List of Contents

Heat Pump Market Size, Share, and Trends 2024 to 2034

The global heat pump market size was USD 102.93 billion in 2023, calculated at USD 112.71 billion in 2024 and is expected to reach around USD 275.93 billion by 2034, expanding at a CAGR of 9.4% from 2024 to 2034.

  • Last Updated : August 2024
  • Report Code : 1644
  • Category : Machinery and Equipment

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Heat Pump Market 

5.1. COVID-19 Landscape: Heat Pump Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Heat Pump Market, By Technology

8.1. Heat Pump Market, by Technology Type, 2024-2034

8.1.1. Water Source

8.1.1.1. Market Revenue and Forecast (2021-2034)

8.1.2. Air Source

8.1.2.1. Market Revenue and Forecast (2021-2034)

8.1.3. Hybrid Heat Pump

8.1.3.1. Market Revenue and Forecast (2021-2034)

8.1.4. Ground Source

8.1.4.1. Market Revenue and Forecast (2021-2034)

Chapter 9. Global Heat Pump Market, By Application

9.1. Heat Pump Market, by Application, 2024-2034

9.1.1. Industrial

9.1.1.1. Market Revenue and Forecast (2021-2034)

9.1.2. Commercial

9.1.2.1. Market Revenue and Forecast (2021-2034)

9.1.3. Residential

9.1.3.1. Market Revenue and Forecast (2021-2034)

Chapter 10. Global Heat Pump Market, By Rated Capacity

10.1. Heat Pump Market, by Rated Capacity Type, 2024-2034

10.1.1. Up to 10 kW

10.1.1.1. Market Revenue and Forecast (2021-2034)

10.1.2. 10 – 20 kW

10.1.2.1. Market Revenue and Forecast (2021-2034)

10.1.3. 20 – 30 kW

10.1.3.1. Market Revenue and Forecast (2021-2034)

10.1.4. Above 30 kW

10.1.4.1. Market Revenue and Forecast (2021-2034)

Chapter 11. Global Heat Pump Market, By Refrigerant Type 

11.1. Heat Pump Market, by Refrigerant Type, 2024-2034

11.1.1. R410A

11.1.1.1. Market Revenue and Forecast (2021-2034)

11.1.2. R407C

11.1.2.1. Market Revenue and Forecast (2021-2034)

11.1.3. R744

11.1.3.1. Market Revenue and Forecast (2021-2034)

11.1.4. Others

11.1.4.1. Market Revenue and Forecast (2021-2034)

Chapter 12. Global Heat Pump Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Technology (2021-2034)

12.1.2. Market Revenue and Forecast, by Application (2021-2034)

12.1.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.1.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Technology (2021-2034)

12.1.5.2. Market Revenue and Forecast, by Application (2021-2034)

12.1.5.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.1.5.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Technology (2021-2034)

12.1.6.2. Market Revenue and Forecast, by Application (2021-2034)

12.1.6.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.1.6.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Technology (2021-2034)

12.2.2. Market Revenue and Forecast, by Application (2021-2034)

12.2.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.2.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Technology (2021-2034)

12.2.5.2. Market Revenue and Forecast, by Application (2021-2034)

12.2.5.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.2.5.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Technology (2021-2034)

12.2.6.2. Market Revenue and Forecast, by Application (2021-2034)

12.2.6.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.2.6.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Technology (2021-2034)

12.2.7.2. Market Revenue and Forecast, by Application (2021-2034)

12.2.7.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.2.7.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Technology (2021-2034)

12.2.8.2. Market Revenue and Forecast, by Application (2021-2034)

12.2.8.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.2.8.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Technology (2021-2034)

12.3.2. Market Revenue and Forecast, by Application (2021-2034)

12.3.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.3.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Technology (2021-2034)

12.3.5.2. Market Revenue and Forecast, by Application (2021-2034)

12.3.5.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.3.5.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Technology (2021-2034)

12.3.6.2. Market Revenue and Forecast, by Application (2021-2034)

12.3.6.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.3.6.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Technology (2021-2034)

12.3.7.2. Market Revenue and Forecast, by Application (2021-2034)

12.3.7.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.3.7.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Technology (2021-2034)

12.3.8.2. Market Revenue and Forecast, by Application (2021-2034)

12.3.8.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.3.8.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Technology (2021-2034)

12.4.2. Market Revenue and Forecast, by Application (2021-2034)

12.4.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.4.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Technology (2021-2034)

12.4.5.2. Market Revenue and Forecast, by Application (2021-2034)

12.4.5.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.4.5.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Technology (2021-2034)

12.4.6.2. Market Revenue and Forecast, by Application (2021-2034)

12.4.6.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.4.6.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Technology (2021-2034)

12.4.7.2. Market Revenue and Forecast, by Application (2021-2034)

12.4.7.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.4.7.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Technology (2021-2034)

12.4.8.2. Market Revenue and Forecast, by Application (2021-2034)

12.4.8.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.4.8.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Technology (2021-2034)

12.5.2. Market Revenue and Forecast, by Application (2021-2034)

12.5.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.5.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Technology (2021-2034)

12.5.5.2. Market Revenue and Forecast, by Application (2021-2034)

12.5.5.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.5.5.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Technology (2021-2034)

12.5.6.2. Market Revenue and Forecast, by Application (2021-2034)

12.5.6.3. Market Revenue and Forecast, by Rated Capacity Type (2021-2034)

12.5.6.4. Market Revenue and Forecast, by Refrigerant Type (2021-2034)

Chapter 13. Company Profiles

13.1. Daikin Industries Ltd.

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Glen Dimplex Group

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. Ingersoll Rand Plc

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. Melrose Industries PLC

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. Mitsubishi Electric Corporation

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. NIBE Industrier AB

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. StiebelEltron

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. Vaillant Group

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. ViessmannWerke GmbH & Co. KG

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. Panasonic Corporation

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

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Frequently Asked Questions

The global heat pump market size was estimated at USD 102.93 billion in 2023 and it is expected to hit over USD 275.93 billion by 2034.

The global heat pump market will registered a CAGR of 9.4% from 2024 to 2034.

The major players operating in the heat pump market are Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Mitsubishi Electric Corporation, StiebelEltron, ViessmannWerke GmbH & Co. KG, and Panasonic Corporation.

The demand for the heat pump is significantly growing across the residential, commercial, and industrial sectors for the applications in heating and cooling. The shifting focus towards the adoption of sustainable and green energy is driving the demand for the heat pump across the globe.

Asia Pacific was the leading in the heat pump market in 2023 and will remains its dominance over the next ten years.

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