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Heat Pump Market Based on , by Type (Air Source, Water Source, Geothermal (Ground) Source), End-User Vertical (Industrial, Commercial, Institutional, Residential), Regional Outlook - Global Forecast Up to 2032- Product Image
Heat Pump Market Based on , by Type (Air Source, Water Source, Geothermal (Ground) Source), End-User Vertical (Industrial, Commercial, Institutional, Residential), Regional Outlook - Global Forecast Up to 2032- Product Image
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Heat Pump Market Based on , by Type (Air Source, Water Source, Geothermal (Ground) Source), End-User Vertical (Industrial, Commercial, Institutional, Residential), Regional Outlook - Global Forecast Up to 2032

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  • April 2024
  • Region: Global
  • IHR Insights
  • ID: 5956505
UP TO OFF until Dec 31st 2024
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Estimating the present size of the heat pump market was one of the study's main tasks. To gather data on the parent and peer markets, a thorough investigation was conducted through secondary research. The following stage involved conducting primary research to confirm these conclusions, hypotheses, and sizing with industry experts throughout the value chain. Two methodologies were utilized to approximate the overall market size: top-down and bottom-up. The market size of the segments and subsegments was then estimated using data triangulation and market breakdown.

A number of parties are involved in the heat pump market, including supply chain technical support providers, technology providers, and manufacturers of heat pumps. The growing need for heating and cooling solutions across a range of applications, including energy, mobility, industrial, and grid injection, is what defines the demand side of this market. Growing demand from the industrial sector for contracts and large-scale player mergers and acquisitions define the supply side. To gather both qualitative and quantitative data, a range of primary sources from the supply and demand sides of the market were questioned.

To gather and identify data for a technical, market-oriented, and commercial study of the heat pump market, this market research study used a wide range of secondary sources, directories, and databases, including Hoover's, Bloomberg, Factiva, IRENA, International Energy Agency, and Statista Industry Journal. The other secondary sources included manufacturer organizations, trade directories, databases, white papers, certified publications, investor presentations and annual reports, as well as pieces written by renowned writers and manufacturer associations.

The segmentation coverage of the study is provided below

Heat Pump Market based on Type:

  • Air-Source
  • Water-Source

Heat Pump Market based on End user:

  • Industrial
  • Commercial
  • Institutional
  • Residential

Heat Pump Market based on Geography:

  • North America
  • US
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
  • Asia Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific (RoAPAC)
  • Latin America (LATAM)
  • Brazil
  • Argentina
  • Rest of South America
  • Middle East and Africa (MEA)
  • UAE
  • Turkey
  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa
According to the International Energy Agency, fossil fuel-based solutions accounted for about half of global heating equipment sales in 2022, with the majority of heat pumps being installed in new buildings. Heat pumps, on the other hand, continue to cover a relatively modest fraction of household heat demand. Nonetheless, a number of variables, such as evolving regulations, stricter building codes that support heat pumps in new construction, and growing demand for air conditioning, are probably going to accelerate the uptake of heat pump technologies in the upcoming years.

The fiercely competitive worldwide heat pump market depends on advancements in technology and improved products. Players in the market want to achieve application development in order to have a competitive edge. Furthermore, because it is possible to acquire a highly skilled labor at a cheap cost and low raw material cost, local manufacturers in Asia Pacific represent a serious threat to the large companies in terms of the quality and price of the products given to clients.

In 2023, the air-source technology category held a dominant market share of nearly 84.6%. Hot water and radiator heat are produced by an air source heat pump that is connected to wet central heating systems. These pumps take up heat and transmit it to other media, much like a refrigerator. Air-to-air heat pumps are used in most air-source heat pump integrations to either warm or cool air. Throughout the projected years, there will likely be a rise in demand for air source technology due to its capacity to deliver space heating and cooling solutions as well as water-heating solutions. LG unveiled an air source heat pump (ASHP) in February 2023 that can heat 200-270 liters of water for household use. The pump employs R134a as a fuel source and has a coefficient of performance (COP) of up to 3.85.

