Heat Pump Market Size, Share & Trends Report, 2022-2030
The global heat pump market size was estimated at US$ 70.35 billion in 2021 and it is expected to hit over US$ 139.4 billion by 2030 with a registered CAGR of 7.9% from 2022 to 2030. APAC and North America regions are expected to garner revenue share of around 74% by 2030.
Growth Factors:
The global heat pump market is expected to foresee a strong growth in the forthcoming years owing to the growing demand for the heat pumps for heating and cooling applications across the commercial and residential buildings. The cost effectiveness and energy efficiency are the two prominent features of the heat pumps that foster its demand across the globe. The rising government initiatives in the form of incentives, rebates, and tax credits to promote sustainability and adoption of clean and green heating and cooling solutions is expected to have a significant impact on the growth of the global heat pump market. Further, the rising corporate and government efforts to curb the carbon footprint and increase the adoption of renewable energy sources is anticipated to fuel the growth of the global heat pump market during the forecast period.
Furthermore, the integration of the novel technologies like artificial intelligence and internet of things (IoT) in the heat pump technology is expected to offer numerous growth opportunities to the market players in the foreseeable future. Moreover, the emergence of the dual source technology in the heat pumps is expected to boost the demand. The dual source technology are capable of drawing heat from both the ground and air source. The convenient source is utilized by the dual source technology and thus offers cost-effectiveness as compared to other technologies.
Report Scope of the Heat Pump Market
|
Report Coverage |
Details |
|
Market Size by 2030 |
USD 139.4 Billion |
|
Growth Rate from 2022 to 2030 |
CAGR of 7.9% |
|
Asia-Pacific Market Share in 2021 |
46% |
|
Residential Segment Makret Share in 2021 |
80% |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2030 |
|
Segments Covered |
Technology, Application, Rated Capacity, Refrigerant, Geography |
|
Companies Mentioned |
Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, StiebelEltron, Vaillant Group, ViessmannWerke GmbH & Co. KG, Panasonic Corporation |
Technology Insights
Based on the technology, the global heat pump market was dominated by the air source technology segment that accounted for over 81% of the market share in 2021 with CAGR of 7%. This segment is anticipated to remain dominant throughout the forecast period owing to the rising government initiatives to curb carbon emission and rising awareness regarding the ill-effects of greenhouse gases on the environment. Air source technology serves as an efficient hot water source and it also caters to the heating and cooling needs in various applications with minimal carbon emission. Furthermore, the low costs, easy installation, and low maintenance are the other prominent features that have significantly fueled the growth of the air source technology segment in the global heat pump market.
On the other hand, the ground source technology is expected to witness growth at a CAGR of around 9.1% during the forecast period. The ground source technology ensures the supply of consistent and stable temperature regardless of the external temperature conditions, which is a significant factor behind the burgeoning demand for the ground source technology segment. Further, it involves features such as energy efficiency, low pollution owing to the usage of renewable energy sources, and low operating costs. These benefits are estimated to be the most prominent factors behind the growth of this segment during the forecast period.
Application Insights
The residential was the leading segment with a revenue share of around 80% in the global heat pump market in 2021. The higher needs for the hot water, space cooling, and space heating in the residential sector has led to the huge demand for the heat pumps across the globe. The continuously rising global population and rising number of residential projects owing to the growing investments in urbanization is expected to have a significant and positive impact on the demand for the heat pumps during the forecast period. The increasing demand for heat pumps for cooling and heating applications in residential sector at low costs and in a sustainable way is anticipated to drive the sales of the heat pumps.
The industrial segment is expected to exhibit the highest CAGR 7.9% during the forecast period. The increasing applications of heat pumps in various industries such as automotive, food & beverages, paper & pulp, and chemical industries is expected to boost the growth of this segment significantly. The rising investments in the adoption of sustainable technology in the industrial sector are propelling the market growth. The industrial sector is one of the leading contributors to the global warming. Furthermore, the low operational costs, low maintenance cost, utilization of renewable energy sources, and rising adoption of sustainable solutions in the industrial sector across the globe are the major factors behind the rising demand for the heat pumps across the industries.
Regional Insights
Asia Pacific was the leading heat pump market with a revenue share of over 46% in 2021. This growth is simply attributable to the increased investments in the industrialization and urbanization. The favorable government policies to attract investments and boost the industrialization of the region have significantly fostered the demand for the heat pumps in this region. Asia pacific is the manufacturing hub of the globe owing to the presence of almost all the industries in the region. The favorable government policies and availability of cheap labor and other factors of production has resulted in the dominance of the Asia Pacific region in the global heat pump market. Further, the region is the home to world’s largest population and the rapid urbanization of rural areas is expected to boost the demand for the heat pumps in the residential sector. The growing number of modern residential projects and rising infrastructure along with the increasing number of commercial spaces are some of the prominent drivers of the Asia Pacific heat pump market.
Europe is anticipated to be the fastest-growing market with CAGR of 8.7% during the forecast period. The government in Europe has imposed strict regulations pertaining to the carbon emission and adoption of renewable energy sources, which is significantly boosting the demand for the heat pumps across the various commercial, industrial, and residential applications. The increased consumer awareness regarding the environment protection, sustainable products, and green energy is resulting in the burgeoning demand for the heat pumps across Europe. Further, the cold climatic conditions in Europe is boosting the adoption of the heat pumps for heating applications in the residential sector, thereby driving the Europe heat pump market.
Some of the prominent players in the Heat Pump Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Technology
By Application
By Rated Capacity
By Refrigerant
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Heat Pump Market Study:
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
Chapter 6. Market Dynamics Analysis and Trends
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, 2022-2030
8.1.1. Water Source
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Air Source
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Hybrid Heat Pump
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Ground Source
8.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Heat Pump Market, By Application
9.1. Heat Pump Market, by Application, 2022-2030
9.1.1. Industrial
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Residential
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Heat Pump Market, By Rated Capacity
10.1. Heat Pump Market, by Rated Capacity Type, 2022-2030
10.1.1. Up to 10 kW
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. 10 – 20 kW
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. 20 – 30 kW
10.1.3.1. Market Revenue and Forecast (2017-2030)
10.1.4. Above 30 kW
10.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Heat Pump Market, By Refrigerant Type
11.1. Heat Pump Market, by Refrigerant Type, 2022-2030
11.1.1. R410A
11.1.1.1. Market Revenue and Forecast (2017-2030)
11.1.2. R407C
11.1.2.1. Market Revenue and Forecast (2017-2030)
11.1.3. R744
11.1.3.1. Market Revenue and Forecast (2017-2030)
11.1.4. Others
11.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 12. Global Heat Pump Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Technology (2017-2030)
12.1.2. Market Revenue and Forecast, by Application (2017-2030)
12.1.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.1.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Technology (2017-2030)
12.1.5.2. Market Revenue and Forecast, by Application (2017-2030)
12.1.5.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.1.5.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Technology (2017-2030)
12.1.6.2. Market Revenue and Forecast, by Application (2017-2030)
12.1.6.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.1.6.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Technology (2017-2030)
12.2.2. Market Revenue and Forecast, by Application (2017-2030)
12.2.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.2.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
12.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
12.2.5.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.2.5.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
12.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
12.2.6.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.2.6.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Technology (2017-2030)
12.2.7.2. Market Revenue and Forecast, by Application (2017-2030)
12.2.7.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.2.7.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Technology (2017-2030)
12.2.8.2. Market Revenue and Forecast, by Application (2017-2030)
12.2.8.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.2.8.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Technology (2017-2030)
12.3.2. Market Revenue and Forecast, by Application (2017-2030)
12.3.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.3.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
12.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
12.3.5.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.3.5.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
12.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
12.3.6.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.3.6.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Technology (2017-2030)
12.3.7.2. Market Revenue and Forecast, by Application (2017-2030)
12.3.7.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.3.7.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Technology (2017-2030)
12.3.8.2. Market Revenue and Forecast, by Application (2017-2030)
12.3.8.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.3.8.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Technology (2017-2030)
12.4.2. Market Revenue and Forecast, by Application (2017-2030)
12.4.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.4.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
12.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
12.4.5.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.4.5.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
12.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
12.4.6.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.4.6.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Technology (2017-2030)
12.4.7.2. Market Revenue and Forecast, by Application (2017-2030)
12.4.7.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.4.7.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Technology (2017-2030)
12.4.8.2. Market Revenue and Forecast, by Application (2017-2030)
12.4.8.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.4.8.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Technology (2017-2030)
12.5.2. Market Revenue and Forecast, by Application (2017-2030)
12.5.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.5.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Technology (2017-2030)
12.5.5.2. Market Revenue and Forecast, by Application (2017-2030)
12.5.5.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.5.5.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Technology (2017-2030)
12.5.6.2. Market Revenue and Forecast, by Application (2017-2030)
12.5.6.3. Market Revenue and Forecast, by Rated Capacity Type (2017-2030)
12.5.6.4. Market Revenue and Forecast, by Refrigerant Type (2017-2030)
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
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers