The global heat pump water heaters market is witnessing strong growth, projected to increase from USD 6 billion in 2024 to nearly USD 16.9 billion by 2034, at a compound annual growth rate (CAGR) of 10.9%. These systems work by transferring heat from the surrounding environment air, water, or ground into a storage tank, using significantly less electricity than traditional heaters. Rising energy costs and environmental concerns have prompted consumers and governments to seek more efficient heating solutions. Government support, such as rebates and energy-efficiency mandates, is further boosting adoption. Asia-Pacific leads the global market due to strong environmental regulations and growing public awareness of energy efficiency.
