Global Heat Pumps Market Projected to Grow at 5.3% CAGR, Reaching $155.97 Billion by 2029

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What Will the Heat Pumps Industry Market Size Be by 2025?
The market size for heat pumps has seen significant expansion in the past few years. The prediction is that it will increase from $120.19 billion in 2024 to $126.83 billion in 2025, growing at a compound annual growth rate (CAGR) of 5.5%. This growth observed in historical terms is due to factors like advancements in integrating renewable energy, heightened environmental consciousness, concerns about climate change, urbanization, developing housing trends, and increasing energy costs.

What's the Long-Term Growth Forecast for the Heat Pumps Market Size Through 2029?
Expectations point towards a robust expansion in the heat pumps market size in the impending years, with projections suggesting a growth to $155.97 billion by 2029, led by a compound annual growth rate (CAGR) of 5.3%. Factors facilitating this growth in the projected timeline encompass rising energy regulations aimed at efficiency, policies advocated for tackling climate change, an uptick in energy prices, urbanization coupled with building regulations, and escalating consumer demand for sustainability-oriented solutions. The forecast period also forecasts key trends such as the emergence of hybrid heat pump systems, efforts towards decarbonization, electrification of heat pumps, the advent of intelligent heat pump technology, as well as cold climate heat pumps.

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What Are the Key Growth Drivers Fueling the Heat Pumps Market Expansion?
Initiatives and regulations imposed by governments to enhance energy efficacy are fuelling the demand for renewable energy sources, thereby facilitating the expansion of the heat pumps market. The low carbon footprint, limited installation time and reduction of energy usage in domestic and industrial applications are characteristics of heat pumps that promote their use. There exists a vast potential for energy efficiency to spur economic growth and minimize greenhouse gas emissions. Various national governments are implementing policies for energy conservation. For example, the UK government established an Energy Efficiency Office that encompasses different departments to supervise, synchronize, and formulate energy conservation strategies. Furthermore, in the USA, any industry that consumes more than one million GJ/A (100) is obliged to disclose their energy conservation and consumption strategies to the Department of Energy to seek advice for optimizing energy utilization. Consequently, intensified efforts to cut down energy consumption are expected to drive the demand for energy-efficient commodities, ultimately contributing to the expansion of heat pumps market.

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What Are the Key Trends Driving Heat Pumps Market Growth?
Significant players in the heat pumps sector are innovating new environmentally friendly products to secure a market advantage. These products aim to diminish energy use, greenhouse gas emissions, and the overall environmental footprint while delivering climate control for a variety of applications. For example, in November 2022, Mitsubishi Electric Corporation, a company based in Japan, introduced the Ecodan CAHV-R air source heat pump. This operates with a low-GWP R454C refrigerant, rendering it an environmentally conscious choice for sanitary hot water and commercial space heating. This system can run individually or as part of a multi-unit setup, providing adaptability for diverse environments like schools and hospitals. The Ecodan CAHV-R, armed with features such as cascading and rotation, can deliver sustainable space heating and hot water all year round, making it a noteworthy contribution to the HVAC industry's range of products. Other essential features incorporate lower embodied carbon, the potential to reach a 70°C outlet temperature even at -2°C outside temperature, and an innovative heat exchange design for hastening defrost times. Its low-frequency compressor control and the alternative to switch units based on accumulated run hours improve energy efficiency and extend the product's lifespan.

How Is the Heat Pumps Market Segmented?
The heat pumpsmarket covered in this report is segmented -

1) By Product Type: Air Source, Air-to-Air, Air-to-Water, Water Source, Ground Source
2) By Rated Capacity: Up to 10 kW, 10-20 kW, 20-30 kW, Above 30 kW
3) By End User: Residential, Commercial, Industrial

Subsegments:
1) By Air Source: Air-To-Air Heat Pumps, Air-To-Water Heat Pumps
2) By Air-To-Air: Ductless Mini-Split Systems, Ducted Systems
3) By Air-To-Water: Heating For Radiant Floors, Domestic Hot Water Production
4) By Water Source: Open Loop Systems, Closed Loop Systems
5) By Ground Source: Geothermal Heat Pumps, Horizontal Loop Systems, Vertical Loop Systems

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Which Companies Are Leading the Charge in Heat Pumps Market Innovation?
Major companies operating in the heat pumps market include Robert Bosch GmbH, Hitachi Ltd., United Technologies Corporation, LG Electronics Inc., Panasonic Corporation, Midea Group Corporation, Mitsubishi Electric Corporation, Fujitsu General Limited, Daikin Industries Ltd., Johnson Controls International PLC, Carrier Corporation, Trane Inc., Danfoss A/S, Ingersoll Rand Inc., Flamingo Heat Pumps, Viessmann Werke GmbH & Co. KG, Lennox International Inc., Vaillant Group, NIBE Industrier AB, Glen Dimplex Group, BDR Thermea Group S.p.A., Stiebel Eltron GmbH & Co. KG, Thermax Group, Wolf GmbH, Mayekawa Mfg. Co. Ltd., Enertech Global Corp., Bryant Heating & Cooling LLC, Airwell Group Limited, Emerson Climate Technologies Inc., Samsung Electronics Co. Ltd., Denso Corporation, MAN Energy Solutions SE

Which Regions Are Leading the Global Heat Pumps Market in Revenue?
Asia-Pacific was the largest region in the heat pumps market in 2024. North America was the second largest region in the global heat pumps market share. The regions covered in the heat pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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