Product Code: MFG090B
The global market for heat pumps is estimated to increase from $88.4 billion in 2024 to reach $134.8 billion by 2030, at a compound annual growth rate (CAGR) of 7.7% from 2025 through 2030.
The Asia-Pacific market for heat pumps is estimated to increase from $32.4 billion in 2024 to reach $53.7 billion by 2030, at a CAGR of 9.1% from 2025 through 2030.
The North American market for heat pumps is estimated to increase from $23.4 billion in 2024 to reach $36.8 billion by 2030, at a CAGR of 8.2% from 2025 through 2030.
Report Scope:
In this report, the global market for heat pumps is segmented and analyzed by type, rated capacity, end user and region. The market size is provided in value ($ millions) and volume (1,000 units). A chapter on competitive intelligence covers the market shares of leading companies based on their product offerings and revenues generated from heat pumps. It also discusses market dynamics, emerging technologies and global developments.
Also discussed are emerging trends, technological advances, economic forces and technical standards. The report also includes a Porter's Five Forces analysis and a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. The report also discusses the technical and commercial aspects of heat pump installation in residential, commercial, and industrial end-user segments. The report outlines the regulations and policies in different countries governing heat pump installation to ensure environmental sustainability and regulatory compliance. ESG factors are also analyzed.
Report Includes:
- 113 data tables and 66 additional tables
- An overview of the global market for heat pumps
- An analysis of the global market trends, with market revenue data from 2024, 2025, forecasts for 2029, and projected CAGRs through 2030
- An evaluation of the current and future market potential, and quantification of the market by type, rated capacity, end user, and region
- In-depth facts and figures pertaining to the major factors influencing the progress of the market (drivers, restraints, opportunities, and industry-specific challenges)
- Discussion of commercialization challenges and how to overcome them
- ESG trends in the industry
- Analysis of the key companies' market shares, proprietary technologies, strategic alliances, and patent portfolios
- Company profiles of major players within the industry, including Carrier, Daikin Industries Ltd., Johnson Controls, LG Electronics, and Trane Technologies
Table of Contents
Chapter 1 Executive Summary
- Market Outlook
- Scope of Report
- Market Summary
- Market Dynamics and Drivers
- Regional Insights and Emerging Markets
- Analysis by Segment
- Conclusion
Chapter 2 Market Overview
- Overview and Market Definition
- Refrigerants
- Porter's Five Forces Analysis
- Bargaining Power of Buyers
- Bargaining Power of Suppliers
- Potential for New Entrants
- Threat of Substitutes
- Level of Competition
- Supply Chain Analysis
- SWOT Analysis
- Climate Change Policies and Regulations
- Carbon Pricing
- United States
- Europe
- Canada
- China
Chapter 3 Market Dynamics
- Market Dynamics Snapshot
- Market Drivers
- Electrification of End Use Industries
- Integration with Renewable Energy Sources
- Connected Buildings
- Cost Reduction in Renewable Energy Generation
- Market Challenges
- High Upfront Cost
- Market Opportunities
- Use of Geothermal Energy
- Integration of Smart Technologies in Heat Pumps
- Market Restraints
- Limited Public Awareness
- Crude Oil Price Fluctuations
Chapter 4 Emerging Technologies and Developments
- Emerging Technologies
- Increasing Number of Start-ups
- Dual Fuel/Hybrid Heat Pump
- 3D Printing
- R-454B (Puron Advance)
Chapter 5 Market Segmentation Analysis
- Segmentation Breakdown
- Market Analysis by Type
- Takeaways
- Air-to-Air
- Air-to-Water Source Heat Pumps
- Geothermal/Ground Source
- Water Source Heat Pumps
- Other Types of Heat Pumps
- Market Analysis by Rated Capacity
- Takeaways
- Up to 10 kW Heat Pumps
- 10-20 kW Heat Pumps
- 20-30 kW Heat Pumps
- Over 30 kW Heat Pumps
- Market Analysis by End User
- Takeaways
- Residential Sector
- Commercial Sector
- Industrial Sector
- Geographic Breakdown
- Market Analysis by Region
- Takeaways
- North America
- Asia-Pacific (APAC)
- Europe
- Middle East and Africa (MEA)
- South America
Chapter 6 Sustainability in the Heat Pump Industry: An ESG Perspective
- ESG in the Heat Pump Industry
- ESG Risk Ratings
- ESG Practices in the Heat Pump Industry
- ESG Performance Analysis
- Future of ESG: Emerging Trends and Opportunities
- Concluding Remarks
Chapter 7 Competitive Intelligence
- Overview
- Carrier
- Johnson Controls
- Midea Group
- Daikin Industries
- Samsung Electronics
Chapter 8 Appendix
- Methodology
- Information Sources
- References
- Abbreviations Used in the Report
- Company Profiles
- BOSCH THERMOTECHNIK GMBH
- CARRIER
- DAIKIN INDUSTRIES LTD.
- DENSO CORP.
- FUJITSU GENERAL
- JOHNSON CONTROLS
- LENNOX INTERNATIONAL INC.
- LG ELECTRONICS
- MIDEA GROUP
- MITSUBISHI HEAVY INDUSTRIES LTD.
- PANASONIC HOLDINGS CORP.
- SAMSUNG
- THERMAX LTD.
- TRANE TECHNOLOGIES PLC.
- VIESSMANN GROUP