Heat Pumps: Global Markets to 2030

Report Code: MFG090B

Publish Date: Apr 2025

Publisher: BCC Publishing

Category: Manufacturing

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Report Highlights

The global market for heat pumps was valued at $88.4 billion in 2024 and is estimated to increase from $93.2 billion in 2025 to reach $134.8 billion by 2030, at a compound annual growth rate (CAGR) of 7.7% from 2025 through 2030.

Report Includes

  • 113 data tables and 66 additional tables
  • An overview of the global market for heat pumps
  • An analysis of the global market trends, with market revenue data from 2024, 2025, forecasts for 2029, and projected CAGRs through 2030
  • An evaluation of the current and future market potential, and quantification of the market by type, rated capacity, end user, and region
  • In-depth facts and figures pertaining to the major factors influencing the progress of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • Discussion of commercialization challenges and how to overcome them
  • ESG trends in the industry
  • Analysis of the key companies’ market shares, proprietary technologies, strategic alliances, and patent portfolios
  • Company profiles of major players within the industry, including Carrier, Daikin Industries Ltd., Johnson Controls, LG Electronics, and Trane Technologies

Report Scope

In this report, the global market for heat pumps is segmented and analyzed by type, rated capacity, end user and region. The market size is provided in value ($ millions) and volume (1,000 units). A chapter on competitive intelligence covers the market shares of leading companies based on their product offerings and revenues generated from heat pumps. It also discusses market dynamics, emerging technologies and global developments.

Also discussed are emerging trends, technological advances, economic forces and technical standards. The report also includes a Porter’s Five Forces analysis and a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. The report also discusses the technical and commercial aspects of heat pump installation in residential, commercial, and industrial end-user segments. The report outlines the regulations and policies in different countries governing heat pump installation to ensure environmental sustainability and regulatory compliance. ESG factors are also analyzed.

Report Synopsis

Report Metrics Details
Base year considered 2024
Forecast period considered 2025-2030
Base year market size $88.4 billion
Market size forecast $134.8 billion
Growth rate CAGR of 7.7% for the forecast period of 2025-2030
Units considered $ Millions
Segments covered Type, Rating Capacity, End User
Regions covered North America, Europe, Asia-Pacific, South America, Middle East and Africa
Countries covered U.S., Canada, Mexico, France, Germany, Spain, Italy, Sweden, Norway, Netherlands, Finland, Poland, China, India, Japan, South Korea, Australia, Thailand, Singapore, Vietnam, Brazil, Chile, Argentina, Colombia, Paraguay, Peru, UAE, Saudi Arabia, South Africa, Iraq, Iran, Oman
Key Market Drivers
  • Electrification of End Use Industries
  • Integration with Renewable Energy Sources
  • Connected Buildings
  • Cost Reduction in Renewable Energy Generation
Companies studied
BOSCH THERMOTECHNIK GMBHCARRIER
DAIKIN INDUSTRIES LTD.DENSO CORP.
FUJITSU GENERALJOHNSON CONTROLS
LENNOX INTERNATIONAL INC.LG ELECTRONICS
MIDEA GROUPMITSUBISHI HEAVY INDUSTRIES LTD.
PANASONIC HOLDINGS CORP.SAMSUNG
THERMAX LTD.TRANE TECHNOLOGIES PLC.
VIESSMANN GROUP
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Frequently Asked Questions (FAQs)

The global heat pumps market was valued at $88.4 billion in 2024 and is expected to reach $134.8 billion by the end of 2030.
The electrification of end-use industries and the rise of smart automation, such as connected buildings, integration with renewable energy sources, and cost reduction in renewable energy generation, are key factors driving the market.
The segments covered in the market are type, end user, and rating capacity. By type, segmentation includes air-to-air, air-to-water, ground/geothermal source, water source, and others. The end user segment includes industrial, residential, and commercial sectors. The global heat pumps market is further classified by rated capacity, up to 10 kW, 10-20 kW, 20-30 kW, and above 30 kW.
The air-to-air segment will dominate the market by the end of 2030.
The up to 10 kW segment will dominate the market by the end of 2030.
The residential segment will dominate the market by the end of 2030.
The market has been classified into five regions: Asia-Pacific (APAC), North America, Europe, Middle East & Africa (MEA), and South America. APAC holds the leading market share due to the significant heat pump production and consumption potential, especially in China. The region also has an abundance of raw materials, such as steel, which supports the region's heat pump production capabilities.

Analyst Credentials

BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.

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Table of Contents

All reports provided in PDF format. For shared licensing options (5+ Users), please call a representative at (+1) 781-489-7301 or contact us at info@bccresearch.com
Title/Chapter NamePagesMember Price
Full Report: Heat Pumps: Global Markets to 2030219Free
Chapter- 1: Executive Summary4Free
Chapter- 2: Market Overview11Free
Chapter- 3: Market Dynamics7Free
Chapter- 4: Emerging Technologies and Developments2Free
Chapter- 5: Market Segmentation Analysis127Free
Chapter- 6: Sustainability in the Heat Pump Industry: An ESG Perspective4Free
Chapter- 7: Competitive Intelligence5Free
Chapter- 8: Appendix59Free
Published - Sep-2021| Analyst - BCC Publishing| Code - MFG090A

Report Highlights

The global market for heat pumps should grow from $60.4 billion in 2021 to $96.7 billion by 2026, at compound annual growth rate (CAGR) of 9.9% for the period of 2021-2026.

Report Includes

  • 91 data tables and 58 additional tables
  • An up-to-date analysis of current and future global markets for heat pump within the industry
  • Analyses of the global market trends, with data from 2020, estimates for 2021, and projections of compound annual growth rates (CAGRs) through 2026
  • Estimation of the market size (in value and volumetric terms) and revenue forecast (in USD) for global heat pump markets, and their corresponding market share analysis by type, rated capacity, end user industry and geography
  • In-depth information (facts and figures) concerning the major factors influencing the progress of the market (drivers, restraints, opportunities, and industry-specific challenges) with respect to specific growth trends, upcoming prospects and contributions to the overall market
  • Country specific data and analysis for the heat pump market featuring China, Japan, India, South Korea, the U.S., Canada, Mexico, France, Germany, Italy, Spain, Brazil, Chile, Argentina, the UAE, Saudi Arabia and South Africa
  • Impact of COVID-19 on the progress of global heat pump market, and pandemic implications on heat pump manufacturing and supply chains industry
  • Insight into the list of global market players operating; their key competitive landscape and company share analysis
  • Assessment of the competitive developments such as joint ventures, mergers and acquisitions, new product development, expansions, impact of government regulations and R&D activities in the global heat pump market
  • Company profiles descriptions of the leading market participants, including AAON Inc., Daikin Industries Ltd., Hitachi Ltd., Mitsubishi Electric Corp., and Panasonic Corp.

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Heat Pumps: Global Markets to 2030
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