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Ground Source Heat Pump Installation provides domestic hot water, heating and cooling to homes and commercial buildings using solar power saved in the earths crust.

According to the new market research report "Heat Pump Water Heater Market by type (Air Source, Geothermal), Storage (Up to 500 L, 500-1000 L, Above 1000 L), Capacity (Up to 10 kW, above 10 kW), Refrigerant (R410A, R407C, R744), End-User (Residential, Commercial, Industrial), Region - Global Forecast to 2026″, size is projected to reach USD 2.1 billion by 2026 from an estimated value of USD 1.4 billion in 2020, at a CAGR of 6.8%. Factors driving the growth of the heat pump water heater market include the energy efficient technology along with the usage of non conventional sources of energy to heat the water. In addition, supportive regulations and grants for using renewable sources of energy in different applications are also expected to play a key role in the growth of this market during the forecast period.

A heat pump water heater offers an energy-efficient way to provide heating through aerothermal and geothermal technologies. Exhaust air, groundwater, and surface water (lake, river, or pond) are the other examples of commonly used heat sources.

Heat pump water heaters are distinguished by their ability to harness air, water, or geothermal heat for hot water production, establishing them as a compelling option for energy-efficient water heating solutions. The global market for these systems has experienced consistent growth, propelled by rising demand and favorable regulatory environments.