Global Heat Pump Market

Global Heat Pump Market Size, Share, Growth Analysis, By Technology(Air Source, Water Source), By Application(Commercial, Residential) - Industry Forecast 2023-2030


Report ID: SQMIG10B2075 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 63 | Figures: 75

Global Heat Pump Market Insights

Heat Pump Market size was valued at USD 68 Billion in 2021 and is poised to grow from USD 73.58 Billion in 2022 to USD 138.21 Billion by 2030, at a CAGR of 8.2% during the forecast period (2023-2030).

The global heat pump market is growing at a significant pace due to the increasing need for energy-efficient and sustainable heating systems. The primary driving factor of the global heat pump market is the increasing demand for energy-efficient heating solutions. Heat pumps offer higher energy efficiency compared to traditional heating systems, which results in lower operating costs and reduced carbon footprint. The major restraining factor of the global heat pump market is the high upfront cost of installation.

Heat pumps are relatively expensive compared to traditional heating systems, and the initial investment required for their installation can be a deterrent for some consumers. Additionally, the lack of awareness about heat pumps and their benefits in some regions can also impede market growth. The global heat pump market offers several opportunities for growth, such as the increasing adoption of renewable energy sources, including geothermal and air-source heat pumps. The development of smart and connected heat pumps that can be controlled remotely via a smartphone app or home automation system is also expected to drive market growth.

US Heat Pump Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 68 Billion

Largest Segment

Air Source

Fastest Growth

Air Source

Growth Rate

8.2% CAGR

Global Heat pump Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Heat pump Market Size By Technology, 2022-2030 ($ Bn)
Global Heat pump Market Size By Technology 2022-2030 (%)

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Global Heat Pump Market Segmental Analysis

The global heat pump market is segmented on the basis of technology, application and region. In terms of technology, the market is segmented into Air source, water source, and ground source. By application, the market is segmented into commercial, residential, industrial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Heat Pump Market Analysis by Technology

In 2022, the air source technology segment dominated the market, accounting for 81.1% of the revenue share. This technology is known for its low carbon footprint, easy installation process, low maintenance, and cost-effectiveness, making it an efficient source for hot water, spacing heating, and cooling applications. Water source technology utilizes energy from ground, surface, or seawater to extract heat and make it available for heating, cooling, and hot water applications.

The ground source segment is expected to grow at a CAGR of 9.0% over the forecast period due to its energy-efficient features, low operating costs, and use of renewable energy sources that help mitigate pollution. Ground source technology maintains a stable temperature by maintaining consistency regardless of outside temperature. Emerging technologies like dual-source are gaining popularity in the market as they draw heat from either air or ground, depending on the source's convenience.

Heat Pump Market Analysis by Application

In 2022, the residential application segment dominated the global heat pump market by contributing to 80.5% of the total revenue. This is due to the growing population and the need for cost-effective and convenient air conditioning techniques for hot water, space heating, and cooling in residential spaces. Heat pumps are also utilized in commercial facilities such as office buildings, hotels, schools, religious buildings, and historical sites.

The industrial application segment is projected to register a CAGR of 7.8% during the forecast period. Heat pumps are used in various industries, including paper and pulp, food and beverage, chemical, automotive, and others, due to the focus on reducing energy and maintenance costs, as well as environmental effects caused by greenhouse gas emissions. The increasing infrastructure development to accommodate the growing population and higher living standards has contributed to the growing demand in the residential and commercial sectors, as heat pumps provide consistent temperature control for space heating and cooling applications, while also facilitating hassle-free operation and low costs.

Global Heat pump Market Size By Technology, 2022(%), 2021 (%)

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Global Heat Pump Market Regional Insights

In 2022, the Asia Pacific region held the largest share of the global heat pump market, accounting for 46.9% of the revenue, attributed to the increasing demand for energy-efficient heating solutions in the residential and commercial sectors. The North American market is witnessing growth due to the increasing demand for energy-efficient systems and government initiatives to adopt clean heating and cooling technologies.

The European market is expected to grow at a CAGR of 8.6% over the forecast period, driven by the government's efforts to reduce carbon emissions and rising environmental concerns. The Middle East & Africa and Central & South America are expected to witness growth in demand for air conditioning and hot water systems due to the increasing population and awareness about the need to reduce pollution. These factors are expected to drive the growth of the heat pump market in these regions.

Global Heat pump Market Size By Geography, 2022-2030, 2023-2030
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Global Heat Pump Market Dynamics

Heat Pump Market Drivers

Contribution of Heat Pump Technology to Reduce Carbon Footprint

  • Energy is an essential power source in homes, hospitals, and schools, among others. However, its production and usage result in the emission of greenhouse gasses in significant volumes. Thus, major economies across the globe are aiming to reduce their dependence on nonrenewable energy sources and are gradually inclining toward renewable energy sources to restrict the emission of greenhouse gasses. The heat pump technology is a promising solution for lowering greenhouse gas emissions. Heat pumps through aerothermal and geothermal technologies offer an energy-efficient approach to space heating. The heat pump is often regarded as a sustainable technology when used in heating, ventilation, and air conditioning (HVAC) systems. In the residential, commercial, and industrial sectors, heat pumps are widely used for space heating, cooling, and heating water.

