Heat Pumps Market Size, Share, Growth, And Trends 2032

Heat Pumps Market: Size

The global heat pumps market size was worth around USD 88.37 billion in 2023 and is predicted to grow to around USD 189.37 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.96% between 2024 and 2032.

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The report covers a forecast and an analysis of the Heat Pumps Market on a global and regional level. The study provides historical data from 2018 to 2022 with a forecast from 2024 to 2032 based on both volume (Units) and revenue (USD Billion).

Heat Pumps Market: Overview

A heat pump is a device used to pump or move heat from one place to another with the help of electricity. A heat pump comprises an expansion valve, a condenser, an evaporator, and a compressor. Heat pumps are considered to be an integral part of refrigeration systems. A heat pump system reduces carbon emissions and has an efficient conversion rate of energy to heat.

The global heat pumps market is projected to grow rapidly over the next few years, owing to growing urbanization in the developing countries across the globe. Heat pumps are largely used in the refrigeration equipment for residential and commercial applications. Moreover, the rising number of residential construction activities in emerging countries like China, India, Indonesia, and Brazil is further projected to enhance the application of heat pumps. Additionally, the use of heat pumps is increasing rapidly due to the regulations directed by the government toward energy efficiency. However, the cost required for the installation of these heat pumps is extremely high, which may negatively impact the market growth in the upcoming years. Nevertheless, the surging trend of integration of IoT with heat pumps is anticipated to offer new growth opportunities for the market in the future.

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The study covers the key drivers and restraints of the heat pumps market. It also provides the impact of the market within the forecast period. Furthermore, the study also includes the opportunities accessible within the heat pumps market on a global level.

In order to offer the users of this report, a comprehensive view of the heat pumps market, we have enclosed a detailed value chain analysis. To know the competitive landscape within the market, an analysis of Porter’s Five Forces model for the heat pumps market has additionally been enclosed within the study. The study includes a market attractiveness analysis, wherein all the segments are benchmarked to support their market size, growth rate, and general attractiveness.

The study also includes the market share of the key participant’s operating in the global heat pumps market. The report also covers the strategic development together with acquisitions & mergers, agreements, partnerships, collaborations, and joint ventures, and regional growth of key players within the market on a regional basis.

Heat Pumps Market: Segmentation

The study provides a crucial view of the heat pumps market based on type, application, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on type, the global market includes air-to-air and air-to-water. The air-to-air segment is expected to dominate throughout the forecast time period, as an air-to-air heat pump requires limited space and is cost-effective in nature. Additionally, these heat pumps help in minimizing GHG emissions by up to 40%.

Based on application, the market includes residential, commercial, and industrial. The residential segment is projected to grow at the highest growth rate in the next few years. The growing residential construction activities in the developing countries of the Asia Pacific and Latin America regions are increasing the application of heat pumps in the HVAC.

Heat Pumps Market: Report Scope

Heat Pumps Market: Regional Analysis

The regional classification includes Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. These regions are sub-divided into major countries, such as the U.S., UK, Germany, Canada, France, China, Japan, and Brazil. 

In 2023, the Asia Pacific region contributed the largest share to the global heat pumps market and is estimated to continue its dominance over the forecast period as well. The surging construction activities coupled with a rising population are projected to drive the Asia Pacific heat pumps market in the future. Europe and North America are predicted to grow considerably in the upcoming years, due to the flourishing number of commercial construction activities in these regions.

Heat Pumps Market: Key Players Analysis

Some key manufacturers in the global heat pumps market are:

• Vaillant
• Trane
• Glen Dimplex
• Stiebel Eltron
• Green Planet Supply Technologies
• Viessmann
• Bosch Thermotechnology
• Daikin
• Modine
• Carrier
• Mitsubishi Electric
• Nortek
• Kensa Heat Pumps
• Thermic Energy
• Solarbayer

This report segments the global heat pumps market into:

Global Heat Pumps Market: Type Analysis

• Air-to-Air 
• Air-to-Water

Global Heat Pumps Market: Application Analysis

• Residential
• Commercial
• Industrial

Global Heat Pumps Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa