With 9.5% CAGR, Heat Pump Market Size To Reach USD 109.95 Billion By 2029

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Luton, Bedfordshire, United Kingdom, March 18, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Heat Pump Market.

The global heat pump market size is estimated to be valued at USD 48.58 billion in 2022 and is projected to reach USD 109.95 billion by 2029, recording a CAGR of 9.5%. The industry growth is expected to be driven by increased demand for energy-efficient and cost-effective space heating and cooling applications in residential and commercial housing. The various lockdown procedures put in place by governments across the world to curb the spread of the COVID19 virus have made it difficult to obtain the raw materials required for the manufacture. Additionally, the pandemic has adversely affected this industry due to the halt in the construction of residential and commercial amenities.

Industry Developments

  • In January 2022, Johnson Controls has acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.
  • In Oc 2021, Carrier Global acquired Nlyte Software, a leader in data center infrastructure management (DCIM) software. The development will add automated solutions to the HVAC business segment.
  • In June 2021, DENSO and NTT Data announced the completion of a joint verification test to improve mobility experiences by leveraging data on vehicle and human flows. The test aims to improve mobility experiences and services, as well as to assist businesses in attracting potential clients with the changing consumer behavior.

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Heat Pump Market Overview:

The heat pump market has been growing rapidly in recent years, driven by increasing demand for energy-efficient heating and cooling solutions. Heat pumps are devices that transfer heat from one location to another, using electricity as the primary energy source. They are often used for heating and cooling buildings, as well as for heating water.

The market for heat pumps is expected to continue to grow at a significant pace in the coming years, driven by factors such as increasing government incentives for energy-efficient solutions, rising energy costs, and growing environmental concerns. According to a report by Exactitude Consultancy, the global heat pump market is projected to reach $109.95 billion by 2029, with a CAGR of 9.5% from 2023 to 2029.

The residential sector is the largest market for heat pumps, accounting for the majority of the demand. This is due to the growing trend towards sustainable and energy-efficient homes, as well as the increasing availability of residential heat pump systems. The commercial sector is also a significant market for heat pumps, particularly in industries such as hospitality, healthcare, and retail.

Report Attribute Details
Heat Pump Market size value in 2022 USD 48.58 billion
Revenue forecast in 2029 USD 109.95 billion
Market Growth rate CAGR of 9.5% from 2023 to 2029
Base year for estimation 2022
Historical data 2018 - 2021
Forecast period 2023 - 2029

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Companies Covered in Heat Pump Market Report:

  • Midea Group
  • Panasonic Corporation
  • Mitsubishi Electric Corporation
  • Denso Corporation
  • Samsung
  • Lg Electronics
  • Lennox International
  • Fujitsu General
  • Daikin Industries, Ltd
  • Carrier Global.

Report Benefits

  • Develop business strategies by understanding the trends shaping and driving the Market.
  • Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Heat Pump Market in the future.
  • Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Heat Pump Market leaders.
  • Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
  • Track sales in the global and country-specific Market.
  • Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

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Heat Pump Market Segmentation:

By type, in 2018, the air-to-air segment was the most prominent sector in the global heat pump market, and it is projected to maintain its dominance throughout the forecast period. This technology operates by extracting heat from the external environment and transferring it to indoor spaces, such as residential buildings, offices, educational institutions, and commercial establishments. The air-to-air heat pump is a versatile technology that can provide both heating during the cold season and air conditioning during hot summer days. Unlike other heating technologies, air-to-air heat pumps have the advantage of low installation costs since they do not require expensive equipment or drilling boreholes.

By application, the residential sector held the largest share of the global heat pump market in 2018, mainly driven by the impact of climate change. The need for heating solutions in colder seasons and cooling solutions during hot days has led to increased adoption of heat pumps, which are highly energy-efficient and capable of providing space heating, cooling, and sanitary hot water generation for homes. Additionally, favorable government regulations and tax rebates offered for installing energy-saving products have further accelerated the adoption of heat pumps in the residential sector.

By Regional , in 2021, the Asia Pacific region dominated the heat pump market with a revenue share of 46.9%, driven by several factors such as the increasing demand for energy-efficient heating solutions in the residential and commercial industries, as well as the growing awareness of climate change and greenhouse gas emissions.

In North America, the demand for energy-efficient systems has been increasing due to government schemes that facilitate emission reduction and promote the adoption of clean and sustainable heating and cooling systems. Population growth and the increase in household units are also expected to drive growth in the residential segment.

Europe is forecasted to expand at a CAGR of 8.6% over the forecast period due to government initiatives to reduce carbon emissions, as well as rising environmental concerns that have increased the demand for sustainable heating systems in the region. The increasing investments in greenhouse infrastructure are also expected to contribute to the market's growth.

The growth in demand for air conditioning and hot water systems in the Middle East & Africa and Central & South America, due to rising populations, is expected to drive demand in these regions during the forecast period. The increasing awareness of climate change and the need to reduce pollution are also anticipated to drive market growth in the coming years.

By Type By Application By Regions
  • Air-To-Air
  • Water Source
  • Geothermal
  • Residential
  • Industrial
  • Commercial
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

Frequently Asked Questions About This Report

  • How big is the Heat Pump Market?
  • What is the Heat Pump Market growth?
  • Which segment accounted for the largest Heat Pump Market share?
  • Who are the key players in the Heat Pump Market?
  • What are the factors driving the Heat Pump Market?

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