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Heat Pump Market By Type (Air Source, Water Source, Ground Source, Hybrid, Others); By Capacity (Up to 20 KW, 20-50 KW, 50-100 KW, 100-200 KW, Above 200 KW); By End User (Residential, Commercial, Industrial); By Operation Type (Electric, Hybrid); By Region – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 6141 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period  2019-2022
Base Year  2023
Forecast Period  2024-2032
Heat Pump Market Size 2023  USD 89,754.36 Million
Heat Pump Market, CAGR  8.50%
Heat Pump Market Size 2032  USD 1,87,035.14 Million

Market Overview

The heat pump market is projected to grow from USD 89,754.36 million in 2023 to an estimated USD 1,87,035.14 million by 2032, with a compound annual growth rate (CAGR) of 8.50% from 2024 to 2032. This significant growth is driven by the increasing demand for energy-efficient and environmentally friendly heating solutions across residential, commercial, and industrial sectors. The adoption of heat pumps is further accelerated by rising energy costs and government incentives promoting sustainable energy practices.

Key market drivers include the growing awareness of climate change and the need to reduce carbon footprints, which has led to increased investments in renewable energy technologies. Additionally, technological advancements in heat pump systems, such as improved efficiency and integration with smart home technologies, are enhancing their appeal to a broader consumer base. The trend towards electrification of heating systems in place of traditional fossil fuel-based methods is also fueling market growth.

Geographically, Europe holds a significant share of the heat pump market, driven by stringent regulations and policies supporting energy efficiency and renewable energy adoption. North America and Asia-Pacific are also key regions, with rapid urbanization and increasing construction activities boosting demand for heat pumps. Major players in the global heat pump market include Daikin Industries Ltd., Mitsubishi Electric Corporation, NIBE Industrier AB, Bosch Thermotechnology, and Carrier Corporation, who are focusing on expanding their product portfolios and enhancing energy efficiency to maintain competitive advantage.

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Market Drivers

Growing Demand for Energy Efficiency and Sustainability

The global heat pump market is experiencing significant growth driven by the increasing emphasis on energy efficiency and sustainability. As nations strive to meet climate goals, there’s a push towards reducing emissions and energy consumption. Heat pumps, utilizing renewable sources like air, water, and ground, offer an efficient alternative to conventional heating systems. For instance, a recent survey by the International Energy Agency found that heat pumps can deliver substantial energy savings compared to traditional methods. Governments worldwide are implementing stricter efficiency regulations and offering incentives for heat pump adoption. A European Commission report highlighted that several EU countries have introduced attractive subsidy schemes for heat pump installations. These initiatives, combined with rising energy costs, are driving both residential and commercial sectors to adopt heat pumps. The US Department of Energy’s data shows a growing trend in heat pump installations across various states, reflecting the increasing consumer awareness of their benefits.

Technological Advancements in Heat Pump Systems

Technological innovation is a key driver in the rapid growth of the heat pump market. Significant advancements have enhanced efficiency, reliability, and integration with modern energy systems. For instance, a leading manufacturer recently introduced a new line of heat pumps with improved coefficient of performance, as reported in an industry trade journal. The development of hybrid systems, combining heat pumps with other heating technologies, provides greater flexibility and reliability. A case study by a major energy company demonstrated the successful implementation of such hybrid systems in regions with extreme weather conditions. The integration of heat pumps with smart home technologies and IoT has opened new avenues for energy management. A consumer electronics survey revealed a growing interest in smart-enabled heating systems among homeowners. These technological advancements not only improve efficiency and performance but also enhance appeal to a broader consumer base. Industry reports indicate a rising trend in the adoption of smart heat pump systems across various market segments.

Increasing Urbanization and Construction Activities

The global trend of urbanization and rise in construction activities significantly contribute to the heat pump market expansion. As urban populations grow, the demand for residential and commercial buildings increases, leading to a surge in new property construction. A recent United Nations report highlighted the rapid urbanization trends in developing countries, indicating potential growth areas for the heat pump market. Modern buildings are increasingly designed with sustainability in mind, incorporating energy-efficient systems like heat pumps. For example, a survey of architectural firms revealed a growing preference for integrating heat pumps in new building designs. The focus on retrofitting existing buildings to meet energy efficiency standards is also boosting heat pump demand. Government data from several countries shows an increase in renovation projects aimed at improving building energy performance. In many regions, authorities are implementing building codes requiring energy-efficient technologies in new constructions and renovations. A construction industry report noted the rising adoption of heat pumps in both residential and commercial sectors, particularly in emerging economies where urbanization is most rapid.

Supportive Government Policies and Incentives

Government policies and incentives are pivotal in driving the adoption of heat pumps globally. Recognizing the importance of reducing carbon emissions and promoting renewable energy, many governments have introduced policies that encourage the use of energy-efficient technologies such as heat pumps. These policies range from direct financial incentives, such as subsidies, tax rebates, and grants, to regulatory measures that mandate energy efficiency standards for buildings. In Europe, for instance, the European Union’s Renewable Energy Directive and Energy Performance of Buildings Directive are key regulatory frameworks that support the deployment of heat pumps by setting targets for renewable energy use in heating and cooling. Similarly, in North America, initiatives such as the U.S. Department of Energy’s Better Buildings Initiative promote the adoption of energy-efficient technologies, including heat pumps, through funding and technical support. These government initiatives not only lower the initial cost barrier for consumers but also create a favorable market environment for heat pump manufacturers, driving the overall growth of the market. Additionally, international agreements like the Paris Agreement have spurred countries to adopt national policies that promote the transition to low-carbon technologies, further fueling the demand for heat pumps.

Market Trends

Increased Adoption of Smart and Connected Heat Pump Systems

The global heat pump market is experiencing a significant shift towards smart and connected systems. Consumers are increasingly embracing heat pumps integrated with IoT technology, allowing remote monitoring and control via mobile devices or voice assistants. These advanced systems utilize sensors and smart thermostats to optimize energy usage based on real-time data like weather conditions and occupancy patterns. For instance, a leading manufacturer reported that their smart heat pump sales doubled in the past year, with customers citing energy savings and convenience as key factors. The trend is particularly strong in tech-savvy regions, where smart home adoption is high. Industry surveys indicate that over half of new heat pump installations in certain European countries now include smart features. This shift is driven by consumer demand for greater control over their heating and cooling systems, as well as the potential for significant energy cost reductions. Utility companies are also promoting smart heat pumps through incentive programs, recognizing their potential to balance grid loads more effectively. As interoperability improves, these systems are increasingly able to integrate with other smart home devices, creating a more cohesive and efficient energy management ecosystem.

Growing Focus on Renewable Energy Integration

The integration of renewable energy sources with heat pump systems is becoming a major trend in the global market. This shift is driven by increasing environmental awareness and government initiatives to reduce carbon emissions. For instance, a government survey in a Nordic country found that over 60% of new heat pump installations were combined with solar panels or other renewable energy sources. Manufacturers are responding to this trend by developing hybrid systems that seamlessly integrate heat pumps with solar thermal or photovoltaic technologies. These integrated solutions are particularly popular in regions with strong renewable energy policies. Industry reports show a significant increase in sales of heat pumps designed for easy integration with renewable energy systems. This trend is not limited to residential applications; commercial and industrial sectors are also adopting integrated systems at an increasing rate. Energy companies are partnering with heat pump manufacturers to offer comprehensive renewable energy solutions, including installation and maintenance services. The integration of heat pumps with renewable energy sources is seen as a key strategy in many national plans for achieving climate goals, with several countries offering enhanced incentives for such combined systems. This trend is expected to accelerate as renewable energy technologies become more affordable and efficient.

Market Restraints and Challenges

High Initial Costs and Installation Complexities

The high initial costs and installation complexities associated with heat pumps present significant challenges in the global market. For instance, a survey conducted by the European Heat Pump Association found that consumers consistently cite upfront costs as the primary barrier to adoption. The installation process often requires specialized expertise, particularly for ground-source systems. A study by the U.S. Department of Energy revealed that many homeowners were deterred by the extensive groundwork required for these installations. Additionally, the long payback period for heat pumps can be a concern for budget-conscious consumers. In some regions, the return on investment for heat pumps can take up to a decade, which is longer than many homeowners are willing to wait. Government incentives have been introduced in various countries to address this issue, but their effectiveness varies. For example, the UK’s Renewable Heat Incentive program has shown mixed results in encouraging heat pump adoption, according to data from the Office of Gas and Electricity Markets.

Performance Issues in Extreme Climates

Performance issues in extreme climates pose another significant challenge for the global heat pump market. A comprehensive study by the National Renewable Energy Laboratory found that air-source heat pumps experience a notable decrease in efficiency when outdoor temperatures drop below freezing. This issue is particularly pronounced in regions with harsh winters. For instance, data from Natural Resources Canada showed that some air-source heat pumps struggle to maintain comfortable indoor temperatures during severe cold snaps in northern provinces. Similarly, in hot climates, heat pumps can face efficiency challenges. A report from the Australian Government’s Department of Industry, Science, Energy and Resources indicated that certain heat pump models underperform during extreme heatwaves, leading to increased energy consumption. To address these issues, manufacturers are investing in research and development. For example, a survey by the Heat Pump Association in the UK revealed that many companies are focusing on developing cold climate heat pumps that can operate efficiently at temperatures as low as -25°C. Despite these efforts, consumer perception remains a hurdle, with many still viewing heat pumps as unsuitable for extreme climates.

Market Segmentation Analysis

By Type

The global heat pump market is segmented by type into Air Source, Water Source, Ground Source, Hybrid, and Others. Air Source Heat Pumps dominate the market due to their relatively lower installation costs and versatility in various climates. They are widely used in residential and commercial settings. For instance, a survey by the European Heat Pump Association found that air-to-water heat pumps accounted for over 70% of heat pump sales in Europe in 2021. Ground Source Heat Pumps are gaining traction for their high efficiency and long-term cost savings, particularly in regions with extreme climates where consistent underground temperatures enhance performance. According to the U.S. Department of Energy, ground source heat pumps can reduce energy consumption by up to 50% compared to conventional heating and cooling systems. Water Source Heat Pumps are preferred in areas with accessible water bodies, offering efficient heating and cooling. Hybrid Heat Pumps, which combine multiple heat sources, are emerging as a solution for regions with fluctuating temperatures, providing greater energy efficiency and reliability. The Others category includes specialized heat pumps for specific industrial applications.

By Capacity

Heat pumps in the global market are categorized by capacity into Up to 20 KW, 20-50 KW, 50-100 kW, 100-200 kW, and Above 200 kW. Up to 20 KW heat pumps are primarily used in residential applications, offering sufficient power for single-family homes. For instance, a study by the International Energy Agency found that the average heat pump capacity for residential use in Europe is around 10-15 kW. The 20-50 KW and 50-100 kW segments cater to larger residential properties, small commercial buildings, and light industrial applications. According to a report by the Building Services Research and Information Association, these mid-range capacities are increasingly popular in the commercial sector, particularly for office buildings and retail spaces. The 100-200 kW heat pumps are used in mid-sized commercial buildings and industrial settings, where higher capacity is required. A survey by the American Society of Heating, Refrigerating and Air-Conditioning Engineers revealed that this capacity range is commonly used in hospitals and educational institutions. Above 200 kW systems are designed for large industrial complexes, multi-story commercial buildings, and district heating projects, where substantial heating and cooling capacities are needed to manage the demands of extensive infrastructure.

Segments

Based on type

  • Air Source
  • Water Source
  • Ground Source
  • Hybrid
  • Others

Based on capacity

  • Up to 20 KW
  • 20-50 KW
  • 50-100 kW
  • 100-200 kW
  • Above 200 kW)

Based on end user

  • Residential
  • Commercial
  • Industrial

Based on operation type

  • Electric
  • Hybrid

Based on region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Regional Analysis

North America (30%):

North America with a market share of around 30%. The region’s growth is fueled by increasing awareness of energy efficiency, rising energy costs, and a growing focus on reducing carbon footprints. For instance, the U.S. Department of Energy reports that heat pumps can reduce electricity use for heating by approximately 50% compared to electric resistance heating. The United States is the largest market in this region, driven by both residential and commercial adoption. Canada also presents a growing market, particularly in residential applications. Natural Resources Canada found that air-source heat pumps can reduce home heating costs by up to 50% compared to electric baseboards. Government incentives, like rebates offered through the Canada Greener Homes Grant, are significantly contributing to market expansion.

Asia Pacific (20%):

Asia-Pacific is the fastest-growing region in the global heat pump market, with a market share of approximately 20%. The region’s rapid urbanization, industrialization, and increasing demand for energy-efficient technologies are key drivers of this growth. China and Japan are the leading markets in Asia-Pacific, with significant government support and high levels of technological innovation. For instance, China’s National Energy Administration reported that the country installed over 10 million household air source heat pumps in 2020 alone. Japan’s mature market is characterized by high consumer awareness and advanced technology adoption. The Japan Refrigeration and Air Conditioning Industry Association found that shipments of residential heat pump water heaters in Japan reached over 500,000 units in 2020. Both countries have implemented policies to promote heat pump adoption as part of their efforts to achieve carbon neutrality.

Key players

  • United Technologies Corporation
  • Daikin Industries, Ltd.
  • NIBE Industrier AB
  • The Viessmann Group
  • Stiebel Eltron
  • Ingersoll-Rand, Inc.
  • Robert Bosch GmbH
  • Vaillant Group
  • The Danfoss Group
  • Mitsubishi Electric Corporation
  • Midea Group
  • Panasonic Corporation
  • Carrier Global Corporation
  • Trane Technologies plc
  • Hitachi, Ltd.
  • Fujitsu General Limited
  • Climaveneta S.p.A.
  • Ingersoll Rand Plc.
  • Rheem Manufacturing Company
  • LG Electronics, Inc.
  • Samsung

Competitive Analysis

The global heat pump market is highly competitive, with several established players holding significant market shares. Companies like Daikin Industries, Ltd., Mitsubishi Electric Corporation, and United Technologies Corporation lead the market due to their extensive product portfolios, strong global presence, and continuous innovation in heat pump technology. These companies benefit from strong brand recognition and comprehensive distribution networks, allowing them to maintain a competitive edge. Meanwhile, European firms like NIBE Industrier AB, The Viessmann Group, and Robert Bosch GmbH are strong competitors, particularly in the European market, where energy efficiency regulations and environmental standards are stringent. New entrants and regional players face challenges in penetrating the market due to the dominance of these established firms. However, the ongoing demand for energy-efficient and environmentally friendly heating solutions presents opportunities for innovation and differentiation, allowing smaller players to carve out niche markets through specialized offerings and local expertise.

