The global heat pump water heater (HPWH) market size was valued at USD 12.53 billion in 2024 and is expected to grow at a CAGR of 11.9% from 2025 to 2034, reflecting accelerating adoption of energy-efficient residential and commercial water heating solutions worldwide. This expansion is closely tied to tightening building codes, rising electricity costs, and mounting pressure to reduce carbon...
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