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.
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
3.1. Market Snapshot
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
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
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
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
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
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
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
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
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
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
15.1. About Us
15.2. Glossary of Terms
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