Recent Developments

  • In June 2024, Carrier finalized its €12 billion acquisition of Viessmann Climate Solutions, significantly expanding its presence in the European heat pump market.
  • In May 2024, Daikin Europe N.V. established Daikin Denmark by acquiring its Danish distributor BKF-Klima to expand its strategy in Scandinavia.
  • In June 2023, NIBE acquired 100% of the shares in the Dutch Group Climate for Life (CFL), a developer and producer of energy-efficient HVAC solutions, for €640 million.
  • In September 2024, Stiebel Eltron announced a 600 million baht investment to establish Thailand as a central hub for heat pump production, focusing on export markets including Australia and China.
  • In June 2024, Ingersoll Rand acquired Complete Air and Power Solutions (CAPS), Del PD Pumps & Gear Pvt Ltd., and Fruvac Ltd. for a combined purchase price of approximately $150 million.
  • In September 2024, Bosch announced plans to acquire the global HVAC solutions business for residential and light commercial buildings from Johnson Controls for $8 billion, including the Johnson Controls-Hitachi Air Conditioning joint venture.
  • In July 2024, Fujitsu General received the prestigious, globally recognized Red Dot Award for product design.

Market Concentration and Characteristics 

The global heat pump market is characterized by a moderately fragmented landscape, with a mix of established multinational companies and regional players contributing to its growth. Market concentration is influenced by the presence of a few dominant players, such as Daikin Industries Ltd., Mitsubishi Electric Corporation, and NIBE Industrier AB, who hold significant market shares due to their extensive product portfolios, strong distribution networks, and ongoing investments in research and development. However, the market also features numerous smaller companies and regional manufacturers who compete by offering specialized products tailored to local climatic conditions and regulatory requirements. The market is highly competitive, driven by continuous innovation, technological advancements, and a growing emphasis on energy efficiency and sustainability. As demand for heat pumps increases globally, particularly in emerging markets, the competitive landscape is expected to intensify, with both established and new players striving to capture market share through product differentiation and strategic partnerships.

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Report Coverage

The research report offers an in-depth analysis based on type, capacity, end user, operation type and region. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

  1. The global heat pump market is expected to maintain robust growth, driven by increasing demand for energy-efficient and environmentally friendly heating solutions across residential, commercial, and industrial sectors.
  2. Ongoing innovations in heat pump technology, such as the development of smart and hybrid systems, will enhance efficiency, performance, and user convenience, making heat pumps more attractive to a wider range of consumers.
  3. Rapid urbanization and industrialization in emerging markets, particularly in Asia-Pacific and Latin America, will create significant opportunities for heat pump adoption, contributing to the market’s expansion.
  4. Continued support from governments through subsidies, tax rebates, and regulations promoting renewable energy and energy efficiency will accelerate the adoption of heat pumps globally.
  5. The trend towards integrating heat pumps with renewable energy sources, such as solar and wind, will gain momentum, further enhancing the sustainability and appeal of these systems.
  6. Rising energy costs and growing awareness of environmental issues will lead to increased adoption of heat pumps in residential applications, particularly in regions with moderate to cold climates.
  7. The commercial and industrial sectors will increasingly adopt heat pumps as part of broader efforts to reduce operational costs and carbon footprints, particularly in energy-intensive industries.
  8. The demand for retrofitting existing buildings with energy-efficient technologies, including heat pumps, will rise as governments and businesses seek to meet stricter energy efficiency standards.
  9. Despite technological advancements, the performance of heat pumps in extreme climates will remain a challenge, prompting further research and development to enhance their efficiency in such conditions.
  10. The competitive landscape will intensify, with established players continuing to dominate the market while new entrants and regional players strive to capture market share through innovation and strategic collaborations.

