Global Heat Pumps Market, 2025-2033

Publisher PreciseView Reports

Published Oct 27, 2025

Length 324 Pages

SKU # PCSR20575742

Description

Global Heat Pumps Market, valued at USD 90.0 billion in 2024, is projected to reach USD 195.0 billion by 2033, registering a CAGR of 9.0% during the 2025-2033 forecast period. This robust growth is driven by escalating demands for energy-saving climate control systems amid global sustainability goals, heightened integration with renewables like solar-assisted models, and technological leaps in low-GWP refrigerants such as R290 advancing at a 10% annual rate. The sector has accelerated since 2023, supported by post-recovery emphases on green infrastructure and refinements in hybrid setups offering up to 15% better performance in diverse climates. Key trends include the prominence of air source types for their adaptable installations, up to 10 kW capacities suiting household needs, and residential applications leading in space conditioning and water warming. Lucrative opportunities arise in Asia Pacific's urban expansions, particularly India's economical air-to-air units for apartment complexes, North American smart IoT fusions for office environments, and European industrial advancements in heat reclamation for processing sectors. However, challenges such as upfront capital barriers in emerging economies like Latin America, efficiency drops in frigid zones, and transitional costs from refrigerant phase-outs persist as key restraints. Europe holds over 30% of the market, led by Germany's policy incentives and adoption rates, while Asia Pacific grows fastest at 10.0% CAGR, propelled by China's air conditioning booms and building surges.

Strategic segmentations enable precise targeting across types, capacities, refrigerants, applications, and regions. Types prioritize air source for flexibility, capacities favor smaller scales for home use, refrigerants emphasize R410A for current dominance, and applications highlight residential for everyday utility, with regional variations-Asia Pacific for rapid scale-up, Europe for leadership, and North America for innovative integrations.

Market Segmentation:

By Type:

Air Source (Air-to-Air, Air-to-Water)
Water Source (Surface Water, Open Loop)
Ground Source/Geothermal (Closed Loop Vertical, Closed Loop Horizontal, Direct Expansion)
Hybrid/Dual Fuel
Photovoltaic-Thermal (PVT)
Solar-Assisted

By Rated Capacity:

Up to 10 kW
10-20 kW
20-30 kW
Above 30 kW

By Refrigerant:

R410A
R407C
R744 (CO2)
R290 (Propane)
R717 (Ammonia)
R32
Hydrocarbons
Others

By Application/End-Use:

Residential (Single Family, Multi Family, Space Heating & Cooling, Water Heating, Radiant Floor Heating, Hybrid Heating Systems)
Commercial (Education, Healthcare, Retail, Offices, Hospitality, Logistics & Transportation, Others)
Industrial (Food & Beverages, Paper, Chemicals, Waste Heat Recovery, Industrial Drying, Process Cooling, Combined Heat & Power (CHP), Others)

By Region:

North America (United States, Canada, Mexico, Others)
Europe (United Kingdom, Germany, France, Italy, Spain, Netherlands, Sweden, Norway, Denmark, Finland, Switzerland, Others)
Asia Pacific (China, Japan, India, South Korea, Australia, Others)
Latin America (Brazil, Argentina, Chile, Others)
Middle East & Africa (Saudi Arabia, United Arab Emirates, Turkey, South Africa, Others)

