Global Heat Pumps
Market Report
2024
Global Heat Pump Market will be USD 89.2 billion in 2023 and spread at a compound annual growth rate (CAGR) of 9.80% from 2023 to 2030
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the Global Heat Pump Market will be USD 89.2 billion in 2023 and spread at a compound annual growth rate (CAGR) of 9.80% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Heat Pumps Market Sales Revenue 2023 | $ 89.2 Billion |
Global Heat Pumps Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.8% |
North America Heat Pumps Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.5% |
Europe Heat Pumps Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.8% |
Asia Pacific Heat Pumps Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11% |
South America Heat Pumps Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.6% |
Middle East and Africa Heat Pumps Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.7% |
Market Split by Type |
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Market Split by Rated Capacity |
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Market Split by Refrigerant Type |
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Market Split by End-User |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Heat Pumps Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The increasing focus on energy efficiency, implementation of strict regulations, growing awareness of environmental issues, implementation of incentives by government, rise in energy costs, ongoing technological advancements, increasing demand for heating and cooling solutions, rising use in industrial processes, ongoing research & development in refrigerants, increase in competition among manufacturers and suppliers and ongoing trend of urbanization and the construction of new buildings are the major factors bolstering the growth of the Heat Pumps market.
The increasing integration of the Internet of Things bolsters the market's growth. It enables advanced connectivity and data exchange between heat pump systems and other smart devices, optimizing energy efficiency and performance. With IoT integration, heat pumps can be remotely monitored, controlled, and adjusted, allowing real-time insights into energy consumption patterns. This connectivity also facilitates predictive maintenance, reducing downtime and enhancing system reliability. As industries and households increasingly embrace smart and interconnected solutions, integrating IoT in heat pumps becomes a pivotal driver, fostering a more sustainable and efficient approach to heating and cooling systems on a global scale.
For instance, Swiss Federal Institute of Technology Lausanne (EPFL) researchers are using Al to design a compressor to reduce electricity consumption by 25%. The team employed machine-learning methods to produce equations for heat pump design charts based on the outcome of 500,000 simulations.
The growing demand for air source technology has significantly impacted the Heat Pumps market. Air source heat pumps leverage ambient air to heat or cool spaces efficiently, offering a sustainable and energy-efficient solution. The growth in awareness of environmental concerns and the need for eco-friendly heating and cooling options have propelled the adoption of air-source heat pumps. These systems harness renewable energy from the air, reducing reliance on traditional heating methods and lowering carbon emissions. As a result, the market is witnessing a significant upswing, with consumers and businesses seeking innovative and sustainable solutions to address their heating and cooling needs.
For instance, in February 2023, L.G. introduced an air source heat pump (ASHP) capable of heating 200-270 litres of residential water. The pump has a coefficient of performance of around 3.85 and uses R134a as a refrigerant.
High installation costs- including the equipment itself, professional installation charges, and potential modifications to existing infrastructure- constrain the market's growth. This financial burden may discourage potential adopters and slow down market penetration. Addressing this challenge requires technological innovations, increased efficiency, and policy interventions or incentives to make heat pump systems more economically viable for a broader consumer base. Overcoming the obstacle of high installation costs is crucial for adopting heat pumps as a sustainable and energy-efficient heating and cooling solution.
While supply chain disruptions and construction activities hindered market growth, increased awareness of energy-efficient solutions and a focus on sustainability bolstered demand, the pandemic underscored the major of indoor air quality and ventilation, driving interest in heat pumps for heating, cooling, and air purification. Government stimulus measures aimed at promoting green technologies also positively influenced the market. Despite challenges, the heat pump market showcased resilience and adaptability, aligning with global efforts to combat climate change and transition towards cleaner energy solutions.
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The major players focus on technological advancements, strategic collaborations, and product innovations to strengthen their market position. The market is characterized by a constant drive for energy efficiency and sustainability, with companies striving to offer eco-friendly solutions.
Top Companies Market Share in Heat Pumps Industry: (In no particular order of Rank)
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According to Cognitive Market Research, Asia-Pacific dominated the market in 2023 and accounted for around 48% of the global revenue due to the increasing awareness of energy efficiency and environmental concerns. Countries like China, Japan, and South Korea are witnessing significant adoption of heat pump technologies in residential, commercial, and industrial sectors. Favourable government policies promoting renewable energy and the need for sustainable heating and cooling solutions are driving market expansion. Rapid urbanization and rising disposable incomes contribute to the demand for efficient heating and cooling systems. Technological advancements and collaborations between key market players also stimulate market growth in the Asia-Pacific region, positioning it as a key contributor to the global heat pump market.
