Heat Pump Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

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Heat Pumps Market: Product Type (Air Source, Water Source, Geothermal), By Application (Residential, Commercial, Industrial, Pool Heating), and Geography

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Report

Description

The heat pump market is estimated to be valued at USD 84.6 billion in 2021 and is poised to grow at a significant CAGR of 5.8% over 2022-2028. A heat pump is a refrigeration device that uses a mechanical-compression cycle to heat or cool a room and it is widely utilized for space heating and cooling. It is made up of two primary parts: an interior air handler and an outside device that is like a central air conditioner but is called a heat pump. Based on the product type the air source segment is accounted for a significant revenue share and is projected to grow at a considerable CAGR over 2022 – 2028. owing to an increase in the installation of ASHPs in smaller properties, such as park homes or flats, demand for the heat pumps market is gradually increasing year over year and the same trend is expected over the forecast years. The factors behind the growth of the market are the government initiatives to reduce greenhouse gas emissions coupled with providing incentives for the installation of heat pumps in residential, commercial, and industrial sectors. Increase in the adoption of heat pumps for new constructions, wide range of applications with heat pumps, replacement of conventional fuel-based heating method by heat pump technology, and significant adoption of heat pump technology in residential applications as a cost-effective heating method are anticipated to propel the growth of market over the forecast years.

Recent Market Developments:

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.

Heat Pump Market

MARKET SUMMARY
-
5.8% CAGR
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 5.8%
  • Largest Market– North-America
  • Fastest Growing Market– Asia-Pacific

Heat Pump Market

  • The heat pump market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The heat pump market is segmented based on product type, application, and geography.
Key Players
  • Midea Group
  • Johnson Controls
  • Trane Technologies
  • Panasonic Corporation
  • Mitsubishi Electric Corporation
Heat Pump Market

Dynamics

Heat pumps are alternative for heating and cooling comfort. They are incredibly energy-efficient and depending on the specific situation, they may save up to 50% on your monthly energy bills. A heat pump can be utilized in homes as a primary heating source or as supplemental heating. Depending on the type, they can also provide domestic hot water heating and air conditioning. Rapid growth in the construction industry coupled with an increase in the adoption of heat pump systems for residential, commercial, and industrial sectors is a key factor burgeoning the heat pumps market over the forecast years.


North-America Got Significant Share

Heat Pump Market

The North America Heat Pumps market is projected to grow at a significant CAGR over 2022 - 2028. The North American market is expected to grow at a significant CAGR and the growth in this region can be attributed to the increase in the use of ASHPs in cold climates is most feasible due to the rise in R&D activities and market developments. Moreover, government regulation on greenhouse gas emissions and public and private-sector incentive schemes enhances the deployment of more efficient HP systems across the USA and Canada.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The heat pump market report provides granular level information about the market size, regional market share, historic market (2017-2021) and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Heat Pumps Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The CAGR of the heat pump market is 5.8% over the forecast period (2022 – 2028)

 

 

Aktiengesellschaft, Johnson Controls, LG Electronics, Trane Technologies, Mitsubishi Electric Corporation

 

The Asia Pacific is the fastest-growing region for the heat pump market


Report

Company Profile

  • Carrier (US)
  • GEA Group
  • Midea Group (China)
  • SAMSUNG (South Korea)
  • DENSO CORPORATION (Japan)
  • Panasonic Corporation (Japan)
  • Mitsubishi Electric Corporation (Japan)
  • Johnson Controls (Ireland)
  • DAIKIN INDUSTRIES, Ltd. (Japan)
  • LG Electronics (South Korea)
  • Trane Technologies (Ireland)
  • Aktiengesellschaft (Germany)

Description

The heat pump market is estimated to be valued at USD 84.6 billion in 2021 and is poised to grow at a significant CAGR of 5.8% over 2022-2028. A heat pump is a refrigeration device that uses a mechanical-compression cycle to heat or cool a room and it is widely utilized for space heating and cooling. It is made up of two primary parts: an interior air handler and an outside device that is like a central air conditioner but is called a heat pump. Based on the product type the air source segment is accounted for a significant revenue share and is projected to grow at a considerable CAGR over 2022 – 2028. owing to an increase in the installation of ASHPs in smaller properties, such as park homes or flats, demand for the heat pumps market is gradually increasing year over year and the same trend is expected over the forecast years. The factors behind the growth of the market are the government initiatives to reduce greenhouse gas emissions coupled with providing incentives for the installation of heat pumps in residential, commercial, and industrial sectors. Increase in the adoption of heat pumps for new constructions, wide range of applications with heat pumps, replacement of conventional fuel-based heating method by heat pump technology, and significant adoption of heat pump technology in residential applications as a cost-effective heating method are anticipated to propel the growth of market over the forecast years.

Recent Market Developments:

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.

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