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Heat Pump Market Size, Share & Trends Analysis Report by Technology (Water Source, Air Source, Ground Source), by Application (Commercial, Residential, Industrial), by Region, and Segment Forecasts, 2022-2030

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    Report

  • 152 Pages
  • March 2022
  • Region: Global
  • Grand View Research
  • ID: 5569700
The global heat pump market size is anticipated to reach USD 136.84 billion by 2030. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The market is primarily driven by the increasing prices for non-renewable energy sources and various government initiatives to boost the use of energy-efficient renewable energy sources.



These products are employed in both heating and cooling applications, which is achieved by transferring thermal energy in the form of heat; they can be used as a heater in winter and air conditioner in the summer. In addition, these products help reduce carbon emission thereby lowering the greenhouse gas emission and aiding in increasing the air quality.

The increased demand for air conditioning due to the growth of the housing sector and commercial establishments along with the government subsidies for increasing energy efficiency and reducing the carbon footprint have boosted the demand for these products. Furthermore, the demand has increased in residential facilities due to their cost-effective air conditioning.

As the government bodies of various countries are trying to implement energy conservation policies due to their high energy efficiency and low carbon emissions. The U.K. government has come up with energy efficiency offices to coordinate, monitor, and develop energy conservation policies as their energy efficiency strategy.

The COVID-19 outbreak adversely impacted the growth of the global residential and commercial industry because of the lockdowns in various parts of the world, which led to the closure of heat pump manufacturing facilities to curb the spread of the virus. Furthermore, the restricted travel rules made it difficult to obtain raw materials for the production of these products.

Advancements in technologies and new product launches amid the COVID-19 pandemic restrictions are anticipated to drive the growth of the market. For instance, Daikin Europe has launched Daikin Altherma 3 R, a high capacity R-32 refrigerant split air to the water heat pump which offers cooling along with heating and domestic hot water set-up.

Heat Pump Market Report Highlights

  • The air source technology segment has contributed to 81.1% of the global revenue share in 2021 due to their high efficiency, low carbon emissions, and increased demand in residential and commercial buildings
  • The penetration of heat pumps in the industrial sector is expected to witness a CAGR of 7.8% from 2022 to 2030 due to the growing demand for industrial heating and cooling
  • Geothermal technology in Europe is foreseen to witness an increase in demand at the CAGR 9.9%, owing to the need for switching to low-cost energy substitutes because of the increasing oil prices
  • The heat pump demand in Japan is likely to expand at a CAGR of 9.3% over the forecast period on account of the increased demand for energy-efficient and eco-friendly air conditioning


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Table of Contents

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumption
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Heat Pump Market Variables, Trends & Scope
3.1. Market Segmentation & Scope
3.2. Penetration & Growth Prospect Mapping
3.3. Value Chain Analysis
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market driver analysis
3.5.2. Market restraints analysis
3.5.3. Industry challenges
3.6. Porter’s Five Forces Model
3.6.1. Supplier Power
3.6.2. Buyer Power
3.6.3. Threat of Substitutes
3.6.4. Threat from New Entrant
3.6.5. Competitive Rivalry
3.7. PESTEL Analysis
3.7.1. Political Landscape
3.7.2. Environmental Landscape
3.7.3. Social Landscape
3.7.4. Technology Landscape
3.7.5. Economic Landscape
3.7.6. Legal Landscape
Chapter 4. COVID-19: Impact Analysis
Chapter 5. Heat Pump Market: Technology Estimates & Trend Analysis
5.1. Heat Pump Market: Technology Movement Analysis, 2021 & 2030
5.2. Air Source
5.2.1. Market estimates and forecasts, 2017-2030 (USD Billion)
5.3. Water Source
5.3.1. Market estimates and forecasts, 2017-2030 (USD Billion)
5.4. Ground Source
5.4.1. Market estimates and forecasts, 2017-2030 (USD Billion)
Chapter 6. Heat Pump Market: Application Estimates & Trend Analysis
6.1. Heat Pump Market: Application Movement Analysis, 2021 & 2030
6.2. Residential
6.2.1. Market estimates and forecasts, 2017-2030 (USD Billion)
6.3. Commercial
6.3.1. Market estimates and forecasts, 2017-2030 (USD Billion)
6.4. Industrial
6.4.1. Market estimates and forecasts, 2017-2030 (USD Billion)
Chapter 7. Heat Pump Market: Regional Estimates & Trend Analysis
7.1. Heat Pump Market: Regional Movement Analysis, 2021 & 2030
7.2. North America
7.2.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.2.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.2.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.2.4. U.S.
7.2.4.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.2.4.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.2.4.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.2.5. Canada
7.2.5.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.2.5.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.2.5.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.2.6. Mexico
7.2.6.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.2.6.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.2.6.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.3. Europe
7.3.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.3.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.3.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.3.4. Germany
7.3.4.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.3.4.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.3.4.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.3.5. France
7.3.5.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.3.5.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.3.5.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.3.6. Sweden
7.3.6.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.3.6.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.3.6.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.3.7. Italy
7.3.7.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.3.7.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.3.7.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.3.8. Norway
7.3.8.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.3.8.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.3.8.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.4. Asia Pacific
7.4.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.4.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.4.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.4.4. China
7.4.4.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.4.4.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.4.4.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.4.5. India
7.4.5.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.4.5.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.4.5.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.4.6. Japan
7.4.6.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.4.6.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.4.6.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.4.7. Australia
7.4.7.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.4.7.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.4.7.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.5. Central & South America
7.5.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.5.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.5.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.5.4. Brazil
7.5.4.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.5.4.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.5.4.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.5.5. Argentina
7.5.5.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.5.5.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.5.5.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.6. Middle East & Africa
7.6.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.6.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.6.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.6.4. Saudi Arabia
7.6.4.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.6.4.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.6.4.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
7.6.5. UAE
7.6.5.1. Market estimates and forecasts, 2017-2030 (USD Billion)
7.6.5.2. Market estimates and forecasts, by technology, 2017-2030 (USD Billion)
7.6.5.3. Market estimates and forecasts, by application, 2017-2030 (USD Billion)
Chapter 8. Competitive Landscape
8.1. Key Global Players, Their Initiatives, & Its Impact on the Market
8.2. Key Company/Competition Categorization
8.3. Vendor Landscape
8.4. Competitive Dashboard Analysis
8.5. Public Companies
8.5.1. Company Market Position Analysis
8.6. Private Companies
8.6.1. List of Key Emerging Companies and Their Geographical Presence
Chapter 9. Company Profiles
9.1. Nordson Corporation
9.1.1. Company overview
9.1.2. Financial performance
9.1.3. Technology benchmarking
9.1.4. Strategic initiatives
9.2. Carrier
9.2.1. Company overview
9.2.2. Financial performance
9.2.3. Technology benchmarking
9.2.4. Strategic initiatives
9.3. Daikin Industries, Ltd
9.3.1. Company overview
9.3.2. Financial performance
9.3.3. Technology benchmarking
9.3.4. Strategic initiatives
9.4. NIBE Group
9.4.1. Company overview
9.4.2. Financial performance
9.4.3. Technology benchmarking
9.4.4. Strategic initiatives
9.5. Viessmann Group
9.5.1. Company overview
9.5.2. Financial performance
9.5.3. Technology benchmarking
9.5.4. Strategic initiatives
9.6. Glen Dimplex
9.6.1. Company overview
9.6.2. Financial performance
9.6.3. Technology benchmarking
9.6.4. Strategic initiatives
9.7. BDR Thermea Group
9.7.1. Company overview
9.7.2. Financial performance
9.7.3. Technology benchmarking
9.7.4. Strategic initiatives
9.8. Midea Group
9.8.1. Company overview
9.8.2. Financial performance
9.8.3. Technology benchmarking
9.8.4. Strategic initiatives
9.9. Hitachi, Ltd.
9.9.1. Company overview
9.9.2. Financial performance
9.9.3. Technology benchmarking
9.9.4. Strategic initiatives
9.10. Ingersoll Rand Plc.
9.10.1. Company overview
9.10.2. Financial performance
9.10.3. Technology benchmarking
9.10.4. Strategic initiatives
9.11. STIEBEL ELTRON GmbH & Co. KG
9.11.1. Company overview
9.11.2. Financial performance
9.11.3. Technology benchmarking
9.11.4. Strategic initiatives
9.12. Vaillant Group
9.12.1. Company overview
9.12.2. Financial performance
9.12.3. Technology benchmarking
9.12.4. Strategic initiatives
9.13. Robert Bosch GmbH
9.13.1. Company overview
9.13.2. Financial performance
9.13.3. Technology benchmarking
9.13.4. Strategic initiatives
9.14. The Danfoss Group
9.14.1. Company overview
9.14.2. Financial performance
9.14.3. Technology benchmarking
9.14.4. Strategic initiatives
9.15. Panasonic Corporation
9.15.1. Company overview
9.15.2. Financial performance
9.15.3. Technology benchmarking
9.15.4. Strategic initiatives
9.16. Mitsubishi Electric Corporation
9.16.1. Company overview
9.16.2. Financial performance
9.16.3. Technology benchmarking
9.16.4. Strategic initiatives
List of Tables
Table 1 Global air source heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 2 Global water source heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 3 Global ground source heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 4 Global heat pump market estimates and forecasts, in residential 2017-2030 (USD Billion)
Table 5 Global heat pump market estimates and forecasts, in commercial 2017-2030 (USD Billion)
Table 6 Global heat pump market estimates and forecasts, in industrial 2017-2030 (USD Billion)
Table 7 North America heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 8 North America heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 9 North America heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 10 U.S. heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 11 U.S. heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 12 U.S. heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 13 Canada heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 14 Canada heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 15 Canada heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 16 Mexico heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 17 Mexico heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 18 Mexico heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 19 Europe heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 20 Europe heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 21 Europe heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 22 Germany heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 23 Germany heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 24 Germany heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 25 France heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 26. France heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 27 France heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 28 Italy heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 29 Italy heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 30 Italy heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 31 Sweden heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 32 Sweden heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 33 Sweden heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 34 Norway heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 35 Norway heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 36 Norway heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 37 Asia Pacific heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 38 Asia Pacific heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 39 Asia Pacific heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 40 China heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 41 China heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 42 China heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 43 India heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 44 India heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 45 India heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 46 Japan heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 47 Japan heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 48 Japan heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 49 Australia heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 50 Australia heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 51 Australia heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 52 Central & South America heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 53 Central & South America heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 54 Central & South America heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 55 Argentina heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 56 Argentina heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 57 Argentina heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 58 Brazil heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 59 Brazil heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 60 Brazil heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 61 Middle East & Africa heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 62 Middle East & Africa heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 63 Middle East & Africa heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 64 Saudi Arabia heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 65 Saudi Arabia heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 66 Saudi Arabia heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
Table 67 UAE heat pump market estimates and forecasts, 2017-2030 (USD Billion)
Table 68 UAE heat pump market estimates and forecasts, by technology, 2017-2030 (USD Billion)
Table 69 UAE heat pump market estimates and forecasts, by application, 2017-2030 (USD Billion)
List of Figures
Fig. 1 Information Procurement
Fig. 2 Primary Research Pattern
Fig. 3 Primary Research Process
Fig. 4 Market research approaches-Bottom-Up Approach
Fig. 5 Market research approaches-Top-Down Approach
Fig. 6 Market research approaches-Combined Approach
Fig. 7 Market Outlook
Fig. 8 Segment Outlook
Fig. 9 Competitive Insights
Fig. 10 Market Segmentation & Scope
Fig. 11 Penetration & Growth Prospect Mapping
Fig. 12 Industry Value Chain Analysis
Fig. 13 Market Driver Analysis
Fig. 14 Market Restraint Analysis
Fig. 15 Heat Pump Market: Technology Movement Analysis, 2021 & 2030
Fig. 16 Heat Pump Market: Application Movement Analysis, 2021 & 2030
Fig. 17 Heat Pump Market: Regional Movement Analysis, 2021 & 2030
Fig. 18 Competitive Dashboard Analysis
Fig. 19 Company Market Position Analysis

Companies Mentioned

  • Nordson Corporation
  • Carrier
  • Daikin Industries, Ltd
  • NIBE Group
  • Viessmann Group
  • Glen Dimplex
  • BDR Thermea Group
  • Midea Group
  • Hitachi, Ltd.
  • Ingersoll Rand Plc.
  • STIEBEL ELTRON GmbH & Co. KG
  • Vaillant Group
  • Robert Bosch GmbH
  • The Danfoss Group
  • Panasonic Corporation
  • Mitsubishi Electric Corporation

Methodology

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