PUBLISHER: Grand View Research | PRODUCT CODE: 1908241
PUBLISHER: Grand View Research | PRODUCT CODE: 1908241
The global heat pump market size was valued at USD 94.53 billion in 2025 and is projected to reach USD 200.65 billion by 2033, growing at a CAGR of 10.0% from 2026 to 2033. The market is driven by the global push to reduce carbon emissions and improve energy efficiency in buildings. Governments across regions are promoting low-carbon heating through incentives, rebates, and stricter emission norms for fossil-fuel-based systems.
Heat pumps offer higher efficiency compared to conventional boilers, helping users lower long-term energy costs. This makes them attractive for both new constructions and retrofit projects.
Rising electricity penetration from renewable sources is also supporting heat pump adoption. As power grids increasingly integrate solar and wind energy, electric heat pumps become a cleaner heating and cooling option. Growing awareness about lifecycle cost savings and environmental benefits further boost demand. In addition, advancements in cold-climate and high-capacity heat pump technologies are expanding their use across residential, commercial, and industrial applications.
Global Heat Pump Market Report Segmentation
This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global heat pump market report based on technology, capacity, application, operation, and region: