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Heat Pumps Market Report by Rated Capacity, Product Type, End Use Sector, and Region 2025-2033
Heat Pumps Market Report by Rated Capacity, Product Type, End Use Sector, and Region 2025-2033
The global heat pumps market reached a size of USD 64.2 Billion in 2024 and is expected to grow to USD 129.0 Billion by 2033. It is projected to expand at a CAGR of 8.1% during the forecast period 2025-2033. Market growth is driven by increasing urbanization, awareness about sustainability, and demand for energy-efficient heating and cooling systems in residential, commercial, and industrial sectors. The Asia Pacific region leads the market due to government initiatives and technological advancements.
STUDY ASSUMPTION YEARS
• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033
HEAT PUMPS MARKET KEY TAKEAWAYS
• Current Market Size (2024): USD 64.2 Billion
• CAGR (2025-2033): 8.1%
• Forecast Period: 2025-2033
• The growing urbanization and infrastructure development globally are increasing demand for energy-saving heat pumps.
• Shift towards electric heat pumps with lower carbon footprints is observed, supported by technological innovations like IoT and AI integration.
• Asia Pacific dominates the market driven by favorable government policies, infrastructure investments, and demand for sustainable solutions.
• Expensive installation costs and complex technologies remain challenges, but rising demand for cost-effective solutions presents growth opportunities.
• Residential sector represents the largest end-use market segment, propelled by energy efficiency priorities and government incentives.
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MARKET GROWTH FACTORS
Increase in energy price and environmental awareness, combined with heat pumps being considered an environmentally friendly heating solution compared to other heating technologies, along with government incentives focused on the promotion of renewable energy and energy-efficient equipment are major factors driving the market. The need for reduced emissions of carbon dioxide has spurred interest in low-carbon electric heat pumps and other similar technologies.
Smart technology and internet of things (IoT) sensors as well as artificial intelligence (AI) are being utilized in energy management in parallel with the increase in heat pump performance under a wider range of climates, with variable speed compressors, improved refrigerants (including low GWP refrigerant R454B) and smart home integration. These improvements improve user experience and versatility through encouraging heat pumps to be used on residential, commercial, and industrial scales.
Infrastructure demand makes cities grow. India's urban population totaled 66.2% for 2023, which accelerated construction of smart cities and green buildings that need energy-efficient heating, ventilation, and air conditioning (HVAC). Growing urbanization drives the heat pump market in the Asia Pacific region as do government initiatives for implementing green technologies and demand for energy-efficient systems for various applications.
MARKET SEGMENTATION
Rated Capacity:
• Up to 10 kW: The largest market share segment, commonly used in residential homes and small apartments for effective heating and cooling due to affordability and easy installation.
• 10-20 kW
• 20-30 kW
• Above 30 kW
Product Type:
• Air Source Heat Pump: Dominates the market due to wide applicability and cost efficiency, capable of drawing heat from outdoor air even in cold conditions.
• Ground Source Heat Pump
• Water Source Heat Pump
• Exhaust Air Heat Pump
• Others
End Use Sector:
• Residential: Largest segment, driven by energy efficiency needs and government incentives promoting heat pumps in households.
• Commercial
• Hospitality
• Retail
• Education
• Food & Beverage
• Paper & Pulp
• Chemicals & Petrochemicals
• Others
Region:
• Asia Pacific: Leading region fueled by rapid urbanization, economic growth, government policies, infrastructure investments, and demand for sustainable technology.
• Europe
• North America
• Latin America
• Middle East and Africa
REGIONAL INSIGHTS
Asia Pacific dominated the market globally, due to rapid urbanization and economic development, disposable incomes increasing, and government initiatives increasing toward the implementation of green energy. Green buildings grow and energy-efficient technologies become adopted by people in the residential and commercial sectors to also drive the market. Asia Pacific growth will be driven by active technological innovations with falling prices.
RECENT DEVELOPMENTS & NEWS
• February 2024: Ingersoll Rand acquired Friulair with $146 million, which strengthened its air treatment position and complemented its chillers and heat pumps for improved EBITDA margins.
• Daikin Applied Americas introduces the Trailblazer HP in May 2023. It is an air-to-water commercial heat pump. It has 91.2 kW (23.58 ton) heating and cooling capacities.
• In November 2023, the US Department of Energy gave Mitsubishi Electric US a $50 million grant. The grant will help build a heat pump compressor plant in Kentucky. The grant is part of a $169 million fund for domestic production.
KEY PLAYERS
• Daikin Industries, Ltd.
• Mitsubishi Electric Corporation
• MIDEA GROUP
• NIBE Industrier AB, Corp.
• Ingersoll Rand
• Danfoss
• Panasonic Corporation
• GDC Group Limited
• Viessmann Manufacturing Company Inc.
• Robert Bosch GmbH
• United Technologies Corporation
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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CONTACT US
IMARC Group,
134 N 4th St. Brooklyn, NY 11249, USA,
Email: sales@imarcgroup.com,
Tel No: (D) +91 120 433 0800,
United States: +1-201971-6302
ABOUT US
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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