Heat Pump Water Market Size, Industry Share 2029
The Heat Pump Water Market is projected to witness a growth of approximately 6.3% CAGR during the forecast period, 2022-2029. The factors driving growth of the Heat Pump Water Market includes Government regulations regarding retrofitting heating & cooling equipment, rising focus on reducing greenhouse gas emissions, increasing demand for heat pump water solution in residential and commercial areas around the world and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, rising emphasis on reducing the dependency on fossil fuels across the globe, increase in the launch of new products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic collaborations and partnerships between companies and growing population growth rates, are further contributing towards the market growth. However, gr...