North America and Europe Heat Pump Market: By Product Type (Air Source, Water Source, Geothermal), By Application (Residential, Commercial (Healthcare, Logistics & Transportation, Hospitality and Others) Industrial Pool Heating) and Country 

North America and Europe Heat pump Market size was valued at US$ 60,195.4 million in 2022 and is poised to grow at a significant CAGR of 13.7% from 2024–2030. The heat pump is a device that can provide heat to a building or particular area by transferring thermal energy from the outside using a refrigeration cycle. The technology used in the heat pump is similar to that of an air conditioner or refrigerator. Various heat pumps can also work in the other direction to cool a building by expelling heat from the enclosed area and sending it outside. 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 monthly energy bills. A heat pump can be utilized at 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. Such wide applications of Heat Pumps drive the growth of the market. High cost of the heat pumps and high initial installation cost are the key restraints for the growth of the heat pumps market. Heat pump prices are typically costly due to the quality of the equipment, energy efficiency, the complexity of the installation, the type of system, manpower, and others.

Key Developments

• In February 2022, Taco Comfort Solutions partnered with Glen Dimplex to develop a complete packaged air-to-water heat pump system for residential heating, cooling, and DHW applications.
• In January 2022, Daikin focus on designing and manufacturing innovative heating and cooling technologies with Altherma 3 H MT, the new medium-temperature hydro-split heat pump available in 16 markets in Central and Eastern Europe