Report cover image

Residential Heat Pump Industry, Global, 2024?2035

Publisher Frost & Sullivan
Published Dec 04, 2024
SKU # MC19407343

Description

Residential Heat Pump Industry, Global, 2024‒2035


The Need to Decarbonize Residential Buildings is Driving Transformational Growth

The global residential heat pump (HP) market is forecast to reach 17.0 million units by 2035, up from 7.6 million in 2024. Market definitions are important to the market forecast, and Frost & Sullivan excludes the sale of HPs for air conditioning. Market revenues are forecast to reach $80.43 billion by 2035, at a CAGR of 8.5% from 2024 to 2035. As of 2024, Europe and the United States are the largest markets, holding 74.6% of global unit sales and 74.0% of global revenues, followed by China and Japan. HPs offer several advantages, including higher efficiency and the acceleration of heat decarbonization, as renewable electricity powers them. However, challenges include market- and site-dependent suitability and factors such as the age of households and insulation that require evaluation. Installation costs, especially for existing properties, are significant, and HPs have higher capital costs than gas boilers. Additionally, wider investment is necessary to ensure that HPs do not strain local electricity grids. Skilled installers and consultants are lacking in some markets, and the public is hesitant because of their familiarity with boiler technology.

Table of Contents

    • Why is it Increasingly Difficult to Grow?
    • The Strategic Imperative 8™
    • The Impact of the Top 3 Strategic Imperatives on the Residential Heat Pump (HP) Industry
    • Growth Opportunities Fuel the Growth Pipeline Engine™
    • Key Insights
    • Scope of Analysis
    • Market Overview and Definitions
    • Segmentation
    • Distribution Channels
    • Competitive Environment
    • Key Competitors
    • Growth Metrics
    • Market Overview and Definitions
    • Growth Drivers
    • Growth Restraints
    • Heat-as-a-Service
    • Residential Energy Uses Variances
    • The European Race for Heat Pumps
    • Heat Pumps Installed Base
    • HPs are Cheaper than Gas Boilers—Fact or Fiction? (UK Case Example)
    • EU Regulatory Outlook Favoring HPs
    • Fossil Fuel Bans Across Europe
    • Support Mechanisms by Country for HPs in New Buildings
    • Support Mechanisms by Country for HPs in Renovated Buildings
    • Forecast Considerations
    • Residential HP Revenue and Unit Shipment Forecast
    • Residential HP Unit Shipment Forecast by Technology
    • Residential HP Revenue Forecast by Technology
    • Unit Shipment and Revenue Forecast by ASHP (ATA) Application
    • Unit Shipment and Revenue Forecast by ASHP (ATW) Application
    • Residential HP Unit Forecast by Region
    • Residential HP Revenue Forecast by Region
    • Revenue and Unit Shipment Forecast Analysis by Region
    • Competitive Environment—Tier Analysis
    • Competitive Environment—Analysis
    • Residential HP Unit Shipment Forecast by Country
    • ASHP Unit Shipment Forecast by Country
    • Unit Shipment Forecast by ASHP (Air-Air) Application by Country
    • Unit Shipment Forecast by ASHP (Air-Water) Application by Country
    • GSHP Unit Shipment Forecast by Country
    • Residential HP Revenue Forecast by Country
    • ASHP Revenue Forecast by Country
    • Revenue Forecast by ASHP (Air-Air) Application by Country
    • Revenue Forecast by ASHP (Air-Water) Application by Country
    • GSHP Revenue Forecast by Country
    • Residential HP Market—France
    • Installed Base Forecast—France
    • Residential HP Market—United Kingdom
    • Installed Base Forecast—United Kingdom
    • Residential HP Market—Germany
    • Installed Base Forecast—Germany
    • Residential HP Market—Italy
    • Installed Base Forecast—Italy
    • Residential HP Market—Sweden
    • Installed Base Forecast—Sweden
    • Residential HP Market—Denmark
    • Installed Base Forecast—Denmark
    • Residential HP Market—Finland
    • Installed Base Forecast—Finland
    • Residential HP Market—Spain
    • Installed Base Forecast—Spain
    • Residential HP Market—The Netherlands
    • Installed Base Forecast—The Netherlands
    • Residential HP Market—Norway
    • Installed Base Forecast—Norway
    • Residential HP Market—Poland
    • Installed Base Forecast—Poland
    • Residential HP Market—United States
    • Installed Base Forecast—United States
    • Growth Opportunity 1: Heat-as-a-Service
    • Growth Opportunity 2: Industry Convergence
    • Growth Opportunity 3: Smart Heat Pumps
    • Benefits and Impacts of Growth Opportunities
    • Next Steps

Pricing

Currency Rates
How Do Licenses Work?

How Do Licenses Work?

The primary function of a report license is to define how many people within a company are authorized to use the purchased report. This is separate to how a report might be delivered. Unless specifically identified otherwise, the purchase option is Single User. Below is a helpful description of that license, along with a sampling of others most commonly offered.

  • This license allows only one user to have access to and to use/read the report. It is not one user at a time or one user group; it is an individual who will be reading and utilizing the report.

  • This license allows for the entire purchasing company to read and use the report. This is the license level that would allow for a report to be placed on an internal company shared drive for access by all employees of that direct company. This license does not extend to parent or sister company use.

  • This license is designed to allow an entire department within a company full access to a report. The departmental license is a great option for companies that have more than one location and the department is spread out all over the country/world

  • This license is for companies that have one location where they want the report to be accessible by all employees within that physical location.

  • This is the most flexible of the licensing options. Some publishers will allow you to get a license for a preset number of people (typically 5). These licenses are ideal for small work groups.

License options are at the discretion of each publisher. As such, not all licenses indicated above are available for every product. If you are uncertain of the best license for your needs or would like a license that is not proactively available, please contact us and we will be happy to assist.

Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
Chat Now
Contact Us