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

The global heat pump market size is estimated at USD 123.42 billion in 2025 and is anticipated to reach around USD 275.93 billion by 2034, accelerating at a CAGR of 9.37% from 2025 to 2034. The Asia Pacific heat pump market size accounted for USD 65.41 billion in 2025 and is expanding at a CAGR of 9.47% during the forecast period. The market sizing and forecasts are revenue-based (USD Million/Billion), with 2024 as the base year.

  • Last Updated : May 2025
  • 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

8.1.1. Water Source

8.1.1.1. Market Revenue and Forecast

8.1.2. Air Source

8.1.2.1. Market Revenue and Forecast

8.1.3. Hybrid Heat Pump

8.1.3.1. Market Revenue and Forecast

8.1.4. Ground Source

8.1.4.1. Market Revenue and Forecast

Chapter 9. Global Heat Pump Market, By Application

9.1. Heat Pump Market, by Application

9.1.1. Industrial

9.1.1.1. Market Revenue and Forecast

9.1.2. Commercial

9.1.2.1. Market Revenue and Forecast

9.1.3. Residential

9.1.3.1. Market Revenue and Forecast

Chapter 10. Global Heat Pump Market, By Rated Capacity

10.1. Heat Pump Market, by Rated Capacity Type

10.1.1. Up to 10 kW

10.1.1.1. Market Revenue and Forecast

10.1.2. 10 – 20 kW

10.1.2.1. Market Revenue and Forecast

10.1.3. 20 – 30 kW

10.1.3.1. Market Revenue and Forecast

10.1.4. Above 30 kW

10.1.4.1. Market Revenue and Forecast

Chapter 11. Global Heat Pump Market, By Refrigerant Type 

11.1. Heat Pump Market, by Refrigerant Type

11.1.1. R410A

11.1.1.1. Market Revenue and Forecast

11.1.2. R407C

11.1.2.1. Market Revenue and Forecast

11.1.3. R744

11.1.3.1. Market Revenue and Forecast

11.1.4. Others

11.1.4.1. Market Revenue and Forecast

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

12.1. North America

12.1.1. Market Revenue and Forecast, by Technology

12.1.2. Market Revenue and Forecast, by Application

12.1.3. Market Revenue and Forecast, by Rated Capacity Type

12.1.4. Market Revenue and Forecast, by Refrigerant Type

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Technology

12.1.5.2. Market Revenue and Forecast, by Application

12.1.5.3. Market Revenue and Forecast, by Rated Capacity Type

12.1.5.4. Market Revenue and Forecast, by Refrigerant Type

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Technology

12.1.6.2. Market Revenue and Forecast, by Application

12.1.6.3. Market Revenue and Forecast, by Rated Capacity Type

12.1.6.4. Market Revenue and Forecast, by Refrigerant Type

12.2. Europe

12.2.1. Market Revenue and Forecast, by Technology

12.2.2. Market Revenue and Forecast, by Application

12.2.3. Market Revenue and Forecast, by Rated Capacity Type

12.2.4. Market Revenue and Forecast, by Refrigerant Type

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Technology

12.2.5.2. Market Revenue and Forecast, by Application

12.2.5.3. Market Revenue and Forecast, by Rated Capacity Type

12.2.5.4. Market Revenue and Forecast, by Refrigerant Type

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Technology

12.2.6.2. Market Revenue and Forecast, by Application

12.2.6.3. Market Revenue and Forecast, by Rated Capacity Type

12.2.6.4. Market Revenue and Forecast, by Refrigerant Type

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Technology

12.2.7.2. Market Revenue and Forecast, by Application

12.2.7.3. Market Revenue and Forecast, by Rated Capacity Type

12.2.7.4. Market Revenue and Forecast, by Refrigerant Type

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Technology

12.2.8.2. Market Revenue and Forecast, by Application

12.2.8.3. Market Revenue and Forecast, by Rated Capacity Type

12.2.8.4. Market Revenue and Forecast, by Refrigerant Type

12.3. APAC

12.3.1. Market Revenue and Forecast, by Technology

12.3.2. Market Revenue and Forecast, by Application

12.3.3. Market Revenue and Forecast, by Rated Capacity Type

12.3.4. Market Revenue and Forecast, by Refrigerant Type

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Technology

12.3.5.2. Market Revenue and Forecast, by Application

12.3.5.3. Market Revenue and Forecast, by Rated Capacity Type

12.3.5.4. Market Revenue and Forecast, by Refrigerant Type

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Technology

12.3.6.2. Market Revenue and Forecast, by Application

12.3.6.3. Market Revenue and Forecast, by Rated Capacity Type

12.3.6.4. Market Revenue and Forecast, by Refrigerant Type

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Technology

12.3.7.2. Market Revenue and Forecast, by Application

12.3.7.3. Market Revenue and Forecast, by Rated Capacity Type

12.3.7.4. Market Revenue and Forecast, by Refrigerant Type

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Technology

12.3.8.2. Market Revenue and Forecast, by Application

12.3.8.3. Market Revenue and Forecast, by Rated Capacity Type

12.3.8.4. Market Revenue and Forecast, by Refrigerant Type

12.4. MEA

12.4.1. Market Revenue and Forecast, by Technology

12.4.2. Market Revenue and Forecast, by Application

12.4.3. Market Revenue and Forecast, by Rated Capacity Type

12.4.4. Market Revenue and Forecast, by Refrigerant Type

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Technology

12.4.5.2. Market Revenue and Forecast, by Application

12.4.5.3. Market Revenue and Forecast, by Rated Capacity Type

12.4.5.4. Market Revenue and Forecast, by Refrigerant Type

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Technology

12.4.6.2. Market Revenue and Forecast, by Application

12.4.6.3. Market Revenue and Forecast, by Rated Capacity Type

12.4.6.4. Market Revenue and Forecast, by Refrigerant Type

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Technology

12.4.7.2. Market Revenue and Forecast, by Application

12.4.7.3. Market Revenue and Forecast, by Rated Capacity Type

12.4.7.4. Market Revenue and Forecast, by Refrigerant Type

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Technology

12.4.8.2. Market Revenue and Forecast, by Application

12.4.8.3. Market Revenue and Forecast, by Rated Capacity Type

12.4.8.4. Market Revenue and Forecast, by Refrigerant Type

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Technology

12.5.2. Market Revenue and Forecast, by Application

12.5.3. Market Revenue and Forecast, by Rated Capacity Type

12.5.4. Market Revenue and Forecast, by Refrigerant Type

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Technology

12.5.5.2. Market Revenue and Forecast, by Application

12.5.5.3. Market Revenue and Forecast, by Rated Capacity Type

12.5.5.4. Market Revenue and Forecast, by Refrigerant Type

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Technology

12.5.6.2. Market Revenue and Forecast, by Application

12.5.6.3. Market Revenue and Forecast, by Rated Capacity Type

12.5.6.4. Market Revenue and Forecast, by Refrigerant Type

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 112.71 billion in 2024 and it is expected to hit over USD 275.93 billion by 2034.

The global heat pump market will registered a CAGR of 9.37% from 2025 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 2024 and will remains its dominance over the next ten years.

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