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Heat Pump Water Heater Market: Explosive Growth Projected to $10.2 Billion by 2028

The global heat pump water heater market is projected to reach USD 10.2 billion by 2028 from an estimated USD 5.2 billion in 2023, at a CAGR of 14.4% during the forecast period. Technological advancements, environmental concerns, energy efficiency goals, and regulatory policies accelerate the growth of the heat pump water heater market. This report segments the heat pump water heater market based on type into five categories: air-to-air heat pump water heater, air-to-water heat pump water heater, water source heat pump water heater, ground source (geothermal) heat pump water heater, and hybrid heat pump water heater. The air-to-air heat pump water heater is expected to be the fastest-growing segment as it holds low operating costs. Air-to-air systems typically boast lower installation costs compared to alternatives like ground-source units. This affordability makes them a popular choice. Air-to-air heat pump water heaters are adaptable for installation in various settings, both indoors and outdoors, providing flexibility for diverse environments.
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