Heat Pump Market Size is projected to reach USD 132.45 billion by 2031, growing at a CAGR of 7.8%: Straits Research

New York, United States, March 07, 2023 (GLOBE NEWSWIRE) -- A heat pump is a mechanical or electrical device that uses a compressor and a refrigerant to move heat from a source to a specific location. Heat pumps are more energy-efficient than other heating and cooling appliances like air conditioners and heaters because they can be used for heating and cooling. Heat pumps are generally recognized as a critical clean energy technology for the energy transition. Heat pumps are highly efficient and primarily rely on thermal energy from renewable sources as opposed to burning fossil fuels. 70–80% of the energy a typical heat pump provides is renewable because a large portion of the usable heat produced by a heat pump is derived from public environmental sources.

Heat pumps have long been acknowledged as an essential, financially sound option for lowering the carbon emissions associated with maintaining indoor temperatures on a national, regional, and international level. The dramatic drop in the price of low-carbon electricity over the past ten years has strengthened the case for electric heat pumps.

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Market Dynamics

Reduction of Carbon Footprint Through Heat Pump Technology

In addition to other places, homes, hospitals, and schools depend on energy as a power source. However, its creation and use lead to a sizable amount of greenhouse gas emissions. Therefore, significant economies worldwide are gradually shifting away from non-renewable energy sources to reduce greenhouse gas emissions and toward renewable ones. Heat pump technology is a promising strategy for lowering greenhouse gas emissions. Geothermal and aerothermal heat pumps provide a space-heating method that is energy-efficient. The heat pump is frequently regarded as a sustainable heating, ventilation, and air conditioning technology. In the commercial, residential, and industrial sectors, heat pumps are used for space heating, cooling, and water heating. Both the air and the ground contain enormous thermal energy reserves. Heat pumps primarily use electricity, energy input, to increase the temperature to extract ambient heat from the air and cold surfaces.

Increasing Internet of Things (IoT) Integration with Heat Pumps

Heat pumps powered by the Internet of Things (IoT) allow for component real-time monitoring, proactive maintenance, and remote diagnosis. Smart thermostats that help monitor environmental changes and communicate with their water heater equipment are part of the Internet of Things (IoT)-based heat pumps. Heat pumps are being adopted by end users from various industries more frequently. Their structures and methods of operation, however, have not changed. Heat pumps now come with LCDs and warning lights to make them easier to understand. The major market players, including Panasonic and Samsung, focus on integrating different technologies into their heat pumps to ensure ease of use and maintenance. The heat pumps' integration eliminates the need for physically turning on or off heat pumps with machine learning and artificial intelligence, which can study consumer usage patterns and analyze their operational time and duration.

Report Scope

Report Metric	Details
Market Size	USD 132.45 Billion by 2031
CAGR	7.8% (2021-2031)
Historical Data	2020-2021
Base Year	2022
Forecast Period	2023-2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Type, By End User, By Region
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Mitsubishi Electric, Enertech Group, Carrier Corporation, Bryant heat pumps, Robert Bosch, NIBE, Ingersoll Rand, Viessmann
Key Market Opportunities	Increasing Internet of Things (IoT) Integration with Heat Pumps
Key Market Drivers	Reduction of Carbon Footprint Through Heat Pump Technology

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Regional Analysis

North America is the highest contributor to the global heat pump market and is anticipated to grow at a CAGR of 8.23% during the forecast period. The increase in consumer demand for energy-efficient systems, government programs to encourage clean heating and emission reduction, and cooling systems to adopt clean and sustainable technology has significantly impacted North America's demand. Additionally, the rise in household units and population growth will accelerate the expansion of the residential market. Stakeholders anticipate that the area will attract significant business investment and grow into a hub for the heat pump industry. The demand for green heating and cooling solutions has increased due to rapid urbanization and industrialization. New initiatives are being introduced to promote the development of HVAC technologies to address the effects of severe weather in nations like the United States and Canada. To launch the Cold Climate Heat Pump Technology Challenge, the US Department of Energy (DOE) reached an agreement with six top businesses, including Daikin, Mitsubishi Electric, Johnson Controls, Lennox International, Carrier, and Trane Technologies.

Asia Pacific is expected to grow at the fastest CAGR of 8.79% during the forecast period because of the rising demand from the construction, residential, and industrial sectors. China is in the lead in producing heat pumps in the area. East Asia is still creating a pool of opportunities in the heat pump market as it is also rapidly urbanizing and industrializing. Consumers' growing preference for green technology, government awareness campaigns, and consideration of the effects of climate change and rising global temperatures are expected to influence demand in the East Asian heat pump market significantly. A notable increase in the use of heat pumps has also been brought on by various energy-efficient and environmentally friendly heating technologies adopted by the residential, commercial, and industrial sectors.

Key Highlights

• The global heat pump market size is projected to reach USD 132.45 billion by 2031, growing at a CAGR of 8.5% during the forecast period (2023-2031).
• Based on type, the global heat pump market is bifurcated into air-source heat pumps, water-source heat pumps, and ground-source heat pumps. The air-source heat pump segment is the highest contributor to the market and is forecasted to grow at a CAGR of 8.1% during the forecast period.
• Based on rated capacity, the global heat pump market is bifurcated into Up to 10 kW, 10 – 20 kW, 20 – 30 kW, and Above 30 kW. The Up to 10 kW segment is the highest contributor to the market and is anticipated to grow at a CAGR of 8.74% % during the forecast period.
• Based on refrigerant, the global heat pump market is bifurcated into R410A, R407C, R744, and Others. The R410A segment is the highest contributor to the market and is expected to grow at a CAGR of 8.41% during the forecast period.
• Based on end users, the global heat pump market is bifurcated into commercial, residential, and industrial. The residential segment owns the highest market share and is forecasted to grow at a CAGR of 8.6% during the forecast period.
• North America is the highest contributor to the global heat pump market and is expected to grow at a CAGR of 8.23% during the forecast period.

Competitive Players

The global heat pump market’s major key players are

• Mitsubishi Electric
• Enertech Group
• Carrier Corporation
• Glen Dimplex Group
• Ingersoll Rand Plc
• Bryant heat pumps
• Robert Bosch
• NIBE
• Ingersoll Rand
• Viessmann, Daikin Industries Ltd.
• Melrose Industries PLC
• Stiebel Eltron
• Vaillant Group
• Panasonic Corporation.

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Global Heat Pump Market: Segmentation

