Authored By: Sarah
11 Jul 2024

 Heat pump Market to grow by USD 43.45 billion between 2024-2028

According to a research report “ Heat pump Market” by Application (Residential, Commercial, Industrial) Product (Air source heat pumps, Ground source heat pumps, Exhaust air heat pumps) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 43.45 billion at a CAGR of almost 8.9% during the forecast period. In the business realm, the construction industry's growth trajectory significantly influences the heat pump market. With the expansion of commercial and residential buildings, the demand for heat pumps surges due to their versatile applications. These include air conditioning, refrigeration, space heating, hot water supply, cold storage, and industrial process heat and steam. Europe's 2020 energy targets underscore the technology's pivotal role, making heat pumps a critical business consideration..

Browse market data tables, figures, and in-depth TOC on “Heat pump Market” by Application (Residential, Commercial, Industrial) Product (Air source heat pumps, Ground source heat pumps, Exhaust air heat pumps) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028.

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By Application, the Residential segment is projected to dominate the market size in 2024.

In the heating and cooling market, Air Source Heat Pumps (ASHPs) represent a significant business opportunity. These energy-efficient systems absorb heat from external air, employing vapor compression cycles for heat transfer. Two primary types exist: Air-to-Air and Air-to-Water. Air-to-Air pumps transfer heat into buildings via fans, providing heating and cooling solutions. However, they lack the capability to generate hot water. In contrast, Air-to-Water pumps feed heated water into central heating systems, offering both heating and hot water services. Despite their advantages, market growth may be influenced by factors such as installation costs and energy efficiency regulations.

By Product, Air source heat pumps  segment is expected to hold the largest market size for the year 2024.

In the residential sector, heat pumps have emerged as a cost-effective and energy-efficient alternative to traditional heating and cooling systems. These systems, which include air-source and ground-source variants, can deliver both heating and cooling functions. Air-source heat pumps leverage outdoor air for heating in winter and cooling in summer, while ground-source heat pumps harness the earth's stable temperature for enhanced efficiency. Both types offer significant energy savings, particularly in moderate climates. The heat pump market continues to grow as homeowners seek sustainable and cost-effective solutions for their HVAC needs.

APAC is forecasted to hold the largest market size by region in 2024.

In the APAC region, the heat pump market is poised for significant expansion, fueled by robust growth in China, Japan, India, Vietnam, South Korea, Malaysia, and Australia. The burgeoning commercial construction sector, particularly in China and India, serves as a primary catalyst. Urbanization, infrastructure development, and affordable housing projects are key growth drivers for the construction industry in APAC, leading to increased demand for heat pumps.

The Heat pump Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Bard HVAC
  • Daikin Industries Ltd.
  • Danfoss AS
  • Dantherm Group AS
  • DENSO Corp.
  • Emerson Electric Co.
  • Fujitsu Ltd.
  • Glen Dimplex Europe Holdings Ltd.
  • Guangdong Aoxin Heat Pump Air Conditioning Co. Ltd.
  • Hayward Holdings Inc.
  • Ingersoll Rand Inc.
  • Johnson Controls International Plc
  • Kensa Group
  • Lennox International Inc.
  • Mitsubishi Electric Corp.
  • NIBE Industrier AB
  • Nortek
  • Rheem Manufacturing Co.
  • Robert Bosch GmbH

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Research Analysis Overview

The Heat Pump Market encompasses the production, sale, and installation of various types of heat pumps, including air-source and geothermal models. These systems play a crucial role in the HVAC industry by providing energy-efficient solutions for heating and cooling buildings. The use of raw materials such as metals and rubber in the manufacturing process is essential. Heat pumps function by transferring heat from one location to another, utilizing refrigerant as a medium. Energy efficiency is a significant factor in the heat pump industry, as these systems help reduce carbon emissions and improve building automation. Heat pumps can be integrated with ventilation systems and utility meters to optimize energy usage. The heating segment, which includes heat pumps, is a key contributor to the reduction of greenhouse gases in the building sector. Geothermal heat pumps harness the power of geothermal energy, further reducing carbon footprint. Overall, the heat pump market continues to grow as the demand for sustainable and energy-efficient HVAC solutions increases.

Market Research Overview

The heat pump market encompasses various heating and cooling technologies, including air conditioning and heat pumps, which utilize electricity, fuel oil, propane, natural gas, and renewable energy for heat transfer. These systems are essential in various industries, such as food processing facilities, where maintaining specific soil temperatures is crucial for production. Heat pumps are also used in HVAC systems for water and air heating, as well as for space heating and heat dissipation. VRF (Variable Refrigerant Flow) and water source heat pumps are popular choices due to their energy efficiency and carbon footprint reduction. Building automation and smart building systems further optimize heat pump performance. Heat transfer occurs through the exchange of heat between a source and a sink, with refrigerant acting as the working fluid. Heat pumps contribute significantly to the heating segment, reducing carbon emissions and minimizing the use of greenhouse gases. Geothermal and air-source heat pumps are key players in the market, offering sustainable alternatives to traditional heating methods.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

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