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Heat Pump Market Size, By Product (Air Source, Ground Source, Water Source), By Application (Residential {Single Family, Multi Family}, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Industrial), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2021 – 2028

  • Report ID: GMI1426
  • Published Date: Nov 2021
  • Report Format: PDF

Industry Trends

Heat Pump Market size exceeded USD 53 billion in 2020 and is projected to expand at over 6% CAGR from 2021 to 2028. Increasing demand for sustainable & clean energy owing to rising concerns about harmful GHG emissions will propel the market growth.

Heat Pump Market Overview

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Low operational cost, high security, and less maintenance are some of the crucial factors supplementing the market share. These factors have led to an increase in product demand across commercial & residential establishments, thus offering lucrative market opportunities to the global & domestic industry players.

Over the last two years, the economy has been considerably impacted worldwide by the unprecedented outbreak of the coronavirus pandemic. According to the World Health Organization (WHO), government of over 200 nations have imposed lockdowns to curb the virus. The COVID-19 pandemic has affected major economies across Asia Pacific, Europe, and North America, negatively impacting all logistics activities.

Major investments by the key companies in the manufacturing of customized heat pumps

Heat Pump Market Size

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The ground source heat pump (GSHP) has gained traction across all sectors on account of it being eco-friendly, humidity control features, and less heat losses. Shifting focus on vertical GSHP across schools and large commercial buildings due to minimal disturbance make it an ideal choice for the retrofit applications. Utilization of horizontal GSHP across the residential sector with rising investments in the green building infrastructure will further encourage the industry landscape.

Minimal installation time, long lifespan, and low carbon footprint are some of the prominent drivers accelerating the air source heat pump market outlook. Major investments in the production of tailored systems for operations across regions with extreme climatic conditions will boost the industry expansion. Air source component function by transmitting the heat absorbed from outside air to an indoor area through the wet central heating system and offer hot water across offices, buildings among others. Furthermore, the ability to offer heat at low temperatures in comparison to the traditional O&G boilers will escalate their market penetration across industrial applications.

Growing investments from financial institutions for the development of sustainable building infrastructure

Increasing demand for large-scale space heating combined with strict regulations to reduce the carbon footprint has contributed to the growth of heat pumps for district heating applications. Introduction of stringent emission norms coupled with rising investments in industrial infrastructure development has enhanced the demand for heat pumps. It further caters to various applications including water and space heating along with replacement of the waste streams with more useful temperatures, thereby driving the industry outlook.

The inclination of emerging economies toward low carbon energy to achieve energy sustainability has developed a significant potential for industrial heat pumps. Growing awareness about several heat recovery technologies across manufacturing, chemical, and other industries along with the declining prices of heat pump components will positively influence the industry growth. Utilization of the systems across various heating & cooling applications will spur the market expansion.

Increasing urbanization rate and population across the APAC region.

APAC Heat Pump Market

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Asia Pacific heat pump market is anticipated to reach USD 30 billion by 2028. This growth is attributed to the rising construction activities across the commercial and residential buildings. The development of new commercial centers, including offices, educational institutions, hospitality, and others will augment the market size of these products. In addition, the introduction of energy efficiency plans coupled with growing research & development for the upgradation of technologies to mitigate environmental issues is further propelling the industry demand. Substantial economic transformation owing to rapid industrialization and commercialization have accelerated the deployment of heat pump systems across the region. Additionally, the internal migration of the rural population to improve the living standards along with the shifting consumer trends will surge the product penetration.

Investments in the production of low carbon systems will enhance the overall industry presence

Major manufacturers across the U.S., Asia Pacific, and the Middle East & Africa are inclined toward the reduction of carbon footprint through their diverse product range. The industry leaders are focused on strategic collaborations, acquisitions, partnerships, and joint ventures to gain a competitive advantage in the industry. The constant technological innovations in the market will bolster the operational longevity and efficiency thereby optimizing the product demand. Ongoing product customizations to suit the customer requirements in terms of coefficient of performance and temperature will positively sway the business landscape.

The major participants operating in the heat pump market include Trane, Veissmann, Vaillant Group, Stiebel Eltron GmbH & Co., Glen Dimplex, Danfoss, Bosch Thermotechnology, Carrier Corporation, Daikin, NIBE Industrier AB, Bryant Heating & Cooling Systems, MODINE Manufacturing Company, Bard HVAC, Earthlinked Technologies, Mitsubishi Electric Corporation, Nortek Global HVAC, OCHSNER Warmepumpen, WOLF GmbH, Kensa Heat Pumps, and Swegon Group AB.

The heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of 'Units & ‘USD’ from 2018 to 2028 for the following segments:

Market, By Product

  • Air Source
  • Ground Source
  • Water Source

Market, By Application

  • Residential
    • Single Family
    • Multi Family
  • Commercial
    • Educational Institutes
    • Healthcare
    • Retail
    • Logistics & Transportation
    • Offices
    • Hospitality
  • Industrial

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Austria
    • Norway
    • Denmark
    • Finland
    • France
    • Germany
    • Italy
    • Switzerland
    • Spain
    • Sweden
    • UK
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • Australia
    • South Korea
  • Middle East & Africa
    • Saudi Arabia
    • Turkey
    • South Africa
  • Latin America
    • Brazil
    • Mexico
    • Argentina


Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

Global market for heat pump surpassed USD 53 billion in 2020 and is estimated to expand at a CAGR of around 6% from 2021 to 2028 with rising demand for sustainable and clean energy.

Ground source heat pump market value is expected to register commendable expansion through 2028 driven by multiple benefits such as less heat losses, humidity control features, and eco-friendly nature.

The market revenue from district heating applications will record considerable growth owing to surging demand for large-scale space heating and stringent regulations for the reduction of carbon footprint.

Asia Pacific market for heat pump is anticipated to exceed USD 30 billion up to 2028 considering the increase in construction activities across residential and commercial buildings.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 25
  • Tables & Figures: 670
  • Countries covered: 24
  • Pages: 420

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