CHAPTER NO. 1 INTRODUCTION 29
1.1.1. Report Description 29
Purpose of the Report 29
USP & Key Offerings 29
1.1.2. Key Benefits for Stakeholders 29
1.1.3. Target Audience 30
1.1.4. Report Scope 30
1.1.5. Regional Scope 31
CHAPTER NO. 2 EXECUTIVE SUMMARY 32
2.1. Heat Pump Market Snapshot 32
2.1.1. Global Heat Pump Market, 2018 – 2032 (K Units) (USD Million) 33
2.2. Insights from Primary Respondents 34
CHAPTER NO. 3 GEOPOLITICAL CRISIS IMPACT ANALYSIS 35
3.1. Russia-Ukraine and Israel-Palestine War Impacts 35
CHAPTER NO. 4 HEAT PUMP MARKET – INDUSTRY ANALYSIS 36
4.1. Introduction 36
4.2. Market Drivers 37
4.2.1. Driving Factor 1 Analysis 37
4.2.2. Driving Factor 2 Analysis 38
4.3. Market Restraints 39
4.3.1. Restraining Factor Analysis 39
4.4. Market Opportunities 40
4.4.1. Market Opportunity Analysis 40
4.5. Porter’s Five Forces Analysis 41
4.6. Value Chain Analysis 42
4.7. Buying Criteria 43
CHAPTER NO. 5 IMPORT EXPORT ANALYSIS 44
5.1. Import Analysis Based on Region 44
5.1.1. Global Heat Pump Market Import Volume/Revenue, Based on Region, 2018 – 2023 44
5.2. Export Analysis Based on Region 45
5.2.1. Global Heat Pump Market Export Volume/Revenue, Based on Region, 2018 – 2023 45
CHAPTER NO. 6 DEMAND SUPPLY ANALYSIS 46
6.1. Demand Analysis Based on Region 46
6.1.1. Global Heat Pump Market Demand Volume/Revenue, Based on Region, 2018 – 2023 46
6.2. Supply Analysis Based on Region 47
6.2.1. Global Heat Pump Market Supply Volume/Revenue, Based on Region, 2018 – 2023 47
CHAPTER NO. 7 PRODUCTION ANALYSIS 48
7.1. Production Analysis Based on Region 48
7.1.1. Global Heat Pump Market Production Volume/Revenue, Based on Region, 2018 – 2023 48
7.1.2. Global Heat Pump Market Production Volume, Based on Region, 2018 – 2023 (K Units) 49
CHAPTER NO. 8 PRICE ANALYSIS 50
8.1. Price Analysis Based on Region 50
8.1.1. Global Heat Pump Market Price, Based on Region, 2018 – 2023 50
8.1.2. Global Type Market Price, Based on Region, 2018 – 2023 50
8.2. Price Analysis Based on Type 51
8.2.1. Global Heat Pump Market Price, Based on Type, 2018 – 2023 51
8.2.2. Global Type Market Price, Based on Type, 2018 – 2023 51
CHAPTER NO. 9 RAW MATERIALS ANALYSIS 52
9.1. Key Raw Materials and Suppliers 52
9.2. Key Raw Materials Price Trend 52
CHAPTER NO. 10 MANUFACTURING COST ANALYSIS 53
10.1. Manufacturing Cost Analysis 53
10.2. Manufacturing Process 53
CHAPTER NO. 11 ANALYSIS COMPETITIVE LANDSCAPE 54
11.1. Company Market Share Analysis – 2023 54
11.1.1. Global Heat Pump Market Company Market Share, Based on Volume, 2023 54
11.1.2. Global Heat Pump Market Company Market Share, Based on Revenue, 2023 55
11.1.3. Global Heat Pump Market Top 6 Company Market Share, Based on Revenue, 2023 56
11.1.4. Global Heat Pump Market Top 3 Company Market Share, Based on Revenue, 2023 57
11.2. Global Heat Pump Market Company Volume Market Share, 2023 58
11.3. Global Heat Pump Market Company Revenue Market Share, 2023 59
11.4. Company Assessment Metrics, 2023 60
11.4.1. Stars 60
11.4.2. Emerging Leaders 60
11.4.3. Pervasive Players 60
11.4.4. Participants 60
11.5. Start-ups /SMEs Assessment Metrics, 2023 60
11.5.1. Progressive Companies 60
11.5.2. Responsive Companies 60
11.5.3. Dynamic Companies 60
11.5.4. Starting Blocks 60
11.6. Strategic Developments 61
11.6.1. Acquisitions & Mergers 61
New Product Launch 61
Regional Expansion 61
11.7. Key Players Product Matrix 62
CHAPTER NO. 12 PESTEL & ADJACENT MARKET ANALYSIS 63
12.1. PESTEL 63
12.1.1. Political Factors 63
12.1.2. Economic Factors 63
12.1.3. Social Factors 63
12.1.4. Technological Factors 63
12.1.5. Environmental Factors 63
12.1.6. Legal Factors 63
12.2. Adjacent Market Analysis 63
CHAPTER NO. 13 HEAT PUMP MARKET – BASED ON TYPE SEGMENT ANALYSIS 64
13.1. Heat Pump Market Overview, Based on Type Segment 64
13.1.1. Heat Pump Market Volume Share, Based on Type, 2023 & 2032 65
13.1.2. Heat Pump Market Revenue Share, Based on Type, 2023 & 2032 65
13.1.3. Heat Pump Market Attractiveness Analysis, Based on Type 66
13.1.4. Incremental Revenue Growth Opportunity, Based on Type, 2024 – 2032 66
13.1.5. Heat Pump Market Revenue, Based on Type, 2018, 2023, 2027 & 2032 67
13.2. Air Source 68
13.2.1. Global Air Source Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 69
13.2.2. Global Air Source Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 69
13.3. Water Source 70
13.3.1. Global Water Source Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 71
13.3.2. Global Water Source Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 71
13.4. Ground Source 72
13.5. Global Ground Source Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 73
13.6. Global Ground Source Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 73
13.7. Hybrid 74
13.7.1. Global Hybrid Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 75
13.7.2. Global Hybrid Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 75
13.8. Others 76
13.8.1. Global Others Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 77
13.8.2. Global Others Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 77
CHAPTER NO. 14 HEAT PUMP MARKET – BASED ON CAPACITY SEGMENT ANALYSIS 78
14.1. Heat Pump Market Overview, Based on Capacity Segment 78
14.1.1. Heat Pump Market Volume Share, Based on Capacity, 2023 & 2032 79
14.1.2. Heat Pump Market Revenue Share, Based on Capacity, 2023 & 2032 79
14.1.3. Heat Pump Market Attractiveness Analysis, Based on Capacity 80
14.1.4. Incremental Revenue Growth Opportunity, Based on Capacity, 2024 – 2032 80
14.1.5. Heat Pump Market Revenue, Based on Capacity, 2018, 2023, 2027 & 2032 81
14.2. Up to 20 KW 82
14.2.1. Global Up to 20 KW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 83
14.2.2. Global Up to 20 KW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 83
14.3. 20-50 KW 83
14.3.1. Global 20-50 KW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 85
14.3.2. Global 20-50 KW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 85
14.4. 50-100 kW 86
14.5. Global 50-100 kW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 87
14.6. Global 50-100 kW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 87
14.7. 100-200 kW 88
14.7.1. Global 100-200 kW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 89
14.7.2. Global 100-200 kW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 89
14.8. Above 200 kW 90
14.8.1. Global Above 200 kW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 91
14.8.2. Global Above 200 kW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 91
CHAPTER NO. 15 HEAT PUMP MARKET – BASED ON END-USER SEGMENT ANALYSIS 92
15.1. Heat Pump Market Overview, Based on End-user Segment 92
15.1.1. Heat Pump Market Volume Share, Based on End-user, 2023 & 2032 93
15.1.2. Heat Pump Market Revenue Share, Based on End-user, 2023 & 2032 93
15.1.3. Heat Pump Market Attractiveness Analysis, Based on End-user 94
15.1.4. Incremental Revenue Growth Opportunity, Based on End-user, 2024 – 2032 94
15.1.5. Heat Pump Market Revenue, Based on End-user, 2018, 2023, 2027 & 2032 95
15.2. Residential 96
15.2.1. Global Residential Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 97
15.2.2. Global Residential Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 97
15.3. Commercial 98
15.3.1. Global Commercial Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 99
15.3.2. Global Commercial Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 99
15.4. Industrial 100
15.5. Global Industrial Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 101
15.6. Global Industrial Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 101
CHAPTER NO. 16 HEAT PUMP MARKET – BASED ON OPERATION TYPE SEGMENT ANALYSIS 102
16.1. Heat Pump Market Overview, Based on Operation Type Segment 102
16.1.1. Heat Pump Market Volume Share, Based on Operation Type, 2023 & 2032 103
16.1.2. Heat Pump Market Revenue Share, Based on Operation Type, 2023 & 2032 103
16.1.3. Heat Pump Market Attractiveness Analysis, Based on Operation Type 104
16.1.4. Incremental Revenue Growth Opportunity, Based on Operation Type, 2024 – 2032 104
16.1.5. Heat Pump Market Revenue, Based on Operation Type, 2018, 2023, 2027 & 2032 105
16.2. Electric 106
16.2.1. Global Electric Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 107
16.2.2. Global Electric Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 107
16.3. Hybrid 108
16.3.1. Global Hybrid Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 109
16.3.2. Global Hybrid Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 109
CHAPTER NO. 17 HEAT PUMP MARKET – REGIONAL ANALYSIS 110
17.1. Heat Pump Market Overview, Based on Regional Segments 110
17.2. Region 111
17.2.1. Global Heat Pump Market Volume Share, Based on Region, 2023 & 2032 111