By Type

• Air-Source Heat Pumps
• Water-Source Heat Pumps
• Ground-Source Heat Pumps

By Rated Capacity

• Up to 10 kW
• 10 – 20 kW
• 20 – 30 kW
• Above 30 kW

By Refrigerant

• R410A
• R407C
• R744
• Others

By End-User

• Commercial
• Residential
• Industrial

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. EXECUTIVE SUMMARY
2. RESEARCH SCOPE & SEGMENTATION
   1. Research Objectives
   2. Market Definition
   3. Limitations & Assumptions
   4. Market Scope & Segmentation
   5. Currency & Pricing Considered
3. MARKET OPPORTUNITY ASSESSMENT
   1. Emerging Regions / Countries
   2. Emerging Companies
   3. Emerging Applications / End Use
   4. Investment Landscape
   5. New Business Models / Revenue Streams
   6. TAM
4. MARKET TRENDS
   1. Drivers
   2. Market Warning Factors
   3. Latest Macro Economic Indicators
   4. Geopolitical Impact
   5. Human Factors
   6. Technology Factors
5. MARKET ASSESSMENT
   1. Porters Five Forces Analysis
   2. Value Chain Analysis
   3. Raw Material Analysis
   4. Sales And Distribution Channel Analysis
   5. Trade Analysis
   6. M & A Agreements & Collabration Analysis
   7. Export Import Analysis
   8. Cost Structure Analysis
6. ESG TRENDS
7. GLOBAL HEAT PUMP MARKET SIZE ANALYSIS
   1. Global Heat Pump Market Introduction
   2. By Type
      1. Introduction
         1. Type By Value
      2. Air Source Heat Pumps
         1. By Value
      3. Water Source Heat Pumps
         1. By Value
      4. Ground Source Heat Pumps
         1. By Value
   3. By End User
      1. Introduction
         1. End User By Value
      2. Industrial
         1. By Value
      3. Residential
         1. By Value
      4. Commercial
         1. By Value
8. NORTH AMERICA MARKET ANALYSIS
   1. Introduction
   2. By Type
      1. Introduction
         1. Type By Value
      2. Air Source Heat Pumps
         1. By Value
      3. Water Source Heat Pumps
         1. By Value
      4. Ground Source Heat Pumps
         1. By Value
   3. By End User
      1. Introduction
         1. End User By Value
      2. Industrial
         1. By Value
      3. Residential
         1. By Value
      4. Commercial
         1. By Value
   4. U.S.
      1. By Type
         1. Introduction
            1. Type By Value
         2. Air Source Heat Pumps
            1. By Value
         3. Water Source Heat Pumps
            1. By Value
         4. Ground Source Heat Pumps
            1. By Value
      2. By End User
         1. Introduction
            1. End User By Value
         2. Industrial
            1. By Value
         3. Residential
            1. By Value
         4. Commercial
            1. By Value
   5. Canada
9. EUROPE MARKET ANALYSIS
   1. Introduction
   2. By Type
      1. Introduction
         1. Type By Value
      2. Air Source Heat Pumps
         1. By Value
      3. Water Source Heat Pumps
         1. By Value
      4. Ground Source Heat Pumps
         1. By Value
   3. By End User
      1. Introduction
         1. End User By Value
      2. Industrial
         1. By Value
      3. Residential
         1. By Value
      4. Commercial
         1. By Value
   4. U.K.
      1. By Type
         1. Introduction
            1. Type By Value
         2. Air Source Heat Pumps
            1. By Value
         3. Water Source Heat Pumps
            1. By Value
         4. Ground Source Heat Pumps
            1. By Value
      2. By End User
         1. Introduction
            1. End User By Value
         2. Industrial
            1. By Value
         3. Residential
            1. By Value
         4. Commercial
            1. By Value
   5. Germany
   6. France
   7. Spain
   8. Italy
   9. Russia
   10. Nordic
   11. Benelux
   12. Rest Of Europe
10. APAC MARKET ANALYSIS
    1. Introduction
    2. By Type
       1. Introduction
          1. Type By Value
       2. Air Source Heat Pumps
          1. By Value
       3. Water Source Heat Pumps
          1. By Value
       4. Ground Source Heat Pumps
          1. By Value
    3. By End User
       1. Introduction
          1. End User By Value
       2. Industrial
          1. By Value
       3. Residential
          1. By Value
       4. Commercial
          1. By Value
    4. China
       1. By Type
          1. Introduction
             1. Type By Value
          2. Air Source Heat Pumps
             1. By Value
          3. Water Source Heat Pumps
             1. By Value
          4. Ground Source Heat Pumps
             1. By Value
       2. By End User
          1. Introduction
             1. End User By Value
          2. Industrial
             1. By Value
          3. Residential
             1. By Value
          4. Commercial
             1. By Value
    5. Korea
    6. Japan
    7. India
    8. Australia
    9. Taiwan
    10. South East Asia
    11. Rest Of Asia-Pacific
11. MIDDLE EAST AND AFRICA MARKET ANALYSIS
    1. Introduction
    2. By Type
       1. Introduction
          1. Type By Value
       2. Air Source Heat Pumps
          1. By Value
       3. Water Source Heat Pumps
          1. By Value
       4. Ground Source Heat Pumps
          1. By Value
    3. By End User
       1. Introduction
          1. End User By Value
       2. Industrial
          1. By Value
       3. Residential
          1. By Value
       4. Commercial
          1. By Value
    4. UAE
       1. By Type
          1. Introduction
             1. Type By Value
          2. Air Source Heat Pumps
             1. By Value
          3. Water Source Heat Pumps
             1. By Value
          4. Ground Source Heat Pumps
             1. By Value
       2. By End User
          1. Introduction
             1. End User By Value
          2. Industrial
             1. By Value
          3. Residential
             1. By Value
          4. Commercial
             1. By Value
    5. Turkey
    6. Saudi Arabia
    7. South Africa
    8. Egypt
    9. Nigeria
    10. Rest Of MEA
12. LATAM MARKET ANALYSIS
    1. Introduction
    2. By Type
       1. Introduction
          1. Type By Value
       2. Air Source Heat Pumps
          1. By Value
       3. Water Source Heat Pumps
          1. By Value
       4. Ground Source Heat Pumps
          1. By Value
    3. By End User
       1. Introduction
          1. End User By Value
       2. Industrial
          1. By Value
       3. Residential
          1. By Value
       4. Commercial
          1. By Value
    4. Brazil
       1. By Type
          1. Introduction
             1. Type By Value
          2. Air Source Heat Pumps
             1. By Value
          3. Water Source Heat Pumps
             1. By Value
          4. Ground Source Heat Pumps
             1. By Value
       2. By End User
          1. Introduction
             1. End User By Value
          2. Industrial
             1. By Value
          3. Residential
             1. By Value
          4. Commercial
             1. By Value
    5. Mexico
    6. Argentina
    7. Chile
    8. Colombia
    9. Rest Of LATAM
13. COMPETITIVE ASSESSMENT
    1. Adoption Matrix
    2. Heat Pump Market Share By Manufacturers
    3. Heat Pump Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis
14. MARKET PLAYERS ASSESSMENT
    1. Mitsubishi Electric
       1. Overview
       2. Business Information
       3. Revenue
       4. ASP
       5. Gross Margin
       6. Swot Analysis
       7. Recent Developmments
    2. Enertech Group
    3. Carrier Corporation
    4. Bryant Heat Pumps
    5. Robert Bosch
    6. NIBE
    7. Ingersoll Rand
    8. Viessmann
15. RESEARCH METHODOLOGY
    1. Research Data
       1. Secondary Data
          1. Major Secondary Sources
          2. Key Data From Secondary Sources
       2. Primary Data
          1. Key Data From Primary Sources
          2. Breakdown Of Primaries
       3. Secondary And Primary Research
          1. Key Industry Insights
    2. Market Size Estimation
       1. Bottom-Up Approach
       2. Top-Down Approach
       3. Market Projection
    3. Research Assumptions
       1. Assumptions
    4. Limitations
    5. Risk Assessment
16. APPENDIX
    1. Discussion Guide
    2. Customization Options
    3. Related Reports
17. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/heat-pump-market/toc

Market News

• July 2022, Viessmann Werke GmbH & Company KG announced that it was constructing a new production facility in Legnica, Poland, to hasten the ramp-up of heat pump production in Europe. Additionally, the business might be spending 200 million euros on new technology sites. In 2023, the construction is anticipated to be finished.

• May 2022, A contract for the purchase of 50% of the shares of the Italian company Argoclima and the remaining stake within five years was signed by NIBE Industrier AB. Heat pump and air conditioning products are produced and distributed in Italy by Argoclima SpA.

News Media

Geothermal Heat Pumps Market Size Worth USD 17,119 Million by 2030 | CAGR of 7%

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