Heat Pump Market Size
The heat pump market was worth $54 billion in 2023 and is expected to grow at a rate of roughly 13.6% per year from 2024 to 2032. The industry is likely to change as demand for energy-efficient heating and cooling systems rises and people become more interested in saving energy. A strict set of rules for lowering emissions and making buildings more efficient would have a good effect on how businesses work.
For example, the Department of Energy set final energy efficiency criteria for commercial heat pumps in April 2024. These rules will help save $29 billion on utility bills and cut CO2 emissions by 109 million tons by 2029. Also, the future for the business will be better if the government offers tax and credit incentives to people who switch to energy-efficient equipment.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Heat Pump Market Size in 2023 | USD 54 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 13.6% |
| 2032 Value Projection | USD 169.1 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 95 |
| Tables, Charts & Figures | 41 |
| Segments covered | Product, Application, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Heat Pump Market Trends
The heat pump business is going to develop because more people are upgrading and building energy-efficient buildings. This is happening because cities are getting bigger and people are becoming more interested in sustainable energy options. Favorable incentives and rules that speed up the installation of energy-efficient systems and the continual replacement of old heating systems have helped the firm. Also, strict rules to limit emissions, changing customer demand for smart and reliable heating and cooling systems due to rising disposable incomes and changing weather patterns, are changing the way businesses work.
Heat Pump Market Analysis
By 2032, the air source heat pump segment will be worth more than $160 billion. The product will be in higher demand because more people want efficient ways to heat their homes and businesses and get hot water, and because older heating systems are being replaced. Also, the introduction of financial awards and programs like subsidies, tax breaks, and credit programs to encourage the use of clean energy technologies would have a beneficial effect on the air source heat pump industry's outlook.
The ground source heat pump market is expected to develop because more people are using systems that don't produce as much carbon and because governments are making rules that require energy efficiency to cut down on emissions. The industry landscape will also be improved by the continued growth of residential and commercial infrastructure and the increasing focus on making buildings more energy efficient.
The residential segment is expected to grow at a rate of more than 13.5% every year until 2032. Rapid growth of households is caused by a growing population and a growing need for hot water, space heating and cooling, and other household needs. The implementation of strict efficiency standards for buildings and a positive attitude toward adopting clean and energy-efficient systems have helped the corporate environment. The home heat pump market will change because of good financing options for installing heat pumps, increased disposable incomes, and a movement in consumer preferences toward comfort and luxury.
By 2032, the market for heat pumps in the Asia Pacific region will be worth more than $60 billion. The fast development of the population and urbanization have led to an increase in the need for space heating and cooling solutions, which has helped the industry grow. Good changes in the law and helpful programs that encourage the use of high-energy-efficient technologies have had a good effect on company. In addition, the industry's landscape will grow as more people choose energy-efficient equipment and more renewable energy sources are used together.
Heat Pump Market Share
Key manufacturers operating in the heat pump industry are focusing on introducing new products and technologies, together with making beneficial partnerships, joint ventures, agreements, collaborations, to gain their market position. Companies including, Bosch Thermotechnology Corp., Carrier, DAIKIN INDUSTRIES, Ltd., Panasonic Corporation, LG Electronics, and Samsung among other, holds the majority market share across the industry.
Heat Pump Market Companies
Major players operating across the industry include
- Bosch Thermotechnology Corp.
- Carrier
- DAIKIN INDUSTRIES, Ltd.
- Finn Geotherm UK Limited
- FUJITSU GENERAL
- Glen Dimplex Group
- GREE ELECTRIC APPLIANCES, INC.
- Johnson Controls
- Kensa Heat Pumps
- LG Electronics
- Lochinvar
- Mitsubishi Electric Corporation
- NIBE Industrier AB
- OCHSNER
- Panasonic Corporation
- SAMSUNG
- STIEBEL ELTRON GmbH & Co. KG
- Trane
- Vaillant Group
- WOLF GmbH
Heat Pump Industry News
- In April 2024, Daikin Applied unveiled air-source heat pump units to its Rebel Applied and Rebel rooftop systems. These systems are electricity-powered with low-GWP R-32 refrigerant and highly efficient inverter compressors. They are designed to enhance comfort and reduce costs while supporting decarbonization of facilities. These units are effective in cold climatic conditions and are easy to install across retrofits or new constructions, offering enhanced performance and simplified installation processes.
- In April 2024, Bosch introduced water source heat pump including RL and Cl Series featuring a low global warming potential. The CL Series is suitable for commercial projects and is known for compact design and quiet operation, enhancing accessibility for maintenance. The RL series offers similar features for residential use, including efficient motors and protective modules for enhanced performance and homeowner convenience.
This heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032 for the following segments
Market, By Product
- Air Source
- Ground Source
- Water Source
Market, By Application
- Residential
- Single Family
- Multi Family
- Commercial
- Education
- Healthcare
- Retail
- Logistics & Transportation
- Offices
- Hospitality
- Others
- Industrial
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Asia Pacific
- China
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- Türkiye
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
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