17.2.2. Global Heat Pump Market Revenue Share, Based on Region, 2023 & 2032 111
17.2.3. Heat Pump Market Attractiveness Analysis, Based on Region 112
17.2.4. Incremental Revenue Growth Opportunity, Based on Region, 2024 – 2032 112
17.2.5. Heat Pump Market Revenue, Based on Region, 2018, 2023, 2027 & 2032 113
17.2.6. Global Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 114
17.2.7. Global Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 114
17.3. Type 115
17.3.1. Global Heat Pump Market Volume & Revenue, Based on Type, 2018 – 2023 (K Units) (USD Million) 115
17.4. Global Heat Pump Market Volume & Revenue, Based on Type, 2024 – 2032 (K Units) (USD Million) 115
17.5. Capacity 116
17.5.1. Global Heat Pump Market Volume & Revenue, Based on Capacity, 2018 – 2023 (K Units) (USD Million) 116
17.5.2. Global Heat Pump Market Volume & Revenue, Based on Capacity, 2024 – 2032 (K Units) (USD Million) 116
17.6. End-user 117
17.6.1. Global Heat Pump Market Volume & Revenue, Based on End-user, 2018 – 2023 (K Units) (USD Million) 117
17.6.2. Global Heat Pump Market Volume & Revenue, Based on End-user, 2024 – 2032 (K Units) (USD Million) 117
17.7. Operation Type 118
17.7.1. Global Heat Pump Market Volume & Revenue, Based on Operation Type, 2018 – 2023 (K Units) (USD Million) 118
17.7.2. Global Heat Pump Market Volume & Revenue, Based on Operation Type, 2024 – 2032 (K Units) (USD Million) 118
CHAPTER NO. 18 HEAT PUMP MARKET – NORTH AMERICA 119
18.1. North America 119
18.1.1. Key Highlights 119
18.1.2. North America Heat Pump Market Volume, Based on Country, 2018 – 2032 (K Units) 120
18.1.3. North America Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 121
18.1.4. North America Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 122
18.1.5. North America Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 123
18.1.6. North America Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 124
18.1.7. North America Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 125
18.1.8. North America Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 126
18.1.9. North America Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 127
18.1.10. North America Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 128
18.1.11. North America Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 129
18.2. U.S. 130
18.3. Canada 130
18.4. Mexico 130
CHAPTER NO. 19 HEAT PUMP MARKET – EUROPE 131
19.1. Europe 131
19.1.1. Key Highlights 131
19.1.2. Europe Heat Pump Market Volume, Based on Country, 2018 – 2032 (K Units) 132
19.1.3. Europe Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 133
19.1.4. Europe Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 134
19.1.5. Europe Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 135
19.1.6. Europe Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 136
19.1.7. Europe Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 137
19.1.8. Europe Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 138
19.1.9. Europe Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 139
19.1.10. Europe Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 140
19.1.11. Europe Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 141
19.2. UK 142
19.3. France 142
19.4. Germany 142
19.5. Italy 142
19.6. Spain 142
19.7. Russia 142
19.8. Belgium 142
19.9. Netherland 142
19.10. Austria 142
19.11. Sweden 142
19.12. Poland 142
19.13. Denmark 142
19.14. Switzerland 142
19.15. Rest of Europe 142
CHAPTER NO. 20 HEAT PUMP MARKET – ASIA PACIFIC 143
20.1. Asia Pacific 143
20.1.1. Key Highlights 143
20.1.2. Asia Pacific Heat Pump Market Volume, Based on Country, 2018 – 2032 (K Units) 144
20.1.3. Asia Pacific Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 145
20.1.4. Asia Pacific Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 146
20.1.5. Asia Pacific Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 147
20.1.6. Asia Pacific Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 148
20.1.7. Asia Pacific Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 149
20.1.8. Asia Pacific Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 150
20.1.9. Asia Pacific Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 151
20.1.10. Asia Pacific Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 152
20.1.11. Asia Pacific Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 153
20.2. China 154
20.3. Japan 154
20.4. South Korea 154
20.5. India 154
20.6. Australia 154
20.7. Thailand 154
20.8. Indonesia 154
20.9. Vietnam 154
20.10. Malaysia 154
20.11. Philippines 154
20.12. Taiwan 154
20.13. Rest of Asia Pacific 154
CHAPTER NO. 21 HEAT PUMP MARKET – LATIN AMERICA 155
21.1. Latin America 155
21.1.1. Key Highlights 155
21.1.2. Latin America Heat Pump Market Volume, Based on Country, 2018 – 2032 (K Units) 156
21.1.3. Latin America Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 157
21.1.4. Latin America Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 158
21.1.5. Latin America Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 159
21.1.6. Latin America Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 160
21.1.7. Latin America Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 161
21.1.8. Latin America Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 162
21.1.9. Latin America Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 163
21.1.10. Latin America Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 164
21.1.11. Latin America Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 165
21.2. Brazil 166
21.3. Argentina 166
21.4. Peru 166
21.5. Chile 166
21.6. Colombia 166
21.7. Rest of Latin America 166
CHAPTER NO. 22 HEAT PUMP MARKET – MIDDLE EAST 167
22.1. Middle East 167
22.1.1. Key Highlights 167
22.1.2. Middle East Heat Pump Market Volume, Based on Country, 2018 – 2032 (K Units) 168
22.1.3. Middle East Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 169
22.1.4. Middle East Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 170
22.1.5. Middle East Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 171
22.1.6. Middle East Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 172
22.1.7. Middle East Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 173
22.1.8. Middle East Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 174
22.1.9. Middle East Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 175
22.1.10. Middle East Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 176
22.1.11. Middle East Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 177
22.2. UAE 178
22.3. KSA 178
22.4. Israel 178
22.5. Turkey 178
22.6. Iran 178
22.7. Rest of Middle East 178
CHAPTER NO. 23 HEAT PUMP MARKET – AFRICA 179
23.1. Africa 179
23.1.1. Key Highlights 179
23.1.2. Africa Heat Pump Market Volume, Based on Country, 2018 – 2032 (K Units) 180
23.1.3. Africa Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 181
23.1.4. Africa Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 182
23.1.5. Africa Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 183
23.1.6. Africa Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 184
23.1.7. Africa Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 185
23.1.8. Africa Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 186
23.1.9. Africa Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 187
23.1.10. Africa Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 188
23.1.11. Africa Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 189
23.2. Egypt 190
23.3. Nigeria 190
23.4. Algeria 190
23.5. Morocco 190
23.6. Rest of Africa 190
CHAPTER NO. 24 COMPANY PROFILES 191
24.1. United Technologies Corporation 191
24.1.1. Company Overview 191
24.1.2. Product Portfolio 191
24.1.3. Swot Analysis 191
24.1.4. Business Strategy 191
24.1.5. Financial Overview 192
24.2. Daikin Industries, Ltd. 193
24.3. NIBE Industrier AB 193
24.4. The Viessmann Group 193
24.5. Stiebel Eltron 193
24.6. Ingersoll-Rand, Inc. 193
24.7. Robert Bosch GmbH 193
24.8. Vaillant Group 193
24.9. The Danfoss Group 193
24.10. Mitsubishi Electric Corporation 193
24.11. Midea Group 193
24.12. Panasonic Corporation 193
24.13. Carrier Global Corporation 193
24.14. Trane Technologies plc 193
24.15. Hitachi, Ltd. 193
24.16. Fujitsu General Limited 193
24.17. Climaveneta S.p.A. 193
24.18. Ingersoll Rand Plc. 193
24.19. Rheem Manufacturing Company 193
24.20. LG Electronics, Inc. 193
24.21. Samsung 193
CHAPTER NO. 25 RESEARCH METHODOLOGY 194
25.1. Research Methodology 194
25.1.1. Phase I – Secondary Research 195
25.1.2. Phase II – Data Modeling 195
Company Share Analysis Model 196
Revenue Based Modeling 196
25.1.3. Phase III – Primary Research 197
25.1.4. Research Limitations 198
Assumptions 198

