Heat Pump Market By Technology, By Capacity, By End-Use Industry : Global Opportunity Analysis and Industry Forecast, 2023-2032

List of Tables

The global heat pump market was valued at $71.2 billion in 2022, and is projected to reach $201.5 billion by 2032, growing at a CAGR of 11.1% from 2023 to 2032.

Introduction

A heat pump is a versatile and efficient device used for heating and cooling spaces by transferring thermal energy from one location to another. It operates on the principle of thermodynamics, specifically the concept of heat transfer from areas of low temperature to high temperature. This technology has gained widespread adoption in various domains due to its energy efficiency, environmental friendliness, and versatility. In residential industry, heat pumps are commonly used for heating and cooling homes. They can extract heat from the outdoor air or the ground and transfer it indoors during colder months to warm up living spaces. Conversely, during warmer months, they remove heat from indoor air and transfer it outside to cool the interior environment. This dual functionality makes heat pumps an attractive option for homeowners looking to optimize their heating and cooling systems while reducing energy costs.

Furthermore, heat pumps are extensively utilized in commercial buildings and industrial facilities for space heating, cooling, and hot water generation. These systems can be scaled up to meet the heating and cooling demands of large structures, making them suitable for office buildings, shopping malls, hospitals, and manufacturing plants. Commercial heat pump systems contribute to sustainability goals and help reduce carbon emissions associated with traditional heating and cooling methods by leveraging renewable energy sources such as geothermal heat or ambient air.

The transportation industry also benefits from heat pump technology, particularly in electric vehicles (EVs) where heat pumps are used for cabin heating and cooling. Unlike traditional combustion engine vehicles that rely on waste heat from the engine for heating, EVs require efficient heating systems to maintain interior comfort without compromising driving range. Heat pumps offer an energy-efficient solution by utilizing heat from the vehicle's electrical components or ambient air to warm up the cabin during cold weather, thereby extending the driving range of electric vehicles.

Market Dynamics

The surge in demand for HVAC systems is expected to provide lucrative opportunity to the heat pump market. Industries heavily rely on Heating, Ventilation, and Air Conditioning (HVAC) systems to regulate temperature and humidity levels, crucial for maintaining optimal working conditions, product quality, and employee comfort and safety. As industrialization expands, the demand for HVAC systems increases, particularly in factories and manufacturing facilities. According to the International Energy Agency (IEA), heat pumps currently fulfill approximately 10% of the world's building heating needs. To align with the goals of the Net Zero Emissions by 2050 (NZE) scenario, the global inventory of heat pumps must triple by 2030, covering at least 20% of the global heating demand. Governments are actively promoting the adoption of energy-efficient heat pumps through subsidies, driving up consumer demand and facilitating market expansion. These heat pumps are pivotal in enhancing efficiency and curbing carbon emissions.

Segments Overview

The heat pump market is segmented into technology, capacity, end-use industry, and region. On the basis of type, the market is classified into air to air, air to water, water soured, and others. On the basis of the capacity, the market is divided into upto 10Kw, 10 to 30Kw, 20 to 30 Kw, more than 30Kw. On the basis of the end-use industry, the market is divided into residential, commercial, and industrial. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of technology air to air segment dominated the heat pump market. Air-to-air heat pumps are versatile heating, ventilation, and air conditioning (HVAC) systems widely used across various applications and industries due to their energy efficiency and adaptability. In residential settings, these heat pumps are commonly employed for both heating and cooling purposes. They extract heat from the outdoor air during the heating season and transfer it indoors to provide warmth.

On the basis of capacity 20 to 30 Kw is the fastest growing segment in heat pump market. In the industrial sector, 20 to 30 kW heat pumps play a crucial role in processes requiring precise temperature control, such as food and beverage production, pharmaceutical manufacturing, and chemical processing. These heat pumps can efficiently heat or cool large volumes of air or water, enabling industries to maintain optimal conditions for production, storage, and transportation of goods. Moreover, their ability to recover waste heat and utilize renewable energy sources contributes to sustainability initiatives, reducing both operational costs and environmental impact.

On the basis of end-use industry commercial is the fastest-growing segment in heat pump market. In manufacturing and industrial facilities, heat pumps serve multiple purposes, including space heating, process heating, and cooling for equipment and machinery. These facilities often have diverse heating and cooling requirements that can vary significantly depending on the production processes and operational demands. Heat pumps provide a customizable solution that can adapt to the specific needs of each facility, helping businesses optimize energy usage and reduce utility expenses. Additionally, the use of heat pumps in industrial settings supports efforts to minimize carbon emissions and comply with environmental regulations, contributing to a more sustainable and eco-friendly manufacturing sector.

Regional Analysis

Region wise Asia-Pacific is the most lucrative segment of heat pump market. In countries like Japan and South Korea, where energy efficiency and environmental sustainability are priorities, heat pumps have seen widespread adoption. Japan, in particular, has been a leader in heat pump technology development and deployment. The Japanese government has implemented various incentives and subsidies to encourage the adoption of heat pumps, especially in residential buildings, contributing to their popularity.

China, as the world's largest emitter of greenhouse gases, is also looking towards heat pumps as part of its efforts to reduce carbon emissions and combat air pollution. The Chinese government has introduced policies to promote the use of heat pumps in both residential and industrial sectors. With its vast market potential and government support, China is expected to drive significant growth in the heat pump market.

Recent Key Developments in Heat Pump Industry

In 2023, new residential central air conditioning and air-source heat pump systems in the U.S. must meet new minimum energy-efficiency standards. Proper maintenance of heat pump is crucial for efficient operation, and it involves tasks such as cleaning filters, inspecting ducts, and verifying correct refrigerant charge.

In 2023, the U.S. Department of Energy (DOE) implemented a 15% increase in efficiency standards for commercial rooftop air conditioning and heat pump systems. These standards, measured by the Integrated Energy Efficiency Ratio (IEER), aim to enhance energy efficiency in both residential and commercial industries.

In 2023, new residential air-source heat pumps in the U.S. must meet a minimum Heating Seasonal Performance Factor (HSPF) of 8.8. In the northern region, systems must meet a minimum Seasonal Energy Efficiency Ratio (SEER) of 14, while in the southern region, the requirement is raised to 15 SEER. These standards aim to address the higher cooling demands in the southern states. Furthermore, there is an increase in the minimum Heating Seasonal Performance Factor (HSPF) for air-source heat pumps, which rises to 8.8 HSPF. These adjustments are designed to promote energy savings and enhance overall system performance.

In addition, the report covers profiles of key industry participants such as DAIKIN INDUSTRIES, Ltd., Mitsubishi Electric Corporation, Carrier, Panasonic Corporation, Trane Technologies plc, Lennox International Inc., Bosch Thermotechnology Corp, NIBE GROUP, FUJITSU GENERAL., and SAMSUNG.

Key Market Trends:

By technology, the air to air segment dominated the heat pump market and accounted for one third of the market share in 2022.
By capacity upto 10Kw segment dominated the heat pump market representing for 10.7% of CAGR to the market.
By end-use industry, the residential segment was the highest revenue contributor accounting for more than half of the market share in 2022.
By region, Asia-Pacific is the fastest growing region representing for 11.4% of CAGR to the market.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the heat pump market analysis from 2022 to 2032 to identify the prevailing heat pump market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the heat pump market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global heat pump market trends, key players, market segments, application areas, and market growth strategies.

Additional benefits you will get with this purchase are:

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5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
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Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)

Analysis of raw material in a product (by %)
End user preferences and pain points
Product Benchmarking / Product specification and applications
Upcoming/New Entrant by Regions
Technology Trend Analysis
Consumer Preference and Product Specifications
New Product Development/ Product Matrix of Key Players
Patient/epidemiology data at country, region, global level
Regulatory Guidelines
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
List of customers/consumers/raw material suppliers- value chain analysis
Market share analysis of players at global/region/country level
SWOT Analysis

Key Market Segments

By Capacity

Upto 10Kw
10 to 20Kw
20 to 30 Kw
More than 30Kw

By End-Use Industry

Residential
Commercial
Industrial

By Technology

Air to Water
Water Sourced
Others
Air to Air

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA

Key Market Players:

Daikin Industries, Ltd.
Mitsubishi Electric Corporation
Carrier
Panasonic Corporation
Trane Technologies plc
Lennox International Inc.
Bosch Thermotechnology Corp
NIBE GROUP
FUJITSU GENERAL.
Samsung

Product Code: A04978

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities
3.5. Value Chain Analysis
3.6. Key Regulation Analysis
3.7. Patent Landscape

CHAPTER 4: HEAT PUMP MARKET, BY TECHNOLOGY

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Air to Air
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Air to Water
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
4.4. Water Sourced
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
4.5. Others
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country

CHAPTER 5: HEAT PUMP MARKET, BY CAPACITY

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Upto 10Kw
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. 10 to 20Kw
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. 20 to 30 Kw
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
5.5. More than 30Kw
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country

CHAPTER 6: HEAT PUMP MARKET, BY END-USE INDUSTRY

6.1. Overview
- 6.1.1. Market size and forecast
6.2. Residential
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
6.3. Commercial
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
6.4. Industrial
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country

CHAPTER 7: HEAT PUMP MARKET, BY REGION

7.1. Overview
- 7.1.1. Market size and forecast By Region
7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Technology
- 7.2.3. Market size and forecast, by Capacity
- 7.2.4. Market size and forecast, by End-Use Industry
- 7.2.5. Market size and forecast, by country
  - 7.2.5.1. U.S.
  - 7.2.5.1.1. Market size and forecast, by Technology
  - 7.2.5.1.2. Market size and forecast, by Capacity
  - 7.2.5.1.3. Market size and forecast, by End-Use Industry
  - 7.2.5.2. Canada
  - 7.2.5.2.1. Market size and forecast, by Technology
  - 7.2.5.2.2. Market size and forecast, by Capacity
  - 7.2.5.2.3. Market size and forecast, by End-Use Industry
  - 7.2.5.3. Mexico
  - 7.2.5.3.1. Market size and forecast, by Technology
  - 7.2.5.3.2. Market size and forecast, by Capacity
  - 7.2.5.3.3. Market size and forecast, by End-Use Industry
7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Technology
- 7.3.3. Market size and forecast, by Capacity
- 7.3.4. Market size and forecast, by End-Use Industry
- 7.3.5. Market size and forecast, by country
  - 7.3.5.1. Germany
  - 7.3.5.1.1. Market size and forecast, by Technology
  - 7.3.5.1.2. Market size and forecast, by Capacity
  - 7.3.5.1.3. Market size and forecast, by End-Use Industry
  - 7.3.5.2. France
  - 7.3.5.2.1. Market size and forecast, by Technology
  - 7.3.5.2.2. Market size and forecast, by Capacity
  - 7.3.5.2.3. Market size and forecast, by End-Use Industry
  - 7.3.5.3. UK
  - 7.3.5.3.1. Market size and forecast, by Technology
  - 7.3.5.3.2. Market size and forecast, by Capacity
  - 7.3.5.3.3. Market size and forecast, by End-Use Industry
  - 7.3.5.4. Spain
  - 7.3.5.4.1. Market size and forecast, by Technology
  - 7.3.5.4.2. Market size and forecast, by Capacity
  - 7.3.5.4.3. Market size and forecast, by End-Use Industry
  - 7.3.5.5. Italy
  - 7.3.5.5.1. Market size and forecast, by Technology
  - 7.3.5.5.2. Market size and forecast, by Capacity
  - 7.3.5.5.3. Market size and forecast, by End-Use Industry
  - 7.3.5.6. Rest of Europe
  - 7.3.5.6.1. Market size and forecast, by Technology
  - 7.3.5.6.2. Market size and forecast, by Capacity
  - 7.3.5.6.3. Market size and forecast, by End-Use Industry
7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Technology
- 7.4.3. Market size and forecast, by Capacity
- 7.4.4. Market size and forecast, by End-Use Industry
- 7.4.5. Market size and forecast, by country
  - 7.4.5.1. China
  - 7.4.5.1.1. Market size and forecast, by Technology
  - 7.4.5.1.2. Market size and forecast, by Capacity
  - 7.4.5.1.3. Market size and forecast, by End-Use Industry
  - 7.4.5.2. India
  - 7.4.5.2.1. Market size and forecast, by Technology
  - 7.4.5.2.2. Market size and forecast, by Capacity
  - 7.4.5.2.3. Market size and forecast, by End-Use Industry
  - 7.4.5.3. Japan
  - 7.4.5.3.1. Market size and forecast, by Technology
  - 7.4.5.3.2. Market size and forecast, by Capacity
  - 7.4.5.3.3. Market size and forecast, by End-Use Industry
  - 7.4.5.4. South Korea
  - 7.4.5.4.1. Market size and forecast, by Technology
  - 7.4.5.4.2. Market size and forecast, by Capacity
  - 7.4.5.4.3. Market size and forecast, by End-Use Industry
  - 7.4.5.5. Australia
  - 7.4.5.5.1. Market size and forecast, by Technology
  - 7.4.5.5.2. Market size and forecast, by Capacity
  - 7.4.5.5.3. Market size and forecast, by End-Use Industry
  - 7.4.5.6. Rest of Asia-Pacific
  - 7.4.5.6.1. Market size and forecast, by Technology
  - 7.4.5.6.2. Market size and forecast, by Capacity
  - 7.4.5.6.3. Market size and forecast, by End-Use Industry
7.5. LAMEA
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Technology
- 7.5.3. Market size and forecast, by Capacity
- 7.5.4. Market size and forecast, by End-Use Industry
- 7.5.5. Market size and forecast, by country
  - 7.5.5.1. Brazil
  - 7.5.5.1.1. Market size and forecast, by Technology
  - 7.5.5.1.2. Market size and forecast, by Capacity
  - 7.5.5.1.3. Market size and forecast, by End-Use Industry
  - 7.5.5.2. South Africa
  - 7.5.5.2.1. Market size and forecast, by Technology
  - 7.5.5.2.2. Market size and forecast, by Capacity
  - 7.5.5.2.3. Market size and forecast, by End-Use Industry
  - 7.5.5.3. Saudi Arabia
  - 7.5.5.3.1. Market size and forecast, by Technology
  - 7.5.5.3.2. Market size and forecast, by Capacity
  - 7.5.5.3.3. Market size and forecast, by End-Use Industry
  - 7.5.5.4. Rest of LAMEA
  - 7.5.5.4.1. Market size and forecast, by Technology
  - 7.5.5.4.2. Market size and forecast, by Capacity
  - 7.5.5.4.3. Market size and forecast, by End-Use Industry

CHAPTER 8: COMPETITIVE LANDSCAPE

8.1. Introduction
8.2. Top winning strategies
8.3. Product mapping of top 10 player
8.4. Competitive dashboard
8.5. Competitive heatmap
8.6. Top player positioning, 2022

CHAPTER 9: COMPANY PROFILES

9.1. Daikin Industries, Ltd.
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
9.2. Mitsubishi Electric Corporation
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.2.7. Key strategic moves and developments
9.3. Carrier
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
9.4. Panasonic Corporation
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.4.7. Key strategic moves and developments
9.5. Trane Technologies plc
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
9.6. Lennox International Inc.
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
9.7. Bosch Thermotechnology Corp
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Business performance
- 9.7.7. Key strategic moves and developments
9.8. NIBE GROUP
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.8.7. Key strategic moves and developments
9.9. FUJITSU GENERAL.
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.9.7. Key strategic moves and developments
9.10. Samsung
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.10.7. Key strategic moves and developments