Heat Pump Market
Heat Pump Market Study by Air Source, Water Source, and Ground Source for Residential, Commercial, and Industrial Use from 2024 to 2034
Analysis of Heat Pump Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Heat Pump Market Outlook (2024 to 2034)
The global heat pumps market size is set to reach a value of US$ 84.6 billion in 2024 and thereafter expand at a remarkable CAGR of 9.1% to end up at US$ 202.2 billion by 2034.
A heat pump, a mechanical refrigeration device, employs a compression cycle to regulate temperatures in a designated area. Due to their versatility, heat pumps are widely used for both heating and cooling purposes, particularly in space heating and cooling systems. Their components include an exterior heat pump unit resembling a central air conditioner and an indoor air handler.
The outdoor unit's compressor circulates refrigerant, which absorbs and releases heat between indoor and outdoor units. A key difference between a heat pump and an air conditioner lies in their capabilities; while both cool spaces using similar principles, heat pumps can also provide heating, a feature lacking in air conditioners.
Heat pump market growth is being driven by factors such as the shift from traditional fuel-based heating to heat pump technology and its affordability in residential settings. Moreover, adoption of heat pump technology aligns with regulations, contributing significantly to reducing CO2 emissions. Market expansion is further propelled by supportive regulatory frameworks and increasing environmental concerns.
Recent developments in the industry reflect ongoing climate fluctuations and subsequent demand increasing for heating and cooling solutions in residential and industrial sectors.
| Report Attribute | Detail |
|---|---|
| Heat Pump Market Size (2024E) | US$ 84.6 Billion |
| Forecasted Market Value (2034F) | US$ 202.2 Billion |
| Global Market Growth Rate (2024 to 2034) | 9.1% CAGR |
| Canada Market Growth Rate (2024 to 2034) | 9.2% CAGR |
| China Market Value (2034F) | US$ 27.9 Billion |
| North America Market Share (2024E) | 24.7% |
| East Asia Market Share (2034F) | 28.3% |
| Key Companies Profiled | Midea Group; Panasonic Corporation; Mitsubishi Electric Corporation; Denso Corporation; LG Electronics; Lennox International; Fujitsu General; Samsung; NIBE Group; Glen Dimplex Group; Flamingo Heat Pumps. |
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Which Factors are Inflating the Market for Heat Pumps?
“Integration of IoT Technology for Remote Diagnostics and Monitoring”
Heat pumps, integrated with Internet of Things (IoT) technology, offer remote diagnostics, real-time monitoring, and predictive maintenance capabilities. Smart thermostats, interacting with water heating systems, are vital components of IoT-enabled heat pumps. These pumps are gaining traction across various industries.
Despite their increasing popularity, their fundamental designs and functionalities remain unchanged. Automation and remote control features have been prioritized to enhance user experience with next-gen heat pumps. Modern heat pumps are equipped with LCDs and warning indicators for user convenience.
Leading industry competitors like Panasonic and Samsung are focusing on integrating diverse technologies into their heat pumps to ensure ease of operation and maintenance. Research is exploring the incorporation of artificial intelligence (AI) and machine learning (ML) to enhance energy efficiency and reduce power consumption.
“Focus on Efficient Utilization of Ambient Heat to Reduce Fossil Fuel Dependence”
Electricity is the primary power source for houses, hospitals, and schools, among other places. However, significant greenhouse gas emissions occur during both its production and consumption. To curb these emissions, many countries worldwide are increasingly transitioning to renewable energy sources while reducing their dependence on non-renewable ones.
Heat pump technology emerges as a promising solution for reducing greenhouse gas emissions. Heat pumps utilizing geothermal and aerothermal technology offer a low-energy method for space heating. Incorporating heat pumps into HVAC systems is viewed as a sustainable approach.
Heat pumps are widely employed for space heating, cooling, and water heating across commercial, industrial, and residential sectors. Substantial thermal energy reserves are present in both the air and ground.
By utilizing energy input, primarily electricity, heat pumps efficiently raise temperatures after extracting ambient heat from the air, operating at low temperatures. They significantly reduce reliance on fossil fuels compared to other heat transfer methods. This factor drives market expansion by increasing the adoption of heat pump installations across various industries.
What are the Issues Seen in the Market for Heat Pumps?
“Lack of Familiarity with ISO Regulations Among Contractors”
Heat pumps represent highly advanced machinery. End users in developing and underdeveloped countries may lack awareness regarding the energy efficiency, economic viability, and environmental advantages associated with heat pumps, compounded by their limited technical expertise. This lack of awareness is projected to hinder the expansion of the heat pump market size in developing countries during the analysis period.
Research from the United Nations Environment Program indicates that contractors lack familiarity with International Organization for Standardization (ISO) regulations concerning heat pumps. ISO standards significantly contribute to enhancing the safety and quality control of provided goods and services.
“High Cost Associated with Installation of Heat Pumps”
High initial investment and specialized installation process of geothermal heat pumps pose significant constraints despite their efficiency benefits. Because they contribute to decreased carbon emissions, energy costs, and increased energy efficiency, heat pumps are widely employed in the commercial, industrial, and residential sectors.
Since air-source heat pumps are more affordable and effective in providing heating for households and small commercial buildings, there is a great demand for them. Although installing a geothermal heat pump usually costs more, the benefits include increased efficiency and the ability to serve larger buildings. Geothermal heat pumps require the subterranean installation of high-density polyethylene pipes, which requires a team of experts to spend at least three days.
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Country-wise Evaluation
The market in South Korea is forecasted to expand at a CAGR of 9% from 2024 to 2034. The country is evaluated to occupy a heat pump market share of 24.9% in East Asia by the end of 2034.
How is Recovery of Construction Sector in United States Driving Market Growth?
“Rising Demand for Renovation Activities and Increasing Adoption of Air-to-Air Heat Pumps”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 17.2 Billion |
| Growth Rate (2024 to 2034) | 9.1% CAGR |
| Projected Value (2034F) | US$ 41.1 Billion |
Swift recovery of the construction sector in the United States, alongside repair and restoration endeavors, is poised to boost the requirement for advanced and space-efficient heating solutions in residential areas. The United States commands a substantial market share owing to its prominence in heating solutions, residential construction, and the growing request for air-to-air heat pumps.
What is Drawing Heat Pump Manufacturers to Japan?
“Extensive Adoption of Efficient Heating Solutions in Residential Construction”
| Attribute | Japan |
|---|---|
| Market Value (2024E) | US$ 6.3 Billion |
| Growth Rate (2024 to 2034) | 9.2% CAGR |
| Projected Value (2034F) | US$ 15.1 Billion |
Expansion of the heat pump market in Japan is being driven by rising demand from the country's residential, commercial, and industrial sectors as well as the dominance of leading heat pump manufacturers. Among the key heat pump market trends seen in Japan is the widespread usage of efficient heating solutions in residential buildings, not only for space heating and cooling but also for refrigerators.
Category-wise Insights
Based on product type, the ground source segment is evaluated to expand at a CAGR of 9.5% from 2024 to 2034.
Why are Air-source Heat Pumps Preferred over Other Variants?
“Versatility and Cost-Effectiveness of Air-Source Heat Pumps”
| Attribute | Air Source |
|---|---|
| Segment Value (2024E) | US$ 57.5 Billion |
| Growth Rate (2024 to 2034) | 9% CAGR |
| Projected Value (2034F) | US$ 135.7 Billion |
An air source heat pump (ASHP) extracts heat from the surrounding air to produce hot water reaching temperatures of up to 90 °C. As heat is drawn from the air, the ambient temperature decreases, fulfilling the dual requirements for cold air and hot water, thereby propelling sales of air-source heat pumps.
Air-source heat pumps are projected to maintain a significant market share during the forecast period compared to water-source and ground-source counterparts. Growing demand for air source heat pumps is stimulated by their versatility and cost-effective installation and capital expenses.
How is Climate Change Influencing Adoption of Heat Pumps in Residential Settings?
“Incentives for Energy-efficient Heating and Cooling Solutions in Residential Settings”
| Attribute | Residential |
|---|---|
| Segment Value (2024E) | US$ 52.9 Billion |
| Growth Rate (2024 to 2034) | 9.1% CAGR |
| Projected Value (2034F) | US$ 126.6 Billion |
Urgency of climate change is boosting the adoption of heat pumps, offering cooling during hot periods and heating in colder seasons. Heat pumps, known for their energy efficiency, serve as vital appliances in homes, providing hot water for sanitation and regulating indoor temperatures. The principal factors bolstering market growth in the residential segment include increased governmental funding for infrastructure initiatives and incentives promoting the adoption of renewable energy sources, especially in developing countries.
Know thy Competitors
Competitive landscape highlights only certain players
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Market Rivalry
Key players in the heat pump market are implementing a range of marketing techniques, including partnerships, cooperation, mergers and acquisitions, new product releases, regional growth, and alliances, to gauge potential customers' interest and grow their clientele, and also adapting themselves to the evolving market trends such as geothermal heat pumps and oil & gas pumps.
- On May 3, 2024, Rheinmetall received more orders for its ground-breaking heat pump technology, which will be utilized in off-road vehicles and electric buses.
- A new company called Quilt launched a ductless heat pump in May 2024, revolutionizing the industry.
- To move Europe off gas and expedite the electrification of residential heating, Swedish sustainable energy technology company Aira introduced the Aira Heat Pump in March 2024.
Fact.MR provides detailed information about the price points of key heat pump manufacturers positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.
Key Segments of Heat Pump Market Research
-
By Product Type :
- Air Source
- Water Source
- Ground Source
-
By Rated Capacity :
- Up to 10 kW
- 10 to 20 kW
- 20 to 30 kW
- Above 30 kW
-
By Application :
- Residential
- Commercial
- Industrial
-
By Region :
- North America
- Latin America
- Eastern Europe
- Western Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Rated Capacity 6.2. Product Type 6.3. Application 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Rated Capacity 7.1. Up to 10 kW 7.2. 10 to 20 kW 7.3. 20 to 30 kW 7.4. Above 30 kW 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type 8.1. Air Source 8.2. Water Source 8.3. Ground Source 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application 9.1. Residential 9.2. Commercial 9.3. Industrial 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. East Asia 10.6. South Asia & Pacific 10.7. Middle East & Africa 11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Sales Forecast 2024 to 2034 by Rated Capacity, Product Type, Application, and Region for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Midea Group 20.2. Panasonic Corporation 20.3. Mitsubishi Electric Corporation 20.4. Denso Corporation 20.5. LG Electronics 20.6. Lennox International 20.7. Fujitsu General 20.8. Samsung 20.9. NIBE Group 20.10. Glen Dimplex Group 20.11. Flamingo Heat Pumps 21. Assumptions and Acronyms Rated Capacityd 22. Research Methodology
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List Of Table
Table 01: Global Market Value (US$ Mn) Analysis, by Rated Capacity, 2019 to 2023
Table 02: Global Market Value (US$ Mn) Analysis, by Rated Capacity, 2024 to 2034
Table 03: Global Market Value (US$ Mn) Opportunity Analysis, by Rated Capacity, 2024 to 2034
Table 04: Global Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 05: Global Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 06: Global Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 07: Global Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 08: Global Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 09: Global Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 10: Global Market Value (US$ Mn) Analysis, by Region, 2019 to 2023
Table 11: Global Market Value (US$ Mn) Analysis, by Region, 2024 to 2034
Table 12: Global Market Value (US$ Mn) Opportunity Analysis, by Region, 2024 to 2034
Table 13: North America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 14: North America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 15: North America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 16: North America Market Value (US$ Mn) Analysis, by Rated Capacity, 2019 to 2023
Table 17: North America Market Value (US$ Mn) Analysis, by Rated Capacity, 2024 to 2034
Table 18: North America Market Value (US$ Mn) Opportunity Analysis, by Rated Capacity, 2024 to 2034
Table 19: North America Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 20: North America Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 21: North America Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 22: North America Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 23: North America Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 24: North America Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 25: Latin America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 26: Latin America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 27: Latin America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 28: Latin America Market Value (US$ Mn) Analysis, by Rated Capacity, 2019 to 2023
Table 29: Latin America Market Value (US$ Mn) Analysis, by Rated Capacity, 2024 to 2034
Table 30: Latin America Market Value (US$ Mn) Opportunity Analysis, by Rated Capacity, 2024 to 2034
Table 31: Latin America Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 32: Latin America Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 33: Latin America Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 34: Latin America Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 35: Latin America Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 36: Latin America Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 37: Western Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 38: Western Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 39: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 40: Western Europe Market Value (US$ Mn) Analysis, by Rated Capacity, 2019 to 2023
Table 41: Western Europe Market Value (US$ Mn) Analysis, by Rated Capacity, 2024 to 2034
Table 42: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Rated Capacity, 2024 to 2034
Table 43: Western Europe Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 44: Western Europe Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 45: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 46: Western Europe Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 47: Western Europe Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 48: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 49: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 50: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 51: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 52: Eastern Europe Market Value (US$ Mn) Analysis, by Rated Capacity, 2019 to 2023
Table 53: Eastern Europe Market Value (US$ Mn) Analysis, by Rated Capacity, 2024 to 2034
Table 54: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Rated Capacity, 2024 to 2034
Table 55: Eastern Europe Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 56: Eastern Europe Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 57: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 58: Eastern Europe Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 59: Eastern Europe Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 60: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 61: East Asia Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 62: East Asia Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 63: East Asia Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 64: East Asia Market Value (US$ Mn) Analysis, by Rated Capacity, 2019 to 2023
Table 65: East Asia Market Value (US$ Mn) Analysis, by Rated Capacity, 2024 to 2034
Table 66: East Asia Market Value (US$ Mn) Opportunity Analysis, by Rated Capacity, 2024 to 2034
Table 67: East Asia Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 68: East Asia Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 69: East Asia Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 70: East Asia Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 71: East Asia Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 72: East Asia Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 73: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 74: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 75: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 76: South Asia & Pacific Market Value (US$ Mn) Analysis, by Rated Capacity, 2019 to 2023
Table 77: South Asia & Pacific Market Value (US$ Mn) Analysis, by Rated Capacity, 2024 to 2034
Table 78: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Rated Capacity, 2024 to 2034
Table 79: South Asia & Pacific Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 80: South Asia & Pacific Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 81: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 82: South Asia & Pacific Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 83: South Asia & Pacific Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 84: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 85: MEA Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 86: MEA Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 87: MEA Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 88: MEA Market Value (US$ Mn) Analysis, by Rated Capacity, 2019 to 2023
Table 89: MEA Market Value (US$ Mn) Analysis, by Rated Capacity, 2024 to 2034
Table 90: MEA Market Value (US$ Mn) Opportunity Analysis, by Rated Capacity, 2024 to 2034
Table 91: MEA Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 92: MEA Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 93: MEA Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 94: MEA Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 95: MEA Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 96: MEA Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
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List Of Figures
Figure 01: Global Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 02: Global Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 03: Global Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 04: Global Market Incremental $ Opportunity, 2024 to 2034
Figure 05: Global Market Share and BPS Analysis by Rated Capacity, 2024 & 2034
Figure 06: Global Market Y-o-Y Growth Projections by Rated Capacity, 2024 to 2034
Figure 07: Global Market Attractiveness Analysis by Rated Capacity, 2024 to 2034
Figure 08: Global Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 09: Global Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 10: Global Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 11: Global Market Share and BPS Analysis by Application, 2024 & 2034
Figure 12: Global Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 13: Global Market Attractiveness Analysis by Application, 2024 to 2034
Figure 14: Global Market Share and BPS Analysis by Region, 2024 & 2034
Figure 15: Global Market Y-o-Y Growth Projections by Region, 2024 to 2034
Figure 16: Global Market Attractiveness Analysis by Region, 2024 to 2034
Figure 17: North America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 18: North America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 19: North America Market Value Y-o-Y Growth and Forecast, 2034
Figure 20: North America Market Incremental $ Opportunity, 2024 to 2034
Figure 21: North America Market Share Analysis by Country, 2024 & 2034
Figure 22: North America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 23: North America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 24: North America Market Share and BPS Analysis by Rated Capacity, 2024 & 2034
Figure 25: North America Market Y-o-Y Growth Projections by Rated Capacity, 2024 to 2034
Figure 26: North America Market Attractiveness Analysis by Rated Capacity, 2024 to 2034
Figure 27: North America Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 28: North America Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 29: North America Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 30: North America Market Share and BPS Analysis by Application, 2024 & 2034
Figure 31: North America Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 32: North America Market Attractiveness Analysis by Application, 2024 to 2034
Figure 33: Latin America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 34: Latin America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 35: Latin America Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 36: Latin America Market Incremental $ Opportunity, 2024 to 2034
Figure 37: Latin America Market Share Analysis by Country, 2024 & 2034
Figure 38: Latin America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 39: Latin America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 40: Latin America Market Share and BPS Analysis by Rated Capacity, 2024 & 2034
Figure 41: Latin America Market Y-o-Y Growth Projections by Rated Capacity, 2024 to 2034
Figure 42: Latin America Market Attractiveness Analysis by Rated Capacity, 2024 to 2034
Figure 43: Latin America Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 44: Latin America Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 45: Latin America Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 46: Latin America Market Share and BPS Analysis by Application, 2024 & 2034
Figure 47: Latin America Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 48: Latin America Market Attractiveness Analysis by Application, 2024 to 2034
Figure 49: Western Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 50: Western Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 51: Western Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 52: Western Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 53: Western Europe Market Share Analysis by Country, 2024 & 2034
Figure 54: Western Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 55: Western Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 56: Western Europe Market Share and BPS Analysis by Rated Capacity, 2024 & 2034
Figure 57: Western Europe Market Y-o-Y Growth Projections by Rated Capacity, 2024 to 2034
Figure 58: Western Europe Market Attractiveness Analysis by Rated Capacity, 2024 to 2034
Figure 59: Western Europe Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 60: Western Europe Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 61: Western Europe Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 62: Western Europe Market Share and BPS Analysis by Application, 2024 & 2034
Figure 63: Western Europe Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 64: Western Europe Market Attractiveness Analysis by Application, 2024 to 2034
Figure 66: Eastern Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 67: Eastern Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 68: Eastern Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 69: Eastern Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 70: Eastern Europe Market Share Analysis by Country, 2024 & 2034
Figure 71: Eastern Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 72: Eastern Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 73: Eastern Europe Market Share and BPS Analysis by Rated Capacity, 2024 & 2034
Figure 74: Eastern Europe Market Y-o-Y Growth Projections by Rated Capacity, 2024 to 2034
Figure 75: Eastern Europe Market Attractiveness Analysis by Rated Capacity, 2024 to 2034
Figure 76: Eastern Europe Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 77: Eastern Europe Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 78: Eastern Europe Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 79: Eastern Europe Market Share and BPS Analysis by Application, 2024 & 2034
Figure 80: Eastern Europe Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 81: Eastern Europe Market Attractiveness Analysis by Application, 2024 to 2034
Figure 82: East Asia Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 83: East Asia Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 84: East Asia Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 85: East Asia Market Incremental $ Opportunity, 2024 to 2034
Figure 86: East Asia Market Share Analysis by Country, 2024 & 2034
Figure 87: East Asia Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 88: East Asia Market Attractiveness Analysis by Country, 2024 to 2034
Figure 89: East Asia Market Share and BPS Analysis by Rated Capacity, 2024 & 2034
Figure 90: East Asia Market Y-o-Y Growth Projections by Rated Capacity, 2024 to 2034
Figure 91: East Asia Market Attractiveness Analysis by Rated Capacity, 2024 to 2034
Figure 92: East Asia Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 93: East Asia Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 94: East Asia Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 95: East Asia Market Share and BPS Analysis by Application, 2024 & 2034
Figure 96: East Asia Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 97: East Asia Market Attractiveness Analysis by Application, 2024 to 2034
Figure 98: South Asia & Pacific Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 99: South Asia & Pacific Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 100: South Asia & Pacific Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 101: South Asia & Pacific Market Incremental $ Opportunity, 2024 to 2034
Figure 102: South Asia & Pacific Market Share Analysis by Country, 2024 & 2034
Figure 103: South Asia & Pacific Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 104: South Asia & Pacific Market Attractiveness Analysis by Country, 2024 to 2034
Figure 105: South Asia & Pacific Market Share and BPS Analysis by Rated Capacity, 2024 & 2034
Figure 106: South Asia & Pacific Market Y-o-Y Growth Projections by Rated Capacity, 2024 to 2034
Figure 107: South Asia & Pacific Market Attractiveness Analysis by Rated Capacity, 2024 to 2034
Figure 108: South Asia & Pacific Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 109: South Asia & Pacific Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 110: South Asia & Pacific Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 111: South Asia & Pacific Market Share and BPS Analysis by Application, 2024 & 2034
Figure 112: South Asia & Pacific Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 113: South Asia & Pacific Market Attractiveness Analysis by Application, 2024 to 2034
Figure 114: MEA Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 115: MEA Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 116: MEA Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 117: MEA Market Incremental $ Opportunity, 2024 to 2034
Figure 118: MEA Market Share Analysis by Country, 2024 & 2034
Figure 119: MEA Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 120: MEA Market Attractiveness Analysis by Country, 2024 to 2034
Figure 121: MEA Market Share and BPS Analysis by Rated Capacity, 2024 & 2034
Figure 122: MEA Market Y-o-Y Growth Projections by Rated Capacity, 2024 to 2034
Figure 123: MEA Market Attractiveness Analysis by Rated Capacity, 2024 to 2034
Figure 124: MEA Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 125: MEA Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 126: MEA Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 127: MEA Market Share and BPS Analysis by Application, 2024 & 2034
Figure 128: MEA Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 129: MEA Market Attractiveness Analysis by Application, 2024 to 2034
Know thy Competitors
Competitive landscape highlights only certain players
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- FAQs -
How big is the heat pump market in 2024?
The global market for heat pumps is estimated at US$ 84.6 billion in 2024.
What are the projections for the worldwide market by 2034?
Heat pump sales are calculated to reach US$ 202.2 billion by 2034.
At what rate is the demand for heat pumps projected to rise?
Demand for heat pumps is calculated to rise at 9.1% CAGR from 2024 to 2034.
Which region is the leading shareholder in the global market?
East Asia is estimated to account for 28.5% share of the global market in 2024.
At what pace is the South Korean market forecasted to expand?
The market in South Korea is projected to expand at 9% CAGR from 2024 to 2034.
What is the market scenario for heat pumps in Canada?
The market in Canada is projected to increase to US$ 5.1 billion by 2034-end.
Who are the key manufacturers of heat pumps?
Leading market players are Midea Group, Panasonic Corporation, Mitsubishi Electric Corporation, and Denso Corporation.
Which type of heat pump accounts for higher revenue generation?
Air-source pumps are projected to account for 67.9% market share in 2024.
Heat Pump Market