North America is the fastest-growing category as the region's commitment to environmental sustainability and government initiatives promoting clean energy contribute to market expansion. Rising demand for residential and commercial heating applications is a key driver in the United States and Canada. Technological advancements, such as integrating smart and IoT-enabled features in heat pump systems, further stimulate market growth. The North American heat pump market is characterized by strong competition among key players, fostering innovation and product development. Overall, favourable regulatory frameworks and a growing emphasis on reducing carbon emissions position North America as a significant global heat pump market player.
The current report Scope analyzes Heat Pumps Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, North America held the major market share in 2023. It accounted for more than 25% and a CAGR of 8.5% of the global revenue due to the increasing awareness of energy efficiency and environmental concerns. Growing adoption of sustainable heating and cooling solutions, government initiatives promoting renewable energy, and a rising focus on reducing carbon emissions contribute to market expansion. The shift towards eco-friendly HVAC systems and advancements in heat pump technology is fueling the market's growth in North America. In North America, increased awareness of energy efficiency and government incentives drives the demand for heat pumps in residential and commercial applications. The market segments include air source, ground source, and water source heat pumps, each contributing to the overall expansion. This growth is attributed to the rising adoption of sustainable heating and cooling solutions, emphasizing environmental consciousness and energy savings in the region.
According to Cognitive Market Research, the Europe Heat Pumps market accounted for approximately 20% and a CAGR of 8.8% of the global revenue due to the rising focus on energy-efficient heating solutions. Stringent environmental regulations, increasing awareness of carbon footprint reduction, and government incentives for sustainable technologies are key drivers. Heat pumps offer a greener alternative to traditional heating systems, promoting their adoption in residential and commercial sectors. This trend will persist as the world seeks eco-friendly solutions to mitigate climate change impacts. The European segment of this market is marked by increasing adoption due to its energy efficiency and environmental benefits. Heat pumps serving residential and industrial sectors are gaining traction as sustainable heating and cooling solutions. Environmental regulations and rising awareness of carbon footprint reduction contribute to the market's expansion, making it a key player in the region's transition towards more sustainable energy solutions.
According to Cognitive Market Research, Asia Pacific held a considerable market share in 2023, accounting for more than 48% and a CAGR of 11.0% of global revenue due to the rising awareness of energy efficiency and environmental concerns. The key drivers are the rising demand for sustainable heating and cooling solutions, government incentives for renewable technologies, and the need to reduce carbon emissions. With its growing population and rapid urbanization, the Asia-Pacific region is witnessing a surge in heat pump adoption as countries prioritize clean energy solutions to meet escalating energy demands. Increased demand for energy-efficient heating solutions and government initiatives promoting sustainable technologies drive market expansion. Fueled by rising awareness of eco-friendly practices, the residential segment is a key contributor to this growth. As the world embraces greener alternatives, the heat pump market, especially in Asia-Pacific, continues to evolve as a pivotal player in the transition towards more sustainable and energy-efficient heating solutions.
According to Cognitive Market Research, Latin America accounted for more than 5% and a CAGR of 9.6% of the global Heat Pumps revenue in 2023 due to the increasing focus on energy efficiency and sustainability. Governments in the region are stoping the adoption of heat pump technology to deduct carbon emissions and enhance energy conservation. It, coupled with rising consumer awareness and favourable policies, propels the market forward. The Heat pump sector in Latin America is poised for expansion, driven by the pressing need for eco-friendly solutions in the face of climate change challenges. In Latin America, this trend is reflected in increasing adoption across residential and commercial sectors. Geothermal, air, and water-source heat pumps are prominent segments focusing on sustainability and reduced environmental impact. The region's commitment to renewable energy aligns with the market's expansion, indicating a promising future for heat pump technologies in Latin America.
According to Cognitive Market Research, the Middle East and Africa accounted for more than 2.00% and a CAGR of 9.7% of the global revenue in 2023 due to the increasing demand for energy-efficient and environmentally friendly heating solutions. Governments promoting sustainable practices and the rising awareness of climate change are driving the adoption of heat pumps. The Middle East and Africa are witnessing a surge in construction activities, further boosting the market as heat pumps are embraced for their energy efficiency, reducing carbon footprint, and addressing climate goals. The residential segment dominates the market, fueled by rising demand for eco-friendly heating and cooling solutions. Technological advancements and government initiatives promoting renewable energy adoption further contribute to market expansion. With a focus on reducing carbon footprints, the region's heat pumps market is poised for sustained growth, offering efficient and environmentally friendly alternatives for climate control in diverse applications.