Over the course of the forecast period, the water-source technology category is anticipated to grow at a CAGR of 8.7%. Those who reside close to water sources will find it most appropriate. With a COP of about 5, these pumps have extremely high efficiency - that is, they produce five units of heat for every unit of electricity. Because their geothermal subsoil heat source maintains a constant temperature, geothermal heat pumps are more efficient than air source heat pumps. It is among the most economical and environmentally friendly options on the market. Over the course of the projection period, the market is anticipated to develop due to the growing significance of GSHP in the global market due to its high energy efficiency.

In 2023, the heat pump segment with a capacity of up to 10-20 kW held a 21.3% market share. The expansion is explained by the capacity type's adaptability to a variety of settings, including factories, restaurants, hotels, swimming pools, and schools. Most heat pumps in this size have a large selection of hydraulic choices and communication protocols, operate quietly, are favorable to the environment, and have great efficiency. ThermoWise, a heat pump manufacturer with a 10-20 kW capacity, unveiled the DKRS-200SN4-M2 model. This specific product can sustain a temperature of up to 65 degrees Celsius, making it ideal for use in establishments like hotels, jails, and schools where there is a greater need for hot water.

In 2023, the segment with the type of electric operation accounted for 86.0% of revenue. Electricity is used by an electric heat pump to move heat from a cold area to a heated area. During the summer, these heat pumps are utilized for cooling as well as heating. The market for electric heat pumps is predicted to grow profitably because of their advantages over gas pumps, including improved air quality, energy economy, silent operation, and safety.

Because hybrid heat pumps lower end users' monthly energy bills, they ensure long-term savings. End customers who utilize hybrid heat pumps can also receive a tax credit or refund, which propels the expansion of this market. Furthermore, because hybrid heat pumps can convert between a gas furnace and a heat pump, using one lowers carbon footprint.

  • This report illustrates the most vital attributes of the Heat Pump Market, which are driving and providing opportunities.
  • This research gives an in-depth analysis of the Heat Pump Market growth on the basis of several segments in the market.
  • This report presents the predictions of the past and present trends of the Heat Pump Market.
  • This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Heat Pump Market.

