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PUBLISHER: Grand View Research | PRODUCT CODE: 1404967
PUBLISHER: Grand View Research | PRODUCT CODE: 1404967
Heat Pump Market Size, Share & Trends Analysis Report By Technology (Air Source, Water Source), By Capacity (Up To 10 kW, 10 To 20 kW), By Operation Type (Electric, Hybrid), By Application, By Region, And Segment Forecasts, 2024 - 2030
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Heat Pump Market Growth & Trends:
The global heat pump market size is anticipated to reach USD 166.6 billion by 2030, expanding at a CAGR of 9.4% during the forecast period, according to a new report by Grand View Research, Inc. Favorable government policies for energy-efficient solutions and lowered carbon footprint are expected to boost the market growth over the forecast period. In addition, consumer-driven demand for energy-efficient heat pumps to reduce energy consumption and lower operating expenses are expected to benefit the overall market over the forecast period.
The emergence of climate and energy as a political priority has spurred an increased interest in heating and energy efficiency gains to be realized within buildings. Increasing disposable income has led to the growing demand for technologically advanced equipment and comfortable housing solutions, which is further projected to boost the demand for heat pumps. These factors are expected to play a vital role in driving the market growth.
Governments across the globe are becoming increasingly aware of the risks associated with fossil fuels and are adopting environment-friendly options. Furthermore, initiatives like the federal tax credit for new residential heat pumps in the U.S. was extended until the end of 2022. The California Energy Commission passed a new building energy code in August 2021, which encouraged the use of heat pumps for space and water heating in newly constructed buildings. All these aforementioned factors are expected to boost the demand for heat pumps in the coming years.
According to International Energy Agency, heat pumps continue to cover only a small portion of domestic heat demand, while fossil fuel-based solutions accounted for roughly half of the global heating equipment sales in 2020, with the majority of heat pumps being installed in new buildings. However, various factors including regulatory development, enhanced construction requirements favoring heat pumps in new buildings, and rising air conditioning demand are likely to boost the adoption of heat pump technologies in the coming years.
Heat pump players are seeking mergers & acquisitions, partnerships, and investments to develop advanced and innovative solutions. In addition, players are also adopting several strategies such as product launches, research & development, and geographical expansion to increase their market penetration. For instance, in April 2023, Daikin invested USD 327.9 million and expanded its production facility in Poland. This new factory will start the production of the heat pumps and it will cater to various European countries such as Belgium, Germany, and the Czech Republic.
In February 2023, LG introduced an air source heat pump (ASHP) capable of heating 200-270 liters of residential water. The pump has a coefficient of performance (COP) of up to 3.85 and uses R134a as a refrigerant.
Heat Pump Market Report Highlights:
- In 2023, the air-source technology segment dominated with a revenue share of over 84.6%. The growth of this segment can be attributed to the benefits such as energy-efficient, low carbon emission, low maintenance, easy installation process, use in space heating and hot water, and high seasonal coefficient of performance
- The residential application segment accounted for 86.0% of the global revenue share in 2023. Rapid urbanization coupled with increasing demand for energy-efficient products is expected to drive the demand for heat pumps in the residential sector
- The industrial application segment is expected to witness a CAGR of 8.0% over the forecast period. The increasing number of new industrial facilities being established worldwide is fueling the global demand for heat pumps
- Asia Pacific accounted for 52.6% of the global revenue share in 2023. The rising trend of shifting production bases to emerging economies, mainly China and India, is expected to positively influence the growth of the heat pump industry over the forecast period
- In February 2023, Hitachi introduced the Yutaki M R32 monobloc air-to-water heat pump. Even in sub-zero temperatures, the 4-ton and 3-ton systems have 140°F heating capacity
- In May 2022, Midea launched the EVOX heat pump system. The new product is available in six sizes from 1.5-5 tons. These are capable of 100% heating output at -20°C
Product Code: GVR-3-68038-589-2
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope & Assumption
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources
- 1.3.4. Third-Party Perspectives
- 1.3.5. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Market Variables, Trends & Scope
- 3.1. Market Segmentation & Scope
- 3.2. Penetration and Growth Prospect Mapping
- 3.3. Industry Value Chain Analysis
- 3.4. Technology Overview
- 3.5. Regulatory Framework
- 3.6. Market Dynamics
- 3.6.1. Market Driver Analysis
- 3.6.2. Market Restraint Analysis
- 3.6.3. Market Opportunity Analysis
- 3.6.4. Industry Challenges
- 3.7. Industry Analysis -
- 3.7.1. Porter's analysis
- 3.7.2. Macroeconomic Analysis
- 3.8. Economic Mega Trend
- 3.9. Pricing Analysis
- 3.10. Vendor Matrix
- 3.10.1. List of key raw material providers
- 3.10.2. List of key manufacturers
- 3.10.3. List of key distributors
- 3.10.4. List of end-users
Chapter 4. Heat Pump Market: Technology Estimates & Trend Analysis
- 4.1. Technology Analysis & Market Share, 2023 & 2030
- 4.1.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.2. Air Source
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.2.1.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Billion)
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.3. Water Source
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.4. Geothermal
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 5. Heat Pump Market: Capacity Estimates & Trend Analysis
- 5.1. Capacity Analysis & Market Share, 2023 & 2030
- 5.1.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.2. Up to 10 kW
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.3. 10 -20 kW
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.4. 20 -50 kW
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.5. 50 - 100 kW
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.6. 100 - 200 kW
- 5.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.7. Above 200 kW
- 5.7.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Heat Pump Market: Operation Type Estimates & Trend Analysis
- 6.1. Operation Type Analysis & Market Share, 2023 & 2030
- 6.1.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.2. Electric
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.2.1.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Billion)
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.3. Hybrid
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 7. Heat Pump Market: Application Estimates & Trend Analysis
- 7.1. Application Movement Analysis & Market Share, 2023 & 2030
- 7.2. Residential
- 7.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3. Industrial
- 7.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4. Commercial
- 7.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 8. Heat Pump Market: Regional Estimates & Trend Analysis
- 8.1. Regional Market Snapshot
- 8.2. North America
- 8.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.2.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.2.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.2.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.2.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.2.6. U.S.
- 8.2.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.2.6.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.2.6.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.2.6.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.2.6.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.2.7. Canada
- 8.2.7.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.2.7.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.2.7.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.2.7.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.2.7.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.2.8. Mexico
- 8.2.8.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.2.8.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.2.8.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.2.8.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.2.8.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.3. Europe
- 8.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.3.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.3.4. Germany
- 8.3.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.4.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.3.4.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.3.4.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.3.4.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.3.5. France
- 8.3.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.5.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.3.5.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.3.5.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.3.5.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.3.6. Italy
- 8.3.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.6.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.3.6.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.3.6.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.3.6.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.3.7. Sweden
- 8.3.7.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.7.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.3.7.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.3.7.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.3.7.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.3.8. Norway
- 8.3.8.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.8.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.3.8.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.3.8.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.3.8.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.3.9. Spain
- 8.3.9.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.9.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.3.9.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.3.9.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.3.9.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.3.10. Finland
- 8.3.10.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.3.10.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.3.10.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.3.10.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.3.10.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.4. Asia Pacific
- 8.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.4.4. China
- 8.4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.4.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.4.4.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.4.4.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.4.4.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.4.5. India
- 8.4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.5.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.4.5.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.4.5.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.4.5.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.4.6. Japan
- 8.4.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.6.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.4.6.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.4.6.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.4.6.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.4.7. Australia
- 8.4.7.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.7.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.4.7.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.4.7.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.4.7.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.4.8. South Korea
- 8.4.8.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.4.8.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.4.8.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.4.8.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.4.8.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.5. Central & South America
- 8.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.5.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.5.4. Brazil
- 8.5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.5.4.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.5.4.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.5.4.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.5.4.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.5.5. Argentina
- 8.5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.5.5.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.5.5.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.5.5.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.5.5.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.6. Middle East & Africa
- 8.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.6.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.6.4. Saudi Arabia
- 8.6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.6.4.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.6.4.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.6.4.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.6.4.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
- 8.6.5. UAE
- 8.6.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 8.6.5.2. Market estimates and forecasts, by technology, 2018 - 2030 (USD Billion)
- 8.6.5.3. Market estimates and forecasts, by capacity, 2018 - 2030 (USD Billion)
- 8.6.5.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Billion)
- 8.6.5.5. Market estimates and forecasts, by application, 2018 - 2030 (USD Billion)
Chapter 9. Competitive Analysis
- 9.1. Recent Developments & Impact Analysis, By Key Market Participants
- 9.2. Company Categorization
- 9.3. Participant's Overview
- 9.4. Financial Overview
- 9.5. Technology Benchmarking
- 9.6. Company Market Positioning
- 9.7. Company Market Share Analysis, 2023
- 9.8. Company Heat Map Analysis
- 9.9. Strategy Mapping
Chapter 10. Company Profiles
- 10.1. Carrier
- 10.2. Daikin Industries, Ltd
- 10.3. Robert Bosch GmbH
- 10.4. Lennox International
- 10.5. Johnson Controls, Inc.
