Heat Pump Market - Booming Residential Segment is Experiencing Giant Upward Growth Curve | Reveals New InsightAce Study

Companies covered in this study are 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.etc.

Jersey City, NJ, Oct. 03, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Heat Pump Market- (By Type (Air-to-Air Heat Pump, Air-to-Water Heat Pump, Water Source Heat Pump, Ground Source (Geothermal) Heat Pump, Hybrid Heat Pump), By Rated Capacity (Up To 10 Kw, 10-20 Kw, 20-30 Kw, Above 30 Kw), By Refrigerant Type (R410A, R407C, R744, Others), By End-User (Residential, Commercial, Industrial)), Trends, Industry Competition Analysis, Revenue And Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Heat Pump Market is valued at US$ 56.55 Bn in 2022, and it is expected to reach US$ 115.78 Bn by 2031, with a CAGR of 8.4% during a forecast period of 2023-2031.

This heat pump is a thermodynamic device utilized for both heating and cooling purposes, functioning through the process of heat transfer between two distinct locations rather than relying on the direct generation of heat. This technique is widely employed in home and commercial heating, ventilation, and HVAC systems due to its energy efficiency and versatility. Heat pumps are a widely favored option for comprehensive temperature regulation throughout the year due to their ability to perform both heating and cooling operations. 

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Due to the rising demand for heat pumps for heating & cooling applications in residential & commercial buildings, the worldwide market for heat pumps is anticipated to grow considerably. The two key characteristics of heat pumps that drive their demand around the world are their affordability and energy efficiency. Growing government measures to encourage sustainability and the adoption of clean and green heating and cooling systems are anticipated to have a major impact. These initiatives take the form of incentives, rebates, and tax credits. 

In addition, it is anticipated that the market players are expected to have a lot of growth prospects in the near future as a result of the heat pump technology's integration with cutting-edge technologies such as AI (artificial intelligence) and the Internet of Things (IoT). Additionally, the development of dual-source technology in heat pumps is anticipated to increase demand.

Recent Developments:

  • In April 2023, LG Electronics USA finally released the long-awaited LG Inverter Heat Pump Water Heater. This water heater will help people save money, use less energy, and leave less of a carbon footprint. Heat pump technology and LG's advanced smart control systems were combined in this energy-efficient hot water solution, which set a new standard for home water heaters.
  • In Oct 2022, Midea began building its new European production base for air-to-water heat pumps in Italy. The base got an investment of 60 Bn euros, and when it opened in the second quarter of 2024, it was expected that it would be able to handle 300,000 ATW heat pump units per year.

List of Prominent Players in the Heat Pump Market:

  • 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.

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Heat Pump Market Report Scope:

Report AttributeSpecifications
Market Size Value In 2022USD 56.55 Bn
Revenue Forecast In 2031USD 115.78 Bn
Growth Rate CAGRCAGR of 8.4% from 2023 to 2031
Quantitative UnitsRepresentation of revenue in US$ Bn and CAGR from 2023 to 2031
Historic Year2019 to 2022
Forecast Year2023-2031
Report CoverageThe forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments CoveredBy Type, By Rated Capacity, By Refrigerant Type, By End-User
Regional ScopeNorth America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country ScopeU.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

Market Dynamics:

The market for heat pumps is expected to expand significantly in the upcoming years, mainly due to the increased demand for them for heating and cooling applications in construction buildings. Their availability at reasonable prices and their energy efficiency are the two main factors that influence demand across the globe. The increase of government initiatives to encourage sustainability and environmentally friendly heating and cooling systems, such as tax credits, rebates, and incentives, is predicted to substantially impact the heat pump market. Additionally, it is anticipated that growing efforts by businesses and governments to cut carbon emissions and support renewable energy sources will drive the market globally throughout the forecast period.

Due to its role in boosting energy efficiency, cutting energy costs, and reducing carbon emissions, heat pumps are widely employed in the residential, commercial, and industrial sectors. Due to their affordability and efficiency in providing heating services to homes and small business buildings, air-source heat pumps are in high demand. Installation costs for geothermal heat pumps are normally higher, but they are more effective and can serve huge buildings. A team of experts needs at least three days to install underground high-density polyethylene pipes required for geothermal heat pumps.

Regional Trends:
The Asia Pacific Heat Pump Market is anticipated to register a maximum market share in revenue and it is projected to grow at a high CAGR in the near future. The growing demands for energy-efficient heating options in the residential and commercial sectors, as well as the increased public awareness of climate change and greenhouse gas emissions, are some of the causes.

The increase in consumer demand for energy-efficient systems, government programs to encourage emission reduction, and clean heating and cooling systems to adapt clean and sustainable technologies have all had a big impact on demand in the region. Additionally, the expansion of the residential sector will be accelerated by the increase in family sizes and population growth.

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Segmentation of Heat Pump Market-

By Type-

  • Air-to-Air Heat Pump
  • Air-to-Water Heat Pump
  • Water Source Heat Pump
  • Ground Source (geothermal) Heat Pump
  • Hybrid Heat Pump

By Rated Capacity-

  • Up to 10 Kw
  • 10-20 Kw
  • 20-30 kw
  • Above 30 kw

By Refrigerant Type-

  • R410A
  • R407C
  • R744
  • Others

By End-User-

  • Residential
  • Commercial
  • Industrial

By Region-

North America-

  • The US
  • Canada
  • Mexico


  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe


  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa

Rest of Middle East and Africa

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