Heat Pump Market Size is projected to reach USD 132.45 billion by 2031, growing at a CAGR of 7.8%: Straits Research

The global heat pump market size was valued at USD 67.38 billion in 2022 and is projected to reach USD 132.45 billion by 2031, registering a CAGR of 7.8% from 2023 to 2031. North America is the highest contributor to the global heat pump market and is expected to grow at a CAGR of 8.23% during the forecast period

New York, United States, March 07, 2023 (GLOBE NEWSWIRE) -- A heat pump is a mechanical or electrical device that uses a compressor and a refrigerant to move heat from a source to a specific location. Heat pumps are more energy-efficient than other heating and cooling appliances like air conditioners and heaters because they can be used for heating and cooling. Heat pumps are generally recognized as a critical clean energy technology for the energy transition. Heat pumps are highly efficient and primarily rely on thermal energy from renewable sources as opposed to burning fossil fuels. 70–80% of the energy a typical heat pump provides is renewable because a large portion of the usable heat produced by a heat pump is derived from public environmental sources.

Heat pumps have long been acknowledged as an essential, financially sound option for lowering the carbon emissions associated with maintaining indoor temperatures on a national, regional, and international level. The dramatic drop in the price of low-carbon electricity over the past ten years has strengthened the case for electric heat pumps.

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Market Dynamics

Reduction of Carbon Footprint Through Heat Pump Technology

In addition to other places, homes, hospitals, and schools depend on energy as a power source. However, its creation and use lead to a sizable amount of greenhouse gas emissions. Therefore, significant economies worldwide are gradually shifting away from non-renewable energy sources to reduce greenhouse gas emissions and toward renewable ones. Heat pump technology is a promising strategy for lowering greenhouse gas emissions. Geothermal and aerothermal heat pumps provide a space-heating method that is energy-efficient. The heat pump is frequently regarded as a sustainable heating, ventilation, and air conditioning technology. In the commercial, residential, and industrial sectors, heat pumps are used for space heating, cooling, and water heating. Both the air and the ground contain enormous thermal energy reserves. Heat pumps primarily use electricity, energy input, to increase the temperature to extract ambient heat from the air and cold surfaces.

Increasing Internet of Things (IoT) Integration with Heat Pumps

Heat pumps powered by the Internet of Things (IoT) allow for component real-time monitoring, proactive maintenance, and remote diagnosis. Smart thermostats that help monitor environmental changes and communicate with their water heater equipment are part of the Internet of Things (IoT)-based heat pumps. Heat pumps are being adopted by end users from various industries more frequently. Their structures and methods of operation, however, have not changed. Heat pumps now come with LCDs and warning lights to make them easier to understand. The major market players, including Panasonic and Samsung, focus on integrating different technologies into their heat pumps to ensure ease of use and maintenance. The heat pumps' integration eliminates the need for physically turning on or off heat pumps with machine learning and artificial intelligence, which can study consumer usage patterns and analyze their operational time and duration.

Report Scope

Report Metric

Details

Market Size

USD 132.45 Billion by 2031

CAGR

7.8% (2021-2031)

Historical Data

2020-2021

Base Year

2022

Forecast Period

2023-2031

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, By End User, By Region

Geographies Covered

North America, Europe, Asia-Pacific, LAME and Rest of the World

Key Companies Profiled/Vendors

Mitsubishi Electric, Enertech Group, Carrier Corporation, Bryant heat pumps, Robert Bosch, NIBE, Ingersoll Rand, Viessmann

Key Market Opportunities

Increasing Internet of Things (IoT) Integration with Heat Pumps

Key Market Drivers

Reduction of Carbon Footprint Through Heat Pump Technology

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Regional Analysis

North America is the highest contributor to the global heat pump market and is anticipated to grow at a CAGR of 8.23% during the forecast period. The increase in consumer demand for energy-efficient systems, government programs to encourage clean heating and emission reduction, and cooling systems to adopt clean and sustainable technology has significantly impacted North America's demand. Additionally, the rise in household units and population growth will accelerate the expansion of the residential market. Stakeholders anticipate that the area will attract significant business investment and grow into a hub for the heat pump industry. The demand for green heating and cooling solutions has increased due to rapid urbanization and industrialization. New initiatives are being introduced to promote the development of HVAC technologies to address the effects of severe weather in nations like the United States and Canada. To launch the Cold Climate Heat Pump Technology Challenge, the US Department of Energy (DOE) reached an agreement with six top businesses, including Daikin, Mitsubishi Electric, Johnson Controls, Lennox International, Carrier, and Trane Technologies.

Asia Pacific is expected to grow at the fastest CAGR of 8.79% during the forecast period because of the rising demand from the construction, residential, and industrial sectors. China is in the lead in producing heat pumps in the area. East Asia is still creating a pool of opportunities in the heat pump market as it is also rapidly urbanizing and industrializing. Consumers' growing preference for green technology, government awareness campaigns, and consideration of the effects of climate change and rising global temperatures are expected to influence demand in the East Asian heat pump market significantly. A notable increase in the use of heat pumps has also been brought on by various energy-efficient and environmentally friendly heating technologies adopted by the residential, commercial, and industrial sectors.

Key Highlights

The global heat pump market size is projected to reach USD 132.45 billion by 2031, growing at a CAGR of 8.5% during the forecast period (2023-2031).

Based on type, the global heat pump market is bifurcated into air-source heat pumps, water-source heat pumps, and ground-source heat pumps. The air-source heat pump segment is the highest contributor to the market and is forecasted to grow at a CAGR of 8.1% during the forecast period.

Based on rated capacity, the global heat pump market is bifurcated into Up to 10 kW, 10 – 20 kW, 20 – 30 kW, and Above 30 kW. The Up to 10 kW segment is the highest contributor to the market and is anticipated to grow at a CAGR of 8.74% % during the forecast period.

Based on refrigerant, the global heat pump market is bifurcated into R410A, R407C, R744, and Others. The R410A segment is the highest contributor to the market and is expected to grow at a CAGR of 8.41% during the forecast period.

Based on end users, the global heat pump market is bifurcated into commercial, residential, and industrial. The residential segment owns the highest market share and is forecasted to grow at a CAGR of 8.6% during the forecast period.

North America is the highest contributor to the global heat pump market and is expected to grow at a CAGR of 8.23% during the forecast period.

Competitive Players

The global heat pump market's major key players are

Mitsubishi Electric

Enertech Group

Carrier Corporation

Glen Dimplex Group

Ingersoll Rand Plc

Bryant heat pumps

Robert Bosch

NIBE

Ingersoll Rand

Viessmann, Daikin Industries Ltd.

Melrose Industries PLC

Stiebel Eltron

Vaillant Group

Panasonic Corporation.

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Global Heat Pump Market: Segmentation

By Type

Air-Source Heat Pumps

Water-Source Heat Pumps

Ground-Source Heat Pumps

By Rated Capacity

Up to 10 kW

10 – 20 kW

20 – 30 kW

Above 30 kW

By Refrigerant

R410A

R407C

R744

Others

By End-User

Commercial

Residential

Industrial

By Regions

North America

Europe

Asia-Pacific

LAMEA

TABLE OF CONTENT

EXECUTIVE SUMMARY

RESEARCH SCOPE & SEGMENTATION

Research Objectives

Market Definition

Limitations & Assumptions

Market Scope & Segmentation

Currency & Pricing Considered

MARKET OPPORTUNITY ASSESSMENT

Emerging Regions / Countries

Emerging Companies

Emerging Applications / End Use

Investment Landscape

New Business Models / Revenue Streams

TAM

MARKET TRENDS

Drivers

Market Warning Factors

Latest Macro Economic Indicators

Geopolitical Impact

Human Factors

Technology Factors

MARKET ASSESSMENT

Porters Five Forces Analysis

Value Chain Analysis

Raw Material Analysis

Sales And Distribution Channel Analysis

Trade Analysis

M & A Agreements & Collabration Analysis

Export Import Analysis

Cost Structure Analysis

ESG TRENDS

GLOBAL HEAT PUMP MARKET SIZE ANALYSIS

Global Heat Pump Market Introduction

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

NORTH AMERICA MARKET ANALYSIS

Introduction

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

U.S.

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

Canada

EUROPE MARKET ANALYSIS

Introduction

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

U.K.

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

Germany

France

Spain

Italy

Russia

Nordic

Benelux

Rest Of Europe

APAC MARKET ANALYSIS

Introduction

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

China

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

Korea

Japan

India

Australia

Taiwan

South East Asia

Rest Of Asia-Pacific

MIDDLE EAST AND AFRICA MARKET ANALYSIS

Introduction

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

UAE

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

Turkey

Saudi Arabia

South Africa

Egypt

Nigeria

Rest Of MEA

LATAM MARKET ANALYSIS

Introduction

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

Brazil

By Type

Introduction

Type By Value

Air Source Heat Pumps

By Value

Water Source Heat Pumps

By Value

Ground Source Heat Pumps

By Value

By End User

Introduction

End User By Value

Industrial

By Value

Residential

By Value

Commercial

By Value

Mexico

Argentina

Chile

Colombia

Rest Of LATAM

COMPETITIVE ASSESSMENT

Adoption Matrix

Heat Pump Market Share By Manufacturers

Heat Pump Market Ranking By Revenue For Manufacturers

Average Price By Manufacturers

Vendor Footprint Analysis

MARKET PLAYERS ASSESSMENT

Mitsubishi Electric

Overview

Business Information

Revenue

ASP

Gross Margin

Swot Analysis

Recent Developmments

Enertech Group

Carrier Corporation

Bryant Heat Pumps

Robert Bosch

NIBE

Ingersoll Rand

Viessmann

RESEARCH METHODOLOGY

Research Data

Secondary Data

Major Secondary Sources

Key Data From Secondary Sources

Primary Data

Key Data From Primary Sources

Breakdown Of Primaries

Secondary And Primary Research

Key Industry Insights

Market Size Estimation

Bottom-Up Approach

Top-Down Approach

Market Projection

Research Assumptions

Assumptions

Limitations

Risk Assessment

APPENDIX

Discussion Guide

Customization Options

Related Reports

DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/heat-pump-market/toc

Market News

July 2022, Viessmann Werke GmbH & Company KG announced that it was constructing a new production facility in Legnica, Poland, to hasten the ramp-up of heat pump production in Europe. Additionally, the business might be spending 200 million euros on new technology sites. In 2023, the construction is anticipated to be finished.

May 2022, A contract for the purchase of 50% of the shares of the Italian company Argoclima and the remaining stake within five years was signed by NIBE Industrier AB. Heat pump and air conditioning products are produced and distributed in Italy by Argoclima SpA.

News Media

Geothermal Heat Pumps Market Size Worth USD 17,119 Million by 2030 | CAGR of 7%

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