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Pulished Date April, 2021
ID: 9358
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Global Heat Pump Market - By Rated Capacity Outlook (Up to 10 kW, 10–20 kW, 20–30 kW, Above 30 kW), By Type Outlook (Air to Water Monobloc, Air to Water Cylinder, Air to Water Split, Exhaust Air, and Others), By Application Outlook (Residential, Commercial, Hospitality, Retail, Education, Industrial, Food & Beverage, Paper & Pulp, Chemicals & Petrochemicals, and Others), and By Technology Outlook (Air Source, Water Source, and Ground Source) – Industry Analysis on Size, Share, Trends, Growth & Forecast | 2021 - 2026

Pulished: April, 2021
ID: 9358
Pages: 145

Heat Pump Market Size, Share, Trends & Forecast (2021 - 2026)

The size and share Global Heat Pump Market is anticipated to grow significantly during the forecast period. The target market is estimated to get valued around USD 64 Billion by 2026, recording a CAGR of 8.5% from 2021 to 2026. 

Heat Pump is a kind of device that transfers heat energy a thermal reservoir which is its source of heat. It delivers thermal energy in the opposite direction for a spontaneous transfer of heat, by absorbing the heat from a cold space and releases it to a warmer one. External power will be used by these heat pumps to accomplish the transfer of energy from the heat source to the heat sink.

The growth of the heat pump market owes to the increasing demand for the sources of renewable energy coupled with the growing construction and housing sectors for the multi-unit and single-unit dwellings. The extensive support from governments in the form of subsidies, incentives, & other monetary benefits along with the rising consumer spending habits which are attributing the surge in the revenue of restaurants and other commercial establishments are estimated to show a positive impact on the target market.

Also, the rising requirements of water and space heating in regions like North America, Europe, and the Asia-Pacific are propelling the growth of the global heat pump market in these regions. The demand for these heating solutions leads to the growth of the prominence of energy-efficient heating solutions which is making the market players develop them.

Recent Developments

Drivers and Restraints

The extensive support from the governments of various nations in the forms of incentives, subsidies, and other monetary benefits is projected to have a significant impact on the growth of the global heat pump market in a positive way. Rising consumer spending habits in various regions of the world are anticipating the surge of restaurants and other commercial establishments revenue, which is a fuelling factor of the heat pump market over the forecast period.

The increasing demand for renewable energy sources and energy-efficient solutions is one of the primary drivers of the target market's growth.

Also, the growing need of the multi-unit and single-unit dwellings in the construction and housing sectors coupled with the increasing consumption of energy in the industrial and residential areas are the supporting the demand for energy-efficient products and technologies at compressed costs, which enhances energy savings.

But the fluctuating energy prices and the growing carbon emission are leading the usage of renewable heat sources by consumers, which is anticipated to drive the market in every region over the outlook period.




Market Size Available

2021 – 2026

Base Year


Forecast Period

2021 - 2026

Segments Covered

By Rated Capacity, Type, Application & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders

Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany) & Danfoss (Denmark)


This Market is Segmented into the following categories as per the Heat Pump Market research report:

Heat Pump Market - By Rated Capacity

  • Up to 10 kW
  • 10–20 kW
  • 20–30 kW
  • Above 30 kW

Heat Pump Market - By Type

  • Air to Water Monobloc
  • Air to Water Cylinder
  • Air to Water Split
  • Exhaust Air
  • Ground-to-air
  • Ground-to-water

In the type outlook of the global heat pump market, air-to-water heat pumps segment is the leading segment in the market in terms of revenue, at present. However, ground-to-water heat pumps segment is estimated to record a high growth rate owing to their demand in countries such as Norway, Switzerland, France, and Japan.

Heat Pump Market By - Application

  • Residential
  • Commercial
  • Hospitality
  • Retail
  • Education
  • Industrial
  • Food & Beverage
  • Paper & Pulp
  • Chemicals & Petrochemicals
  •  Others

From the application segmentation of the target market, the residential section is one of the segments that is witnessing considerable growth. This segment has dominated the market with around 81.3% share of overall market revenue. The value of the heat pump products in the industrial sector accounted for USD 5.4 billion. The growth of the target market is attributed to the rising demand for heat pumps for the recovery of waste heat and increasing usage of these heat pumps in various industrial processes like dehumidification, distillation, evaporation processes, and water heating or cooling applications.

And the commercial sector is anticipated to grow significantly. It is expected to record a CAGR of 7.1% during the prediction period attributing to the rising usage of large heat pumps in commercial buildings for cooling or space heating which, which are influencing the market positively. Also, chemical, food & beverage, and petroleum are other major end-use sectors of the heat pumps market.

Heat Pump Market - By Technology

  • Air Source
  •  Water Source
  • Ground Source

In the technology outlook, the Air source heat pump (ASHP) segment is dominating the global market with a revenue share of over 80.8%. It is also estimated that this segment is growing at a CAGR of 8.6% from 2020 to 2025.

Also, the ground source heat pumps (GSHP) segment is anticipated to grow in a significant way over the projection period attributed to the advantage of the stable temperature of its heat source of geothermal subsoil. This GSHP segment is estimated to record a CAGR of 8.1% from 2020 to 2025.

Heat Pump Market - Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

In the regional analysis of the global heat pump market, the Asia-Pacific is dominating the worldwide business with a share of 41.2% of the overall revenue. This region is anticipated to witness significant growth, recording a CAGR of 9.4% from 2020 to 2025. The growth of the heat pump market in this region is attributed to the growing commercial and residential construction activities in the developing countries, such as China and India.

Key Players of Heat Pump Market:

  1. Daikin (Japan)
  2. United Technologies (US)
  3. Midea (China)
  4. NIBE (Sweden)
  5. Ingersoll Rand (Ireland)
  6. Dimplex (Ireland)
  7. Stiebel Eltron (Germany)
  8. Viessmann (Germany)
  9. Panasonic (Japan)
  10. Mitsubishi (Japan)
  11. Vaillant (Germany)
  12. Danfoss (Denmark)


1. Introduction                       

            1.1 Market Definition            

            1.2 Scope of the report                      

            1.3 Study Assumptions                      

            1.4 Base Currency, Base Year and Forecast Periods             

2. Research Methodology                              

            2.1 Analysis Design               

            2.2 Research Phases              

                        2.2.1 Secondary Research     

                        2.2.2 Primary Research         

                        2.2.3 Data Modelling

                        2.2.4 Expert Validation          

            2.3 Study Timeline                

3. Report Overview                           

            3.1 Executive Summary                    

            3.2 Key Inferencees               

4. Market Dynamics                          

            4.1 Impact Analysis               

                        4.1.1 Drivers  

                        4.1.2 Restaints

                        4.1.3 Opportunities    

            4.2 Regulatory Environment             

            4.3 Technology Timeline & Recent Trends               

5. Competitor Benchmarking Analysis                                 

            5.1 Key Player Benchmarking                      

                        5.1.1 Market share analysis   

                        5.1.2 Products/Service          

                        5.1.3 Regional Presence        

            5.2 Mergers & Acquistion Landscape           

            5.3 Joint Ventures & Collaborations             

6. Market Segmentation                                

            6.1 Heat Pump Market, By Rated Capacity              

                        6.1.1 Up to 10 kW     

                        6.1.2 10–20 kW         

                        6.1.3 20–30 kW         

                        6.1.4 Above 30 kW    

                        6.1.5 Market Size Estimations & Forecasts (2019-2024)     

                        6.1.6 Y-o-Y Growth Rate Analysis    

                        6.1.7 Market Attractiveness Index    

            6.2 Heat Pump Market, By Type                   

                        6.2.1 Air to Water Monobloc 

                        6.2.2 Air to Water Cylinder   

                        6.2.3 Air to Water Split          

                        6.2.4 Exhaust Air       

                        6.2.5 Market Size Estimations & Forecasts (2019-2024)     

                        6.2.6 Y-o-Y Growth Rate Analysis    

                        6.2.7 Market Attractiveness Index    

            6.3 Heat Pump Market, By Application                    

                        6.3.1 Residential        

                        6.3.2 Commercial      

                        6.3.3 Hospitality        

                        6.3.4 Retail    

                        6.3.5 Education          

                        6.3.6 Industrial          

                        6.3.7 Food & Beverage         

                        6.3.8 Paper & Pulp    

                        6.3.9 Chemicals & Petrochemicals   

                        6.3.10 Market Size Estimations & Forecasts (2019-2024)   

                        6.3.11 Y-o-Y Growth Rate Analysis  

                        6.3.12 Market Attractiveness Index  

            6.4 Heat Pump Market, By Technology                    

                        6.4.1 Air Source         

                        6.4.2 Water Source    

                        6.4.3 Ground Source  

                        6.4.4 Market Size Estimations & Forecasts (2019-2024)     

                        6.4.5 Y-o-Y Growth Rate Analysis    

                        6.4.6 Market Attractiveness Index    

7. Geographical Landscape                           

            7.1 Global Identity Governance and Administration Market, by Region                 

            7.2 North America - Market Analysis (2018 - 2024)            

                        7.2.1 By Country       



                        7.2.2 By Rated Capacity        

                        7.2.3 By Type

                        7.2.4 By Application 

                        7.2.5 By Technology 

            7.3 Europe                 

                        7.3.1 By Country       






                           Rest of Europe

                        7.3.2 By Rated Capacity        

                        7.3.3 By Type

                        7.3.4 By Application 

                        7.3.5 By Technology 

            7.4 Asia Pacific                     

                        7.4.1 By Country       




                           South Korea

                           South East Asia

                           Australia & NZ

                           Rest of Asia-Pacific

                        7.4.2 By Rated Capacity        

                        7.4.3 By Type

                        7.4.4 By Application 

                        7.4.5 By Technology 

            7.5 Latin America                  

                        7.5.1 By Country       




                           Rest of Latin America

                        7.5.2 By Rated Capacity        

                        7.5.3 By Type

                        7.5.4 By Application 

                        7.5.5 By Technology 

            7.6 Middle East and Africa                

                        7.6.1 By Country       

                           Middle East


                        7.6.2 By Rated Capacity        

                        7.6.3 By Type

                        7.6.4 By Application 

                        7.6.5 By Technology 

8. Key Player Analysis                                  

            8.1 Daikin                  

                        8.1.1 Business Description    

                        8.1.2 Products/Service          

                        8.1.3 Financials         

                        8.1.4 SWOT Analysis

                        8.1.5 Recent Developments  

                        8.1.6 Analyst Overview         

            8.2 United Technologies Corp                       

            8.3 Midea                   

            8.4 NIBE                    

            8.5 Ingersoll Rand                 

            8.6 Dimplex               

            8.7 Stiebel Eltron                   

            8.8 Viessmann           

            8.9 Panasonic             

            8.10 Mitsubishi                     

9. Market Outlook & Investment Opportunities                               


            List of Tables             

            List of Figures           

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • The segment-level analysis in terms of By Rated Capacity, By Application, By Type and along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development

  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global Heat Pump Market By Region, From 2021-2026 ( USD Billion )

  2. Global Heat Pump Market By Rated Capacity, From 2021-2026 ( USD Billion )

  3. Global Up to 10 kW Market By Region, From 2021-2026 ( USD Billion )

  4. Global 10–20 kW Market By Region, From 2021-2026 ( USD Billion )

  5. Global 20–30 kW Market By Region, From 2021-2026 ( USD Billion )

  6. Global Above 30 kW Market By Region, From 2021-2026 ( USD Billion )

  7. Global Heat Pump Market By Type, From 2021-2026 ( USD Billion )

  8. Global Air to Water Monobloc Market By Region, From 2021-2026 ( USD Billion )

  9. Global Air to Water Cylinder Market By Region, From 2021-2026 ( USD Billion )

  10. Global Air to Water Split Market By Region, From 2021-2026 ( USD Billion )

  11. Global Exhaust Air Market By Region, From 2021-2026 ( USD Billion )

  12. Global Heat Pump Market By Application, From 2021-2026 ( USD Billion )

  13. Global Residential Market By Region, From 2021-2026 ( USD Billion )

  14. Global Commercial Market By Region, From 2021-2026 ( USD Billion )

  15. Global Hospitality Market By Region, From 2021-2026 ( USD Billion )

  16. Global Retail Market By Region, From 2021-2026 ( USD Billion )

  17. Global Education Market By Region, From 2021-2026 ( USD Billion )

  18. Global Industrial Market By Region, From 2021-2026 ( USD Billion )

  19. Global Food & Beverage Market By Region, From 2021-2026 ( USD Billion )

  20. Global Paper & Pulp Market By Region, From 2021-2026 ( USD Billion )

  21. Global Chemicals & Petrochemicals Market By Region, From 2021-2026 ( USD Billion )

  22. Global Heat Pump Market By Technology, From 2021-2026 ( USD Billion )

  23. Global Air Source Market By Region, From 2021-2026 ( USD Billion )

  24. Global Water Source Market By Region, From 2021-2026 ( USD Billion )

  25. Global Ground Source Market By Region, From 2021-2026 ( USD Billion )

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