The heat pump market is estimated to be valued at USD 77.95 billion in 2024 and is expected to reach USD 157.35 billion by 2031, growing at a compound annual growth rate (CAGR) of 10.6% from 2024 to 2031.

Report Description:

Heat pumps are mechanical devices that exploit thermal energy from various heat sources such as ambient air, water, or ground. They are considered as an energy-efficient alternative for traditional space and water heating appliances and systems. Heat pumps function through a refrigeration cycle using a compressor, evaporator and condenser which allows heat transfer between two reservoirs at different temperatures. Various types of heat pumps including air-source, water-source, and geothermal provide space and water heating by extracting heat from outdoor air or ground and concentrating it indoors or in water tanks. Heat pumps are indispensable technologies for creating comfortable living spaces and providing hot water while reducing energy consumption and greenhouse gas emissions compared to conventional heating systems.

Market Dynamics:

The global heat pump market is primarily driven by growing focus on energy conservation, renewable energy solutions, and reduction of carbon footprint. Stringent government regulations and building standards pertaining to energy efficiency are propelling the adoption of heat pumps for both residential and commercial spaces. Significant incentives and subsidies provided by various countries for integrating cleaner heating alternatives are boosting the market growth. The rapid urbanization and increasing spending power on residential infrastructure are creating abundant opportunities for air-source and water-source heat pumps. The rising demand for space heating in emerging nations and retrofitting activities of older HVAC systems are fuelling the sales of geothermal heat pumps. However, high initial costs remain a major restraining factor especially in price-sensitive underdeveloped markets. Lack of consumer awareness about long-term benefits further challenges the widespread acceptance of heat pump technology. Ongoing innovations to improve efficiency and reduce costs will help unlock new vistas in the coming years.

Key features of the study:

• This report provides an in-depth analysis of the global heat pump market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global heat pump market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Carrier, Daikin Industries, Ltd., Danfoss Group Global, Fujitsu, GDC Group Limited, Glen Dimplex Group, HAIER(GENERAL ELECTRIC), Hitachi, Ltd., Ingersoll Rand Plc., Johnson Controls, Inc., Lennox International, LG Electronics, Inc., Melrose Industries PLC, Midea Group, Mitsubishi Electric Corporation, NIBE Industrier AB, Corp., Panasonic Holdings Corporation, Rheem Manufacturing Company, Robert Bosch GmbH, Samsung, Stiebel Eltron Group, The Bosch Group, United Technologies Corporation, Vaillant Group, and ViessmannWerke GmbH & Co. KG.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global heat pump market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global heat pump market.

Market Segmentation

• Pump Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Air-water Heat Pump
  • Air-air Heat Pump
  • Ground Source Heat Pump
  • Hybrid Heat Pump
• Capacity Insights (Revenue, USD Bn, 2019 - 2031)
  • Up to 10kW
  • 10-20kW
  • 20-30kW
  • Above 30kW
• Application Insights (Revenue, USD Bn, 2019 - 2031)
  • Residential
  • Industrial
  • Commercial
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Key Players Insights
  • Carrier
  • Daikin Industries, Ltd.
  • Danfoss Group Global
  • Fujitsu
  • GDC Group Limited
  • Glen Dimplex Group
  • HAIER (GENERAL ELECTRIC)
  • Hitachi, Ltd.
  • Ingersoll Rand Plc.
  • Johnson Controls, Inc.
  • Lennox International
  • LG Electronics, Inc.
  • Melrose Industries PLC
  • Midea Group
  • Mitsubishi Electric Corporation
  • NIBE Industrier AB, Corp.
  • Panasonic Holdings Corporation
  • Rheem Manufacturing Company
  • Robert Bosch GmbH
  • Samsung
  • Stiebel Eltron Group
  • The Bosch Group
  • United Technologies Corporation
  • Vaillant Group
  • ViessmannWerke GmbH & Co. KG