Global Heat Pump Market Size is valued at USD 65.8 Billion in 2024 and is predicted to reach USD 157.3 Billion by the year 2034 at a 9.2% CAGR during the forecast period for 2025-2034.
A heat pump refers to a refrigeration system that operates on a mechanical compression cycle and has the capability to be reversed in order to provide both heating and cooling functions to a designated space. Consequently, it is extensively utilised in applications related to space heating and cooling. The system consists of two main constituents an indoor air handler & an outdoor unit that bears resemblance to a central air conditioner, although it is commonly known as a heat pump.
The increased need for energy-efficient devices has prompted the deployment of heat pumps to give end users great potential to contribute to renewable energy and climate targets in diverse places across the world. Furthermore, the growing desire to reduce reliance on fossil fuels and seek an energy-efficient alternative to furnaces and air conditioners is likely to drive demand for the product over the forecast period.
However, several countries throughout the world implemented tight lockdown policies in the midst of the COVID-19 epidemic, which had a negative impact on heat pump market supply and demand. Manufacturers faced extra challenges as a result of pandemic-induced disruptions, including economic downturns, low customer purchasing power, constrained cross-border trade flows, and the halting of industrial and building operations.
The Heat Pump Market is divided on the basis of type, refrigerant type, rated capacity, and end-user. Based on type, the market is segmented as an air-to-water heat pump, air-to-air heat pump, ground source (geothermal) heat pump, water source heat pump, and hybrid heat pump. The rated capacity segment includes 10-20 Kw, Up to 10 Kw, 20-30 Kw, and above 30 kW. By refrigerant type, the market is segmented into R410A, R407C, R744, and others. The end-user segment includes residential, commercial, and industrial.
The residential category is expected to hold a major share of the global Heat Pump Market in 2022. Heat pump demand in the residential sector is projected to be driven by rapid urbanization and rising demand for energy-efficient products. Favorable government programs and tax breaks on the installation of energy-saving products are also projected to drive demand for heat pumps in the future years. Regulations in several regions aimed at promoting near-zero energy buildings direct residential structures to enhance energy performance using efficient energy sources such as heat pumps. Heat pumps are frequently utilized as heating systems in single-family and terraced homes. Heat pumps are also becoming more popular in residential complexes.
The 10-20 Kw segment is projected to grow at a rapid rate in the global Heat Pump Market. The segment's rise is attributable to the capacity type's suitability for a wide range of uses, including commercial uses such as hotels, restaurants, factories, swimming pools, and schools. The heat pumps with 10-20 kW capacity operate quietly, are environmentally friendly, have great efficiency, and have a variety of hydraulic choices and communication protocols.
Asia Pacific region's Heat Pump Market is expected to record the maximum market share in revenue in the near future. Large-scale, low-cost skilled labor availability is a distinctive feature of the region. Over the course of the projection period, it is anticipated that the expanding trend of moving production bases to emerging economies, particularly China and India, will have a beneficial impact on market growth.
In nations like China, Japan, Indonesia, and India, energy-saving technologies are anticipated to become quite popular. It is anticipated that North America will experience rapid growth. The demand for sophisticated heat pumps is expected to increase as a result of government initiatives and rebates that encourage the adoption of energy-saving and environmentally friendly technologies.
|
Report Attribute |
Specifications |
|
Market Size Value In 2024 |
USD 65.8 Billion |
|
Revenue Forecast In 2034 |
USD 157.3 Billion |
|
Growth Rate CAGR |
CAGR of 9.2% from 2025 to 2034 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2025 to 2034 |
|
Historic Year |
2021 to 2024 |
|
Forecast Year |
2025-2034 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, By Rated Capacity, By Refrigerant Type, By End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Midea Group, Panasonic Corporation, Mitsubishi Electric Corporation, Denso Corporation, Samsung, Lg Electronics, Lennox International, Fujitsu General, Daikin Industries, Ltd., Carrier Global, Johnson Controls, Trane Technologies, Thermax Limited, Gea Group Aktiengesellschaft, Danfoss A/S, Glen Dimplex Group, Viessmann, Nibe, Guangzhou Sprsun New Energy Technology Development, Rheem, Emerson Electric Co. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Heat Pump Market Snapshot
Chapter 4. Global Heat Pump Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: By Type Estimates & Trend Analysis
5.1. By Type, & Market Share, 2024 & 2034
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following By Type:
5.2.1. Air-to-Air heat pump
5.2.2. Air-to-Water heat pump
5.2.3. Water Source heat pump
5.2.4. Ground Source (Geothermal) heat pump
5.2.5. Hybrid heat pump
Chapter 6. Market Segmentation 2: By Rated Capacity Estimates & Trend Analysis
6.1. By Rated Capacity & Market Share, 2024 & 2034
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following By Rated Capacity:
6.2.1. Up to 10 kW
6.2.2. 10 – 20 kW
6.2.3. 20 – 30 kW
6.2.4. Above 30 kW
Chapter 7. Market Segmentation 3: By Refrigerant Type Estimates & Trend Analysis
7.1. By Refrigerant Type & Market Share, 2024 & 2034
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following By Refrigerant Type:
7.2.1. R410A
7.2.2. R407C
7.2.3. R744
7.2.4. Others
Chapter 8. Market Segmentation 4: By End User Estimates & Trend Analysis
8.1. By End User & Market Share, 2024 & 2034
8.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following By End User:
8.2.1. Residential
8.2.2. Commercial
8.2.3. Industrial
Chapter 9. Heat Pump Market Segmentation 5: Regional Estimates & Trend Analysis
9.1. North America
9.1.1. North America Heat Pump Market revenue (US$ Million) estimates and forecasts By Type, 2021-2034
9.1.2. North America Heat Pump Market revenue (US$ Million) estimates and forecasts By Rated Capacity, 2021-2034
9.1.3. North America Heat Pump Market revenue (US$ Million) estimates and forecasts By Refrigerant Type, 2021-2034
9.1.4. North America Heat Pump Market revenue (US$ Million) estimates and forecasts By End User, 2021-2034
9.1.5. North America Heat Pump Market revenue (US$ Million) estimates and forecasts by country, 2021-2034
9.2. Europe
9.2.1. Europe Heat Pump Market revenue (US$ Million) By Type, 2021-2034
9.2.2. Europe Heat Pump Market revenue (US$ Million) By Rated Capacity, 2021-2034
9.2.3. Europe Heat Pump Market revenue (US$ Million) By Refrigerant Type, 2021-2034
9.2.4. Europe Heat Pump Market revenue (US$ Million) By End User, 2021-2034
9.2.5. Europe Heat Pump Market revenue (US$ Million) by country, 2021-2034
9.3. Asia Pacific
9.3.1. Asia Pacific Heat Pump Market revenue (US$ Million) By Type, 2021-2034
9.3.2. Asia Pacific Heat Pump Market revenue (US$ Million) By Rated Capacity, 2021-2034
9.3.3. Asia Pacific Heat Pump Market revenue (US$ Million) By Refrigerant Type, 2021-2034
9.3.4. Asia Pacific Heat Pump Market revenue (US$ Million) By End User, 2021-2034
9.3.5. Asia Pacific Heat Pump Market revenue (US$ Million) by country, 2021-2034
9.4. Latin America
9.4.1. Latin America Heat Pump Market revenue (US$ Million) By Type, (US$ Million) 2021-2034
9.4.2. Latin America Heat Pump Market revenue (US$ Million) By Rated Capacity, (US$ Million) 2021-2034
9.4.3. Latin America Heat Pump Market revenue (US$ Million) By Refrigerant Type, (US$ Million) 2021-2034
9.4.4. Latin America Heat Pump Market revenue (US$ Million) By End User, (US$ Million) 2021-2034
9.4.5. Latin America Heat Pump Market revenue (US$ Million) by country, 2021-2034
9.5. Middle East & Africa
9.5.1. Middle East & Africa Heat Pump Market revenue (US$ Million) By Type, (US$ Million) 2021-2034
9.5.2. Middle East & Africa Heat Pump Market revenue (US$ Million) By Rated Capacity, (US$ Million) 2021-2034
9.5.3. Middle East & Africa Heat Pump Market revenue (US$ Million) By Refrigerant Type, (US$ Million) 2021-2034
9.5.4. Middle East & Africa Heat Pump Market revenue (US$ Million) By End User, (US$ Million) 2021-2034
9.5.5. Middle East & Africa Heat Pump Market revenue (US$ Million) by country, 2021-2034
Chapter 10. Competitive Landscape
10.1. Major Mergers and Acquisitions/Strategic Alliances
10.2. Company Profiles
10.2.1. Midea Group
10.2.2. Panasonic Corporation
10.2.3. Mitsubishi Electric Corporation
10.2.4. Denso Corporation
10.2.5. Samsung
10.2.6. Lg Electronics
10.2.7. Lennox International
10.2.8. Fujitsu General
10.2.9. Daikin Industries, Ltd.
10.2.10. Carrier Global
10.2.11. Johnson Controls
10.2.12. Trane Technologies
10.2.13. Thermax Limited
10.2.14. Gea Group Aktiengesellschaft
10.2.15. Danfoss A/S
10.2.16. Glen Dimplex Group
10.2.17. Viessmann
10.2.18. Nibe
10.2.19. Guangzhou Sprsun New Energy Technology Development
10.2.20. Rheem
10.2.21. Emerson Electric Co.
Heat Pump Market By Type-
Heat Pump Market By Rated Capacity-
Heat Pump Market By Refrigerant Type-
Heat Pump Market By End-User-
Heat Pump Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
