Heat Pump Market Analysis and Forecast to 2032: By Type (Air-to-air, Water Source, Geothermal, Others), Refrigerants (HFC, CO2, Ammonia, Others), End Users (Residential, Commercial, and Industrial), and Region

The heat pump market was valued at USD 54.0 billion in 2022 and it is anticipated to grow further till USD 191.0 billion by 2032, at a CAGR of 12.2% during the forecast period.

A heat pump is a mechanical-compression cycle device that uses refrigerant as a working fluid to transfer heat from a low-temperature heat source to a high-temperature heat sink. By reversing the direction of the refrigerant flow, the heat pump can also be used to transfer heat from a high-temperature heat source to a low-temperature heat sink.

Global Heat Pump Market Scope and Report Structure
Report Attribute Details
Market Size in 2022$54.0 Bn
Market Size in 2032$191.0 Bn
Growth Rate (2022-32)12.2%
Historic Period2016-2021
Forecast Period2023-2032
Base Year2022
Segments CoveredType, Refrigerant, End Users, and Region
Key CompaniesStiebel Eltron, Vaillant Group, NIBE Industrier AB, Daikin Industries, Ltd., Glen Dimplex Group, Ingersoll Rand, Plc., Danfoss A/S, Carrier, Rheem, and Midea Group among others.
Regional ScopeNorth America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Analysis CoverageMarket Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments
Market Drivers and Trends

The key drivers of the heat pump market can be divided into two main categories: technological advancements and increasing awareness.

Technological advancements have led to more efficient and effective heat pumps, which has made them more popular and affordable. This has been driven by advances in compressor technology, improved heat exchangers and better control systems. In addition, the miniaturization of heat pump components has made them more compact and easier to install.

Increasing awareness of the benefits of heat pumps has also driven market growth. Heat pumps can offer significant cost savings compared to traditional heating and cooling systems, and they are more environmentally friendly. This has made them attractive to a growing number of consumers and businesses.

Market Restraints and Challenges

The key restraints and challenges in Heat Pump market are:

1. High initial investment cost: Heat pumps require a high initial investment as compared to other heating systems. This high cost can be a barrier for many consumers, especially in developing countries.

2. Limited efficiency: The efficiency of heat pumps is limited by the laws of thermodynamics. This means that heat pumps are not able to generate as much heat as other heating systems such as furnaces.

3. Susceptible to weather conditions: Heat pumps are susceptible to weather conditions such as cold winters and hot summers. This can impact the performance of the heat pump and lead to higher energy bills.

4. Requires regular maintenance: Heat pumps require regular maintenance in order to keep them running smoothly. This can be an additional cost for consumers.

Global Heat Pump Market Segmental Overview

The global heat pump market is segmented into type, refrigerants, end users, and region.

Global Heat Pump Market by Type

Based on type, it is segmented into air-to-air, water source, geothermal, and others. The air-to-air segment is anticipated to dominate the market during the forecast period. Similarly, water source segment is anticipated to witness the fastest growth during the forecast period.

Global Heat Pump Market by Refrigerants

Based on refrigerants, it is segmented into HFC, CO2, ammonia, and others. The HFC segment is anticipated to dominate the market during the forecast period. Similarly, the CO2 segment is anticipated to witness the fastest growth during the forecast period.

Global Heat Pump Market by End Users

Based on end users, it is segmented into residential, commercial, and industrial. The residential segment is anticipated to dominate the market during the forecast period. Similarly, the commercial segment is anticipated to witness the fastest growth during the forecast period.

Geographical Analysis of the Global Heat Pump Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Similarly, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period.

Major Players in the Global Heat Pump Market

The global Heat Pump market report includes players such as Stiebel Eltron (Germany), Vaillant Group (Germany), NIBE Industrier AB (Sweden) , Daikin Industries, Ltd. (Japan), Glen Dimplex Group (Ireland), Ingersoll Rand, Plc. (Ireland), Danfoss A/S (Nordborg), Carrier (US), Rheem (US) and Midea Group (China).

