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Global Heat Pump Market, By Type, By Refrigerant Type, By Rated Capacity, By End User, By Region, Trend Analysis, Competitive Market Share & Forecast, 2018-2028

  • ID: 5585194
  • Report
  • April 2022
  • Region: Global
  • 191 Pages
  • Blueweave Consulting & Research Pvt Ltd

Heat Pump Market to Grow at a CAGR of 9.4% through 2028


Global heat pump market is growing at a high CAGR because of the increasing demand for energy-efficient and sustainable equipment along with favorable government initiatives to boost the adoption of heat pumps in residential and commercial facilities.

This recent study revealed that the global heat pump market was worth USD 53.3 billion in the year 2021 and is projected to grow at a CAGR of 9.40%, reaching revenues of around USD 99.7 billion by the end of 2028. The global heat pump market is gaining significant traction owing to rising demand for energy-efficient and sustainable equipment. For this purpose, heat pumps are emerging as efficient and low maintenance and operational cost devices for efficient energy management tools. Furthermore, favorable government initiatives to boost the adoption of heat pumps in residential and commercial facilities is also emerging as a major driving factor for the growth of the global heat pump market.

Increasing Installation for Heat Pump from Residential Sector is Driving Global Heat Pump Market


Heat pumps are gaining huge traction in the residential sector owing to their benefits of efficient energy management and cutting costs. More and more people are installing heat pumps into their homes for heating and cooling them. Heat pumps are capable of pulling heat from the cold outdoor and transferring it inside homes during cold days. It can also pull heat out of indoor air to cool homes during summers. Their popularity is also attributed to its low running cost and maintenance along with reduced carbon emissions, which is propelling the overall market growth.

Rising Demand for R407C Refrigerant Type is Propelling Global Heat Pump Market Growth


Based on refrigerant type, the global heat pump market is segmented into R410A, R407C, R744, and others. The R410A refrigerant type segment accounts for the largest market share. However, this refrigerant type is scheduled for elimination from all new systems in 2023 due to its being a global warming hazard. Therefore, refrigerant type R407C is projected to register the highest growth rate during the forecast period since it shows higher energy efficiency compared to other types.

Global Heat Pump Market - By Rated Capacity


Based on rated capacity, the global heat pump market is segmented into up to 10 kw, up to 10 kw, 20–30 kw, and above 30 kw. The up to 10 kW rated capacity of heat pumps accounts for the largest market share owing to the prominent use in the residential spaces in single family houses. The increasing construction of residential spaces, especially in developing countries for economic development is emerging as the major driving factor for the growth of the up to 10 kW rated capacity heat pumps.

Global Heat Pump Market - Regional Insights


Geographically, the global heat pump market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the global heat pump market owing to the rising focus towards energy-efficient equipment along with favorable government benefits and tax rebates. Europe also holds a substantial market share owing to the government initiatives and partnerships with heat pump companies to boost the installation of this equipment in residential spaces. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.

Impact of COVID-19 on Global Heat Pump Market


The global heat pump market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The manufacturing operations and supply chains of heat pumps were completely halted due to lockdown restrictions, due to which the heat pump manufacturing companies had to register huge losses. Furthermore, the demand for heat pumps declined several folds from residential and commercial facilities in the lockdown period. The obstruction of construction activities of new buildings and residential spaces is expected to influence the demand for heat pumps in the long term.

Competitive Landscape


The leading market players of the global heat pump market are Trane Inc., Efficiency Maine, Midea Group, WOLF (Centrotec Sustainable AG), NIBE Group, Flamingo Heat Pumps, Panasonic Corporation, Viessmann Werke GmbH & Co KG, Mitsubishi Electric Corporation, Glen Dimplex Group, Daikin Industries, Ltd., Stiebel Eltron Gmbh & Co. Kg, Swegon Group AB, Earthlinked Technologies, Bryant Heating & Cooling Systems, Bosch Thermotechnology, Kensa Heat Pumps, OCHSNER Warmepumpen, Nortek Global HVAC, Carrier Corporation, and other prominent players.

The market is highly competitive and concentrated due to the presence of multinational corporations. However, several regional companies are also emerging and giving tough competition to the established players. The companies are constantly introducing new products as well as significantly investing in research and development activities for offering innovations. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Don’t miss the business opportunity of the global heat pump market. Consult the report to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global heat pump market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global heat pump market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.


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1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
4. Global Heat Pump Market Insights
4.1. Industry Value Chain Analysis
4.2. DROC Analysis
4.2.1. Growth Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Advancement/Recent Development
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Intensity of Rivalry
5. Global Heat Pump Market Overview
5.1. Market Size & Forecast by Value, 2018-2028
5.1.1. By Value (USD Million)
5.2. Market Share & Forecast
5.2.1. By Type
5.2.1.1. Air-to-Air
5.2.1.2. Air-to-Water
5.2.1.3. Water Source
5.2.1.4. Geothermal
5.2.1.5. Hybrid
5.2.2. By Refrigerant
5.2.2.1. R410A
5.2.2.2. R407C
5.2.2.3. R744
5.2.3. By Rated Capacity
5.2.3.1. Up to 10 kW
5.2.3.2. 10-20 kW
5.2.3.3. 20-30 kW
5.2.3.4. >30 kW
5.2.4. By End User
5.2.4.1. Residential
5.2.4.2. Commercial
5.2.4.3. Industrial
5.2.5. By Region
5.2.5.1. North America
5.2.5.2. Europe
5.2.5.3. The Asia Pacific
5.2.5.4. Latin America
5.2.5.5. The Middle East and Africa
6. North America Heat Pump Market
6.1. Market Size & Forecast by Value, 2018-2028
6.1.1. By Value (USD Million)
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Refrigerant
6.2.3. By Rated Capacity
6.2.4. By End User
6.2.5. By Application
6.2.6. By Country
6.2.6.1. United States
6.2.6.2. Canada
7. Europe Heat Pump Market
7.1. Market Size & Forecast by Value, 2018-2028
7.1.1. By Value (USD Million)
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Refrigerant
7.2.3. By Rated Capacity
7.2.4. By End User
7.2.5. By Country
7.2.5.1. Germany
7.2.5.2. United Kingdom
7.2.5.3. Italy
7.2.5.4. France
7.2.5.5. Spain
7.2.5.6. Rest of Europe
8. Asia-Pacific Heat Pump Market
8.1. Market Size & Forecast by Value, 2018-2028
8.1.1. By Value (USD Million)
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Refrigerant
8.2.3. By Rated Capacity
8.2.4. By End User
8.2.5. By Country
8.2.5.1. China
8.2.5.2. India
8.2.5.3. Japan
8.2.5.4. South Korea
8.2.5.5. Rest of Asia Pacific
9. Latin America Heat Pump Market
9.1. Market Size & Forecast by Value, 2018-2028
9.1.1. By Value (USD Million)
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Refrigerant
9.2.3. By Rated Capacity
9.2.4. By End User
9.2.5. By Country
9.2.5.1. Brazil
9.2.5.2. Mexico
9.2.5.3. Rest of Latin America
10. Middle East & Africa Heat Pump Market
10.1. Market Size & Forecast by Value, 2018-2028
10.1.1. By Value (USD Million)
10.2. Market Share & Forecast
10.2.1. By Type
10.2.2. By Refrigerant
10.2.3. By Rated Capacity
10.2.4. By End User
10.2.5. By Country
10.2.5.1. Saudi Arabia
10.2.5.2. UAE
10.2.5.3. South Africa
10.2.5.4. Rest of Middle East & Africa
11. Competitive Landscape
11.1. List of Key Players and Their Offerings
11.2. Market Share Analysis, 2021
11.3. Competitive Benchmarking, By Operating Parameters
11.4. Key Strategic Development (Merger, Acquisition, Partnership.)
12. Impact of Covid-19 on Global Heat Pump Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
13.1. SAMSUNG
13.2. DENSO CORPORATION
13.3. Midea Group
13.4. Panasonic Corporation
13.5. Mitsubishi Electric Corporation
13.6. Johnson Controls
13.7. DAIKIN INDUSTRIES, Ltd.
13.8. Carrier
13.9. LG Electronics
13.10. Trane Technologies
13.11. GEA Group Aktiengesellschaft
13.12. FUJITSU GENERAL
13.13. Thermax Limited
13.14. Lennox International
13.15. Danfoss A/S
13.16. GLEN DIMPLEX
13.17. Other prominent players
14. Key Strategic Recommendations
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
Figure 1 Global Heat Pump Segmentation
Figure 2 Global Heat Pump Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2021
Figure 4 Global Heat Pump Market Size, By Value (USD Million), 2018-2028
Figure 5 Global Heat Pump Market Share, By Type, By Value, 2018-2028
Figure 6 Global Heat Pump Market Share, By Refrigerant, By Value, 2018-2028
Figure 7 Global Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028
Figure 8 Global Heat Pump Market Share, By End-User, By Value, 2018-2028
Figure 9 Global Heat Pump Market Share, By Region, By Value, 2018-2028
Figure 10 North America Heat Pump Market Size, By Value (USD Million), 2018-2028
Figure 11 North America Heat Pump Market Share, By Type, By Value, 2018-2028
Figure 12 North America Heat Pump Market Share, By Refrigerant, By Value, 2018-2028
Figure 13 North America Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028
Figure 14 North America Heat Pump Market Share, By End-User, By Value, 2018-2028
Figure 15 North America Heat Pump Market Share, By Country, By Value, 2018-2028
Figure 16 Europe Heat Pump Market Size, By Value (USD Million), 2018-2028
Figure 17 Europe Heat Pump Market Share, By Type, By Value, 2018-2028
Figure 18 Europe Heat Pump Market Share, By Refrigerant, By Value, 2018-2028
Figure 19 Europe Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028
Figure 20 Europe Heat Pump Market Share, By End-User, By Value, 2018-2028
Figure 21 Europe Heat Pump Market Share, By Country, By Value, 2018-2028
Figure 22 Asia-Pacific Heat Pump Market Size, By Value (USD Million), 2018-2028
Figure 23 Asia-Pacific Heat Pump Market Share, By Type, By Value, 2018-2028
Figure 24 Asia-Pacific Heat Pump Market Share, By Refrigerant, By Value, 2018-2028
Figure 25 Asia-Pacific Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028
Figure 26 Asia-Pacific Heat Pump Market Share, By End-User, By Value, 2018-2028
Figure 27 Asia-Pacific Heat Pump Market Share, By Country, By Value, 2018-2028
Figure 28 Latin America Heat Pump Market Size, By Value (USD Million), 2018-2028
Figure 29 Latin America Heat Pump Market Share, By Type, By Value, 2018-2028
Figure 30 Latin America Heat Pump Market Share, By Refrigerant, By Value, 2018-2028
Figure 31 Latin America Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028
Figure 32 Latin America Heat Pump Market Share, By End-User, By Value, 2018-2028
Figure 33 Latin America Heat Pump Market Share, By Country, By Value, 2018-2028
Figure 34 Middle East & Africa Heat Pump Market Size, By Value (USD Million), 2018-2028
Figure 35 Middle East & Africa Heat Pump Market Share, By Type, By Value, 2018-2028
Figure 36 Middle East & Africa Heat Pump Market Share, By Refrigerant, By Value, 2018-2028
Figure 37 Middle East & Africa Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028
Figure 38 Middle East & Africa Heat Pump Market Share, By End-User, By Value, 2018-2028
Figure 39 Middle East & Africa Heat Pump Market Share, By Country, By Value, 2018-2028
List of Tables
Table 1 Global Heat Pump Market Size, By Type, By Value, 2018-2028
Table 2 Global Heat Pump Market Size, By Refrigerant, By Value, 2018-2028
Table 3 Global Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028
Table 4 Global Heat Pump Market Size, By End-User, By Value, 2018-2028
Table 5 Global Heat Pump Market Size, By Region, By Value, 2018-2028
Table 6 North America Heat Pump Market Size, By Type, By Value, 2018-2028
Table 7 North America Heat Pump Market Size, By Refrigerant, By Value, 2018-2028
Table 8 North America Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028
Table 9 North America Heat Pump Market Size, By End-User, By Value, 2018-2028
Table 10 North America Heat Pump Market Size, By Country, By Value, 2018-2028
Table 11 Europe Heat Pump Market Size, By Type, By Value, 2018-2028
Table 12 Europe Heat Pump Market Size, By Refrigerant, By Value, 2018-2028
Table 13 Europe Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028
Table 14 Europe Heat Pump Market Size, By End-User, By Value, 2018-2028
Table 15 Europe Heat Pump Market Size, By Country, By Value, 2018-2028
Table 16 Asia-Pacific Heat Pump Market Size, By Type, By Value, 2018-2028
Table 17 Asia-Pacific Heat Pump Market Size, By Refrigerant, By Value, 2018-2028
Table 18 Asia-Pacific Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028
Table 19 Asia-Pacific Heat Pump Market Size, By End-User, By Value, 2018-2028
Table 20 Asia-Pacific Heat Pump Market Size, By Country, By Value, 2018-2028
Table 21 Latin America Heat Pump Market Size, By Type, By Value, 2018-2028
Table 22 Latin America Heat Pump Market Size, By Refrigerant, By Value, 2018-2028
Table 23 Latin America Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028
Table 24 Latin America Heat Pump Market Size, By End-User, By Value, 2018-2028
Table 25 Latin America Heat Pump Market Size, By Country, By Value, 2018-2028
Table 26 Middle East & Africa Heat Pump Market Size, By Type, By Value, 2018-2028
Table 27 Middle East & Africa Heat Pump Market Size, By Refrigerant, By Value, 2018-2028
Table 28 Middle East & Africa Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028
Table 29 Middle East & Africa Heat Pump Market Size, By End-User, By Value, 2018-2028
Table 30 Middle East & Africa Heat Pump Market Size, By Country, By Value, 2018-2028
Table 31 SAMSUNG Company Overview
Table 32 SAMSUNG Financial Overview
Table 33 DENSO CORPORATION Company Overview
Table 34 DENSO CORPORATION Financial Overview
Table 35 Panasonic Corporation Company Overview
Table 36 Panasonic Corporation Financial Overview
Table 37 Mitsubishi Electric Corporation Company Overview
Table 38 Mitsubishi Electric Corporation Financial Overview
Table 39 DAIKIN INDUSTRIES, Ltd. Company Overview
Table 40 DAIKIN INDUSTRIES, Ltd. Financial Overview
Table 41 LG Electronics Company Overview
Table 42 LG Electronics Financial Overview
Table 43 Trane Technologies Company Overview
Table 44 Trane Technologies Financial Overview
Table 45 GEA Group Aktiengesellschaft Company Overview
Table 46 GEA Group Aktiengesellschaft Financial Overview
Table 47 FUJITSU GENERAL Company Overview
Table 48 FUJITSU GENERAL Financial Overview
Table 49 Thermax Limited Company Overview
Table 50 Thermax Limited Financial Overview
Table 51 Lennox International Company Overview
Table 52 Lennox International Financial Overview
Table 53 Danfoss A/S Company Overview
Table 54 Danfoss A/S Financial Overview
Table 55 GLEN DIMPLEX Company Overview
Table 56 GLEN DIMPLEX Financial Overview
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