How big is the Global Heat Pumps Market?

The Global Heat Pumps Market size is expected to reach USD 68.71 billion in 2024 and grow at a CAGR of 9.80% to reach USD 109.66 billion by 2029. Read More

What is the current Global Heat Pumps Market size?

In 2024, the Global Heat Pumps Market size is expected to reach USD 68.71 billion. Read More

Who are the key players in Global Heat Pumps Market?

Trane Inc. (Trane Technologies PLC), Midea Group, NIBE Group, Panasonic Corporation and Mitsubishi Electric Corporation are the major companies operating in the Global Heat Pumps Market. Read More

Which is the fastest growing region in Global Heat Pumps Market?

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Global Heat Pumps Market?

In 2024, the Asia Pacific accounts for the largest market share in Global Heat Pumps Market. Read More

What years does this Global Heat Pumps Market cover, and what was the market size in 2023?

In 2023, the Global Heat Pumps Market size was estimated at USD 61.98 billion. The report covers the Global Heat Pumps Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Heat Pumps Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key drivers of the Heat Pumps Market?

The key factors driving the Heat Pumps Market growth are: a) Stringent government regulations on energy consumption b) Rising energy costs c) Increasing awareness of renewable energy sources among consumers d) Increasing Demand for Energy Efficient Solutions Read More

Heat Pump Market Growth | Industry Forecast, Size & Analysis Report

Heat Pump Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Heat Pump System Market Share and is Segmented by Type (Air Source, Water Source, Geothermal (Ground) Source), End-User Vertical (Industrial, Commercial, Institutional, Residential), and Geography (North America (United States, Canada), Europe (Spain, France, Italy, Germany, Netherlands, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia Pacific), Rest of the World (Latin America, Middle East & Africa)). The Report Offers Market Forecasts and Size in Value (USD) for all the Above Segments.

Heat Pump Industry Overview

The competitive rivalry in the global heat pumps market is high owing to the presence of some major players such as Trane Inc., Midea Group, Panasonic Corporation, Mitsubishi Electric Corporation, and Daikin Industries Ltd, amongst others. Their ability to continually innovate their offerings has enabled them to gain a competitive advantage over other players in the market. These players have expanded their market footprint through R&D activities, mergers & acquisitions.

November 2022 - TRANE announced that it would reduce the carbon impact of its endurable HVAC solutions by buying low-carbon steel from major supplier Nucor Corporation Econiq, with an additional allotment from US Steel verdeX. The steel will be utilized in US manufacturing processes to build Trane high-efficiency heat pumps and air conditioners for homes and thermal management systems for commercial buildings such as schools and data centers.
November 2022 - Mitsubishi launched a cascaded air source heat pump that can produce between 7.8 kW and 640 kW of heat. The heat pump can generate hot water at a temperature of up to 70 C without boost heaters. Mitsubishi Electric released the air source heat pump for commercial applications, including schools and hospitals.