Heat Pump Market Report Coverage
  • The report offers a comprehensive quantitative as well as qualitative analysis of the current Heat Pump Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
  • The report also covers qualitative as well as quantitative analysis of the Heat Pump market in terms of revenue ($Million).
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Heat Pump Market industry.
  • A thorough analysis of market trends and restraints is provided.
  • By region as well as country market analysis is also presented in this report.
  • Analytical depiction of the Heat Pump Market along with the current trends and future estimations to depict imminent investment pockets. The overall Heat Pump Market Industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
  • Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Heat Pump Market are also analyzed.
Recent Developments
  • July 2022, Daikin Europe N.V. announced an investment of USD 302 million for the establishment of a new manufacturing base in Poland.
  • January 2022, Johnson Controls acquired FogHorn for manufacturing and commercial Internet of Things (IoT) solutions.
  • In 2022, Viessmann Group has taken a amajority stake in Pacific Home Services Ltd., simultaneously backing the re-investment of the Management Team
  • In 2020, Glen Dimplex Group launched a new M Flex air-to-water heat pump which is available in two versions, either with six to nine or with nine to 16 kW heat output.
Frequently Asked Questions

Q1. How big is the Heat Pump market?

Ans. The global Heat Pump market size was USD 54.0 billion in 2022 and it is anticipated to grow further till USD 191.0 billion by 2032, at a CAGR of 12.2% from 2023 to 2032.

Q2. What is the Heat Pump market growth rate?

Ans. The growth rate of the Heat Pump market is 12.2%.

Q3. Which region holds a major market share for the Heat Pump market?

Ans. North America holds a major market share of the Heat Pump market in 2022.

Q4. Which segment accounted for the largest Heat Pump market share?

Ans. By type, air-to-air segment accounted for the largest Heat Pump market share.

Q5. Who are the key players in the Heat Pump market?

Ans. The global Heat Pump market report includes players such as Stiebel Eltron (Germany), Vaillant Group (Germany), NIBE Industrier AB (Sweden) , Daikin Industries, Ltd. (Japan), Glen Dimplex Group (Ireland), Ingersoll Rand, Plc. (Ireland), Danfoss A/S (Nordborg), Carrier (US), Rheem (US) and Midea Group (China).

Q6. What are the factors driving the Heat Pump market growth?

Ans. The major factors driving the growth of the market are the growing market in emerging countries.

Q7. What are the key growth strategies of Heat Pump market players?

Ans. The key growth strategies of Heat Pump market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Heat Pump market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Heat Pump market during the forecast period.

Table of Contents

Chapter 1. Heat Pump Market Overview
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Limitations
1.4. Research Methodologies
1.4.1. Secondary Research
1.4.2. Market Size Estimation Technique
1.4.3. Forecasting
1.4.4. Primary Research and Data Validation

Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market

Chapter 3. Premium Insights on the Market
3.1. Market Attractiveness Analysis, by Type
3.2. Market Attractiveness Analysis, by Refrigerants
3.3. Market Attractiveness Analysis, by End User
3.4. Market Attractiveness Analysis, by Region

Chapter 4. Heat Pump Market Outlook
4.1. Heat Pump Market Segmentation
4.2. Market Dynamics
4.2.1. Market Drivers
4.2.1.1. Driver 1
4.2.1.2. Driver 2
4.2.1.3. Driver 3
4.2.2. Market Restraints
4.2.2.1. Restraint 1
4.2.2.2. Restraint 2
4.2.3. Market Opportunities
4.2.3.1. Opportunity 1
4.2.3.2. Opportunity 2
4.3. Porter’s Five Forces Analysis
4.3.1. Threat of New Entrants
4.3.2. Threat of Substitutes
4.3.3. Bargaining Power of Buyers
4.3.4. Bargaining Power of Supplier
4.3.5. Competitive Rivalry
4.4. PESTLE Analysis
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on the Heat Pump Market
4.7. Impact of the Russia and Ukraine War on the Heat Pump Market
4.8. Case Study Analysis
4.9. Pricing Analysis

Chapter 5. Heat Pump Market, by Type
5.1. Market Overview
5.2. Air-to-air
5.2.1. Key Market Trends & Opportunity Analysis
5.2.2. Market Size and Forecast, by Region
5.3. Water Source
5.3.1. Key Market Trends & Opportunity Analysis
5.3.2. Market Size and Forecast, by Region
5.4. Geothermal
5.4.1. Key Market Trends & Opportunity Analysis
5.4.2. Market Size and Forecast, by Region
5.5. Others
5.5.1. Key Market Trends & Opportunity Analysis
5.5.2. Market Size and Forecast, by Region
Chapter 6. Heat Pump Market, by Refrigerants
6.1. Market Overview
6.2. HFC
6.2.1. Key Market Trends & Opportunity Analysis
6.2.2. Market Size and Forecast, by Region
6.3. CO2
6.3.1. Key Market Trends & Opportunity Analysis
6.3.2. Market Size and Forecast, by Region
6.4. Ammonia
6.4.1. Key Market Trends & Opportunity Analysis
6.4.2. Market Size and Forecast, by Region
6.5. Others
6.5.1. Key Market Trends & Opportunity Analysis
6.5.2. Market Size and Forecast, by Region
Chapter 7. Heat Pump Market, by End User
7.1. Market Overview
7.2. Residential
7.2.1. Key Market Trends & Opportunity Analysis
7.2.2. Market Size and Forecast, by Region
7.3. Industrial
7.3.1. Key Market Trends & Opportunity Analysis
7.3.2. Market Size and Forecast, by Region
7.4. Commerical
7.4.1. Key Market Trends & Opportunity Analysis
7.4.2. Market Size and Forecast, by Region
Chapter 8. Heat Pump Market, by Region
8.1. Overview
8.2. North America
8.2.1. Key Market Trends and Opportunities
8.2.2. North America Heat Pump Market Size and Forecast, by Type
8.2.3. North America Heat Pump Market Size and Forecast, by Refrigerants
8.2.4. North America Heat Pump Market Size and Forecast, by End User
8.2.5. North America Heat Pump Market Size and Forecast, by Country
8.2.6. The U.S.
8.2.6.1. The U.S. Heat Pump Market Size and Forecast, by Type
8.2.6.2. The U.S. Heat Pump Market Size and Forecast, by Refrigerants
8.2.6.3. The U.S. Heat Pump Market Size and Forecast, by End User
8.2.7. Canada
8.2.7.1. Canada Heat Pump Market Size and Forecast, by Type
8.2.7.2. Canada Heat Pump Market Size and Forecast, by Refrigerants
8.2.7.3. Canada Heat Pump Market Size and Forecast, by End User
8.2.8. Mexico
8.2.8.1. Mexico Heat Pump Market Size and Forecast, by Type
8.2.8.2. Mexico Heat Pump Market Size and Forecast, by Refrigerants
8.2.8.3. Mexico Heat Pump Market Size and Forecast, by End User
8.3. Europe
8.3.1. Key Market Trends and Opportunities
8.3.2. Europe Heat Pump Market Size and Forecast, by Type
8.3.3. Europe Heat Pump Market Size and Forecast, by Refrigerants
8.3.4. Europe Heat Pump Market Size and Forecast, by End User
8.3.5. Europe Heat Pump Market Size and Forecast, by Country
8.3.6. The UK
8.3.6.1. The UK Heat Pump Market Size and Forecast, by Type
8.3.6.2. The UK Heat Pump Market Size and Forecast, by Refrigerants
8.3.6.3. The UK Heat Pump Market Size and Forecast, by End User
8.3.7. Germany
8.3.7.1. Germany Heat Pump Market Size and Forecast, by Type
8.3.7.2. Germany Heat Pump Market Size and Forecast, by Refrigerants
8.3.7.3. Germany Heat Pump Market Size and Forecast, by End User
8.3.8. France
8.3.8.1. France Heat Pump Market Size and Forecast, by Type
8.3.8.2. France Heat Pump Market Size and Forecast, by Refrigerants
8.3.8.3. France Heat Pump Market Size and Forecast, by End User
8.3.9. Spain
8.3.9.1. Spain Heat Pump Market Size and Forecast, by Type
8.3.9.2. Spain Heat Pump Market Size and Forecast, by Refrigerants
8.3.9.3. Spain Heat Pump Market Size and Forecast, by End User
8.3.10. Italy
8.3.10.1. Italy Heat Pump Market Size and Forecast, by Type
8.3.10.2. Italy Heat Pump Market Size and Forecast, by Refrigerants
8.3.10.3. Italy Heat Pump Market Size and Forecast, by End User
8.3.11. Netherlands
8.3.11.1. Netherlands Heat Pump Market Size and Forecast, by Type
8.3.11.2. Netherlands Heat Pump Market Size and Forecast, by Refrigerants
8.3.11.3. Netherlands Heat Pump Market Size and Forecast, by End User
8.3.12. Sweden
8.3.12.1. Sweden Heat Pump Market Size and Forecast, by Type
8.3.12.2. Sweden Heat Pump Market Size and Forecast, by Refrigerants
8.3.12.3. Sweden Heat Pump Market Size and Forecast, by End User
8.3.13. Switzerland
8.3.13.1. Switzerland Heat Pump Market Size and Forecast, by Type
8.3.13.2. Switzerland Heat Pump Market Size and Forecast, by Refrigerants
8.3.13.3. Switzerland Heat Pump Market Size and Forecast, by End User
8.3.14. Denmark
8.3.14.1. Denmark Heat Pump Market Size and Forecast, by Type
8.3.14.2. Denmark Heat Pump Market Size and Forecast, by Refrigerants
8.3.14.3. Denmark Heat Pump Market Size and Forecast, by End User