Table of Contents

1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.2.1. Porter Five Forces
3.3. Related Markets
4. Market characteristics
4.1. Market Overview
4.2. Market Segmentation
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. DRO - Impact Analysis
5. Type: Market Size & Analysis
5.1. Overview
5.2. Air-Source
5.3. Water-Source
5.4. Others
6. End user: Market Size & Analysis
6.1. Overview
6.2. Industrial
6.3. Commercial
6.4. Institutional
6.5. Residential
6.6. Others
7. Geography: Market Size & Analysis
7.1. Overview
7.2. North America (U.S., Mexico, Canada)
7.3. Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia, Rest of Europe)
7.4. Asia Pacific (Japan, China, India, Australia, South East Asia, Rest of APAC)
7.5. Latin America (Brazil, Argentina)
7.6. Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East and Africa)
8. Competitive Landscape
8.1. Competitor Comparison Analysis
8.2. Market Developments
8.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
8.2.2. Product Launches and execution
9. Vendor Profiles
9.1. TRANE INC.
9.1.1. Overview
9.1.2. Financial Overview
9.1.3. Product Offerings
9.1.4. Developments
9.1.5. Business Strategy
9.2. MIDEA GROUP
9.2.1. Overview
9.2.2. Financial Overview
9.2.3. Product Offerings
9.2.4. Developments
9.2.5. Business Strategy
9.3. NIBE GROUP
9.3.1. Overview
9.3.2. Financial Overview
9.3.3. Product Offerings
9.3.4. Developments
9.3.5. Business Strategy
9.4. PANASONIC CORPORATION
9.4.1. Overview
9.4.2. Financial Overview
9.4.3. Product Offerings
9.4.4. Developments
9.4.5. Business Strategy
9.5. MITSUBISHI ELECTRIC CORPORATION
9.5.1. Overview
9.5.2. Financial Overview
9.5.3. Product Offerings
9.5.4. Developments
9.5.5. Business Strategy
9.6. DAIKIN INDUSTRIES LTD
9.6.1. Overview
9.6.2. Financial Overview
9.6.3. Product Offerings
9.6.4. Developments
9.6.5. Business Strategy
9.7. STIEBEL ELTRON GMBH & CO. KG (DE)
9.7.1. Overview
9.7.2. Financial Overview
9.7.3. Product Offerings
9.7.4. Developments
9.7.5. Business Strategy
9.8. GLEN DIMPLEX GROUP
9.8.1. Overview
9.8.2. Financial Overview
9.8.3. Product Offerings
9.8.4. Developments
9.8.5. Business Strategy
9.9. VIESSMANN WERKE GMBH & CO. KG
9.9.1. Overview
9.9.2. Financial Overview
9.9.3. Product Offerings
9.9.4. Developments
9.9.5. Business Strategy
9.10. FLAMINGO HEAT PUMPS
9.10.1. Overview
9.10.2. Financial Overview
9.10.3. Product Offerings
9.10.4. Developments
9.10.5. Business Strategy
10. Analyst Opinion
11. Annexure
11.1. Report Scope
11.2. Market Definitions
11.3. Research Methodology
11.3.1. Data Collation and In-house Estimation
11.3.2. Market Triangulation
11.3.3. Forecasting
11.4. Report Assumptions
11.5. Declarations
11.6. Stakeholders
List of Tables
Table 1. Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 2. Heat Pump Market Value for Air-Source, by Geography , 2021-2030 (USD Billion)
Table 3. Heat Pump Market Value for Water-Source, by Geography, 2021-2030 (USD Billion)
Table 4. Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 5. Heat Pump Market Value for Industrial, by Geography, 2021-2030 (USD Billion)
Table 6. Heat Pump Market Value for Commercial, by Geography, 2021-2030 (USD Billion)
Table 7. Heat Pump Market Value for Institutional, by Geography, 2021-2030 (USD Billion)
Table 8. Heat Pump Market Value for Residential, by Geography, 2021-2030 (USD Billion)
Table 9. North America Heat Pump Market Value, by Country, 2021-2030 (USD Billion)
Table 10. North America Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 11. North America Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 12. U.S Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 13. U.S Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 14. Canada Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 15. Canada Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 16. Mexico Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 17. Mexico Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 18. Europe Heat Pump Market Value, by Country, 2021-2030 (USD Billion)
Table 19. Europe Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 20. Europe Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 21. Germany Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 22. Germany Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 23. U.K Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 24. U.K Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 25. France Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 26. France Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 27. Italy Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 28. Italy Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 29. Spain Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 30. Spain Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 31. Roe Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 32. Roe Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 33. Asia-Pacific Heat Pump Market Value, by Country, 2021-2030 (USD Billion)
Table 34. Asia-Pacific Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 35. Asia-Pacific Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 36. China Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 37. China Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 38. India Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 39. India Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 40. Japan Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 41. Japan Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 42. Rest of APAC Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 43. Rest of APAC Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 44. Latin America Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 45. Latin America Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 46. Brazil Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 47. Brazil Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 48. Argentina Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 49. Argentina Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 50. Middle East and Africa Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 51. Middle East and Africa Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 52. Saudi Arabia Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 53. Saudi Arabia Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 54. Uae Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 55. Uae Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 56. Rest of Middle East and Africa Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Table 57. Rest of Middle East and Africa Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Table 58. Trane Inc. : Financials
Table 59. Trane Inc. : Products & Services
Table 60. Trane Inc. : Recent Developments
Table 61. Midea Group: Financials
Table 62. Midea Group: Products & Services
Table 63. Midea Group: Recent Developments
Table 64. Nibe Group: Financials
Table 65. Nibe Group: Products & Services
Table 66. Nibe Group: Recent Developments
Table 67. Panasonic Corporation: Financials
Table 68. Panasonic Corporation: Products & Services
Table 69. Panasonic Corporation: Recent Developments
Table 70. Mitsubishi Electric Corporation: Financials
Table 71. Mitsubishi Electric Corporation: Products & Services
Table 72. Mitsubishi Electric Corporation: Recent Developments
Table 73. Daikin Industries Ltd: Financials
Table 74. Daikin Industries Ltd: Products & Services
Table 75. Daikin Industries Ltd: Recent Developments
Table 76. Stiebel Eltron GmbH & Co. Kg (De): Financials
Table 77. Stiebel Eltron GmbH & Co. Kg (De): Products & Services
Table 78. Stiebel Eltron GmbH & Co. Kg (De): Developments
Table 79. Glen Dimplex Group: Financials
Table 80. Glen Dimplex Group: Products & Services
Table 81. Glen Dimplex Group: Recent Developments
Table 82. Viessmann Werke GmbH & Co. Kg: Financials
Table 83. Viessmann Werke GmbH & Co. Kg: Products & Services
Table 84. Viessmann Werke GmbH & Co. Kg: Recent Developments
Table 85. Flamingo Heat Pumps : Financials
Table 86. Flamingo Heat Pumps : Products & Services
Table 87. Flamingo Heat Pumps : Recent Developments
List of Charts
Chart. 1. Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 2. Heat Pump Market Value for Air-Source, by Geography , 2021-2030 (USD Billion)
Chart. 3. Heat Pump Market Value for Water-Source, by Geography, 2021-2030 (USD Billion)
Chart. 4. Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 5. Heat Pump Market Value for Industrial, by Geography, 2021-2030 (USD Billion)
Chart. 6. Heat Pump Market Value for Commercial, by Geography, 2021-2030 (USD Billion)
Chart. 7. Heat Pump Market Value for Institutional, by Geography, 2021-2030 (USD Billion)
Chart. 8. Heat Pump Market Value for Residential, by Geography, 2021-2030 (USD Billion)
Chart. 9. North America Heat Pump Market Value, by Country, 2021-2030 (USD Billion)
Chart. 10. North America Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 11. North America Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 12. U.S Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 13. U.S Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 14. Canada Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 15. Canada Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 16. Mexico Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 17. Mexico Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 18. Europe Heat Pump Market Value, by Country, 2021-2030 (USD Billion)
Chart. 19. Europe Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 20. Europe Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 21. Germany Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 22. Germany Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 23. U.K Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 24. U.K Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 25. France Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 26. France Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 27. Italy Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 28. Italy Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 29. Spain Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 30. Spain Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 31. Roe Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 32. Roe Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 33. Asia-Pacific Heat Pump Market Value, by Country, 2021-2030 (USD Billion)
Chart. 34. Asia-Pacific Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 35. Asia-Pacific Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 36. China Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 37. China Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 38. India Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 39. India Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 40. Japan Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 41. Japan Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 42. Rest of APAC Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 43. Rest of APAC Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 44. Latin America Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 45. Latin America Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 46. Brazil Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 47. Brazil Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 48. Argentina Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 49. Argentina Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 50. Middle East and Africa Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 51. Middle East and Africa Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 52. Saudi Arabia Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 53. Saudi Arabia Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 54. Uae Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 55. Uae Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 56. Rest of Middle East and Africa Heat Pump Market Value, by Type, 2021-2030 (USD Billion)
Chart. 57. Rest of Middle East and Africa Heat Pump Market Value, by End-user, 2021-2030 (USD Billion)
Chart. 58. Trane Inc. : Financials
Chart. 59. Trane Inc. : Products & Services
Chart. 60. Trane Inc. : Recent Developments
Chart. 61. Midea Group: Financials
Chart. 62. Midea Group: Products & Services
Chart. 63. Midea Group: Recent Developments
Chart. 64. Nibe Group: Financials
Chart. 65. Nibe Group: Products & Services
Chart. 66. Nibe Group: Recent Developments
Chart. 67. Panasonic Corporation: Financials
Chart. 68. Panasonic Corporation: Products & Services
Chart. 69. Panasonic Corporation: Recent Developments
Chart. 70. Mitsubishi Electric Corporation: Financials
Chart. 71. Mitsubishi Electric Corporation: Products & Services
Chart. 72. Mitsubishi Electric Corporation: Recent Developments
Chart. 73. Daikin Industries Ltd: Financials
Chart. 74. Daikin Industries Ltd: Products & Services
Chart. 75. Daikin Industries Ltd: Recent Developments
Chart. 76. Stiebel Eltron GmbH & Co. Kg (De): Financials
Chart. 77. Stiebel Eltron GmbH & Co. Kg (De): Products & Services
Chart. 78. Stiebel Eltron GmbH & Co. Kg (De): Developments
Chart. 79. Glen Dimplex Group: Financials
Chart. 80. Glen Dimplex Group: Products & Services
Chart. 81. Glen Dimplex Group: Recent Developments
Chart. 82. Viessmann Werke GmbH & Co. Kg: Financials
Chart. 83. Viessmann Werke GmbH & Co. Kg: Products & Services
Chart. 84. Viessmann Werke GmbH & Co. Kg: Recent Developments
Chart. 85. Flamingo Heat Pumps : Financials
Chart. 86. Flamingo Heat Pumps : Products & Services
Chart. 87. Flamingo Heat Pumps : Recent Developments

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