Global Heat Pump Market 2024-2028

The heat pump market is forecasted to grow by USD 43.45 bn during 2023-2028, accelerating at a CAGR of 8.9% during the forecast period. The report on the heat pump market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by growing demand for heat pumps from the construction sector, growing demand for high-temperature heat pumps (HTTPS), and the emergence of building energy management systems (BEMS).

Market Scope
Base Year	2023
End Year	2028
Series Year	2024-2028
Growth Momentum	Accelerate
YOY 2024	7.7%
CAGR	8.9%
Incremental Value	$43.45bn

Technavio's heat pump market is segmented as below:

By Application

Residential
Commercial
Industrial

By Product

Air source heat pumps
Ground source heat pumps
Exhaust air heat pumps

By Geographical Landscape

APAC
North America
Europe
South America
Middle East and Africa

This study identifies the increased adoption of solar-powered heat pumps as one of the prime reasons driving the heat pump market growth during the next few years. Also, policies supporting the growth of renewable power and the advent of smart heat pumps will lead to sizable demand in the market.

The report on the heat pump market covers the following areas:

Heat pump market sizing
Heat pump market forecast
Heat pump market industry analysis

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading heat pump market vendors that include Bard HVAC, Daikin Industries Ltd., Danfoss AS, Dantherm Group AS, DENSO Corp., Emerson Electric Co., Fujitsu Ltd., Glen Dimplex Europe Holdings Ltd., Guangdong Aoxin Heat Pump Air Conditioning Co. Ltd., Hayward Holdings Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Kensa Group, Lennox International Inc., Mitsubishi Electric Corp., NIBE Industrier AB, Nortek, Rheem Manufacturing Co., Robert Bosch GmbH, and STIEBEL ELTRON GmbH and Co. KG. Also, the heat pump market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.

Product Code: IRTNTR41169

1 Executive Summary

1.1 Market overview
Exhibit 01: Executive Summary - Chart on Market Overview
Exhibit 02: Executive Summary - Data Table on Market Overview
Exhibit 03: Executive Summary - Chart on Global Market Characteristics
Exhibit 04: Executive Summary - Chart on Market By Geographical Landscape
Exhibit 05: Executive Summary - Chart on Market Segmentation by Application
Exhibit 06: Executive Summary - Chart on Market Segmentation by Product
Exhibit 07: Executive Summary - Chart on Incremental Growth
Exhibit 08: Executive Summary - Data Table on Incremental Growth
Exhibit 09: Executive Summary - Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ billion)
Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)

4 Historic Market Size

4.1 Global heat pump market 2018 - 2022
Exhibit 18: Historic Market Size - Data Table on global heat pump market 2018 - 2022 ($ billion)
4.2 Application Segment Analysis 2018 - 2022
Exhibit 19: Historic Market Size - Application Segment 2018 - 2022 ($ billion)
4.3 Product Segment Analysis 2018 - 2022
Exhibit 20: Historic Market Size - Product Segment 2018 - 2022 ($ billion)
4.4 Geography Segment Analysis 2018 - 2022
Exhibit 21: Historic Market Size - Geography Segment 2018 - 2022 ($ billion)
4.5 Country Segment Analysis 2018 - 2022
Exhibit 22: Historic Market Size - Country Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

5.1 Five forces summary
Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers - Impact of key factors 2023 and 2028
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers - Impact of key factors in 2023 and 2028
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants - Impact of key factors in 2023 and 2028
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes - Impact of key factors in 2023 and 2028
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry - Impact of key factors in 2023 and 2028
5.7 Market condition
Exhibit 29: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Application

6.1 Market segments
Exhibit 30: Chart on Application - Market share 2023-2028 (%)
Exhibit 31: Data Table on Application - Market share 2023-2028 (%)
6.2 Comparison by Application
Exhibit 32: Chart on Comparison by Application
Exhibit 33: Data Table on Comparison by Application
6.3 Residential - Market size and forecast 2023-2028
Exhibit 34: Chart on Residential - Market size and forecast 2023-2028 ($ billion)
Exhibit 35: Data Table on Residential - Market size and forecast 2023-2028 ($ billion)
Exhibit 36: Chart on Residential - Year-over-year growth 2023-2028 (%)
Exhibit 37: Data Table on Residential - Year-over-year growth 2023-2028 (%)
6.4 Commercial - Market size and forecast 2023-2028
Exhibit 38: Chart on Commercial - Market size and forecast 2023-2028 ($ billion)
Exhibit 39: Data Table on Commercial - Market size and forecast 2023-2028 ($ billion)
Exhibit 40: Chart on Commercial - Year-over-year growth 2023-2028 (%)
Exhibit 41: Data Table on Commercial - Year-over-year growth 2023-2028 (%)
6.5 Industrial - Market size and forecast 2023-2028
Exhibit 42: Chart on Industrial - Market size and forecast 2023-2028 ($ billion)
Exhibit 43: Data Table on Industrial - Market size and forecast 2023-2028 ($ billion)
Exhibit 44: Chart on Industrial - Year-over-year growth 2023-2028 (%)
Exhibit 45: Data Table on Industrial - Year-over-year growth 2023-2028 (%)
6.6 Market opportunity by Application
Exhibit 46: Market opportunity by Application ($ billion)
Exhibit 47: Data Table on Market opportunity by Application ($ billion)

7 Market Segmentation by Product

7.1 Market segments
Exhibit 48: Chart on Product - Market share 2023-2028 (%)
Exhibit 49: Data Table on Product - Market share 2023-2028 (%)
7.2 Comparison by Product
Exhibit 50: Chart on Comparison by Product
Exhibit 51: Data Table on Comparison by Product
7.3 Air source heat pumps - Market size and forecast 2023-2028
Exhibit 52: Chart on Air source heat pumps - Market size and forecast 2023-2028 ($ billion)
Exhibit 53: Data Table on Air source heat pumps - Market size and forecast 2023-2028 ($ billion)
Exhibit 54: Chart on Air source heat pumps - Year-over-year growth 2023-2028 (%)
Exhibit 55: Data Table on Air source heat pumps - Year-over-year growth 2023-2028 (%)
7.4 Ground source heat pumps - Market size and forecast 2023-2028
Exhibit 56: Chart on Ground source heat pumps - Market size and forecast 2023-2028 ($ billion)
Exhibit 57: Data Table on Ground source heat pumps - Market size and forecast 2023-2028 ($ billion)
Exhibit 58: Chart on Ground source heat pumps - Year-over-year growth 2023-2028 (%)
Exhibit 59: Data Table on Ground source heat pumps - Year-over-year growth 2023-2028 (%)
7.5 Exhaust air heat pumps - Market size and forecast 2023-2028
Exhibit 60: Chart on Exhaust air heat pumps - Market size and forecast 2023-2028 ($ billion)
Exhibit 61: Data Table on Exhaust air heat pumps - Market size and forecast 2023-2028 ($ billion)
Exhibit 62: Chart on Exhaust air heat pumps - Year-over-year growth 2023-2028 (%)
Exhibit 63: Data Table on Exhaust air heat pumps - Year-over-year growth 2023-2028 (%)
7.6 Market opportunity by Product
Exhibit 64: Market opportunity by Product ($ billion)
Exhibit 65: Data Table on Market opportunity by Product ($ billion)

8 Customer Landscape

8.1 Customer landscape overview
Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
Exhibit 67: Chart on Market share By Geographical Landscape 2023-2028 (%)
Exhibit 68: Data Table on Market share By Geographical Landscape 2023-2028 (%)
9.2 Geographic comparison
Exhibit 69: Chart on Geographic comparison
Exhibit 70: Data Table on Geographic comparison
9.3 APAC - Market size and forecast 2023-2028
Exhibit 71: Chart on APAC - Market size and forecast 2023-2028 ($ billion)
Exhibit 72: Data Table on APAC - Market size and forecast 2023-2028 ($ billion)
Exhibit 73: Chart on APAC - Year-over-year growth 2023-2028 (%)
Exhibit 74: Data Table on APAC - Year-over-year growth 2023-2028 (%)
9.4 North America - Market size and forecast 2023-2028
Exhibit 75: Chart on North America - Market size and forecast 2023-2028 ($ billion)
Exhibit 76: Data Table on North America - Market size and forecast 2023-2028 ($ billion)
Exhibit 77: Chart on North America - Year-over-year growth 2023-2028 (%)
Exhibit 78: Data Table on North America - Year-over-year growth 2023-2028 (%)
9.5 Europe - Market size and forecast 2023-2028
Exhibit 79: Chart on Europe - Market size and forecast 2023-2028 ($ billion)
Exhibit 80: Data Table on Europe - Market size and forecast 2023-2028 ($ billion)
Exhibit 81: Chart on Europe - Year-over-year growth 2023-2028 (%)
Exhibit 82: Data Table on Europe - Year-over-year growth 2023-2028 (%)
9.6 South America - Market size and forecast 2023-2028
Exhibit 83: Chart on South America - Market size and forecast 2023-2028 ($ billion)
Exhibit 84: Data Table on South America - Market size and forecast 2023-2028 ($ billion)
Exhibit 85: Chart on South America - Year-over-year growth 2023-2028 (%)
Exhibit 86: Data Table on South America - Year-over-year growth 2023-2028 (%)
9.7 Middle East and Africa - Market size and forecast 2023-2028
Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
9.8 US - Market size and forecast 2023-2028
Exhibit 91: Chart on US - Market size and forecast 2023-2028 ($ billion)
Exhibit 92: Data Table on US - Market size and forecast 2023-2028 ($ billion)
Exhibit 93: Chart on US - Year-over-year growth 2023-2028 (%)
Exhibit 94: Data Table on US - Year-over-year growth 2023-2028 (%)
9.9 China - Market size and forecast 2023-2028
Exhibit 95: Chart on China - Market size and forecast 2023-2028 ($ billion)
Exhibit 96: Data Table on China - Market size and forecast 2023-2028 ($ billion)
Exhibit 97: Chart on China - Year-over-year growth 2023-2028 (%)
Exhibit 98: Data Table on China - Year-over-year growth 2023-2028 (%)
9.10 Germany - Market size and forecast 2023-2028
Exhibit 99: Chart on Germany - Market size and forecast 2023-2028 ($ billion)
Exhibit 100: Data Table on Germany - Market size and forecast 2023-2028 ($ billion)
Exhibit 101: Chart on Germany - Year-over-year growth 2023-2028 (%)
Exhibit 102: Data Table on Germany - Year-over-year growth 2023-2028 (%)
9.11 Japan - Market size and forecast 2023-2028
Exhibit 103: Chart on Japan - Market size and forecast 2023-2028 ($ billion)
Exhibit 104: Data Table on Japan - Market size and forecast 2023-2028 ($ billion)
Exhibit 105: Chart on Japan - Year-over-year growth 2023-2028 (%)
Exhibit 106: Data Table on Japan - Year-over-year growth 2023-2028 (%)
9.12 South Korea - Market size and forecast 2023-2028
Exhibit 107: Chart on South Korea - Market size and forecast 2023-2028 ($ billion)
Exhibit 108: Data Table on South Korea - Market size and forecast 2023-2028 ($ billion)
Exhibit 109: Chart on South Korea - Year-over-year growth 2023-2028 (%)
Exhibit 110: Data Table on South Korea - Year-over-year growth 2023-2028 (%)
9.13 Market opportunity By Geographical Landscape
Exhibit 111: Market opportunity By Geographical Landscape ($ billion)
Exhibit 112: Data Tables on Market opportunity By Geographical Landscape ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 113: Impact of drivers and challenges in 2023 and 2028
10.4 Market trends

11 Vendor Landscape

11.1 Overview
11.2 Vendor landscape
Exhibit 114: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 115: Overview on factors of disruption
11.4 Industry risks
Exhibit 116: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
Exhibit 117: Vendors covered
12.2 Market positioning of vendors
Exhibit 118: Matrix on vendor position and classification
12.3 Bard HVAC
Exhibit 119: Bard HVAC - Overview
Exhibit 120: Bard HVAC - Product / Service
Exhibit 121: Bard HVAC - Key offerings
12.4 Daikin Industries Ltd.
Exhibit 122: Daikin Industries Ltd. - Overview
Exhibit 123: Daikin Industries Ltd. - Business segments
Exhibit 124: Daikin Industries Ltd. - Key news
Exhibit 125: Daikin Industries Ltd. - Key offerings
Exhibit 126: Daikin Industries Ltd. - Segment focus
12.5 Danfoss AS
Exhibit 127: Danfoss AS - Overview
Exhibit 128: Danfoss AS - Business segments
Exhibit 129: Danfoss AS - Key news
Exhibit 130: Danfoss AS - Key offerings
Exhibit 131: Danfoss AS - Segment focus
12.6 Dantherm Group AS
Exhibit 132: Dantherm Group AS - Overview
Exhibit 133: Dantherm Group AS - Product / Service
Exhibit 134: Dantherm Group AS - Key offerings
12.7 DENSO Corp.
Exhibit 135: DENSO Corp. - Overview
Exhibit 136: DENSO Corp. - Business segments
Exhibit 137: DENSO Corp. - Key news
Exhibit 138: DENSO Corp. - Key offerings
Exhibit 139: DENSO Corp. - Segment focus
12.8 Emerson Electric Co.
Exhibit 140: Emerson Electric Co. - Overview
Exhibit 141: Emerson Electric Co. - Business segments
Exhibit 142: Emerson Electric Co. - Key news
Exhibit 143: Emerson Electric Co. - Key offerings
Exhibit 144: Emerson Electric Co. - Segment focus
12.9 Fujitsu Ltd.
Exhibit 145: Fujitsu Ltd. - Overview
Exhibit 146: Fujitsu Ltd. - Business segments
Exhibit 147: Fujitsu Ltd. - Key news
Exhibit 148: Fujitsu Ltd. - Key offerings
Exhibit 149: Fujitsu Ltd. - Segment focus
12.10 Ingersoll Rand Inc.
Exhibit 150: Ingersoll Rand Inc. - Overview
Exhibit 151: Ingersoll Rand Inc. - Business segments
Exhibit 152: Ingersoll Rand Inc. - Key offerings
Exhibit 153: Ingersoll Rand Inc. - Segment focus
12.11 Johnson Controls International Plc
Exhibit 154: Johnson Controls International Plc - Overview
Exhibit 155: Johnson Controls International Plc - Business segments
Exhibit 156: Johnson Controls International Plc - Key news
Exhibit 157: Johnson Controls International Plc - Key offerings
Exhibit 158: Johnson Controls International Plc - Segment focus
12.12 Lennox International Inc.
Exhibit 159: Lennox International Inc. - Overview
Exhibit 160: Lennox International Inc. - Business segments
Exhibit 161: Lennox International Inc. - Key offerings
Exhibit 162: Lennox International Inc. - Segment focus
12.13 Mitsubishi Electric Corp.
Exhibit 163: Mitsubishi Electric Corp. - Overview
Exhibit 164: Mitsubishi Electric Corp. - Business segments
Exhibit 165: Mitsubishi Electric Corp. - Key news
Exhibit 166: Mitsubishi Electric Corp. - Key offerings
Exhibit 167: Mitsubishi Electric Corp. - Segment focus
12.14 NIBE Industrier AB
Exhibit 168: NIBE Industrier AB - Overview
Exhibit 169: NIBE Industrier AB - Business segments
Exhibit 170: NIBE Industrier AB - Key news
Exhibit 171: NIBE Industrier AB - Key offerings
Exhibit 172: NIBE Industrier AB - Segment focus
12.15 Rheem Manufacturing Co.
Exhibit 173: Rheem Manufacturing Co. - Overview
Exhibit 174: Rheem Manufacturing Co. - Product / Service
Exhibit 175: Rheem Manufacturing Co. - Key offerings
12.16 Robert Bosch GmbH
Exhibit 176: Robert Bosch GmbH - Overview
Exhibit 177: Robert Bosch GmbH - Business segments
Exhibit 178: Robert Bosch GmbH - Key news
Exhibit 179: Robert Bosch GmbH - Key offerings
Exhibit 180: Robert Bosch GmbH - Segment focus
12.17 STIEBEL ELTRON GmbH and Co. KG
Exhibit 181: STIEBEL ELTRON GmbH and Co. KG - Overview
Exhibit 182: STIEBEL ELTRON GmbH and Co. KG - Product / Service
Exhibit 183: STIEBEL ELTRON GmbH and Co. KG - Key offerings

13 Appendix

13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 184: Inclusions checklist
Exhibit 185: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 186: Currency conversion rates for US$
13.4 Research methodology
Exhibit 187: Research methodology
Exhibit 188: Validation techniques employed for market sizing
Exhibit 189: Information sources
13.5 List of abbreviations
Exhibit 190: List of abbreviations