The global market for heat pumps is estimated to increase from $88.4 billion in 2024 to reach $134.8 billion by 2030, at a compound annual growth rate (CAGR) of 7.7% from 2025 through 2030.
The Asia-Pacific market for heat pumps is estimated to increase from $32.4 billion in 2024 to reach $53.7 billion by 2030, at a CAGR of 9.1% from 2025 through 2030.
The North American market for heat pumps is estimated to increase from $23.4 billion in 2024 to reach $36.8 billion by 2030, at a CAGR of 8.2% from 2025 through 2030.
Report Scope:
In this report, the global market for heat pumps is segmented and analyzed by type, rated capacity, end user and region. The market size is provided in value ($ millions) and volume (1,000 units). A chapter on competitive intelligence covers the market shares of leading companies based on their product offerings and revenues generated from heat pumps. It also discusses market dynamics, emerging technologies and global developments.
Also discussed are emerging trends, technological advances, economic forces and technical standards. The report also includes a Porter's Five Forces analysis and a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. The report also discusses the technical and commercial aspects of heat pump installation in residential, commercial, and industrial end-user segments. The report outlines the regulations and policies in different countries governing heat pump installation to ensure environmental sustainability and regulatory compliance. ESG factors are also analyzed.
Report Includes:
113 data tables and 66 additional tables
An overview of the global market for heat pumps
An analysis of the global market trends, with market revenue data from 2024, 2025, forecasts for 2029, and projected CAGRs through 2030
An evaluation of the current and future market potential, and quantification of the market by type, rated capacity, end user, and region
In-depth facts and figures pertaining to the major factors influencing the progress of the market (drivers, restraints, opportunities, and industry-specific challenges)
Discussion of commercialization challenges and how to overcome them
ESG trends in the industry
Analysis of the key companies' market shares, proprietary technologies, strategic alliances, and patent portfolios
Company profiles of major players within the industry, including Carrier, Daikin Industries Ltd., Johnson Controls, LG Electronics, and Trane Technologies
Table of Contents
Chapter 1 Executive Summary
Market Outlook
Scope of Report
Market Summary
Market Dynamics and Drivers
Regional Insights and Emerging Markets
Analysis by Segment
Conclusion
Chapter 2 Market Overview
Overview and Market Definition
Refrigerants
Porter's Five Forces Analysis
Bargaining Power of Buyers
Bargaining Power of Suppliers
Potential for New Entrants
Threat of Substitutes
Level of Competition
Supply Chain Analysis
SWOT Analysis
Climate Change Policies and Regulations
Carbon Pricing
United States
Europe
Canada
China
Chapter 3 Market Dynamics
Market Dynamics Snapshot
Market Drivers
Electrification of End Use Industries
Integration with Renewable Energy Sources
Connected Buildings
Cost Reduction in Renewable Energy Generation
Market Challenges
High Upfront Cost
Market Opportunities
Use of Geothermal Energy
Integration of Smart Technologies in Heat Pumps
Market Restraints
Limited Public Awareness
Crude Oil Price Fluctuations
Chapter 4 Emerging Technologies and Developments
Emerging Technologies
Increasing Number of Start-ups
Dual Fuel/Hybrid Heat Pump
3D Printing
R-454B (Puron Advance)
Chapter 5 Market Segmentation Analysis
Segmentation Breakdown
Market Analysis by Type
Takeaways
Air-to-Air
Air-to-Water Source Heat Pumps
Geothermal/Ground Source
Water Source Heat Pumps
Other Types of Heat Pumps
Market Analysis by Rated Capacity
Takeaways
Up to 10 kW Heat Pumps
10-20 kW Heat Pumps
20-30 kW Heat Pumps
Over 30 kW Heat Pumps
Market Analysis by End User
Takeaways
Residential Sector
Commercial Sector
Industrial Sector
Geographic Breakdown
Market Analysis by Region
Takeaways
North America
Asia-Pacific (APAC)
Europe
Middle East and Africa (MEA)
South America
Chapter 6 Sustainability in the Heat Pump Industry: An ESG Perspective