Global Heat Pumps Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Heat Pumps Industry growth. Heat Pumps market has been segmented with the help of its Type, Rated Capacity Refrigerant Type, and others. Heat Pumps market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, water-source heat pumps held the largest market share over the forecast period. These pumps utilize water as a heat exchange medium, extracting or dissipating Heat from or to water bodies such as rivers, lakes, or underground sources. This type of heat pump is known for its energy efficiency and stable performance.
Air-to-air heat pumps will be the fastest-growing category over the forecast period. These pumps transfer Heat between indoor and outdoor air. They are popular for their versatility and ease of installation, as they do not require a separate water source. Air-to-air heat pumps are commonly used for residential and commercial heating and cooling applications.
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According to Cognitive Market Research, up to kW hold a prominent market share. They are typically designed for smaller residential applications. These systems are well-suited for heating and cooling smaller living spaces efficiently. They offer cost-effective solutions for homeowners looking to enhance energy efficiency and reduce environmental impact.
10-20 kW is the fastest-growing category over the forecast period. These cater to larger residential or light commercial settings. This segment addresses more extensive spaces' heating and cooling needs, providing increased capacity to maintain optimal comfort levels.
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According to Cognitive Market Research, R410A holds a prominent market share. It is widely favoured for its high efficiency and low environmental impact compared to older refrigerants. Environmental regulations promote its use, further enhancing its market dominance.
R407C is the fastest-growing category over the forecast period. It is valued for its moderate efficiency and compatibility with existing systems. However, its higher global warming potential (GWP) raises environmental concerns, potentially prompting a shift towards more eco-friendly alternatives.
According to Cognitive Market Research, residential holds a prominent market share. Heat pumps are widely adopted for space heating, cooling, and water heating, offering energy-efficient solutions and reducing environmental impact. The residential sector's increasing awareness of sustainability and energy conservation has driven the demand for heat pumps.
The commercial segment will be the fastest-growing category over the forecast period. Heat pumps are crucial in heating, ventilation, and air conditioning (HVAC) systems for offices, hotels, and retail spaces. The commercial segment is characterized by a growing emphasis on green building initiatives and government regulations promoting energy-efficient technologies.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Heat Pumps Market is witnessing significant growth in the near future.
In 2023, the Air-to-Air heat pump Air-to-Water heat pump segment accounted for noticeable share of global Heat Pumps Market and is projected to experience significant growth in the near future.
The Up to 10 kW segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Panasonic Corporation , Daikin Industries Ltd and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
The increasing integration of the Internet of Things bolsters the markets growth It enables advanced connectivity and data exchange between heat pump systems
Disclaimer:
Type | Air-to-Air heat pump Air-to-Water heat pump, Water Source heat pump, Ground Source (Geothermal) heat pump, Hybrid heat pump |
Rated Capacity | Up to 10 kW, 10-20 kW, 20-30 kW, Above 30 kW |
Refrigerant Type | R410A, R407C, R744, Others |
End-User | Residential, Commercial, Industrial |
List of Competitors | Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, The Bosch Group, Johnson Controls, NIBE Group, Carrier Global Corp, Viessmann Group, Danfoss Group, Glen Dimplex Group, STIEBEL ELTRON GROUP, Trane Technologies, Midea Group, Rheem Manufacturing Company, Emerson, Haier Group Corporation, Hisense Group Co., Ltd, Foshan Uwotec New Energy Co., Ltd, TCL Corporation, Aux Group Co., Ltd |
This chapter will help you gain GLOBAL Market Analysis of Heat Pumps. Further deep in this chapter, you will be able to review Global Heat Pumps Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Rated Capacity Analysis 2019 -2031
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Chapter 12 Market Split by Refrigerant Type Analysis 2019 -2031
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Chapter 13 Market Split by End-User Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Heat Pumps market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Air-to-Air heat pump Air-to-Water heat pump have a significant impact on Heat Pumps market? |
What are the key factors affecting the Air-to-Air heat pump Air-to-Water heat pump and Water Source heat pump of Heat Pumps Market? |
What is the CAGR/Growth Rate of Up to 10 kW during the forecast period? |
By type, which segment accounted for largest share of the global Heat Pumps Market? |
Which region is expected to dominate the global Heat Pumps Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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Report Format Alteration |
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