8.3.15. Finland
8.3.15.1. Finland Heat Pump Market Size and Forecast, by Type
8.3.15.2. Finland Heat Pump Market Size and Forecast, by Refrigerants
8.3.15.3. Finland Heat Pump Market Size and Forecast, by End User
8.3.16. Russia
8.3.16.1. Russia Heat Pump Market Size and Forecast, by Type
8.3.16.2. Russia Heat Pump Market Size and Forecast, by Refrigerants
8.3.16.3. Russia Heat Pump Market Size and Forecast, by End User
8.3.17. Rest of Europe
8.3.17.1. Rest of Europe Heat Pump Market Size and Forecast, by Type
8.3.17.2. Rest of Europe Heat Pump Market Size and Forecast, by Refrigerants
8.3.17.3. Rest of Europe Heat Pump Market Size and Forecast, by End User
8.4. Asia-Pacific
8.4.1. Key Market Trends and Opportunities
8.4.2. Asia-Pacific Heat Pump Market Size and Forecast, by Country
8.4.3. Asia-Pacific Heat Pump Market Size and Forecast, by Type
8.4.4. Asia-Pacific Heat Pump Market Size and Forecast, by Refrigerants
8.4.5. Asia-Pacific Heat Pump Market Size and Forecast, by End User
8.4.6. China
8.4.6.1. China Heat Pump Market Size and Forecast, by Type
8.4.6.2. China Heat Pump Market Size and Forecast, by Refrigerants
8.4.6.3. China Heat Pump Market Size and Forecast, by End User
8.4.7. India
8.4.7.1. India Heat Pump Market Size and Forecast, by Type
8.4.7.2. India Heat Pump Market Size and Forecast, by Refrigerants
8.4.7.3. India Heat Pump Market Size and Forecast, by End User
8.4.8. Japan
8.4.8.1. Japan Heat Pump Market Size and Forecast, by Type
8.4.8.2. Japan Heat Pump Market Size and Forecast, by Refrigerants
8.4.8.3. Japan Heat Pump Market Size and Forecast, by End User
8.4.9. South Korea
8.4.9.1. South Korea Heat Pump Market Size and Forecast, by Type
8.4.9.2. South Korea Heat Pump Market Size and Forecast, by Refrigerants
8.4.9.3. South Korea Heat Pump Market Size and Forecast, by End User
8.4.10. Australia
8.4.10.1. Australia Heat Pump Market Size and Forecast, by Type
8.4.10.2. Australia Heat Pump Market Size and Forecast, by Refrigerants
8.4.10.3. Australia Heat Pump Market Size and Forecast, by End User
8.4.11. Singapore
8.4.11.1. Singapore Heat Pump Market Size and Forecast, by Type
8.4.11.2. Singapore Heat Pump Market Size and Forecast, by Refrigerants
8.4.11.3. Singapore Heat Pump Market Size and Forecast, by End User
8.4.12. Indonesia
8.4.12.1. Indonesia Heat Pump Market Size and Forecast, by Type
8.4.12.2. Indonesia Heat Pump Market Size and Forecast, by Refrigerants
8.4.12.3. Indonesia Heat Pump Market Size and Forecast, by End User
8.4.13. Taiwan
8.4.13.1. Taiwan Heat Pump Market Size and Forecast, by Type
8.4.13.2. Taiwan Heat Pump Market Size and Forecast, by Refrigerants
8.4.13.3. Taiwan Heat Pump Market Size and Forecast, by End User
8.4.14. Malaysia
8.4.14.1. Malaysia Heat Pump Market Size and Forecast, by Type
8.4.14.2. Malaysia Heat Pump Market Size and Forecast, by Refrigerants
8.4.14.3. Malaysia Heat Pump Market Size and Forecast, by End User
8.4.15. Rest of APAC
8.4.15.1. Rest of APAC Heat Pump Market Size and Forecast, by Type
8.4.15.2. Rest of APAC Heat Pump Market Size and Forecast, by Refrigerants
8.4.15.3. Rest of APAC Heat Pump Market Size and Forecast, by End User
8.4.15.4.
8.5. Rest of The World
8.5.1. Key Market Trends and Opportunities
8.5.2. Rest of The World Heat Pump Market Size and Forecast, by Type
8.5.3. Rest of The World Heat Pump Market Size and Forecast, by Refrigerants
8.5.4. Rest of The World Heat Pump Market Size and Forecast, by End User
8.5.5. Rest of The World Heat Pump Market Size and Forecast, by Country
8.5.6. Latin America
8.5.6.1. Latin America Heat Pump Market Size and Forecast, by Type
8.5.6.2. Latin America Heat Pump Market Size and Forecast, by Refrigerants
8.5.6.3. Latin America Heat Pump Market Size and Forecast, by End User
8.5.7. Middle East
8.5.7.1. Middle East Heat Pump Market Size and Forecast, by Type
8.5.7.2. Middle East Heat Pump Market Size and Forecast, by Refrigerants
8.5.7.3. Middle East Heat Pump Market Size and Forecast, by End User
8.5.8. Africa
8.5.8.1. Africa Heat Pump Market Size and Forecast, by Type
8.5.8.2. Africa Heat Pump Market Size and Forecast, by Refrigerants
8.5.8.3. Africa Heat Pump Market Size and Forecast, by End User
Chapter 9. Competitive Landscape
9.1. Overview
9.2. Market Share Analysis/Key Player Positioning
9.3. Vendor Benchmarking
9.4. Developmental Strategy Benchmarking
9.4.1. New Product Developments
9.4.2. Product Launches
9.4.3. Business Expansions
9.4.4. Partnerships, Joint Ventures, and Collaborations
9.4.5. Mergers and Acquisitions

