Heat Pump Market by Product and Geography - Forecast and Analysis 2020-2024

Global Heat pump Market 2020-2024

Technavio has been monitoring the global heat pump market and it is poised to grow by USD 7.75 bn during 2020-2024
, progressing at a CAGR of 9% during the forecast period. Our reports on global heat pump market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the growing construction sector.
In addition, increased adoption of solar-powered heat pumps is anticipated to boost the growth of the global heat pump market as well.

Market Segmentation

Technavio's global heat pump market is segmented as below:
ProductAir source heat pumps Ground source heat pumps Exhaust air heat pumpsGeographic segmentationNorth America APAC Europe South America MEA
Key Trends for global heat pump market growth

This study identifies increased adoption of solar-powered heat pumps as the prime reasons driving the global heat pump market growth during the next few years.

Prominent vendors in global heat pump market

We provide a detailed analysis of around 25 vendors operating in the global heat pump market, including some of the vendors such as Daikin Industries Ltd., Danfoss AS, Ingersoll-Rand Plc, Johnson Controls International Plc, Lennox International Inc., Mitsubishi Electric Corp., NIBE Industrier AB, Rheem Manufacturing Co., Robert Bosch GmbH and United Technologies Corp. .

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.


About Technavio
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.


  • Executive Summary
  • Market Landscape
    • Market ecosystem
      • Table Parent market
      • Table Market characteristics
    • Value chain analysis
  • Market Sizing
    • Market definition
      • Table Product / Service portfolio of key vendors included in the market definition
    • Market segment analysis
      • Table Market segments
    • Market size 2019
    • Market outlook: Forecast for 2019 - 2024
      • Table Global - Market size and forecast 2019 - 2024 ($ million)
      • Table Global market: Year-over-year growth 2019 - 2024 (%)
  • Five Forces Analysis
    • Five Forces Summary
      • Table Five forces analysis 2019 & 2024
    • Bargaining power of buyers
      • Table Bargaining power of buyers
    • Bargaining power of suppliers
      • Table Bargaining power of suppliers
    • Threat of new entrants
      • Table Threat of new entrants
    • Threat of substitutes
      • Table Threat of substitutes
    • Threat of rivalry
      • Table Threat of rivalry
    • Market condition
      • Table Market condition - Five forces 2019
  • Market Segmentation by Product
    • Market segments
      • Table Product - Market share 2019-2024 (%)
    • Comparison by Product
      • Table Comparison by Product
    • Air source heat pumps - Market size and forecast 2019-2024
      • Table Air source heat pumps - Market size and forecast 2019-2024 ($ million)
      • Table Air source heat pumps - Year-over-year growth 2019-2024 (%)
    • Ground source heat pumps - Market size and forecast 2019-2024
      • Table Ground source heat pumps - Market size and forecast 2019-2024 ($ million)
      • Table Ground source heat pumps - Year-over-year growth 2019-2024 (%)
    • Exhaust air heat pumps - Market size and forecast 2019-2024
      • Table Exhaust air heat pumps - Market size and forecast 2019-2024 ($ million)
      • Table Exhaust air heat pumps - Year-over-year growth 2019-2024 (%)
    • Market opportunity by Product
      • Table Market opportunity by Product
  • Customer landscape
    • Table Customer landscape
  • Geographic Landscape
    • Geographic segmentation
      • Table Market share by geography 2019-2024 (%)
    • Geographic comparison
      • Table Geographic comparison
    • APAC - Market size and forecast 2019-2024
      • Table APAC - Market size and forecast 2019-2024 ($ million)
      • Table APAC - Year-over-year growth 2019-2024 (%)
    • Europe - Market size and forecast 2019-2024
      • Table Europe - Market size and forecast 2019-2024 ($ million)
      • Table Europe - Year-over-year growth 2019-2024 (%)
    • North America - Market size and forecast 2019- 2024
      • Table North America - Market size and forecast 2019-2024 ($ million)
      • Table North America - Year-over-year growth 2019-2024 (%)
    • South America - Market size and forecast 2019- 2024
      • Table South America - Market size and forecast 2019-2024 ($ million)
      • Table South America - Year-over-year growth 2019-2024 (%)
    • MEA - Market size and forecast 2019-2024
      • Table MEA - Market size and forecast 2019-2024 ($ million)
      • Table MEA - Year-over-year growth 2019-2024 (%)