Please note: Delivery Timeline: 3-5 Business Days

Research Objective
MARKET SEGMENTATION: Scope of the Study; Key Questions Answered in the Report
Chapter 1 Research Methodology: 1.1 Research Objective; 1.2 Market Research Process; 1.2.1 Data Procurement and Data Mining; 1.2.2 Data Analysis and Standardization; 1.2.3 Data Processing and Market Formulation; 1.2.4 Data Validation; 1.3 Market Research Approach; 1.3.1 Residential Research; 1.3.2 Commercial Research; 1.3.3 Assumptions & Limitations; 1.4 Year Considered for the Study
Chapter 2 Executive Summary: 2.1 Global Heat Pumps Market Snapshot; 2.2 Global Heat Pumps Market
Chapter 3 Market Variables and Scope: 3.1 Introduction to Heat Pumps; 3.2 Classification and Scope
Chapter 4 Market Dynamics and Trends: 4.1 Global Heat Pumps Market Dynamics; 4.2 Global Heat Pumps Market Dynamics, Impact Analysis; 4.3 Market Drivers; 4.3.1 Driver 1; 4.3.2 Driver 2; 4.4 Market Restraints; 4.4.1 Restraint 1; 4.4.2 Restraint 2; 4.5 Market Opportunity; 4.5.1 Opportunity 1; 4.5.2 Opportunity 2
Chapter 5 Premium Insights: 5.1 Porter’s Five Forces Analysis; 5.1.1 Bargaining Power of Suppliers; 5.1.2 Bargaining Power of Buyers; 5.1.3 Threat of Substitute Types; 5.1.4 Rivalry among Existing Firms; 5.1.5 Threat of New Entrants; 5.2 Supply Chain Analysis; 5.3 Market Share Analysis of Key Players, 2024; 5.4 Market Entry Strategy Assessment; 5.5 Strategic Recommendation for Stakeholders
Chapter 6 Global Heat Pumps Market, By Type: 6.1 Global Heat Pumps Market, By Type, 2025 - 2033; 6.2 Air Source; 6.2.1 Air-to-Air; 6.2.2 Air-to-Water; 6.3 Water Source; 6.3.1 Surface Water; 6.3.2 Open Loop; 6.4 Ground Source/Geothermal; 6.4.1 Closed Loop Vertical; 6.4.2 Closed Loop Horizontal; 6.4.3 Direct Expansion; 6.5 Hybrid/Dual Fuel; 6.6 Photovoltaic-Thermal (PVT); 6.7 Solar-Assisted
Chapter 7 Global Heat Pumps Market, By Rated Capacity: 7.1 Global Heat Pumps Market, By Rated Capacity, 2025 - 2033; 7.2 Up to 10 kW; 7.3 10-20 kW; 7.4 20-30 kW; 7.5 Above 30 kW
Chapter 8 Global Heat Pumps Market, By Refrigerant: 8.1 Global Heat Pumps Market, By Refrigerant, 2025 - 2033; 8.2 R410A; 8.3 R407C; 8.4 R744 (CO2); 8.5 R290 (Propane); 8.6 R717 (Ammonia); 8.7 R32; 8.8 Hydrocarbons; 8.9 Others
Chapter 9 Global Heat Pumps Market, By Application/End-Use: 9.1 Global Heat Pumps Market, By Application/End-Use, 2025 - 2033; 9.2 Residential; 9.2.1 Single Family; 9.2.2 Multi Family; 9.2.3 Space Heating & Cooling; 9.2.4 Water Heating; 9.2.5 Radiant Floor Heating; 9.2.6 Hybrid Heating Systems; 9.3 Commercial; 9.3.1 Education; 9.3.2 Healthcare; 9.3.3 Retail; 9.3.4 Offices; 9.3.5 Hospitality; 9.3.6 Logistics & Transportation; 9.3.7 Others; 9.4 Industrial; 9.4.1 Food & Beverages; 9.4.2 Paper; 9.4.3 Chemicals; 9.4.4 Waste Heat Recovery; 9.4.5 Industrial Drying; 9.4.6 Process Cooling; 9.4.7 Combined Heat & Power (CHP); 9.4.8 Others
