• Rising Demand for High Energy Efficiency Products Boosts Sales in the Heat Pump Market. FMI Highlights Key Trends Observed in 35+ Countries.
• The United States is expected to grow at an 8.9% CAGR over the projected period, reaching USD 19.4 billion in 2034.
• 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.

NEWARK, Del., July 18, 2024 /PRNewswire/ -- According to Future Market Insights (FMI), the global heat pump market size reached USD 46.8 billion in 2023. Over the forecast period, the value is anticipated to rise at 10.2% CAGR. The sector is predicted to increase from USD 51.6 billion in 2024 to USD 136.2 billion in 2034.

The heat pump market is expected to grow significantly due to increasing investments in commercial and residential sectors and government regulations for energy efficiency. Rise in fossil fuel energy production and ozone depletion contribute to climate change, with key nations transitioning to renewable sources.

Key companies in the industry are developing advanced heating technology, such as two-stage compressors, which operate at lower speeds, use less energy, and have lower costs. The market is expected to grow due to rising demand for affordable and energy-efficient heat pumps for commercial and residential buildings.

Government programs, such as incentives, rebates, and tax credits, are expected to significantly impact industry growth. Corporate and governmental efforts to reduce carbon emissions and promote renewable energy sources are also expected to drive growth. The Indian government and Dutch government have implemented plans to achieve net-zero emissions by 2070 and a 95% reduction by 2050.

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Key Factors Drive the Global Heat Pump Market

Various factors influence the global market. A few of these essential factors are as follows:

Energy Efficiency: The rising demand for eco-friendly heating and cooling systems with high energy efficiency is increasing the adoption of heat pumps. These pumps reduce cost, save energy, and work efficiently, attracting end users' demand.

Environmental Concerns: Increasing environmental awareness to reduce greenhouse gases raises the demand for heat pumps. Various industries are adopting these pumps to enhance renewable energy sources, which are fueling the global market.

Government Regulations: Various countries' governments are focusing on installing energy-efficient heat pumps with subsidies that are surging the demand among consumers. These pumps promote efficiency and reduce carbon emissions, expanding the market reach.

Advanced Technology: Ongoing research and development activities are offering advanced technology heat pumps with more efficient systems that capture end users' requirements. Manufacturers are designing reliable and cost-effective heat pumps to enhance consumers' desires.

Versatile: The wide range of applications is increasing the demand for a heat pump for cooling and heating as a suitable option driving market growth.

Renewable Energy Integration: The rising demand for wide and solar energy is rapidly increasing the adoption of heat pumps for excess energy. These heat pumps help to store energy and convert it into electricity, expanding the market reach.

Urbanization and Population Growth: The rising global population and urbanization are significantly increasing the demand for cooling and heating solutions that are gaining popularity.

Long Lifespan: The demand for durable, reliable, and long-shelf-life pumps is rising, and the adoption of heat pumps is capturing consumers' attention. Various businesses seek long-run cooling and heating solutions that drive global market revenue.

Air Quality and Comfort: Consumers are looking for efficient temperature control and a better indoor environment, and pollutants in the air are surging the adoption of heat pumps. These pumps release corrosion and impurities from the air and reduce combustion-based heating systems, uplifting the market size.

Key Takeaways from the Heat Pump Market Report:

• The heat pump market is expected to reach a valuation of USD 136.2 billion by 2034.
• The market is projected to surge at a CAGR of 10.2% by 2034.
• China's heat pump market is expected to grow at a CAGR of 10.7% by 2034.
• The United States is set to rise at 8.9% CAGR by 2034.
• Based on product type, the air-air heat pump segment is expected to hold a market share of 44.3% in 2034. 

"Integration of technology such as Artificial Intelligence (AI) and the Internet of Things is further expected to drive rapid growth. Dual-source technology, which draws heat from the earth and the air, is another factor driving the growth of the heat pump market." Opines Nikhil Kaitwade Associate Vice President at Future Market Insights (FMI).

Competition Outlook

Leading companies and manufacturers in the industry are actively enhancing their business presence and competitiveness through different strategies. They are further incorporating advanced technologies such as variable-speed compressors, intelligent controls, and integration with renewable energy sources to improve energy efficiency and environmental sustainability.

Significant companies and energy providers are further introducing new products to address increasing demand for cutting-edge solutions in various end-use sectors. Geographic growth is another important strategy that is being embraced by reputed companies.

Several start-ups are likely to emerge in the sector through 2034, thereby making the landscape more competitive. Leading firms prioritize product innovation, but brand consciousness and aggressive marketing strategies pose challenges for new entrants in the market.

Leading Heat Pump Brands

• Panasonic Corporation
• Mitsubishi Electric Corporation
• Daikin Industries Ltd
• The Bosch Group
• Johnson Controls
• NIBE Group
• Carrier Global Corp
• Viessmann Group
• Danfoss Group
• Glen Dimplex Group
• STIEBEL ELTRON GROUP
• Trane Technologies
• Midea Group
• Rheem Manufacturing Company
• Emerson
• Haier Group Corporation
• Hisense Group Co., Ltd
• Foshan Uwotec New Energy Co., Ltd
• TCL Corporation
• Aux Group Co., Ltd.

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Industry Updates:

• In March 2024, Panasonic Corporation, headquartered in Japan, introduced three new models of commercial air-to-water heat pumps, utilizing environmentally friendly natural refrigerants, for use in multi-dwelling units, stores, and offices.
• In June 2024, Bosch Home Comfort, a United States-based company, introduced two new water source pumps for residential and commercial use, ranging from ½ to 6 tons and boasting a performance coefficient of up to 4.9.
• In April 2024, Johnson Controls, headquartered in the United States, announced the launch of the YORK^® YMAE 575 V Air-to-Water Inverter Scroll Modular Heat Pump for use in Canada.

Government Initiatives Drive the United States Market

The United States market is anticipated to capture a CAGR of 8.9% in the global market during the forecast period. The country's rising residential and commercial sectors are surging the demand for heat pumps in large quantities for advanced energy efficiency. The increasing concerns about environmental impacts are significantly booming the United States heat pump market to reduce carbon emissions.

The increasing heat pump technology adoption promotes clean energy solutions and attracts end users' demand. The United States government is playing a significant role with strong market emphasis, and eco-friendly practices are gaining vast attraction among consumers. The key players are innovating technologies to reduce environmental impacts with improved refrigerants, which are driving the United States market.

Promoting Sustainable Technology Drive Germany Market

The market in Germany is estimated to capture a CAGR during the forecast period. The increasing demand for energy-efficient solutions is raising the adoption of heat pumps. Germany is rich in renewable sources of energy that offer suitable and advanced heat pumps to meet end users' requirements. Key players are continuing to work on developing low-carbon, eco-friendly, and cost-effective heat pumps to expand the German market.

Growing well-established infrastructure, urbanization, and disposable incomes are increasing the adoption of heat pumps. The rising industrialization, commercial, and residential sectors are increasing the demand for energy savings and better performance, bolstering the German heat pump market. The rising trend of specialized installations is increasing the adoption of heat pumps among consumers.

Rapid Urbanization Fueling Market Growth in China

China is anticipated to secure a CAGR of 10.7% in the global market during the forecast period. China is one of the significant players in the global market by offering cost-effective and clean heating and cooling solutions to meet consumers' needs. The increasing vast infrastructure, robust economies, and rising demand for energy are accelerating the demand for heat pumps.

The Chinese government is focusing on reducing greenhouse gases and air pollution by implementing policies that are driving China's heat pump market. Robust manufacturing, a wide range of products, and the innovation of electric heat pumps are significantly driving the Chinese market.

Popularity of Solar Heat Pumps Uplifts India Market

India is anticipated to register a CAGR of 8.3% over the forecast period. The increasing demand for convenient, reliable, and durable heat pumps is propelling the Indian market. The rising consumer demand for water heating, commercial usage, and vast industrialization are capturing robust revenue in the Indian heat pump market.

The rising adoption of solar heat pumps to utilize advanced and effective energy resources is gaining popularity in the market. Key players are collaborating with government projects to promote sustainability, and clean energy sources are expanding the market growth.

Key Segments of Market Report

By Product Type:

In terms of product types, the industry is divided into air-water, air-air, ground source, and hybrid heat pumps.

By Refrigerant:

Based on refrigerants, the sector is segregated into hydro-fluorocarbon (HFC), ammonia, CO2, hydrocarbons, and others.

By Power Source:

In terms of power sources, the industry is divided into electric and others (gas).

By System Type:

As per system types, the sector is segmented into air-source, ductless mini-split, geothermal, and absorption heat pumps.

By Power Level:

In terms of power levels, the industry is divided into small (< 10 kW), medium (10 to 100 kW), and large (> 100 kW).

By End-user:

The industry is classified by end-users as residential (heating and cooling homes, water heating, radiant floor heating, and hybrid heating systems), commercial (HVAC system, commercial refrigeration, and geothermal heating and cooling), and industrial (waste heat recovery, industrial drying, industrial refrigeration, process cooling, and combined heat and power (CHP) systems).

By Region:

Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and the Middle East and Africa have been covered in the report.

Authored by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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