Global Heat Pumps Market Size, Share, Opportunities, And Trends By Type (Air Source Heat Pumps, Water Source Heat Pumps, Ground Source (Geothermal) Heat Pumps), By Capacity (Up to 10kW, 10 to 30 kW, Above 30kW), By End User (Residential, Commercial, Industrial), And By Geography - Forecasts From 2025 To 2030

Heat Pumps Market Size:

The Heat Pumps Market is expected to grow from US$95.210 billion in 2025 to US$149.473 billion in 2030, at a CAGR of 9.44%.

Heat pumps are designed to move heat from a colder place to a warmer one with the help of electricity. In regions where heating and cooling needs are moderate, these pumps are efficient alternatives to furnaces and air conditioners.

Increasing investment in both the commercial and residential sectors is expected to drive the growth of the market in the coming years. However, the high initial installation cost for energy-efficient heat pumps is anticipated to restrain the growth opportunities.

Heat Pumps Market Growth Drivers:

• Rapid urbanization and industrialization are driving the market during the forecast period.

The growth of this market is mainly attributed to rapid urbanization and industrialization in many regions across the globe. As the number of commercial, residential, and industrial establishments continues to grow, the demand for efficient heating solutions will continue to be driven significantly, thus boosting the growth of the heat pump market. In fact, according to the government of China, the country’s construction industry is growing by nearly five percent, reaching around US$968 billion in 2019. Also, in the United States, construction spending has increased from USD788,322 million in 2011 to USD1,293,982 million in 2018 (source: United States Census Bureau), while a similar trend has been noticed in Europe. Thus, the growing investment in the development of infrastructure and construction projects is expected to continue to drive the growth of the heat pump market during the forecast period.

• Trends toward energy-efficient products are widening the growth opportunities

The increasing focus of market players on improving the efficiency of heat pumps is attracting substantial investments into research and development. Innovation, as a result of R&D, is bringing a good range of advanced heat pumps into the market, thus fueling their adoption by players across industries. Shifting focus towards sustainability is further fueling the adoption of these pumps by customers, thus augmenting the growth of this market. Increasing environmental awareness due to the growing emission of greenhouse gases is further encouraging market players to invest and introduce technologically advanced products into the market. In fact, the emission of greenhouse gases has been increasing globally as the trend of industrialization continues. Also, the percentage of countries committed to peaking their emissions is expected to increase from 36% in 2010 to 60% in 2030 (source: Emission Gap Report 2018, United Nations Environment Programme).

Heat Pumps Market Segment Analysis:

• The residential segment is growing at an exponential rate during the forecast period

By End-user, the residential sector is expected to grow at a significant rate on account of the development of real estate, coupled with rising disposable income in developing countries like China, India, and Brazil. Also, companies are investing heavily to cater to the demand of the residential sector by integrating the Internet of Things into the heat pump systems.

Heat Pumps Market Geographical Outlook:

• The Asia Pacific is anticipated to be the big player in the market

Geographically, Asia Pacific is expected to hold a significant share of the market owing to increasing investment in both the residential and commercial sectors in countries like China and India. Rapid urbanization in the region, coupled with growing construction activities, also propels the growth of the market in the region. According to the World Bank, the urban population (% of the total population) in China has increased from 51 % in 2011 to 63 % in 2021. In India, it has increased from 31% in 2011 to 35% in 2021.

Heat Pumps Companies:

• Enertech Group
• Bosch Thermotechnology Corp.
• Panasonic
• Danfoss
• Carrier Corporation

Heat Pumps Market Segmentation:

• By Type
  • Air Source Heat Pumps
  • Water Source Heat Pumps
  • Ground Source (Geothermal) Heat Pumps
• By Capacity
  • Up to 10kW
  • 10 to 30 kW
  • Above 30kW
• By End-user
  • Commercial
  • Residential
  • Industrial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • UAE
    • Saudi Arabia
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Others

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1. Introduction

1.1. Market Introduction 

1.2. COVID-19 Scenario 

1.3. Market Definition

1.4. Market Segmentation

 

2. Research Methodology

2.1. Research Data

2.2. Assumptions

 

3. Executive Summary

3.1. Research Highlights

 

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. Heat Pumps Market Analysis, By Type

5.1. Introduction

5.2. Air Source Heat Pumps

5.3. Water Source Heat Pumps

5.4. Ground Source (Geothermal) Heat Pumps

 

6. Heat Pumps Market Analysis, By Capacity

6.1. Introduction

6.2. Up to 10kW

6.3. 10 to 30 kW

6.4. Above 30kW

 

7. Heat Pumps Market Analysis, By End User

7.1. Introduction

7.2. Commercial

7.3. Residential

7.4. Industrial

 

8. Heat Pumps Market Analysis, By Geography

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America 

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe 

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa 

8.5.1. UAE

8.5.2. Saudi Arabia

8.5.3. Others

8.6. Asia Pacific 

8.6.1. China

8.6.2. Japan

8.6.3. India

8.6.4. South Korea

8.6.5. Indonesia

8.6.6. Others

 

9. Competitive Environment and Analysis

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

 

10. Company Profiles

10.1. Enertech Group

10.2. Bosch Thermotechnology Corp.

10.3. Panasonic

10.4. Danfoss

10.5. Carrier Corporation

10.6. Viessmann Group

10.7. STIEBEL ELTRON GmbH & Co. KG

10.8. Glen Dimplex

10.9. Toshiba

10.10. Johnson Controls 

10.11. Electrolux

Enertech Group

Bosch Thermotechnology Corp.

Panasonic

Danfoss

Carrier Corporation

Viessmann Group

STIEBEL ELTRON GmbH & Co. KG

Glen Dimplex

Toshiba

Johnson Controls

Electrolux