Product Code: 5700
Global Residential Heat Pump Market is set to grow at a robust CAGR from 2023 to 2032, owing to the growing inclination towards energy-efficient heating systems. Rising consumer awareness of the benefits of utilizing energy-efficient heating and cooling systems to lower total energy expenditures and a significant rise in disposable incomes across all income levels will support market expansion.
A heat pump is an electrical device that serves as a building HVAC solution, providing cost-effective heating and cooling while leaving a small environmental imprint. The device transfers heat from one location to another by cycling refrigerants through evaporation and condensation.
Climate change and rising global temperatures have increased the demand for cooling solutions in many regions. Heat pumps offer efficient air conditioning and demonstrate exceptional heating capabilities, making them a versatile solution for homes in both warm and cold climates. The need for year-round comfort and climate control drives the adoption of residential heat pumps. This apart, growing demand for efficient space heating and cooling systems, changes in climatic circumstances, new R&D activities, and an increased emphasis on limiting carbon emissions will favor industry growth over the next ten years.
The residential heat pump industry is segmented according to product, application, and region.
As per the product, the residential heat pump market from the water source segment is anticipated to garner significant revenue over 2023-2032. Some key parameters stimulating the demand for water source heat pumps are their high energy efficiency during extreme temperatures, easy integration with other heating systems, longer lifespan, effective deployment across retrofitting operations, and the availability of financial benefit programs.
The market size from the multi-family application segment is estimated to record significant growth through 2032. Residential heat pumps offer multiple advantages in multi-family settings, including energy savings, reduced carbon emissions, and individual temperature control, making them an attractive choice for these buildings. Additionally, the advancements in heat pump technology, improved system performance, and the availability of compact and space-saving models suitable for multi-family applications will support segment growth.
The North America residential heat pump market is poised to grow at an appreciable CAGR over 2023-2032 on account of a positive regulatory framework at the state and federal levels. The availability of favorable financial support programs coupled with ongoing R&D initiatives, and rising consumer awareness about sustainable heating and cooling solutions have favored product adoption in the region. Moreover, the transition towards eco-friendly and energy-efficient heating and cooling solutions is will positively influence the regional landscape.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope and definitions
- 1.2 Market estimates & forecast parameters
- 1.2.1 Base estimates & calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Unpaid sources
Chapter 2 Executive Summary
- 2.1 Residential heat pump industry 360 degree synopsis, 2019 - 2032
- 2.1.1 Business trends
- 2.1.2 Product trends
- 2.1.3 Application trends
- 2.1.4 Regional trends
Chapter 3 Residential Heat Pump Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Regulatory landscape
- 3.3 COVID- 19 impact on the industry outlook
- 3.4 Industry impact forces
- 3.4.1 Growth drivers
- 3.4.2 Industry pitfalls & challenges
- 3.5 Growth potential analysis
- 3.6 Porter's Analysis
- 3.6.1 Bargaining power of suppliers
- 3.6.2 Bargaining power of buyers
- 3.6.3 Threat of new entrants
- 3.6.4 Threat of substitutes
- 3.7 PESTEL Analysis
Chapter 4 Competitive Benchmarking
- 4.1 Competitive landscape, 2022
- 4.1.1 Strategic dashboard
- 4.2 Innovation & technology landscape
Chapter 5 Residential Heat Pump Market, By Product
- 5.1 Key product trends
- 5.2 Air source
- 5.2.1 Global market from air source, 2019 - 2032
- 5.2.2 Global market from air source, by region, 2019 - 2032
- 5.3 Ground source
- 5.3.1 Global market from ground source, 2019 - 2032
- 5.3.2 Global market from ground source, by region, 2019 - 2032
- 5.4 Water source
- 5.4.1 Global market from water source, 2019 - 2032
- 5.4.2 Global market from water source, by region, 2019 - 2032
Chapter 6 Residential Heat Pump Market, By Application
- 6.1 Key application trends
- 6.2 Single family
- 6.2.1 Global market from single family, 2019 - 2032
- 6.2.2 Global market from single family, by region, 2019 - 2032
- 6.3 Multi family
- 6.3.1 Global market from multi family, 2019 - 2032
- 6.3.2 Global market from multi family, by region, 2019 - 2032
Chapter 7 Residential Heat Pump Market, By Region
- 7.1 Key regional trends
- 7.2 North America
- 7.2.1 North America market, 2019 - 2032
- 7.2.2 North America market by product, 2019 - 2032
- 7.2.3 North America market by application, 2019 - 2032
- 7.2.4 U.S.
- 7.2.4.1 U.S. market, 2019 - 2032
- 7.2.4.2 U.S. market by product, 2019 - 2032
- 7.2.4.3 U.S. market by application, 2019 - 2032
- 7.2.5 Canada
- 7.2.5.1 Canada market, 2019 - 2032
- 7.2.5.2 Canada market by product, 2019 - 2032
- 7.2.5.3 Canada market by application, 2019 - 2032
- 7.3 Europe
- 7.3.1 Europe market, 2019 - 2032
- 7.3.2 Europe market by product, 2019 - 2032
- 7.3.3 Europe market by application, 2019 - 2032
- 7.3.4 Austria
- 7.3.4.1 Austria market, 2019 - 2032
- 7.3.4.2 Austria market by product, 2019 - 2032
- 7.3.4.3 Austria market by application, 2019 - 2032
- 7.3.5 Norway
- 7.3.5.1 Norway market, 2019 - 2032
- 7.3.5.2 Norway market by product, 2019 - 2032
- 7.3.5.3 Norway market by application, 2019 - 2032
- 7.3.6 Denmark
- 7.3.6.1 Denmark market, 2019 - 2032
- 7.3.6.2 Denmark market by product, 2019 - 2032
- 7.3.6.3 Denmark market by application, 2019 - 2032
- 7.3.7 Finland
- 7.3.7.1 Finland market, 2019 - 2032
- 7.3.7.2 Finland market by product, 2019 - 2032
- 7.3.7.3 Finland market by application, 2019 - 2032
- 7.3.8 France
- 7.3.8.1 France market, 2019 - 2032
- 7.3.8.2 France market by product, 2019 - 2032
- 7.3.8.3 France market by application, 2019 - 2032
- 7.3.9 Germany
- 7.3.9.1 Germany market, 2019 - 2032
- 7.3.9.2 Germany market by product, 2019 - 2032
- 7.3.9.3 Germany market by application, 2019 - 2032
- 7.3.10 Italy
- 7.3.10.1 Italy market, 2019 - 2032
- 7.3.10.2 Italy market by product, 2019 - 2032
- 7.3.10.3 Italy market by application, 2019 - 2032
- 7.3.11 Switzerland
- 7.3.11.1 Switzerland market, 2019 - 2032
- 7.3.11.2 Switzerland market by product, 2019 - 2032
- 7.3.11.3 Switzerland market by application, 2019 - 2032
- 7.3.12 Spain
- 7.3.12.1 Spain market, 2019 - 2032
- 7.3.12.2 Spain market by product, 2019 - 2032
- 7.3.12.3 Spain market by application, 2019 - 2032
- 7.3.13 Sweden
- 7.3.13.1 Sweden market, 2019 - 2032
- 7.3.13.2 Sweden market by product, 2019 - 2032
- 7.3.13.3 Sweden market by application, 2019 - 2032
- 7.3.14 UK
- 7.3.14.1 UK market, 2019 - 2032
- 7.3.14.2 UK market by product, 2019 - 2032
- 7.3.14.3 UK market by application, 2019 - 2032
- 7.3.15 Netherlands
- 7.3.15.1 Netherlands market, 2019 - 2032
- 7.3.15.2 Netherlands market by product, 2019 - 2032
- 7.3.15.3 Netherlands market by application, 2019 - 2032
- 7.4 Asia Pacific
- 7.4.1 Asia Pacific market, 2019 - 2032
- 7.4.2 Asia Pacific market by product, 2019 - 2032
- 7.4.3 Asia Pacific market by application, 2019 - 2032
- 7.4.4 China
- 7.4.4.1 China market, 2019 - 2032
- 7.4.4.2 China market by product, 2019 - 2032
- 7.4.4.3 China market by application, 2019 - 2032
- 7.4.5 Japan
- 7.4.5.1 Japan market, 2019 - 2032
- 7.4.5.2 Japan market by product, 2019 - 2032
- 7.4.5.3 Japan market by application, 2019 - 2032
- 7.4.6 Australia
- 7.4.6.1 Australia market, 2019 - 2032
- 7.4.6.2 Australia market by product, 2019 - 2032
- 7.4.6.3 Australia market by application, 2019 - 2032
- 7.4.7 South Korea
- 7.4.7.1 South Korea market, 2019 - 2032
- 7.4.7.2 South Korea market by product, 2019 - 2032
- 7.4.7.3 South Korea market by application, 2019 - 2032
- 7.5 Middle East & Africa
- 7.5.1 Middle East & Africa market, 2019 - 2032
- 7.5.2 Middle East & Africa market by product, 2019 - 2032
- 7.5.3 Middle East & Africa market by application, 2019 - 2032
- 7.5.4 Saudi Arabia
- 7.5.4.1 Saudi Arabia market, 2019 - 2032
