 15: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Region 2018 & 2031
- Table 16: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Region 2018 & 2031
- Table 17: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Type 2018 & 2031
- Table 18: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Type 2018 & 2031
- Table 19: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Capacity 2018 & 2031
- Table 20: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Capacity 2018 & 2031
- Table 21: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by End-user 2018 & 2031
- Table 22: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by End-user 2018 & 2031
- Table 23: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Country 2018 & 2031
- Table 24: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Country 2018 & 2031
- Table 25: Northeast U.S. Heat Pump Water Heater Market Revenue (USD Million) Forecast, by Application 2018 & 2031
- Table 26: Northeast U.S. Heat Pump Water Heater Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 27: Southeast U.S. Heat Pump Water Heater Market Revenue (USD Million) Forecast, by Application 2018 & 2031
- Table 28: Southeast U.S. Heat Pump Water Heater Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 29: Midwest U.S. Heat Pump Water Heater Market Revenue (USD Million) Forecast, by Application 2018 & 2031
- Table 30: Midwest U.S. Heat Pump Water Heater Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 31: Southwest U.S. Heat Pump Water Heater Market Revenue (USD Million) Forecast, by Application 2018 & 2031
- Table 32: Southwest U.S. Heat Pump Water Heater Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 33: West U.S. Heat Pump Water Heater Market Revenue (USD Million) Forecast, by Application 2018 & 2031
- Table 34: West U.S. Heat Pump Water Heater Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 35: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Type 2018 & 2031
- Table 36: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Type 2018 & 2031
- Table 37: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Capacity 2018 & 2031
- Table 38: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Capacity 2018 & 2031
- Table 39: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by End-user 2018 & 2031
- Table 40: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by End-user 2018 & 2031
- Table 41: U.S. Heat Pump Water Heater Market Revenue USD Million Forecast, by Country 2018 & 2031
- Table 42: U.S. Heat Pump Water Heater Market Volume Thousand Units Forecast, by Country 2018 & 2031
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 5.90% from 2018-2032 |
| Segmentation |
|
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