Product Code: PM4829
The global heat pump market size is expected to reach USD 193.08 billion by 2032, according to a new study by Polaris Market Research. The report "Heat Pump Market Share, Size, Trends, Industry Analysis Report, By Technology (Water Source, Air Source, Geothermal, Others); By Capacity; By Operation Type; By End Use; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Urbanization and population growth are driving the heat pump market. As urban areas expand globally, the demand for efficient heating and cooling solutions rises. Traditional energy sources become strained, prompting a shift toward sustainable alternatives like heat pumps, which utilize renewable energy sources. Heat pumps offer compact and versatile solutions, ideal for densely populated urban environments. They can reduce reliance on fossil fuels and mitigate environmental impact, making them increasingly favored.
Climate change is leading to more extreme weather events, so there's a growing need for heating and cooling systems that can endure adverse conditions. Heat pumps offer a robust solution by leveraging renewable energy sources, ensuring consistent performance even during disruptions. Known for their longevity and low maintenance, heat pumps provide reliable operation over their lifespan. This reliability is crucial in critical settings like hospitals and data centers, where uninterrupted HVAC systems are vital.
Amid the global transition to sustainable energy, there's a growing focus on renewable sources like solar, wind, and geothermal energy. Heat pumps are pivotal in this shift, efficiently utilizing renewable energy for heating and cooling. Their operation yields lower carbon emissions and reduced environmental impact compared to traditional systems. Technological advancements, including hybrid systems combining heat pumps with renewables, further enhance efficiency. Government incentives promoting renewable energy adoption also bolster market growth.
Innovations in compressor designs, refrigerants, and heat exchangers have boosted energy efficiency and reliability, making heat pumps increasingly appealing for residential, commercial, and industrial use. Integration of smart controls and sensors allows for precise temperature regulation, optimizing system performance and reducing energy costs. Furthermore, advancements in heat pump design have expanded their applicability, even in colder climates where traditional heating systems prevail. With ongoing research and development efforts focused on enhancing heat pump technology, the market is poised for sustained growth.
Heat Pump Market Report Highlights
In 2023, the air source segment held significant revenue share owing to cost-effectiveness, versatility, and ease of installation.
In 2023, the 10-20 kW segment held considerable market revenue share owing to wide use in residential and medium-sized commercial buildings.
In 2023, the electric segment held a significant revenue share owing to growing electrification trends, energy efficiency, and government incentives.
In 2023, the residential segment held a significant revenue share owing to population growth, renovation & retrofitting, and environmental awareness.
In 2023, the Asia-Pacific region accounted for a significant market share due to high population density, rapid urbanization, and a growing middle-class population.
The market is highly competitive owing to the existence of market players with a global presence, including Bosch Thermotechnology Corp., Carrier Global Corporation, Daikin Industries, Ltd., LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Hitachi, Ltd., and Johnson Controls International plc among others.
Polaris Market Research has segmented the Heat Pump market report based on technology, capacity, operation type, end-use, and region:
Heat Pump, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
- Water Source
- Air Source
- Geothermal
- Others
Heat Pump, Capacity Outlook (Revenue - USD Billion, 2019 - 2032)
- Up to 10 kW
- 10-20 kW
- 20-50 kW
- Above 50 kW
Heat Pump, Operation Type Outlook (Revenue - USD Billion, 2019 - 2032)
Heat Pump, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)
- Commercial
- Residential
- Industrial
Heat Pump, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- UK
- Italy
- Netherlands
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Malaysia
- Indonesia
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Heat Pump Market Insights
- 4.1. Heat Pump - Industry Snapshot
- 4.2. Heat Pump Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Growing demand for energy-efficient heating and cooling solutions is projected to spur the product demand.
- 4.2.1.2. Increasing construction activities are expected to drive heat pump market growth.
- 4.2.2. Restraints and Challenges
- 4.2.2.1. The high initial cost is likely to impede the market growth.