- 10.6. Midea Group
- 10.7. Hitachi, Ltd.
- 10.8. Ingersoll Rand Plc.
- 10.9. Rheem Manufacturing Company
- 10.10. HAIER(GENERAL ELECTRIC)
- 10.11. Panasonic Holdings Corporation
- 10.12. Danfoss
- 10.13. Fujitsu
- 10.14. LG Electronics, Inc.
- 10.15. Samsung
Product Code: GVR-3-68038-589-2
List of Tables
- Table 1 Heat Pump Market Estimates and Forecasts, By Technology, 2018 - 2030 (USD Billion)
- Table 2 Heat Pump Market Estimates and Forecasts, By Application, 2018 - 2030 (USD Billion)
- Table 3 U.S. Macroeconomic Outlook
- Table 4 Canada Macroeconomic Outlook
- Table 5 Mexico Macroeconomic Outlook
- Table 6 Germany Macroeconomic Outlook
- Table 7 France Macroeconomic Outlook
- Table 8 Italy Macroeconomic Outlook
- Table 9 Sweden Macroeconomic Outlook
- Table 10 Norway Macroeconomic Outlook
- Table 11 Spain Macroeconomic Outlook
- Table 12 China Macroeconomic Outlook
- Table 13 India Macroeconomic Outlook
- Table 14 Japan Macroeconomic Outlook
- Table 15 Australia Macroeconomic Outlook
- Table 16 South Korea Macroeconomic Outlook
- Table 17 Brazil Macroeconomic Outlook
- Table 18 Argentina Macroeconomic Outlook
- Table 19 UAE Macroeconomic Outlook
- Table 20 Saudi Arabia Macroeconomic Outlook
- Table 21 Recent Developments & Impact Analysis, By Key Market Participants
- Table 22 Company Market Share, 2023
- Table 23 Company Heat Map Analysis, 2023
- Table 24 Key Companies undergoing expansion
- Table 25 Key Companies involved in mergers & acquisition
List of Figures
- Fig. 1 Information Procurement
- Fig. 2 Primary Research Pattern
- Fig. 3 Primary Research Process
- Fig. 4 Market Research Approaches - Bottom-Up Approach
- Fig. 5 Market Research Approaches - Top-Down Approach
- Fig. 6 Market Research Approaches - Combined Approach
- Fig. 7 Market Outlook
- Fig. 8 Segmental Outlook
- Fig. 9 Competitive Insights
- Fig. 10 Market Segmentation & Scope
- Fig. 11 Penetration and Growth Prospect Mapping
- Fig. 12 Industry Value Chain Analysis
- Fig. 13 Market Driver Analysis
- Fig. 14 Market Restraint Analysis
- Fig. 15 Heat Pump Market: Technology Movement Analysis, 2023 & 2030
- Fig. 16 Heat Pump Market: Capacity Movement Analysis, 2023 & 2030
- Fig. 17 Heat Pump Market: Operation Type Movement Analysis, 2023 & 2030
- Fig. 18 Heat Pump Market: Application Movement Analysis, 2023 & 2030
- Fig. 19 Heat Pump Market: Regional Movement Analysis, 2023 & 2030
- Fig. 20 Key Company/Competition Categorization
- Fig. 21 Competitive Dashboard Analysis
- Fig. 22 Market Position Analysis
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