Rising Focus towards Sustainability

  • The non-renewable energy sources result in the production of greenhouse gasses that cause global warming. The deteriorating environmental conditions and climate change issues are the major factors that are shifting the focus towards the adoption of the sustainable products for heating and cooling solutions. Therefore, the demand for the heat pumps is expected to grow significantly across the industrial and residential sector owing to the rising awareness regarding environment protection and renewable energy sources.

Heat Pump Market Restraints

Less Awareness Regarding Advantages Associated with Heat Pumps in Emerging Economies

  • The heat pump is technically complex equipment. The awareness regarding the energy efficiency, cost efficiency, and environmental benefits associated with heat pumps, as well as technical know-how, are limited among end users from developing and underdeveloped economies. This factor is expected to hamper their penetration rate in emerging economies. There is lack of awareness among contractors regarding the International Organization for Standardization (ISO) standards for heat pumps. The ISO standards play a crucial role in the quality assurance and safety of the products or services offered.

Less Awareness in Developing Nations

  • There is a lack of awareness regarding the benefits of the heat pumps in the developing nations. The developing nations are witnessing a rapid industrialization and urbanization and the lack of awareness regarding the social and environmental benefits of the heat pumps may adversely impact the global heat pump market during the forecast period.

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Global Heat Pump Market Competitive Landscape

The global heat pump market is highly competitive, with a large number of players operating at regional and global levels. The companies operating in the market are primarily focused on product innovation, mergers and acquisitions, and partnerships to gain a competitive edge. In recent years, many companies have launched new and innovative products to stay competitive in the market. The competitive landscape of the global heat pump market is highly fragmented, with several players competing for market share. The market is expected to witness increased competition over the forecast period, as companies strive to develop innovative products and expand their global presence through strategic partnerships and mergers and acquisitions.

Heat Pump Market Top Player’s Company Profiles

  • Panasonic Corporation (Japan)
  • Bosch Thermotechnology Ltd. (Germany)
  • NIBE Industrier AB (Sweden)
  • Stiebel Eltron GmbH & Co. KG (Germany)
  • Vaillant Group (Germany)
  • A.O. Smith Corporation (US)
  • Fujitsu General Ltd. (Japan)
  • Danfoss A/S (Denmark)
  • Glen Dimplex Group (Ireland)
  • Johnson Controls International plc (Ireland)
  • LG Electronics Inc. (South Korea)
  • Trane Technologies plc (Ireland)
  • Viessmann Werke GmbH & Co. KG (Germany)
  • Zehnder Group AG (Switzerland)
  • BDR Thermea Group BV (Netherlands)
  • Samsung Electronics Co., Ltd. (South Korea)
  • Wolf GmbH (Germany)

Heat Pump Market Recent Developments

  • In November 2022, TRANE announced that it would reduce the carbon impact of its endurable HVAC solutions by buying low-carbon steel from major supplier Nucor Corporation Econiq, with an additional allotment from US Steel verdeX.
  • In November 2022, Mitsubishi launched a cascaded air source heat pump that can produce between 7.8 kW and 640 kW of heat. The heat pump can generate hot water at a temperature of up to 70 C without boost heaters.
  • In May 2022, to meet the growing demand for air-to-water heat pump and air conditioners in Europe, Mitsubishi Electric announced the expansion of the production capacity at its Turkey plant.
  • In January 2022, Johnson Controls acquired FogHorn to provide industrial and commercial IoT solutions in the heat pumps.

Global Heat Pump Key Market Trends

  • Increasing Adoption of Renewable Energy Sources: The heat pump market is witnessing a trend of increasing adoption of renewable energy sources due to rising environmental concerns and the need for sustainable heating solutions. Renewable energy sources, such as solar energy, wind energy, and geothermal energy, are being used in heat pump systems to reduce greenhouse gas emissions and to promote sustainable energy consumption. For instance, in February 2021, Viessmann Group launched a new air-to-water heat pump with an integrated photovoltaic system for residential applications. This product combines the use of solar energy and heat pump technology, making it an energy-efficient and sustainable solution for heating and cooling.
  • Integration of IoT and Smart Technology: The integration of IoT and smart technology is another significant trend in the heat pump market. With the advancement of technology, heat pumps are now being integrated with IoT and smart technology, which allows for remote monitoring and control of the heating and cooling systems. This trend is driven by the need for energy-efficient solutions and the demand for convenient and user-friendly systems. This product offers enhanced energy efficiency and ease of use, making it an attractive solution for residential and commercial customers.

Global Heat Pump Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global heat pump market analysis, the market is expected to experience significant growth in the coming years, driven by increasing demand for energy-efficient heating solutions and government initiatives to reduce greenhouse gas emissions. The market is categorized into three segments based on technology: air source, water source, and ground source. The residential application segment is the largest, followed by commercial and industrial applications. The market is highly competitive, with several large players vying for market share. The heat pump market is expected to experience significant growth in the coming years, driven by increasing demand for energy-efficient heating solutions and government initiatives to reduce greenhouse gas emissions. The market is highly competitive, with several large players vying for market share.

Report Metric Details
Market size value in 2021 USD 68 Billion
Market size value in 2030 USD 138.21 Billion
Growth Rate 8.2%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Technology
    • Air Source, Water Source, and Ground Source
  • Application
    • Commercial, Residential, and Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Panasonic Corporation (Japan)
  • Bosch Thermotechnology Ltd. (Germany)
  • NIBE Industrier AB (Sweden)
  • Stiebel Eltron GmbH & Co. KG (Germany)
  • Vaillant Group (Germany)
  • A.O. Smith Corporation (US)
  • Fujitsu General Ltd. (Japan)
  • Danfoss A/S (Denmark)
  • Glen Dimplex Group (Ireland)
  • Johnson Controls International plc (Ireland)
  • LG Electronics Inc. (South Korea)
  • Trane Technologies plc (Ireland)
  • Viessmann Werke GmbH & Co. KG (Germany)
  • Zehnder Group AG (Switzerland)
  • BDR Thermea Group BV (Netherlands)
  • Samsung Electronics Co., Ltd. (South Korea)
  • Wolf GmbH (Germany)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Heat Pump Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Heat Pump Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Heat Pump Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Heat Pump Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Heat Pump Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Heat Pump Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Heat Pump Market size was valued at USD 68 Billion in 2021 and is poised to grow from USD 73.58 Billion in 2022 to USD 138.21 Billion by 2030, at a CAGR of 8.2% during the forecast period (2023-2030).

The global heat pump market is highly competitive, with a large number of players operating at regional and global levels. The companies operating in the market are primarily focused on product innovation, mergers and acquisitions, and partnerships to gain a competitive edge. In recent years, many companies have launched new and innovative products to stay competitive in the market. The competitive landscape of the global heat pump market is highly fragmented, with several players competing for market share. The market is expected to witness increased competition over the forecast period, as companies strive to develop innovative products and expand their global presence through strategic partnerships and mergers and acquisitions. 'Daikin Industries, Ltd. (Japan)', 'Carrier Global Corporation (US)', 'Mitsubishi Electric Corporation (Japan)', 'Panasonic Corporation (Japan)', 'Bosch Thermotechnology Ltd. (Germany)', 'NIBE Industrier AB (Sweden)', 'Stiebel Eltron GmbH & Co. KG (Germany)', 'Vaillant Group (Germany)', 'A.O. Smith Corporation (US)', 'Fujitsu General Ltd. (Japan)', 'Danfoss A/S (Denmark)', 'Glen Dimplex Group (Ireland)', 'Johnson Controls International plc (Ireland)', 'LG Electronics Inc. (South Korea)', 'Trane Technologies plc (Ireland)', 'Viessmann Werke GmbH & Co. KG (Germany)', 'Zehnder Group AG (Switzerland)', 'BDR Thermea Group BV (Netherlands)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Wolf GmbH (Germany)'

Energy is an essential power source in homes, hospitals, and schools, among others. However, its production and usage result in the emission of greenhouse gasses in significant volumes. Thus, major economies across the globe are aiming to reduce their dependence on nonrenewable energy sources and are gradually inclining toward renewable energy sources to restrict the emission of greenhouse gasses. The heat pump technology is a promising solution for lowering greenhouse gas emissions. Heat pumps through aerothermal and geothermal technologies offer an energy-efficient approach to space heating. The heat pump is often regarded as a sustainable technology when used in heating, ventilation, and air conditioning (HVAC) systems. In the residential, commercial, and industrial sectors, heat pumps are widely used for space heating, cooling, and heating water.

Increasing Adoption of Renewable Energy Sources: The heat pump market is witnessing a trend of increasing adoption of renewable energy sources due to rising environmental concerns and the need for sustainable heating solutions. Renewable energy sources, such as solar energy, wind energy, and geothermal energy, are being used in heat pump systems to reduce greenhouse gas emissions and to promote sustainable energy consumption. For instance, in February 2021, Viessmann Group launched a new air-to-water heat pump with an integrated photovoltaic system for residential applications. This product combines the use of solar energy and heat pump technology, making it an energy-efficient and sustainable solution for heating and cooling.

In 2022, the Asia Pacific region held the largest share of the global heat pump market, accounting for 46.9% of the revenue, attributed to the increasing demand for energy-efficient heating solutions in the residential and commercial sectors. The North American market is witnessing growth due to the increasing demand for energy-efficient systems and government initiatives to adopt clean heating and cooling technologies.

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Global Heat Pump Market

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