    • Key leading countries
      • Table Key leading countries
    • Market opportunity by geography
      • Table Market opportunity by geography ($ million)
  • Drivers, Challenges, and Trends
    • Volume driver - Demand shift in adjacent markets
      • Growing construction sector
    • Volume driver – Demand led growth
      • Growing demand for high-temperature heat pumps (HTHPs)
        • Table Some of the key HTHP products offered by vendors
    • Volume driver – External factors
      • Emergence of building energy management systems (BEMS)
    • Market challenges
      • Disposal challenges and adverse environmental impacts of refrigerants
      • High installation/upfront cost
      • Lack of awareness
        • Table Impact of drivers and challenges
    • Market trends
      • Increased adoption of solar-powered heat pumps
      • Policies supporting the growth of renewable power
      • Advent of smart heat pumps
  • Vendor Landscape
    • Overview
    • Vendor landscape
    • Landscape disruption
      • Table Landscape disruption
      • Table Industry risks
  • Vendor Analysis
    • Vendors covered
      • Table Vendors covered
    • Market positioning of vendors
      • Table Market positioning of vendors
    • Daikin Industries Ltd.
      • Table Daikin Industries Ltd. – Overview
      • Table Daikin Industries Ltd. - Business segments
      • Table Daikin Industries Ltd. - Key offerings
      • Table Daikin Industries Ltd. – Organizational developments
      • Table Daikin Industries Ltd. - Segment focus
    • Danfoss AS
      • Table Danfoss AS – Overview
      • Table Danfoss AS - Business segments
      • Table Danfoss AS - Key offerings
      • Table Danfoss AS - Organizational developments
      • Table Danfoss AS - Segment focus
    • Ingersoll-Rand Plc
      • Table Ingersoll-Rand Plc – Overview
      • Table Ingersoll-Rand Plc - Business segments
      • Table Ingersoll-Rand Plc - Key offerings
      • Table Ingersoll-Rand Plc - Organizational developments
      • Table Ingersoll-Rand Plc - Segment focus
    • Johnson Controls International Plc
      • Table Johnson Controls International Plc – Overview
      • Table Johnson Controls International Plc - Business segments
      • Table Johnson Controls International Plc - Key offerings
      • Table Johnson Controls International Plc - Organizational developments
      • Table Johnson Controls International Plc - Segment focus
    • Lennox International Inc.
      • Table Lennox International Inc. – Overview
      • Table Lennox International Inc. - Business segments
      • Table Lennox International Inc. - Key offerings
      • Table Lennox International Inc. - Organizational developments
      • Table Lennox International Inc. - Segment focus
    • Mitsubishi Electric Corp.
      • Table Mitsubishi Electric Corp. – Overview
      • Table Mitsubishi Electric Corp. - Business segments
      • Table Mitsubishi Electric Corp. - Key offerings
      • Table Mitsubishi Electric Corp. - Organizational developments
      • Table Mitsubishi Electric Corp. - Segment focus
    • NIBE Industrier AB
      • Table NIBE Industrier AB – Overview
      • Table NIBE Industrier AB - Business segments
      • Table NIBE Industrier AB - Key offerings
      • Table NIBE Industrier AB - Organizational developments
      • Table NIBE Industrier AB - Segment focus
    • Rheem Manufacturing Co.
      • Table Rheem Manufacturing Co. – Overview
      • Table Rheem Manufacturing Co. - Product and service
      • Table Rheem Manufacturing Co. - Key offerings
      • Table Rheem Manufacturing Co. - Organizational developments
    • Robert Bosch GmbH
      • Table Robert Bosch GmbH – Overview
      • Table Robert Bosch GmbH - Business segments
      • Table Robert Bosch GmbH - Key offerings
      • Table Robert Bosch GmbH - Organizational developments
      • Table Robert Bosch GmbH - Segment focus
    • United Technologies Corp.
      • Table United Technologies Corp. – Overview
      • Table United Technologies Corp. - Business segments
      • Table United Technologies Corp. - Key offerings
      • Table United Technologies Corp. - Organizational developments
      • Table United Technologies Corp. - Segment focus
  • Appendix
    • Scope of the report
      • Market definition
      • Notes and caveats:
    • Currency conversion rates for US$
      • Table Currency conversion rates for US$
    • Research methodology
      • Table Research Methodology
      • Table Validation techniques employed for market sizing
      • Table Information sources
    • List of abbreviations
      • Table List of abbreviations

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook