Global Heat Pumps Market - Forecasts from 2025 to 2030

The Heat Pumps Market is expected to grow from US$95.210 billion in 2025 to US$149.473 billion in 2030, at a CAGR of 9.44%.

Heat pumps are designed to move heat from a colder place to a warmer one with the help of electricity. In regions where heating and cooling needs are moderate, these pumps are efficient alternatives to furnaces and air conditioners.

Increasing investment in both the commercial and residential sectors is expected to drive the growth of the market in the coming years. However, the high initial installation cost for energy-efficient heat pumps is anticipated to restrain the growth opportunities.

Heat Pumps Market Growth Drivers:
Rapid urbanization and industrialization will drive the market over the forecast period.

The growth of this market is mainly attributed to rapid urbanization and industrialization in many regions across the globe. As the number of commercial, residential, and industrial establishments continues to grow, the demand for efficient heating solutions will continue to be driven significantly, thus boosting the growth of the heat pump market. In fact, according to the government of China, the country’s construction industry is growing by nearly five percent, while in the United States, construction spending has increased and a similar trend has been noticed in Europe. The growing investments in the development of infrastructure and construction projects is expected to continue to drive the heat pump market growth over the forecast period.
Trends toward energy-efficient products are widening the growth opportunities.

The increasing focus of market players on improving the efficiency of heat pumps is attracting substantial investments in research and development. Innovation, as a result of R&D, is bringing a good range of advanced heat pumps into the market, thus fueling their adoption by players across industries. Shifting focus toward sustainability is further fueling the adoption of these pumps by customers, thus augmenting the growth of this market. Increasing environmental awareness due to the growing emission of greenhouse gases is further encouraging market players to invest and introduce technologically advanced products into the market. The emission of greenhouse gases has been increasing globally as the trend of industrialization continues. Also, the percentage of countries committed to peaking their emissions is expected to increase from 36% in 2010 to 60% in 2030 according to the United Nations Environment Programme.

Heat Pumps Market Segment Analysis:
The residential segment is growing at an exponential rate during the forecast period

By End-user, the residential sector is expected to grow at a significant rate on account of the development of real estate, coupled with rising disposable income in developing countries like China, India, and Brazil. Also, companies are investing heavily to cater to the demand of the residential sector by integrating the Internet of Things into the heat pump systems.

Heat Pumps Market Geographical Outlook:
The Asia Pacific is anticipated to be a major player in the market

Geographically, Asia Pacific is expected to hold a significant share of the market owing to increasing investment in both the residential and commercial sectors in countries like China and India. Rapid urbanization in the region, coupled with growing construction activities, also propels the growth of the market in the region.

Heat Pumps Companies:
Enertech Group
Bosch Thermotechnology Corp.
Panasonic Corporation
Danfoss
Carrier Corporation
Viessmann Group
STIEBEL ELTRON GmbH & Co. KG
GlenDimplex
Toshiba Corporation
Johnson Controls International Plc
Electrolux AB

Global Heat Pumps Market Segmentation
By Type
Air Source Heat Pumps
Water Source Heat Pumps
Ground Source (Geothermal) Heat Pumps
By Power Capacity
Up to 10 kW
10 kW to 30 kW
Greater than 30 kW
By End-User
Residential
Commercial
Industrial
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
India
Japan
South Korea
Indonesia
Thailand
Others