List of Figures
FIG NO. 1. Global Heat Pump Market Volume & Revenue, 2018 – 2032 (K Units) (USD Million) 33
FIG NO. 2. Porter’s Five Forces Analysis for Global Heat Pump Market 41
FIG NO. 3. Value Chain Analysis for Global Heat Pump Market 42
FIG NO. 4. Global Heat Pump Market Import Volume/Revenue, Based on Region, 2018 – 2023 44
FIG NO. 5. Global Heat Pump Market Export Volume/Revenue, Based on Region, 2018 – 2023 45
FIG NO. 6. Global Heat Pump Market Demand Volume/Revenue, Based on Region, 2018 – 2023 46
FIG NO. 7. Global Heat Pump Market Supply Volume/Revenue, Based on Region, 2018 – 2023 47
FIG NO. 8. Global Heat Pump Market Production Volume/Revenue, Based on Region, 2018 – 2023 48
FIG NO. 9. Global Heat Pump Market Price, Based on Region, 2018 – 2023 50
FIG NO. 10. Global Heat Pump Market Price, Based on Type, 2018 – 2023 51
FIG NO. 11. Raw Materials Price Trend Analysis, 2018 – 2023 52
FIG NO. 12. Manufacturing Cost Analysis 53
FIG NO. 13. Manufacturing Process 53
FIG NO. 14. Company Share Analysis, 2023 54
FIG NO. 15. Company Share Analysis, 2023 55
FIG NO. 16. Company Share Analysis, 2023 56
FIG NO. 17. Company Share Analysis, 2023 57
FIG NO. 18. Heat Pump Market – Company Volume Market Share, 2023 58
FIG NO. 19. Heat Pump Market – Company Revenue Market Share, 2023 59
FIG NO. 20. Heat Pump Market Volume Share, Based on Type, 2023 & 2032 65
FIG NO. 21. Heat Pump Market Revenue Share, Based on Type, 2023 & 2032 65
FIG NO. 22. Market Attractiveness Analysis, Based on Type 66
FIG NO. 23. Incremental Revenue Growth Opportunity Based on Type, 2024 – 2032 66
FIG NO. 24. Heat Pump Market Revenue, Based on Type, 2018, 2023, 2027 & 2032 67
FIG NO. 25. Global Heat Pump Market for Air Source, Volume & Revenue (K Units) (USD Million) 2018 – 2032 68
FIG NO. 26. Global Heat Pump Market for Water Source, Volume & Revenue (K Units) (USD Million) 2018 – 2032 70
FIG NO. 27. Global Heat Pump Market for Ground Source, Volume & Revenue (K Units) (USD Million) 2018 – 2032 72
FIG NO. 28. Global Heat Pump Market for Hybrid, Volume & Revenue (K Units) (USD Million) 2018 – 2032 74
FIG NO. 29. Global Heat Pump Market for Others, Volume & Revenue (K Units) (USD Million) 2018 – 2032 76
FIG NO. 30. Heat Pump Market Volume Share, Based on Capacity, 2023 & 2032 79
FIG NO. 31. Heat Pump Market Revenue Share, Based on Capacity, 2023 & 2032 79
FIG NO. 32. Market Attractiveness Analysis, Based on Capacity 80
FIG NO. 33. Incremental Revenue Growth Opportunity Based on Capacity, 2024 – 2032 80
FIG NO. 34. Heat Pump Market Revenue, Based on Capacity, 2018, 2023, 2027 & 2032 81
FIG NO. 35. Global Heat Pump Market for Up to 20 KW, Volume & Revenue (K Units) (USD Million) 2018 – 2032 82
FIG NO. 36. Global Heat Pump Market for 20-50 KW, Volume & Revenue (K Units) (USD Million) 2018 – 2032 84
FIG NO. 37. Global Heat Pump Market for 50-100 kW, Volume & Revenue (K Units) (USD Million) 2018 – 2032 86
FIG NO. 38. Global Heat Pump Market for 100-200 kW, Volume & Revenue (K Units) (USD Million) 2018 – 2032 88
FIG NO. 39. Global Heat Pump Market for Above 200 kW, Volume & Revenue (K Units) (USD Million) 2018 – 2032 90
FIG NO. 40. Heat Pump Market Volume Share, Based on End-user, 2023 & 2032 93
FIG NO. 41. Heat Pump Market Revenue Share, Based on End-user, 2023 & 2032 93
FIG NO. 42. Market Attractiveness Analysis, Based on End-user 94
FIG NO. 43. Incremental Revenue Growth Opportunity Based on End-user, 2024 – 2032 94
FIG NO. 44. Heat Pump Market Revenue, Based on End-user, 2018, 2023, 2027 & 2032 95
FIG NO. 45. Global Heat Pump Market for Residential, Volume & Revenue (K Units) (USD Million) 2018 – 2032 96
FIG NO. 46. Global Heat Pump Market for Commercial, Volume & Revenue (K Units) (USD Million) 2018 – 2032 98
FIG NO. 47. Global Heat Pump Market for Industrial, Volume & Revenue (K Units) (USD Million) 2018 – 2032 100
FIG NO. 48. Heat Pump Market Volume Share, Based on Operation Type, 2023 & 2032 103
FIG NO. 49. Heat Pump Market Revenue Share, Based on Operation Type, 2023 & 2032 103
FIG NO. 50. Market Attractiveness Analysis, Based on Operation Type 104
FIG NO. 51. Incremental Revenue Growth Opportunity Based on Operation Type, 2024 – 2032 104
FIG NO. 52. Heat Pump Market Revenue, Based on Operation Type, 2018, 2023, 2027 & 2032 105
FIG NO. 53. Global Heat Pump Market for Electric, Volume & Revenue (K Units) (USD Million) 2018 – 2032 106
FIG NO. 54. Global Heat Pump Market for Hybrid, Volume & Revenue (K Units) (USD Million) 2018 – 2032 108
FIG NO. 55. Global Heat Pump Market Volume Share, Based on Region, 2023 & 2032 111
FIG NO. 56. Global Heat Pump Market Revenue Share, Based on Region, 2023 & 2032 111
FIG NO. 57. Market Attractiveness Analysis, Based on Region 112
FIG NO. 58. Incremental Revenue Growth Opportunity Based on Region, 2024 – 2032 112
FIG NO. 59. Heat Pump Market Revenue, Based on Region, 2018, 2023, 2027 & 2032 113
FIG NO. 60. North America Heat Pump Market Volume & Revenue, 2018 – 2032 (K Units) (USD Million) 119
FIG NO. 61. Europe Heat Pump Market Volume & Revenue, 2018 – 2032 (K Units) (USD Million) 131
FIG NO. 62. Asia Pacific Heat Pump Market Volume & Revenue, 2018 – 2032 (K Units) (USD Million) 143
FIG NO. 63. Latin America Heat Pump Market Volume & Revenue, 2018 – 2032 (K Units) (USD Million) 155
FIG NO. 64. Middle East Heat Pump Market Volume & Revenue, 2018 – 2032 (K Units) (USD Million) 167
FIG NO. 65. Africa Heat Pump Market Volume & Revenue, 2018 – 2032 (K Units) (USD Million) 179
FIG NO. 66. Research Methodology – Detailed View 194
FIG NO. 67. Research Methodology 195

List of Tables
TABLE NO. 1. Global Heat Pump Market Snapshot 29
TABLE NO. 2. Drivers for the Heat Pump Market Impact Analysis 34
TABLE NO. 3. Restraints for the Heat Pump Market Impact Analysis 36
TABLE NO. 4. Global Heat Pump Market Production Volume, Based on Region, 2018 – 2023 (K Units) 46
TABLE NO. 5. Global Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 47
TABLE NO. 6. Global Heat Pump Market Volume & Revenue, Based on Type, 2018 – 2023 48
TABLE NO. 7. Key Raw Materials & Suppliers 49
TABLE NO. 8. Global Air Source Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 66
TABLE NO. 9. Global Air Source Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 66
TABLE NO. 10. Global Water Source Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 68
TABLE NO. 11. Global Water Source Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 68
TABLE NO. 12. Global Ground Source Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 70
TABLE NO. 13. Global Ground Source Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 70
TABLE NO. 14. Global Hybrid Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 72
TABLE NO. 15. Global Hybrid Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 72
TABLE NO. 16. Global Others Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 74
TABLE NO. 17. Global Others Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 74
TABLE NO. 18. Global Up to 20 KW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 80
TABLE NO. 19. Global Up to 20 KW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 80
TABLE NO. 20. Global 20-50 KW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 82
TABLE NO. 21. Global 20-50 KW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 82
TABLE NO. 22. Global 50-100 kW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 84
TABLE NO. 23. Global 50-100 kW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 84
TABLE NO. 24. Global 100-200 kW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 86
TABLE NO. 25. Global 100-200 kW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 86
TABLE NO. 26. Global Above 200 kW Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 88
TABLE NO. 27. Global Above 200 kW Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 88
TABLE NO. 28. Global Residential Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 94
TABLE NO. 29. Global Residential Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 94
TABLE NO. 30. Global Commercial Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 96
TABLE NO. 31. Global Commercial Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 96
TABLE NO. 32. Global Industrial Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 98
TABLE NO. 33. Global Industrial Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 98
TABLE NO. 34. Global Electric Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 104
TABLE NO. 35. Global Electric Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 104
TABLE NO. 36. Global Hybrid Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 106
TABLE NO. 37. Global Hybrid Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 106
TABLE NO. 38. Global Heat Pump Market Volume & Revenue, Based on Region, 2018 – 2023 (K Units) (USD Million) 111
TABLE NO. 39. Global Heat Pump Market Volume & Revenue, Based on Region, 2024 – 2032 (K Units) (USD Million) 111
TABLE NO. 40. Global Heat Pump Market Volume & Revenue, Based on Type, 2018 – 2023 (K Units) (USD Million) 112
TABLE NO. 41. Global Heat Pump Market Volume & Revenue, Based on Type, 2024 – 2032 (K Units) (USD Million) 112
TABLE NO. 42. Global Heat Pump Market Volume & Revenue, Based on Capacity, 2018 – 2023 (K Units) (USD Million) 113
TABLE NO. 43. Global Heat Pump Market Volume & Revenue, Based on Capacity, 2024 – 2032 (K Units) (USD Million) 113
TABLE NO. 44. Global Heat Pump Market Volume & Revenue, Based on End-user, 2018 – 2023 (K Units) (USD Million) 114
TABLE NO. 45. Global Heat Pump Market Volume & Revenue, Based on End-user, 2024 – 2032 (K Units) (USD Million) 114
TABLE NO. 46. Global Heat Pump Market Volume & Revenue, Based on Operation Type, 2018 – 2023 (K Units) (USD Million) 115
TABLE NO. 47. Global Heat Pump Market Volume & Revenue, Based on Operation Type, 2024 – 2032 (K Units) (USD Million) 115
TABLE NO. 48. North America Heat Pump Market Volume, Based on Country, 2018 – 2023 (K Units) 117
TABLE NO. 49. North America Heat Pump Market Volume, Based on Country, 2024 – 2032 (K Units) 117
TABLE NO. 50. North America Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 118
TABLE NO. 51. North America Heat Pump Market Revenue, Based on Country, 2024 – 2032 (USD Million) 118
TABLE NO. 52. North America Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 119
TABLE NO. 53. North America Heat Pump Market Volume, Based on Type, 2024 – 2032 (K Units) 119
TABLE NO. 54. North America Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 120
TABLE NO. 55. North America Heat Pump Market Revenue, Based on Type, 2024 – 2032 (USD Million) 120
TABLE NO. 56. North America Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 121
TABLE NO. 57. North America Heat Pump Market Volume, Based on Capacity, 2024 – 2032 (K Units) 121
TABLE NO. 58. North America Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 122
TABLE NO. 59. North America Heat Pump Market Revenue, Based on Capacity, 2024 – 2032 (USD Million) 122
TABLE NO. 60. North America Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 123
TABLE NO. 61. North America Heat Pump Market Volume, Based on End-user, 2024 – 2032 (K Units) 123
TABLE NO. 62. North America Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 124
TABLE NO. 63. North America Heat Pump Market Revenue, Based on End-user, 2024 – 2032 (USD Million) 124
TABLE NO. 64. North America Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 125
TABLE NO. 65. North America Heat Pump Market Volume, Based on Operation Type, 2024 – 2032 (K Units) 125
TABLE NO. 66. North America Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 126
TABLE NO. 67. North America Heat Pump Market Revenue, Based on Operation Type, 2024 – 2032 (USD Million) 126
TABLE NO. 68. Europe Heat Pump Market Volume, Based on Country, 2018 – 2023 (K Units) 129
TABLE NO. 69. Europe Heat Pump Market Volume, Based on Country, 2024 – 2032 (K Units) 129
TABLE NO. 70. Europe Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 130
TABLE NO. 71. Europe Heat Pump Market Revenue, Based on Country, 2024 – 2032 (USD Million) 130
TABLE NO. 72. Europe Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 131
TABLE NO. 73. Europe Heat Pump Market Volume, Based on Type, 2024 – 2032 (K Units) 131
TABLE NO. 74. Europe Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 132
TABLE NO. 75. Europe Heat Pump Market Revenue, Based on Type, 2024 – 2032 (USD Million) 132
TABLE NO. 76. Europe Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 133
TABLE NO. 77. Europe Heat Pump Market Volume, Based on Capacity, 2024 – 2032 (K Units) 133
TABLE NO. 78. Europe Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 134
TABLE NO. 79. Europe Heat Pump Market Revenue, Based on Capacity, 2024 – 2032 (USD Million) 134
TABLE NO. 80. Europe Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 135
TABLE NO. 81. Europe Heat Pump Market Volume, Based on End-user, 2024 – 2032 (K Units) 135
TABLE NO. 82. Europe Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 136
TABLE NO. 83. Europe Heat Pump Market Revenue, Based on End-user, 2024 – 2032 (USD Million) 136
TABLE NO. 84. Europe Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 137
TABLE NO. 85. Europe Heat Pump Market Volume, Based on Operation Type, 2024 – 2032 (K Units) 137
TABLE NO. 86. Europe Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 138
TABLE NO. 87. Europe Heat Pump Market Revenue, Based on Operation Type, 2024 – 2032 (USD Million) 138
TABLE NO. 88. Asia Pacific Heat Pump Market Volume, Based on Country, 2018 – 2023 (K Units) 141
TABLE NO. 89. Asia Pacific Heat Pump Market Volume, Based on Country, 2024 – 2032 (K Units) 141
TABLE NO. 90. Asia Pacific Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 142
TABLE NO. 91. Asia Pacific Heat Pump Market Revenue, Based on Country, 2024 – 2032 (USD Million) 142
TABLE NO. 92. Asia Pacific Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 143
TABLE NO. 93. Asia Pacific Heat Pump Market Volume, Based on Type, 2024 – 2032 (K Units) 143
TABLE NO. 94. Asia Pacific Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 144
TABLE NO. 95. Asia Pacific Heat Pump Market Revenue, Based on Type, 2024 – 2032 (USD Million) 144
TABLE NO. 96. Asia Pacific Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 145
TABLE NO. 97. Asia Pacific Heat Pump Market Volume, Based on Capacity, 2024 – 2032 (K Units) 145
TABLE NO. 98. Asia Pacific Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 146
TABLE NO. 99. Asia Pacific Heat Pump Market Revenue, Based on Capacity, 2024 – 2032 (USD Million) 146
TABLE NO. 100. Asia Pacific Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 147
TABLE NO. 101. Asia Pacific Heat Pump Market Volume, Based on End-user, 2024 – 2032 (K Units) 147
TABLE NO. 102. Asia Pacific Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 148
TABLE NO. 103. Asia Pacific Heat Pump Market Revenue, Based on End-user, 2024 – 2032 (USD Million) 148
TABLE NO. 104. Asia Pacific Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 149
TABLE NO. 105. Asia Pacific Heat Pump Market Volume, Based on Operation Type, 2024 – 2032 (K Units) 149
TABLE NO. 106. Asia Pacific Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 150
TABLE NO. 107. Asia Pacific Heat Pump Market Revenue, Based on Operation Type, 2024 – 2032 (USD Million) 150
TABLE NO. 108. Latin America Heat Pump Market Volume, Based on Country, 2018 – 2023 (K Units) 153
TABLE NO. 109. Latin America Heat Pump Market Volume, Based on Country, 2024 – 2032 (K Units) 153
TABLE NO. 110. Latin America Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 154
TABLE NO. 111. Latin America Heat Pump Market Revenue, Based on Country, 2024 – 2032 (USD Million) 154
TABLE NO. 112. Latin America Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 155
TABLE NO. 113. Latin America Heat Pump Market Volume, Based on Type, 2024 – 2032 (K Units) 155
TABLE NO. 114. Latin America Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 156
TABLE NO. 115. Latin America Heat Pump Market Revenue, Based on Type, 2024 – 2032 (USD Million) 156
TABLE NO. 116. Latin America Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 157
TABLE NO. 117. Latin America Heat Pump Market Volume, Based on Capacity, 2024 – 2032 (K Units) 157
TABLE NO. 118. Latin America Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 158
TABLE NO. 119. Latin America Heat Pump Market Revenue, Based on Capacity, 2024 – 2032 (USD Million) 158
TABLE NO. 120. Latin America Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 159
TABLE NO. 121. Latin America Heat Pump Market Volume, Based on End-user, 2024 – 2032 (K Units) 159
TABLE NO. 122. Latin America Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 160
TABLE NO. 123. Latin America Heat Pump Market Revenue, Based on End-user, 2024 – 2032 (USD Million) 160
TABLE NO. 124. Latin America Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 161
TABLE NO. 125. Latin America Heat Pump Market Volume, Based on Operation Type, 2024 – 2032 (K Units) 161
TABLE NO. 126. Latin America Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 162
TABLE NO. 127. Latin America Heat Pump Market Revenue, Based on Operation Type, 2024 – 2032 (USD Million) 162
TABLE NO. 128. Middle East Heat Pump Market Volume, Based on Country, 2018 – 2023 (K Units) 165
TABLE NO. 129. Middle East Heat Pump Market Volume, Based on Country, 2024 – 2032 (K Units) 165
TABLE NO. 130. Middle East Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 166
TABLE NO. 131. Middle East Heat Pump Market Revenue, Based on Country, 2024 – 2032 (USD Million) 166
TABLE NO. 132. Middle East Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 167
TABLE NO. 133. Middle East Heat Pump Market Volume, Based on Type, 2024 – 2032 (K Units) 167
TABLE NO. 134. Middle East Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 168
TABLE NO. 135. Middle East Heat Pump Market Revenue, Based on Type, 2024 – 2032 (USD Million) 168
TABLE NO. 136. Middle East Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 169
TABLE NO. 137. Middle East Heat Pump Market Volume, Based on Capacity, 2024 – 2032 (K Units) 169
TABLE NO. 138. Middle East Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 170
TABLE NO. 139. Middle East Heat Pump Market Revenue, Based on Capacity, 2024 – 2032 (USD Million) 170
TABLE NO. 140. Middle East Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 171
TABLE NO. 141. Middle East Heat Pump Market Volume, Based on End-user, 2024 – 2032 (K Units) 171
TABLE NO. 142. Middle East Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 172
TABLE NO. 143. Middle East Heat Pump Market Revenue, Based on End-user, 2024 – 2032 (USD Million) 172
TABLE NO. 144. Middle East Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 173
TABLE NO. 145. Middle East Heat Pump Market Volume, Based on Operation Type, 2024 – 2032 (K Units) 173
TABLE NO. 146. Middle East Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 174
TABLE NO. 147. Middle East Heat Pump Market Revenue, Based on Operation Type, 2024 – 2032 (USD Million) 174
TABLE NO. 148. Africa Heat Pump Market Volume, Based on Country, 2018 – 2023 (K Units) 177
TABLE NO. 149. Africa Heat Pump Market Volume, Based on Country, 2024 – 2032 (K Units) 177
TABLE NO. 150. Africa Heat Pump Market Revenue, Based on Country, 2018 – 2023 (USD Million) 178
TABLE NO. 151. Africa Heat Pump Market Revenue, Based on Country, 2024 – 2032 (USD Million) 178
TABLE NO. 152. Africa Heat Pump Market Volume, Based on Type, 2018 – 2023 (K Units) 179
TABLE NO. 153. Africa Heat Pump Market Volume, Based on Type, 2024 – 2032 (K Units) 179
TABLE NO. 154. Africa Heat Pump Market Revenue, Based on Type, 2018 – 2023 (USD Million) 180
TABLE NO. 155. Africa Heat Pump Market Revenue, Based on Type, 2024 – 2032 (USD Million) 180
TABLE NO. 156. Africa Heat Pump Market Volume, Based on Capacity, 2018 – 2023 (K Units) 181
TABLE NO. 157. Africa Heat Pump Market Volume, Based on Capacity, 2024 – 2032 (K Units) 181
TABLE NO. 158. Africa Heat Pump Market Revenue, Based on Capacity, 2018 – 2023 (USD Million) 182
TABLE NO. 159. Africa Heat Pump Market Revenue, Based on Capacity, 2024 – 2032 (USD Million) 182
TABLE NO. 160. Africa Heat Pump Market Volume, Based on End-user, 2018 – 2023 (K Units) 183
TABLE NO. 161. Africa Heat Pump Market Volume, Based on End-user, 2024 – 2032 (K Units) 183
TABLE NO. 162. Africa Heat Pump Market Revenue, Based on End-user, 2018 – 2023 (USD Million) 184
TABLE NO. 163. Africa Heat Pump Market Revenue, Based on End-user, 2024 – 2032 (USD Million) 184
TABLE NO. 164. Africa Heat Pump Market Volume, Based on Operation Type, 2018 – 2023 (K Units) 185
TABLE NO. 165. Africa Heat Pump Market Volume, Based on Operation Type, 2024 – 2032 (K Units) 185
TABLE NO. 166. Africa Heat Pump Market Revenue, Based on Operation Type, 2018 – 2023 (USD Million) 186
TABLE NO. 167. Africa Heat Pump Market Revenue, Based on Operation Type, 2024 – 2032 (USD Million) 186

Frequently Asked Questions

What is the projected growth of the global heat pump market?

The global heat pump market is projected to grow from USD 89,754.36 million in 2023 to USD 1,87,035.14 million by 2032, with a CAGR of 8.50%.

What factors are driving the growth of the heat pump market?

The growth is driven by increasing demand for energy-efficient and environmentally friendly heating solutions, rising energy costs, and government incentives promoting sustainable practices.

Which regions are leading in the adoption of heat pumps?

Europe holds the largest share of the market, followed by North America and Asia-Pacific, driven by stringent regulations, rapid urbanization, and increasing construction activities.

What role do government incentives play in the heat pump market?

Government incentives, such as subsidies and tax rebates, play a crucial role in lowering the initial cost barrier, thereby accelerating the adoption of heat pumps globally.

Who are the major players in the global heat pump market?

Key players include Daikin Industries Ltd., Mitsubishi Electric Corporation, NIBE Industrier AB, Bosch Thermotechnology, and Carrier Corporation, who are leading the market through innovation and extensive product portfolios.

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