Heat Pump Market, By Pump Type, By Capacity, By Application, By Geography

Description

Global Heat Pump Market is estimated to be valued at USD 86.38 Bn in 2025 and is expected to reach USD 177.19 Bn by 2032, growing at a compound annual growth rate (CAGR) of 10.8% from 2025 to 2032.

Report Coverage		Report Details
Base Year:	2024	Market Size in 2025:	USD 86.38 Bn
Historical Data for:	2020 To 2024	Forecast Period:	2025 To 2032
Forecast Period 2025 to 2032 CAGR:	10.80%	2032 Value Projection:	USD 177.19 Bn

Figure. Heat Pump Market Share (%), By Region 2025

Heat pumps are mechanical devices that exploit thermal energy from various heat sources such as ambient air, water, or ground. They are considered as an energy-efficient alternative for traditional space and water heating appliances and systems. Heat pumps function through a refrigeration cycle using a compressor, evaporator and condenser which allows heat transfer between two reservoirs at different temperatures. Various types of heat pumps including air-source, water-source, and geothermal provide space and water heating by extracting heat from outdoor air or ground and concentrating it indoors or in water tanks. Heat pumps are indispensable technologies for creating comfortable living spaces and providing hot water while reducing energy consumption and greenhouse gas emissions compared to conventional heating systems.

Market Dynamics:

The global heat pump market is primarily driven by growing focus on energy conservation, renewable energy solutions, and reduction of carbon footprint. Stringent government regulations and building standards pertaining to energy efficiency are propelling the adoption of heat pumps for both residential and commercial spaces. Significant incentives and subsidies provided by various countries for integrating cleaner heating alternatives are boosting the market growth. The rapid urbanization and increasing spending power on residential infrastructure are creating abundant opportunities for air-source and water-source heat pumps. The rising demand for space heating in emerging nations and retrofitting activities of older HVAC systems are fuelling the sales of geothermal heat pumps. However, high initial costs remain a major restraining factor especially in price-sensitive underdeveloped markets. Lack of consumer awareness about long-term benefits further challenges the widespread acceptance of heat pump technology. Ongoing innovations to improve efficiency and reduce costs will help unlock new vistas in the coming years.

Key features of the study:

This report provides an in-depth analysis of the global heat pump market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2025-2032), considering 2024 as the base year.
It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
It profiles key players in the global heat pump market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies.
Key companies covered as a part of this study include Carrier, Daikin Industries, Ltd., Danfoss Group Global, Fujitsu, GDC Group Limited, Glen Dimplex Group, HAIER(GENERAL ELECTRIC), Hitachi, Ltd., Ingersoll Rand Plc., Johnson Controls, Inc., Lennox International, LG Electronics, Inc., Melrose Industries PLC, Midea Group, Mitsubishi Electric Corporation, NIBE Industrier AB, Corp., Panasonic Holdings Corporation, Rheem Manufacturing Company, Robert Bosch GmbH, Samsung, Stiebel Eltron Group, The Bosch Group, United Technologies Corporation, Vaillant Group, and ViessmannWerke GmbH & Co. KG.
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
The global heat pump market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global heat pump market.

Market Segmentation

Pump Type Insights (Revenue, USD Bn, 2020 - 2032)
- Air-water Heat Pump
- Air-air Heat Pump
- Ground Source Heat Pump
- Hybrid Heat Pump
Capacity Insights (Revenue, USD Bn, 2020 - 2032)
- Up to 10kW
- 10-20kW
- 20-30kW
- Above 30kW
Application Insights (Revenue, USD Bn, 2020 - 2032)
- Residential
- Industrial
- Commercial
Regional Insights (Revenue, USD Bn, 2020 - 2032)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players Insights
- Carrier
- Daikin Industries, Ltd.
- Danfoss Group Global
- Fujitsu
- GDC Group Limited
- Glen Dimplex Group
- HAIER (GENERAL ELECTRIC)
- Hitachi, Ltd.
- Ingersoll Rand Plc.
- Johnson Controls, Inc.
- Lennox International
- LG Electronics, Inc.
- Melrose Industries PLC
- Midea Group
- Mitsubishi Electric Corporation
- NIBE Industrier AB, Corp.
- Panasonic Holdings Corporation
- Rheem Manufacturing Company
- Robert Bosch GmbH
- Samsung
- Stiebel Eltron Group
- The Bosch Group
- United Technologies Corporation
- Vaillant Group
- ViessmannWerke GmbH & Co. KG

Product Code: CMI2167

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Market Snapshot, By Pump Type
- Market Snapshot, By Capacity
- Market Snapshot, By Application
- Market Snapshot, By Region
Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
- Drivers
- Restraints
- Opportunities
Regulatory Scenario
Industry Trend
Merger and Acquisitions
New System Launches/Approvals
Impact of COVID-19 Pandemic

4. Global Heat Pump Market, By Pump Type, 2020-2032 (US$ Billion)

Introduction
- Market Share Analysis, 2025 and 2032(%)
- Y-o-Y Growth Analysis, 2020-2032
- Segment Trends
Air-water Heat Pump
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)
Air-air Heat Pump
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)
Ground Source Heat Pump
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)
Hybrid Heat Pump
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)

5. Global Heat Pump Market, By Capacity, 2020-2032 (US$ Billion)

Introduction
- Market Share Analysis, 2025 and 2032(%)
- Y-o-Y Growth Analysis, 2020-2032
- Segment Trends
Up to 10kW
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)
10-20kW
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)
20-30kW
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)
Above 30kW
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)

6. Global Heat Pump Market, By Application 2020-2032 (US$ Billion)

Introduction
- Market Share Analysis, 2025 and 2032(%)
- Y-o-Y Growth Analysis, 2020-2032
- Segment Trends
Residential
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)
Industrial
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)
Commercial
- Introduction
- Market Size and Forecast, 2020-2032, (US$ Billion)

7. Global Heat Pump Market, By Region, 2020-2032 (US$ Billion)

Introduction
- Market Share Analysis, By Region, 2025 and 2032 (%)
North America
- Regional Trends
- Market Size and Forecast, By Pump Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Capacity, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Market Share Analysis, By Country, 2025 and 2032 (%)
  - U.S.
  - Canada
Europe
- Regional Trends
- Market Size and Forecast, By Pump Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Capacity, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Market Share Analysis, By Country, 2025 and 2032 (%)
  - U.K.
  - Germany
  - France
  - Russia
  - Rest of Europe
Asia Pacific
- Regional Trends
- Market Size and Forecast, By Pump Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Capacity, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Market Share Analysis, By Country, 2025 and 2032 (%)
  - China
  - India
  - Japan
  - ASEAN
  - Australia
  - South Korea
  - Rest of Asia Pacific
Latin America
- Regional Trends
- Market Size and Forecast, By Pump Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Capacity, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Market Share Analysis, By Country, 2025 and 2032 (%)
  - Brazil
  - Argentina
  - Mexico
  - Rest of Latin America
Middle East & Africa
- Regional Trends
- Market Size and Forecast, By Pump Type, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Capacity, 2020-2032 (US$ Billion)
- Market Size and Forecast, By Application, 2020-2032 (US$ Billion)
- Market Share Analysis, By Country/Sub-region, 2025 and 2032 (%)
  - South Africa
  - GCC Countries
  - Rest of the Middle East & Africa

8. Competitive Landscape

Company Profiles
- Carrier
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Daikin Industries, Ltd.
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Danfoss Group Global
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Fujitsu
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- GDC Group Limited
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Glen Dimplex Group
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- HAIER(GENERAL ELECTRIC)
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Hitachi, Ltd.
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Ingersoll Rand Plc.
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Johnson Controls, Inc.
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Lennox International
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- LG Electronics, Inc.
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Melrose Industries PLC
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Midea Group
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Mitsubishi Electric Corporation
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- NIBE Industrier AB, Corp.
- Panasonic Holdings Corporation
- Rheem Manufacturing Company
- Robert Bosch GmbH
- Samsung
- Stiebel Eltron Group
- The Bosch Group
- United Technologies Corporation
- Vaillant Group
- Wheel of Fortune
Wheel of Fortune
Analyst View
Coherent Opportunity Map
- Section
References
Research Methodology
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