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Heat Pump Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Heat Pump Market, by Technology
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 5.3. Water Source
- 5.3.1. Global Heat Pump Market, by Water Source, by Region, 2019-2032 (USD Billion)
- 5.4. Air Source
- 5.4.1. Global Heat Pump Market, by Air Source, by Region, 2019-2032 (USD Billion)
- 5.5. Geothermal
- 5.5.1. Global Heat Pump Market, by Geothermal, by Region, 2019-2032 (USD Billion)
- 5.6. Others
- 5.6.1. Global Heat Pump Market, by Others, by Region, 2019-2032 (USD Billion)
6. Global Heat Pump Market, by Capacity
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 6.3. Up to 10 kW
- 6.3.1. Global Heat Pump Market, by Up to 10 kW, by Region, 2019-2032 (USD Billion)
- 6.4. 10-20 kW
- 6.4.1. Global Heat Pump Market, by 10-20 kW, by Region, 2019-2032 (USD Billion)
- 6.5. 20-50 kW
- 6.5.1. Global Heat Pump Market, by 20-50 kW, by Region, 2019-2032 (USD Billion)
- 6.6. Above 50 kW
- 6.6.1. Global Heat Pump Market, by Above 50 kW, by Region, 2019-2032 (USD Billion)
7. Global Heat Pump Market, by End-use
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 7.3. Commercial
- 7.3.1. Global Heat Pump Market, by Commercial, by Region, 2019-2032 (USD Billion)
- 7.4. Residential
- 7.4.1. Global Heat Pump Market, by Residential, by Region, 2019-2032 (USD Billion)
- 7.5. Industrial
- 7.5.1. Global Heat Pump Market, by Industrial, by Region, 2019-2032 (USD Billion)
8. Global Heat Pump Market, by Operation Type
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Global Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 8.3. Electric
- 8.3.1. Global Heat Pump Market, by Electric, by Region, 2019-2032 (USD Billion)
- 8.4. Hybrid
- 8.4.1. Global Heat Pump Market, by Hybrid, by Region, 2019-2032 (USD Billion)
9. Global Heat Pump Market, by Geography
- 9.1. Key findings
- 9.2. Introduction
- 9.2.1. Heat Pump Market Assessment, By Geography, 2019-2032 (USD Billion)
- 9.3. Heat Pump Market - North America
- 9.3.1. North America: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.3.2. North America: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.3.3. North America: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.3.4. North America: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.3.5. Heat Pump Market - U.S.
- 9.3.5.1. U.S.: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.3.5.2. U.S.: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.3.5.3. U.S.: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.3.5.4. U.S.: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.3.6. Heat Pump Market - Canada
- 9.3.6.1. Canada: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.3.6.2. Canada: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.3.6.3. Canada: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.3.6.4. Canada: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.4. Heat Pump Market - Europe
- 9.4.1. Europe: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.4.2. Europe: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.4.3. Europe: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.4.4. Europe: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.4.5. Heat Pump Market - UK
- 9.4.5.1. UK: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.4.5.2. UK: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.4.5.3. UK: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.4.5.4. UK: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.4.6. Heat Pump Market - France
- 9.4.6.1. France: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.4.6.2. France: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.4.6.3. France: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.4.6.4. France: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.4.7. Heat Pump Market - Germany
- 9.4.7.1. Germany: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.4.7.2. Germany: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.4.7.3. Germany: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.4.7.4. Germany: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.4.8. Heat Pump Market - Italy
- 9.4.8.1. Italy: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.4.8.2. Italy: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.4.8.3. Italy: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.4.8.4. Italy: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.4.9. Heat Pump Market - Spain
- 9.4.9.1. Spain: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.4.9.2. Spain: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.4.9.3. Spain: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.4.9.4. Spain: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.4.10. Heat Pump Market - Netherlands
- 9.4.10.1. Netherlands: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.4.10.2. Netherlands: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.4.10.3. Netherlands: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.4.10.4. Netherlands: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.4.11. Heat Pump Market - Russia
- 9.4.11.1. Russia: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.4.11.2. Russia.: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.4.11.3. Russia: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.4.11.4. Russia: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.5. Heat Pump Market - Asia Pacific
- 9.5.1. Asia Pacific: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.5.2. Asia Pacific: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.5.3. Asia Pacific: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.5.4. Asia Pacific: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.5.5. Heat Pump Market - China
- 9.5.5.1. China: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.5.5.2. China.: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.5.5.3. China: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.5.5.4. China: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.5.6. Heat Pump Market - India
- 9.5.6.1. India: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.5.6.2. India.: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.5.6.3. India: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.5.6.4. India: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.5.7. Heat Pump Market - Japan
- 9.5.7.1. Japan: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.5.7.2. Japan.: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.5.7.3. Japan: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.5.7.4. Japan: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.5.8. Heat Pump Market - Malaysia
- 9.5.8.1. Malaysia: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.5.8.2. Malaysia.: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.5.8.3. Malaysia: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.5.8.4. Malaysia: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.5.9. Heat Pump Market - Indonesia
- 9.5.9.1. Indonesia: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.5.9.2. Indonesia.: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.5.9.3. Indonesia: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.5.9.4. Indonesia: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.5.10. Heat Pump Market - South Korea
- 9.5.10.1. South Korea: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.5.10.2. South Korea.: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.5.10.3. South Korea: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.5.10.4. South Korea: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.6. Heat Pump Market - Middle East & Africa
- 9.6.1. Middle East & Africa: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.6.2. Middle East & Africa: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.6.3. Middle East & Africa: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.6.4. Middle East & Africa: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.6.5. Heat Pump Market - Saudi Arabia
- 9.6.5.1. Saudi Arabia: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.6.5.2. Saudi Arabia: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.6.5.3. Saudi Arabia: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.6.5.4. Saudi Arabia: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.6.6. Heat Pump Market - South Africa
- 9.6.6.1. South Africa: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.6.6.2. South Africa: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.6.6.3. South Africa: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.6.6.4. South Africa: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.6.7. Heat Pump Market - Israel
- 9.6.7.1. Israel: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.6.7.2. Israel: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.6.7.3. Israel: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.6.7.4. Israel: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.6.8. Heat Pump Market - UAE
- 9.6.8.1. UAE: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.6.8.2. UAE: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.6.8.3. UAE: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.6.8.4. UAE: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.7. Heat Pump Market - Latin America
- 9.7.1. Latin America: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.7.2. Latin America: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.7.3. Latin America: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.7.4. Latin America: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.7.5. Heat Pump Market - Mexico
- 9.7.5.1. Mexico: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.7.5.2. Mexico: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.7.5.3. Mexico: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.7.5.4. Mexico: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.7.6. Heat Pump Market - Brazil
- 9.7.6.1. Brazil: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.7.6.2. Brazil: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.7.6.3. Brazil: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.7.6.4. Brazil: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
- 9.7.7. Heat Pump Market - Argentina
- 9.7.7.1. Argentina: Heat Pump Market, by Technology, 2019-2032 (USD Billion)
- 9.7.7.2. Argentina: Heat Pump Market, by Operation Type, 2019-2032 (USD Billion)
- 9.7.7.3. Argentina: Heat Pump Market, by Capacity, 2019-2032 (USD Billion)
- 9.7.7.4. Argentina: Heat Pump Market, by End-use, 2019-2032 (USD Billion)
10. Competitive Landscape
- 10.1. Expansion and Acquisition Analysis
- 10.1.1. Expansion
- 10.1.2. Acquisitions
- 10.2. Partnerships/Collaborations/Agreements/Exhibitions
11. Company Profiles
- 11.1. Bosch Thermotechnology Corp.
- 11.1.1. Company Overview
- 11.1.2. Financial Performance
- 11.1.3. Product Benchmarking
- 11.1.4. Recent Development
- 11.2. Carrier Global Corporation
- 11.2.1. Company Overview
- 11.2.2. Financial Performance
- 11.2.3. Product Benchmarking
- 11.2.4. Recent Development
- 11.3. Daikin Industries, Ltd.
- 11.3.1. Company Overview
- 11.3.2. Financial Performance
- 11.3.3. Product Benchmarking
- 11.3.4. Recent Development
- 11.4. Danfoss A/S
- 11.4.1. Company Overview
- 11.4.2. Financial Performance
- 11.4.3. Product Benchmarking
- 11.4.4. Recent Development
- 11.5. Fujitsu General Limited
- 11.5.1. Company Overview
- 11.5.2. Financial Performance
- 11.5.3. Product Benchmarking
- 11.5.4. Recent Development
- 11.6. Hitachi, Ltd.
- 11.6.1. Company Overview
- 11.6.2. Financial Performance
- 11.6.3. Product Benchmarking
- 11.6.4. Recent Development
- 11.7. Johnson Controls International plc
- 11.7.1. Company Overview
- 11.7.2. Financial Performance
- 11.7.3. Product Benchmarking
- 11.7.4. Recent Development
- 11.8. Lennox International Inc.
- 11.8.1. Company Overview
- 11.8.2. Financial Performance
- 11.8.3. Product Benchmarking
- 11.8.4. Recent Development
- 11.9. LG Electronics Inc.
- 11.9.1. Company Overview
- 11.9.2. Financial Performance
- 11.9.3. Product Benchmarking
- 11.9.4. Recent Development
- 11.10. Midea Group
- 11.10.1. Company Overview
- 11.10.2. Financial Performance
- 11.10.3. Product Benchmarking
- 11.10.4. Recent Development
- 11.11. Mitsubishi Electric Corporation
- 11.11.1. Company Overview
- 11.11.2. Financial Performance
- 11.11.3. Product Benchmarking
- 11.11.4. Recent Development
- 11.12. Panasonic Corporation
- 11.12.1. Company Overview
- 11.12.2. Financial Performance
- 11.12.3. Product Benchmarking
- 11.12.4. Recent Development
- 11.13. Rheem Manufacturing Company
- 11.13.1. Company Overview
- 11.13.2. Financial Performance
- 11.13.3. Product Benchmarking
- 11.13.4. Recent Development
- 11.14. Samsung Electronics Co., Ltd.
- 11.14.1. Company Overview
- 11.14.2. Financial Performance
- 11.14.3. Product Benchmarking
- 11.14.4. Recent Development
- 11.15. Trane Technologies plc
- 11.15.1. Company Overview
- 11.15.2. Financial Performance
- 11.15.3. Product Benchmarking
- 11.15.4. Recent Development