Heat Pump Market

GMI Research analysis indicates that the Heat Pump Market size was estimated at USD 75.1 billion in 2022 and is slated to register a double digit CAGR of 11.6% over the forecast period, and is projected to reach USD 180.7 billion in 2030

Heat Pump Market Overview

Heat pumps are complex devices that take heat energy from an outside source and pump it inside an enclosed space to heat it up. A heat pump is a mechanical compression cycle refrigeration system that supports reverse functionality & operation to either cool or heat a restricted space. A heat pump is comprised of two main components, which include an indoor air handler and an outdoor unit. The outdoor unit includes a compressor that circulates the refrigerant that absorbs & releases heat as it travels between the indoor & outdoor units. Escalating demand for cost-effective heating services across residential and commercial establishments is driving the growth of the global heat pumps market share.

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Major Heat Pump Market Drivers

Rising environmental consciousness has resulted in the sales of heat pumps for both industrial and residential use. As of 2019, Daikin has sold more than 23 million units of heat pumps model R-32 which is for residential purposes, thus reflecting the huge potential of the heat pumps market. Countries like France, Belgium, and the Netherlands, have boosted the heat pump systems sales by promoting the reduction of carbon-dioxide emissions. According to “Federal Ministry for the Environment, Nature Conservation and Nuclear Safety”, the German govt. adopted the Climate action plan in the Q4 of 2016, which aims to make Germany greenhouse gas-neutral by 2050. This action plan has primarily pushed the sales of the market in the country. Heat pumps keep energy costs low as possible which is an important aspect for the industry. It requires minimal regular maintenance and has a lifespan of up to 50 years coupled with no loss of efficiency, which has led to the adoption of heat pumps by the industries and surged the overall growth of the heat pump industry.

In addition, continuous strategic moves by the players present in the market has helped the market in shifting the paddles. For instance, in 2018, Daikin acquired Austrian cooling specialist AHT Group in order to expand its commercial refrigeration business and NIBE announced the acquisition of Alfa Laval’s business for district heating/cooling systems and hot water systems for commercial use and to enhance the climate solutions of NIBE which have propelled the pace of the growth of the heat pump market size.

Restraint in the Heat Pump Market

As per the heat pump market report, the high price tag associated with the energy-efficient heat pumps is expected to hamper the growth of the market.

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Technology – Segment Analysis

Based on the technology, the air source segment is expected to dominate the global heat pumps market over the forecast period.  Air source heat pumps are used in offices, homes, etc., for cooling and heat applications through heat radiators. There are two types of air-source heat pumps, which are air to air and air to the water system. In air to air, ambient energy is transferred to the home by fan system for space heating or cooling requirements. In air to water heat pumps, ambient energy is transferred to central heating to provide both hot water heating and heating for an indoor space.

Application – Segment Analysis

Based on the application, the residential sector is expected to dominate the global heat pump market over the forecast period. The residential sector is one of the growing industries across the domains, which has resulted in surging product demand. These pumps are highly energy-efficient products, which are used for space cooling-heating, and sanitary hot water generation applications at homes.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to dominate the global heat pump market over the forecast period. Recent trends that have been witnessed in Japan are the deployment of heat pumps for cooling, heating purposes, and refrigerators in the majority of the residential households, which has significantly contributed to the regional growth of the market. In addition, the strong presence of key players like Diakin, Ingersoll-Rand, Stiebel Eltron, NIBE in the region is expected to dominate in the heat pumps market.

Top Market Players

Various notable players operating in the market include Diakin, Ingersoll-Rand, Stiebel Eltron, United Technologies Corporation, Viessmann Group, Vaillant Group, The Danfoss Group, Panasonic Corporation, Mitsubishi Electric Corporation, and BDR Thermea Group, among others. 

Key Developments:

• • In 2018, Ingersoll-Rand acquired ICS Cool Energy in order to strengthening its cooling and heating business, Trane, to European market.

Segments covered in the Report:

The global heat pump market has been segmented based on technology, application, and regions. Based on technology, the market is segmented into water source, air source and ground source. Based on application, the market is segmented into residential, commercial, and industrial. 

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Market Segmentation

Global Heat Pump Market by Technology

• • Water Source
  • Air Source
  • Ground Source

Global Heat Pump Market by Application

• • Residential
  • Commercial
  • Industrial

Global Heat Pump Market by Region

• • North America Heat Pump Market (Option 1: As a part of the free 25% customization)

    • By Technology
    • NBy Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Heat Pump Market (Option 2: As a part of the free 25% customization)

    • By Technology
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Heat Pump Market (Option 3: As a part of the free 25% customization)

    • By Technology
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Heat Pump Market (Option 4: As a part of the free 25% customization)

    • By Technology
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Heat Pump (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Diakin
  • Ingersoll-Rand
  • Stiebel Eltron
  • United Technologies Corporation
  • Viessmann Group
  • Vaillant Group
  • The Danfoss Group
  • Panasonic Corporation
  • Mitsubishi Electric Corporation
  • BDR Thermea Group