Heat Pump Market to Reach $201.5 Billion, Globally, by 2032 at 11.1% CAGR: Allied Market Research

The availability of infrastructure to support heat pump deployment, such as distribution networks for electricity or renewable energy sources such as solar and wind power, can facilitate growth by ensuring reliable and sustainable operation.

Wilmington, Delaware, March 11, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled,Heat Pump Market by Technology (Air to Air, Air to Water, Water Soured, and Others), Capacity (Up to 10Kw, 10 To 20Kw, 20 To 30 Kw, and More Than 30Kw), and End-Use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis And Industry Forecast, 2023-2032”. According to the report, the heat pump market was valued at $71.2 billion in 2022 and is estimated to reach $201.5 billion by 2032, exhibiting a CAGR of 11.1% from 2023 to 2032.

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Prime determinants of growth

The global heat pump market is experiencing growth due to several factors such as the integration of smart building systems and the adoption of building automation where smart building technologies enable predictive maintenance of heat pump systems by continuously monitoring equipment performance and detecting early signs of potential issues. However, high space requirements hinder the market growth to some extent. Moreover, integrating heat pumps with thermal energy storage offers remunerative opportunities for the expansion of the heat pump market.

Report coverage & details:

Report Coverage Details
Forecast Period 2023–2032
Base Year 2022
Market Size in 2021 $71.2 billion
Market Size in 2031 $201.5 billion
CAGR 11.1%
No. of Pages in Report 300
Segments Covered Technology, Capacity, End-Use Industry, and Region.
Drivers
  • Integration of smart building systems and the adoption of building automation
  • Hybrid heat pump systems
Opportunity
  • Integrating heat pumps with thermal energy storage
Restraint
  • High space requirements


The water-soured segment is expected to grow faster throughout the forecast period.

By technology, the air to air segment held the highest market share in 2022, accounting for one-third of the global heat pump market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to air to air heat pumps using a refrigerant to absorb heat from the outdoor air in winter and release it inside, and vice versa in summer. This process is facilitated by a compressor, condenser, expansion valve, and evaporator. However, the water sourced segment is projected to manifest the highest CAGR of 11.6% from 2023 to 2032, as heat pumps can be used to extract heat from water sources for various processes such as manufacturing, food processing, or chemical production.

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The 20 to 30 Kw segment is expected to grow faster throughout the forecast period.

By capacity, the up to 10Kw segment held the highest market share in 2022, accounting for more than one-fourth of the global heat pump market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the 20 to 30 KW segment is projected to manifest the highest CAGR of 11.6% from 2023 to 2032, as 20 to 30 Kw heat pumps can efficiently heat water for residential or commercial use, providing a cost-effective alternative to traditional electric water heaters.

The residential segment is expected to lead the trail by 2032

By end-use industry, the residential segment held the highest market share in 2022, accounting for more than half of the global heat pump market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that heat pump systems are integrated with water heaters, providing efficient hot water for household use. This can further reduce energy costs and improve overall energy efficiency in the home. However, the commercial segment is projected to manifest the highest CAGR of 11.6% from 2023 to 2032, as in larger commercial buildings, heat pumps can be used in zoning systems to control temperatures in different areas separately, optimizing comfort and energy usage.

Asia-Pacific is to maintain its dominance by 2032.

By region, Asia-Pacific held the highest market share and fastest-growing region accounting for two-fifths of the market share at a CAGR of 11.4% in 2022. This is due to heat pump usage in China increasing rapidly, driven by government initiatives to promote energy efficiency and reduce carbon emissions. Air-source heat pumps are widely deployed for both residential and commercial applications, including heating, cooling, and hot water systems.

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Leading Market Players: –

  • DAIKIN INDUSTRIES, Ltd.
  • Mitsubishi Electric Corporation
  • Carrier
  • Panasonic Corporation
  • Trane Technologies plc
  • Lennox International Inc.
  • Bosch Thermotechnology Corp
  • NIBE GROUP
  • FUJITSU GENERAL.
  • SAMSUNG

The report provides a detailed analysis of these key players in the global heat pump market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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