Chapter 10 Global Heat Pumps Market, By Region: 10.1 Overview; 10.2 North America; 10.2.1 North America Heat Pumps Market, By Country; 10.2.2 North America Heat Pumps Market, By Type; 10.2.3 North America Heat Pumps Market, By Rated Capacity; 10.2.4 North America Heat Pumps Market, By Refrigerant; 10.2.5 North America Heat Pumps Market, By Application/End-Use; 10.2.6 United States; 10.2.6.1 United States Heat Pumps Market, By Type; 10.2.6.2 United States Heat Pumps Market, By Rated Capacity; 10.2.6.3 United States Heat Pumps Market, By Refrigerant; 10.2.6.4 United States Heat Pumps Market, By Application/End-Use; 10.2.7 Canada; 10.2.7.1 Canada Heat Pumps Market, By Type; 10.2.7.2 Canada Heat Pumps Market, By Rated Capacity; 10.2.7.3 Canada Heat Pumps Market, By Refrigerant; 10.2.7.4 Canada Heat Pumps Market, By Application/End-Use; 10.2.8 Mexico; 10.2.8.1 Mexico Heat Pumps Market, By Type; 10.2.8.2 Mexico Heat Pumps Market, By Rated Capacity; 10.2.8.3 Mexico Heat Pumps Market, By Refrigerant; 10.2.8.4 Mexico Heat Pumps Market, By Application/End-Use; 10.2.9 Others; 10.2.9.1 Others Heat Pumps Market, By Type; 10.2.9.2 Others Heat Pumps Market, By Rated Capacity; 10.2.9.3 Others Heat Pumps Market, By Refrigerant; 10.2.9.4 Others Heat Pumps Market, By Application/End-Use; 10.3 Europe; 10.3.1 Europe Heat Pumps Market, By Country; 10.3.2 Europe Heat Pumps Market, By Type; 10.3.3 Europe Heat Pumps Market, By Rated Capacity; 10.3.4 Europe Heat Pumps Market, By Refrigerant; 10.3.5 Europe Heat Pumps Market, By Application/End-Use; 10.3.6 United Kingdom; 10.3.6.1 United Kingdom Heat Pumps Market, By Type; 10.3.6.2 United Kingdom Heat Pumps Market, By Rated Capacity; 10.3.6.3 United Kingdom Heat Pumps Market, By Refrigerant; 10.3.6.4 United Kingdom Heat Pumps Market, By Application/End-Use; 10.3.7 Germany; 10.3.7.1 Germany Heat Pumps Market, By Type; 10.3.7.2 Germany Heat Pumps Market, By Rated Capacity; 10.3.7.3 Germany Heat Pumps Market, By Refrigerant; 10.3.7.4 Germany Heat Pumps Market, By Application/End-Use; 10.3.8 France; 10.3.8.1 France Heat Pumps Market, By Type; 10.3.8.2 France Heat Pumps Market, By Rated Capacity; 10.3.8.3 France Heat Pumps Market, By Refrigerant; 10.3.8.4 France Heat Pumps Market, By Application/End-Use; 10.3.9 Italy; 10.3.9.1 Italy Heat Pumps Market, By Type; 10.3.9.2 Italy Heat Pumps Market, By Rated Capacity; 10.3.9.3 Italy Heat Pumps Market, By Refrigerant; 10.3.9.4 Italy Heat Pumps Market, By Application/End-Use; 10.3.10 Spain; 10.3.10.1 Spain Heat Pumps Market, By Type; 10.3.10.2 Spain Heat Pumps Market, By Rated Capacity; 10.3.10.3 Spain Heat Pumps Market, By Refrigerant; 10.3.10.4 Spain Heat Pumps Market, By Application/End-Use; 10.3.11 Netherlands; 10.3.11.1 Netherlands Heat Pumps Market, By Type; 10.3.11.2 Netherlands Heat Pumps Market, By Rated Capacity; 10.3.11.3 Netherlands Heat Pumps Market, By Refrigerant; 10.3.11.4 Netherlands Heat Pumps Market, By Application/End-Use; 10.3.12 Sweden; 10.3.12.1 Sweden Heat Pumps Market, By Type; 10.3.12.2 Sweden Heat Pumps Market, By Rated Capacity; 10.3.12.3 Sweden Heat Pumps Market, By Refrigerant; 10.3.12.4 Sweden Heat Pumps Market, By Application/End-Use; 10.3.13 Norway; 10.3.13.1 Norway Heat Pumps Market, By Type; 10.3.13.2 Norway Heat Pumps Market, By Rated Capacity; 10.3.13.3 Norway Heat Pumps Market, By Refrigerant; 10.3.13.4 Norway Heat Pumps Market, By Application/End-Use; 10.3.14 Denmark; 10.3.14.1 Denmark Heat Pumps Market, By Type; 10.3.14.2 Denmark Heat Pumps Market, By Rated Capacity; 10.3.14.3 Denmark Heat Pumps Market, By Refrigerant; 10.3.14.4 Denmark Heat Pumps Market, By Application/End-Use; 10.3.15 Finland; 10.3.15.1 Finland Heat Pumps Market, By Type; 10.3.15.2 Finland Heat Pumps Market, By Rated Capacity; 10.3.15.3 Finland Heat Pumps Market, By Refrigerant; 10.3.15.4 Finland Heat Pumps Market, By Application/End-Use; 10.3.16 Switzerland; 10.3.16.1 Switzerland Heat Pumps Market, By Type; 10.3.16.2 Switzerland Heat Pumps Market, By Rated Capacity; 10.3.16.3 Switzerland Heat Pumps Market, By Refrigerant; 10.3.16.4 Switzerland Heat Pumps Market, By Application/End-Use; 10.3.17 Others; 10.3.17.1 Others Heat Pumps Market, By Type; 10.3.17.2 Others Heat Pumps Market, By Rated Capacity; 10.3.17.3 Others Heat Pumps Market, By Refrigerant; 10.3.17.4 Others Heat Pumps Market, By Application/End-Use; 10.4 Asia Pacific; 10.4.1 Asia Pacific Heat Pumps Market, By Country; 10.4.2 Asia Pacific Heat Pumps Market, By Type; 10.4.3 Asia Pacific Heat Pumps Market, By Rated Capacity; 10.4.4 Asia Pacific Heat Pumps Market, By Refrigerant; 10.4.5 Asia Pacific Heat Pumps Market, By Application/End-Use; 10.4.6 China; 10.4.6.1 China Heat Pumps Market, By Type; 10.4.6.2 China Heat Pumps Market, By Rated Capacity; 10.4.6.3 China Heat Pumps Market, By Refrigerant; 10.4.6.4 China Heat Pumps Market, By Application/End-Use; 10.4.7 Japan; 10.4.7.1 Japan Heat Pumps Market, By Type; 10.4.7.2 Japan Heat Pumps Market, By Rated Capacity; 10.4.7.3 Japan Heat Pumps Market, By Refrigerant; 10.4.7.4 Japan Heat Pumps Market, By Application/End-Use; 10.4.8 India; 10.4.8.1 India Heat Pumps Market, By Type; 10.4.8.2 India Heat Pumps Market, By Rated Capacity; 10.4.8.3 India Heat Pumps Market, By Refrigerant; 10.4.8.4 India Heat Pumps Market, By Application/End-Use; 10.4.9 South Korea; 10.4.9.1 South Korea Heat Pumps Market, By Type; 10.4.9.2 South Korea Heat Pumps Market, By Rated Capacity; 10.4.9.3 South Korea Heat Pumps Market, By Refrigerant; 10.4.9.4 South Korea Heat Pumps Market, By Application/End-Use; 10.4.10 Australia; 10.4.10.1 Australia Heat Pumps Market, By Type; 10.4.10.2 Australia Heat Pumps Market, By Rated Capacity; 10.4.10.3 Australia Heat Pumps Market, By Refrigerant; 10.4.10.4 Australia Heat Pumps Market, By Application/End-Use; 10.4.11 Others; 10.4.11.1 Others Heat Pumps Market, By Type; 10.4.11.2 Others Heat Pumps Market, By Rated Capacity; 10.4.11.3 Others Heat Pumps Market, By Refrigerant; 10.4.11.4 Others Heat Pumps Market, By Application/End-Use; 10.5 Latin America; 10.5.1 Latin America Heat Pumps Market, By Country; 10.5.2 Latin America Heat Pumps Market, By Type; 10.5.3 Latin America Heat Pumps Market, By Rated Capacity; 10.5.4 Latin America Heat Pumps Market, By Refrigerant; 10.5.5 Latin America Heat Pumps Market, By Application/End-Use; 10.5.6 Brazil; 10.5.6.1 Brazil Heat Pumps Market, By Type; 10.5.6.2 Brazil Heat Pumps Market, By Rated Capacity; 10.5.6.3 Brazil Heat Pumps Market, By Refrigerant; 10.5.6.4 Brazil Heat Pumps Market, By Application/End-Use; 10.5.7 Argentina; 10.5.7.1 Argentina Heat Pumps Market, By Type; 10.5.7.2 Argentina Heat Pumps Market, By Rated Capacity; 10.5.7.3 Argentina Heat Pumps Market, By Refrigerant; 10.5.7.4 Argentina Heat Pumps Market, By Application/End-Use; 10.5.8 Chile; 10.5.8.1 Chile Heat Pumps Market, By Type; 10.5.8.2 Chile Heat Pumps Market, By Rated Capacity; 10.5.8.3 Chile Heat Pumps Market, By Refrigerant; 10.5.8.4 Chile Heat Pumps Market, By Application/End-Use; 10.5.9 Others; 10.5.9.1 Others Heat Pumps Market, By Type; 10.5.9.2 Others Heat Pumps Market, By Rated Capacity; 10.5.9.3 Others Heat Pumps Market, By Refrigerant; 10.5.9.4 Others Heat Pumps Market, By Application/End-Use; 10.6 Middle East and Africa (MEA); 10.6.1 Middle East and Africa (MEA) Heat Pumps Market, By Country; 10.6.2 Middle East and Africa (MEA) Heat Pumps Market, By Type; 10.6.3 Middle East and Africa (MEA) Heat Pumps Market, By Rated Capacity; 10.6.4 Middle East and Africa (MEA) Heat Pumps Market, By Refrigerant; 10.6.5 Middle East and Africa (MEA) Heat Pumps Market, By Application/End-Use; 10.6.6 Saudi Arabia; 10.6.6.1 Saudi Arabia Heat Pumps Market, By Type; 10.6.6.2 Saudi Arabia Heat Pumps Market, By Rated Capacity; 10.6.6.3 Saudi Arabia Heat Pumps Market, By Refrigerant; 10.6.6.4 Saudi Arabia Heat Pumps Market, By Application/End-Use; 10.6.7 United Arab Emirates; 10.6.7.1 United Arab Emirates Heat Pumps Market, By Type; 10.6.7.2 United Arab Emirates Heat Pumps Market, By Rated Capacity; 10.6.7.3 United Arab Emirates Heat Pumps Market, By Refrigerant; 10.6.7.4 United Arab Emirates Heat Pumps Market, By Application/End-Use; 10.6.8 Turkey; 10.6.8.1 Turkey Heat Pumps Market, By Type; 10.6.8.2 Turkey Heat Pumps Market, By Rated Capacity; 10.6.8.3 Turkey Heat Pumps Market, By Refrigerant; 10.6.8.4 Turkey Heat Pumps Market, By Application/End-Use; 10.6.9 South Africa; 10.6.9.1 South Africa Heat Pumps Market, By Type; 10.6.9.2 South Africa Heat Pumps Market, By Rated Capacity; 10.6.9.3 South Africa Heat Pumps Market, By Refrigerant; 10.6.9.4 South Africa Heat Pumps Market, By Application/End-Use; 10.6.10 Others; 10.6.10.1 Others Heat Pumps Market, By Type; 10.6.10.2 Others Heat Pumps Market, By Rated Capacity; 10.6.10.3 Others Heat Pumps Market, By Refrigerant; 10.6.10.4 Others Heat Pumps Market, By Application/End-Use
Chapter 11 Competitive Landscape: 11.1 Strategic Move Analysis; 11.1.1 Top Player Positioning/Market Share Analysis; 11.1.2 Top Winning Strategies, By Year, 2021-2024; 11.1.3 Competitive Analysis by Revenue, 2022-2024; 11.2 Recent Developments by the Market Participants (2024-25)
Chapter 12 Company Profiles: 12.1 Daikin Industries Ltd.; 12.1.1 Company Snapshot; 12.1.2 Company Overview; 12.1.3 Financial Performance; 12.1.4 Product Portfolio; 12.1.5 Strategic Growth; 12.2 Mitsubishi Electric Corporation; 12.2.1 Company Snapshot; 12.2.2 Company Overview; 12.2.3 Financial Performance; 12.2.4 Product Portfolio; 12.2.5 Strategic Growth; 12.3 Carrier Global Corporation; 12.3.1 Company Snapshot; 12.3.2 Company Overview; 12.3.3 Financial Performance; 12.3.4 Product Portfolio; 12.3.5 Strategic Growth; 12.4 Trane Technologies plc; 12.4.1 Company Snapshot; 12.4.2 Company Overview; 12.4.3 Financial Performance; 12.4.4 Product Portfolio; 12.4.5 Strategic Growth; 12.5 Bosch Thermotechnology Corp.; 12.5.1 Company Snapshot; 12.5.2 Company Overview; 12.5.3 Financial Performance; 12.5.4 Product Portfolio; 12.5.5 Strategic Growth; 12.6 Hitachi Ltd.; 12.6.1 Company Snapshot; 12.6.2 Company Overview; 12.6.3 Financial Performance; 12.6.4 Product Portfolio; 12.6.5 Strategic Growth; 12.7 Panasonic Corporation; 12.7.1 Company Snapshot; 12.7.2 Company Overview; 12.7.3 Financial Performance; 12.7.4 Product Portfolio; 12.7.5 Strategic Growth; 12.8 LG Electronics Inc.; 12.8.1 Company Snapshot; 12.8.2 Company Overview; 12.8.3 Financial Performance; 12.8.4 Product Portfolio; 12.8.5 Strategic Growth; 12.9 Samsung Electronics Co. Ltd.; 12.9.1 Company Snapshot; 12.9.2 Company Overview; 12.9.3 Financial Performance; 12.9.4 Product Portfolio; 12.9.5 Strategic Growth; 12.10 NIBE Industrier AB; 12.10.1 Company Snapshot; 12.10.2 Company Overview; 12.10.3 Financial Performance; 12.10.4 Product Portfolio; 12.10.5 Strategic Growth; 12.11 Viessmann Werke GmbH & Co. KG; 12.11.1 Company Snapshot; 12.11.2 Company Overview; 12.11.3 Financial Performance; 12.11.4 Product Portfolio; 12.11.5 Strategic Growth; 12.12 Stiebel Eltron GmbH & Co. KG; 12.12.1 Company Snapshot; 12.12.2 Company Overview; 12.12.3 Financial Performance; 12.12.4 Product Portfolio; 12.12.5 Strategic Growth; 12.13 Aermec S.p.A.; 12.13.1 Company Snapshot; 12.13.2 Company Overview; 12.13.3 Financial Performance; 12.13.4 Product Portfolio; 12.13.5 Strategic Growth; 12.14 Glen Dimplex Group; 12.14.1 Company Snapshot; 12.14.2 Company Overview; 12.14.3 Financial Performance; 12.14.4 Product Portfolio; 12.14.5 Strategic Growth; 12.15 Vaillant Group; 12.15.1 Company Snapshot; 12.15.2 Company Overview; 12.15.3 Financial Performance; 12.15.4 Product Portfolio; 12.15.5 Strategic Growth; 12.16 Danfoss A/S; 12.16.1 Company Snapshot; 12.16.2 Company Overview; 12.16.3 Financial Performance; 12.16.4 Product Portfolio; 12.16.5 Strategic Growth

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