- 7.5.4.2 Saudi Arabia market by product, 2019 - 2032
- 7.5.4.3 Saudi Arabia market by application, 2019 - 2032
- 7.5.5 Turkey
- 7.5.5.1 Turkey market, 2019 - 2032
- 7.5.5.2 Turkey market by product, 2019 - 2032
- 7.5.5.3 Turkey market by application, 2019 - 2032
- 7.5.6 South Africa
- 7.5.6.1 South Africa market, 2019 - 2032
- 7.5.6.2 South Africa market by product, 2019 - 2032
- 7.5.6.3 South Africa market by application, 2019 - 2032
- 7.6 Latin America
- 7.6.1 Latin America market, 2019 - 2032
- 7.6.2 Latin America market by product, 2019 - 2032
- 7.6.3 Latin America market by application, 2019 - 2032
- 7.6.4 Brazil
- 7.6.4.1 Brazil market, 2019 - 2032
- 7.6.4.2 Brazil market by product, 2019 - 2032
- 7.6.4.3 Brazil market by application, 2019 - 2032
- 7.6.5 Mexico
- 7.6.5.1 Mexico market, 2019 - 2032
- 7.6.5.2 Mexico market by product, 2019 - 2032
- 7.6.5.3 Mexico market by application, 2019 - 2032
- 7.6.6 Argentina
- 7.6.6.1 Argentina market, 2019 - 2032
- 7.6.6.2 Argentina market by product, 2019 - 2032
- 7.6.6.3 Argentina market by application, 2019 - 2032
Chapter 8 Company Profiles
- 8.1 Carrier
- 8.1.1 Business Overview
- 8.1.2 Financial Data
- 8.1.3 Product Landscape
- 8.1.4 Strategic Outlook
- 8.1.5 SWOT Analysis
- 8.2 Daikin
- 8.2.1 Business Overview
- 8.2.2 Financial Data
- 8.2.3 Product Landscape
- 8.2.4 Strategic Outlook
- 8.2.5 SWOT Analysis
- 8.3 SAMSUNG
- 8.3.1 Business Overview
- 8.3.2 Financial Data
- 8.3.3 Product Landscape
- 8.3.4 Strategic Outlook
- 8.3.5 SWOT Analysis
- 8.4 Mitsubishi Electric Corporation
- 8.4.1 Business Overview
- 8.4.2 Financial Data
- 8.4.3 Product Landscape
- 8.4.4 Strategic Outlook
- 8.4.5 SWOT Analysis
- 8.5 LG Electronics
- 8.5.1 Business Overview
- 8.5.2 Financial Data
- 8.5.3 Product Landscape
- 8.5.4 Strategic Outlook
- 8.5.5 SWOT Analysis
- 8.6 Lochinvar
- 8.6.1 Business Overview
- 8.6.2 Financial Data
- 8.6.3 Product Landscape
- 8.6.4 Strategic Outlook
- 8.6.5 SWOT Analysis
- 8.7 Viessmann
- 8.7.1 Business Overview
- 8.7.2 Financial Data
- 8.7.3 Product Landscape
- 8.7.4 Strategic Outlook
- 8.7.5 SWOT Analysis
- 8.8 Kensa Heat Pumps
- 8.8.1 Business Overview
- 8.8.2 Financial Data
- 8.8.3 Product Landscape
- 8.8.4 Strategic Outlook
- 8.8.5 SWOT Analysis
- 8.9 Glen Dimplex Group
- 8.9.1 Business Overview
- 8.9.2 Financial Data
- 8.9.3 Product Landscape
- 8.9.4 Strategic Outlook
- 8.9.5 SWOT Analysis
- 8.10 Panasonic Corporation
- 8.10.1 Business Overview
- 8.10.2 Financial Data
- 8.10.3 Product Landscape
- 8.10.4 Strategic Outlook
- 8.10.5 SWOT Analysis
- 8.11 Vaillant Group
- 8.11.1 Business Overview
- 8.11.2 Financial Data
- 8.11.3 Product Landscape
- 8.11.4 Strategic Outlook
- 8.11.5 SWOT Analysis
- 8.12 Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
- 8.12.1 Business Overview
- 8.12.2 Financial Data
- 8.12.3 Product Landscape
- 8.12.4 Strategic Outlook
- 8.12.5 SWOT Analysis
- 8.13 STIEBEL ELTRON GmbH & Co. KG
- 8.13.1 Business Overview
- 8.13.2 Financial Data
- 8.13.3 Product Landscape
- 8.13.4 Strategic Outlook
- 8.13.5 SWOT Analysis
- 8.14 Trane
- 8.14.1 Business Overview
- 8.14.2 Financial Data
- 8.14.3 Product Landscape
- 8.14.4 Strategic Outlook
- 8.14.5 SWOT Analysis
- 8.15 OCHSNER
- 8.15.1 Business Overview
- 8.15.2 Financial Data
- 8.15.3 Product Landscape
- 8.15.4 Strategic Outlook
- 8.15.5 SWOT Analysis