Heat Pump Market: By Product Type, By Application, and Region Forecast 2019-2030
Heat Pump Market: By Product Type, By Application, and Region Forecast 2019-2030
Heat Pump Market size was valued at US$ 84,658.6 million in 2023 and is poised to grow at a significant CAGR of 8.9% from 2024-2030. Heat pump powered by the Internet of Things (IoT) allow for real-time monitoring, proactive maintenance, and remote diagnosis. Smart thermostats that help monitor environmental changes and connect with their water heater equipment are part of the Internet of Things (IoT)-based heat pump.
However, The development of next-generation heat pumps has placed a high priority on automation and remote control. Heat pump now come with LCDs and warning lights to make them easier to understand. To save energy and improve efficiency, research is also being done worldwide to incorporate machine learning and artificial intelligence into heat pump. The researchers used machine learning techniques to create equations for heat pump design charts based on the results of 500,000 simulations. The heat pump integration eliminates the need for physically turning on or off heat pump with machine learning and artificial intelligence, which can investigate consumer consumption patterns and analyze their operational time and length. These elements are anticipated to increase demand for heat pump and produce profitable opportunities for market participants.
The market for heat pump is projected to increase as consumers want more environmentally friendly and technologically advanced heating and cooling equipment. To reduce the carbon intensity, Heat pump have much value. Compared to conventional electric resistance heating appliances, they can assist cut the amount of electricity used for cooling and heating applications in half. Compared to conventional heat pump modern technology heat pump like ground-source heat pump (GSHP) require just one-fourth of the electrical energy and three-fourths of the environmental energy.
In January 2022, Johnson Controls has acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.
Study Period
2024-2030Base Year
2023CAGR
8.9%Largest Market
North-AmericaFastest Growing Market
Asia-Pacific
The development of renewable heating and cooling techniques, as well as research into potential future heat pump applications, continue to have an impact on the heat pump business. Manufacturers of heat pump equipment and componentry may see new business prospects as stricter regulations to limit greenhouse gas emissions are increasingly implemented worldwide. The global demand has been significantly driven by rising demand for energy-efficient systems, government initiatives to enable emission reduction, and clean heating and cooling systems to adopt clean and sustainable technology. On the other hand, less knowledge of the benefits of heat pumps in developing countries restrained the market growth.
North American heat pump market. Additionally, the growth of the residential segment will be aided by the population expansion and subsequent rise in household sizes.
Asia-Pacific dominated the worldwide heat pump market, and it is anticipated that it will continue to develop at the quickest rate in the forecast period. This can be linked to several things, including increased demand for domestic heat pumps among residents due to the region's generally milder climate.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 84,658.6 million |
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Market CAGR |
8.9% |
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By Product Type |
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By Application |
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By Region |
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The global heat pump market size was valued at US$ 84,658.6 million in 2023 and is expected to grow at a CAGR of 8.9% from 2024-2030.
The key players of the market are Aktiengesellschaft, Johnson Controls, LG Electronics, Trane Technologies, Mitsubishi Electric Corporation.
The North America is the fastest-growing region for the market.
| 1.Executive Summary |
| 2.Global Heat Pump Market Introduction |
| 2.1.Global Heat Pump Market - Taxonomy |
| 2.2.Global Heat Pump Market - Definitions |
| 2.2.1.Product Type |
| 2.2.2.Application |
| 2.2.3.Region |
| 3.Global Heat Pump Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Heat Pump Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Heat Pump Market By Product Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Air Source |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Water Source |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Geothermal |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Heat Pump Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Residential |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Commercial |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Industrial |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Pool Heating |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 7.Global Heat Pump Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Heat Pump Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Air Source |
| 8.1.2.Water Source |
| 8.1.3.Geothermal |
| 8.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Residential |
| 8.2.2.Commercial |
| 8.2.3.Industrial |
| 8.2.4.Pool Heating |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Heat Pump Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Air Source |
| 9.1.2.Water Source |
| 9.1.3.Geothermal |
| 9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Residential |
| 9.2.2.Commercial |
| 9.2.3.Industrial |
| 9.2.4.Pool Heating |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 9.3.6.Rest of EU |
| 10.Asia Pacific (APAC) Heat Pump Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Air Source |
| 10.1.2.Water Source |
| 10.1.3.Geothermal |
| 10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Residential |
| 10.2.2.Commercial |
| 10.2.3.Industrial |
| 10.2.4.Pool Heating |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Heat Pump Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Air Source |
| 11.1.2.Water Source |
| 11.1.3.Geothermal |
| 11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Residential |
| 11.2.2.Commercial |
| 11.2.3.Industrial |
| 11.2.4.Pool Heating |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Heat Pump Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Air Source |
| 12.1.2.Water Source |
| 12.1.3.Geothermal |
| 12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Residential |
| 12.2.2.Commercial |
| 12.2.3.Industrial |
| 12.2.4.Pool Heating |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.Carrier (US) |
| 13.2.2.GEA Group |
| 13.2.3.Midea Group (China) |
| 13.2.4.SAMSUNG (South Korea) |
| 13.2.5.DENSO CORPORATION (Japan) |
| 13.2.6.Panasonic Corporation (Japan) |
| 13.2.7.Mitsubishi Electric Corporation (Japan) |
| 13.2.8.Johnson Controls (Ireland) |
| 13.2.9.DAIKIN INDUSTRIES, Ltd. (Japan) |
| 13.2.10.LG Electronics (South Korea) |
| 13.2.11.Trane Technologies (Ireland) |
| 13.2.12.Aktiengesellschaft (Germany) |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
Key Market Players
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