Heat Pump Market Size, Share, Growth Analysis, By Technology (Air-to-Air, Air-to-Water), By Type (Reversible, Non-reversible), By Rated Capacity, By Operation Type, By End User and, By Region - Industry Forecast 2024-2031

Global Heat Pump Market size was valued at USD 1.8 billion in 2022 and is poised to grow from USD 2.0 billion in 2023 to USD 196.2 billion by 2031, growing at a CAGR of 11.8% during the forecast period (2024-2031).

The global heat pump market is highly competitive, with a large number of players operating at regional and global levels. The companies operating in the market are primarily focused on product innovation, mergers and acquisitions, and partnerships to gain a competitive edge. In recent years, many companies have launched new and innovative products to stay competitive in the market. The competitive landscape of the global heat pump market is highly fragmented, with several players competing for market share. The market is expected to witness increased competition over the forecast period, as companies strive to develop innovative products and expand their global presence through strategic partnerships and mergers and acquisitions. 'SAMSUNG (South Korea)', 'DENSO CORPORATION (Japan)', 'Midea (China)', 'Panasonic Holdings Corporation (Japan)', 'Mitsubishi Electric Corporation (Japan)', 'LG Electronics (South Korea)', 'Lennox International Inc (US)', 'Fujitsu General (Japan)', 'Daikin Industries, Ltd. (Japan)', 'Carrier (US), Johnson Controls (Europe)', 'Thermax Limited (India)', 'GEA Group Aktiengesellschaft (Germany)', 'Trane Technologies plc, (Ireland)', 'Bosch Thermotechnology Corp. (Germany)', 'EcoTech Solutions (India)', 'GLEN DIMPLEX GROUP (Ireland)', 'NIBE Industry AB (Ireland)', 'Rheem Manufacturing Company (US)', 'Energen Hybrid Systems Limited (NewZealand)', 'Evo Energy Technologies (Australia)'

Energy is an essential power source in homes, hospitals, and schools, among others. However, its production and usage result in the emission of greenhouse gasses in significant volumes. Thus, major economies across the globe are aiming to reduce their dependence on nonrenewable energy sources and are gradually inclining toward renewable energy sources to restrict the emission of greenhouse gasses. The heat pump technology is a promising solution for lowering greenhouse gas emissions. Heat pumps through aerothermal and geothermal technologies offer an energy-efficient approach to space heating. The heat pump is often regarded as a sustainable technology when used in heating, ventilation, and air conditioning (HVAC) systems. In the residential, commercial, and industrial sectors, heat pumps are widely used for space heating, cooling, and heating water.

Increasing Adoption of Renewable Energy Sources: The heat pump market is witnessing a trend of increasing adoption of renewable energy sources due to rising environmental concerns and the need for sustainable heating solutions. Renewable energy sources, such as solar energy, wind energy, and geothermal energy, are being used in heat pump systems to reduce greenhouse gas emissions and to promote sustainable energy consumption. For instance, in February 2021, Viessmann Group launched a new air-to-water heat pump with an integrated photovoltaic system for residential applications. This product combines the use of solar energy and heat pump technology, making it an energy-efficient and sustainable solution for heating and cooling.

In 2022, the Asia Pacific region held the largest share of the global heat pump market, accounting for 46.9% of the revenue, attributed to the increasing demand for energy-efficient heating solutions in the residential and commercial sectors. The North American market is witnessing growth due to the increasing demand for energy-efficient systems and government initiatives to adopt clean heating and cooling technologies.