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Heat Pump Market size to exceed $84bn by 2028

  • Published Date: November 17, 2021

Heat pump Market is projected to surpass USD 84 billion by 2028, as reported in the latest study by Global Market Insights Inc.

The heat pump industry share will witness a significant growth owing to the growing consumer inclination toward the acceptance of energy-efficient products. Constant advancements across the deployment of legislative energy incentives and policies leading to a decarbonized economy will positively influence the industry statistics. Furthermore, the ability of these systems to improve humidity control by maintaining about 50% relative indoor humidity making it more suitable for humid areas will accelerate the heat pump market size.

Favorable government initiatives, reduction in the component prices of heat pump systems along with the technological product advancements will create new avenues for manufacturers to develop energy efficient systems. Growing implementation of green bonds by the multilateral development banks will further encourage industry expansion.

Ongoing development in the renewable sector to fulfill the rising energy demand will stimulate the industry dynamics

Mounting demand for sustainable and clean energy systems on account of rising concerns toward harmful GHG emissions will boost the market landscape. Growing adoption and deployment of energy efficient systems to reduce the environmental impact will stimulate the product adoption. Consistent government efforts to mitigate carbon footprint will further accelerate the funding toward renewable energy deployment, thereby contributing to the market exansion. For instance, in 2020, European Union (EU) laid an ambitious plan of 55% reduction in GHG emissions (compared to 1990 levels) by 2030.

Browse key industry insights spread across 420 pages with 627 market data tables & 43 figures & charts from the report, “Heat Pump Market Statistics By Product (Air Source, Ground Source, Water Source), Application (Residential {Single Family, Multi Family}, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Industrial), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2021 – 2028in detail along with the table of contents:


Technological advancements resulting in the development of air source pumps primarily for cold-climatic conditions will lead to heat pump market growth

Air source heat pumps circulate the heat from outside to inside or vice versa rather than transforming it from the traditional energy source, making the systems appropriate for offering HVAC solutions across the industrial, commercial, and residential buildings. Lesser maintenance cost, lower operating cost, longer lifespan, and fewer emissions are some of the key features supplementing the demand for air source components. Ongoing technological expansions to increase the ability of ASHPs to provide water heating as well as space cooling solutions will positively influence the product penetration.

Surging demand for energy utilization in the built environment will drive the business outlook

Heat pumps provide an energy-efficient way to prepare residential hot water and space heating by harnessing ground energy. Space heating includes the heating of domestic and commercial apartments with the support of HVAC systems. Increasing number of household units owing to rapidly rising population will further augment the heat pump market statistics. Moreover, growing urbanization in the commercial and residential establishments is set to propel the product penetration.

Increasing foreign investments in commercialization coupled with strong macroeconomic indicators across North America will encourage the overall industry dynamics

The incorporation of sustainable technologies is gaining traction as a major heating & cooling equipment in mild climates and a secondary heating component in colder climates, which will drive the regional industry outlook. Shifting focus on mitigating harmful GHG emissions along with energy conservation is set to boost the product installation in the region. However, the low natural gas prices might hamper the heat pump market growth. On the contrary, various government initiatives including the introduction of corporate & personal tax credits, along with rebates to surge the adoption of alternative energy technologies including geothermal and air source, will influence the product adoption.

The prominent players operating in the heat pump market include Viessmann, Trane, Valliant Group, Bosch Thermotechnology, Glen Dimplex, Stiebel Eltron GmbH & Co., Daikin, Danfoss, MODINE Manufacturing Company, Carrier Corporation, NIBE Industrier AB, Green Planet Supply Technologies, Bryant Heating & Cooling Systems, Bard HVAC, Mitsubishi Electric Corporation, Earthlinked Technologies, OCHSNER Warmepumpen, WOLF GmbH, and Nortek Global HVAC.

Authors: Ankit Gupta, Riya Gupta