Chapter 10. Company Profiles
10.1. Stiebel Eltron (Germany)
10.1.1. Company Snapshot
10.1.2. Financial Performance
10.1.3. Product Offerings
10.1.4. Key Developmental Strategies
10.1.5. SWOT Analysis
10.2. Vaillant Group (Germany)
10.2.1. Company Snapshot
10.2.2. Financial Performance
10.2.3. Product Offerings
10.2.4. Key Developmental Strategies
10.2.5. SWOT Analysis
10.3. Daikin Industries, Ltd. (Japan)
10.3.1. Company Snapshot
10.3.2. Financial Performance
10.3.3. Product Offerings
10.3.4. Key Developmental Strategies
10.3.5. SWOT Analysis
10.4. Glen Dimplex Group (Ireland)
10.4.1. Company Snapshot
10.4.2. Financial Performance
10.4.3. Product Offerings
10.4.4. Key Developmental Strategies
10.4.5. SWOT Analysis
10.5. Ingersoll Rand, Plc. (Ireland)
10.5.1. Company Snapshot
10.5.2. Financial Performance
10.5.3. Product Offerings
10.5.4. Key Developmental Strategies
10.5.5. SWOT Analysis
10.6. Danfoss A/S (Nordborg)
10.6.1. Company Snapshot
10.6.2. Financial Performance
10.6.3. Product Offerings
10.6.4. Key Developmental Strategies
10.6.5. SWOT Analysis
10.7. NIBE Industrier AB (Sweden)
10.7.1. Company Snapshot
10.7.2. Financial Performance
10.7.3. Product Offerings
10.7.4. Key Developmental Strategies
10.7.5. SWOT Analysis
10.8. Carrier (US)
10.8.1. Company Snapshot
10.8.2. Financial Performance
10.8.3. Product Offerings
10.8.4. Key Developmental Strategies
10.8.5. SWOT Analysis
10.9. Rheem (US)
10.9.1. Company Snapshot
10.9.2. Financial Performance
10.9.3. Product Offerings
10.9.4. Key Developmental Strategies
10.9.5. SWOT Analysis
10.10. Midea Group (China)
10.10.1. Company Snapshot
10.10.2. Financial Performance
10.10.3. Product Offerings
10.10.4. Key Developmental Strategies
10.10.5. SWOT Analysis
*The list of companies is subject to change during the final compilation of the report

Key Market Players
Key Market Segments

By Type

  • Air-to-air
  • Water Source
  • Geothermal
  • Others

By Refrigerants

  • HFC
  • CO2
  • Ammonia
  • Others

By End Users

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Switzerland
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • Middle East
    • Africa

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