Heat Pump Market revenue to reach USD 180 Billion by 2035, says Research Nester

Prominent heat pumps market players include Viessmann Climate Solutions SE, Carrier Global Corporation, Daikin Industries, Ltd., Johnson Controls, NIBE Group, Midea Group, Ingersoll Rand Plc., Vaillant Group, Robert Bosch GmbH, and The Danfoss Group,

New York, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global heat pumps market size is predicted to expand at ~9% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 180 billion by the end of 2035, up from a revenue of ~USD 70 billion in the year 2022.This growth is set to be influenced by the growing installation of heat pumps. Globally, there are expected to be over 599 million heat pumps installed by 2030, up from about 179 million in 2020. As a result, the market revenue is growing.

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Compared with both conventional and renewable building systems, such as low-emission hydrogen and biomass boilers, heat pumps are far more energy-efficient. A heat pump may produce about 2 to 5 units of heat on average throughout the heating season with one unit of power after it has been set up and running correctly. Furthermore, over the past few decades, research, competition, minimum efficiency performance standards (MEPS), and energy labeling programs have all contributed to a steady growth in heat pump efficiency.

Growing Population to Boost the Growth of the Global Heat Pump Market

In mid-November 2022, there were nearly 8.0 billion people on the planet, up from 2.5 billion in 1950, based on estimates. Since 2010 and 1998, there have been additions of 1 billion and 2 billion people, respectively. Hence, this rise in population has further boosted the construction of residential and non-residential sector which needs facility of heating and also cooling down of building. Therefore, the demand for heat pump is projected to have upward moment over the coming years.

Heat Pump Market: Regional Overview 

The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.  

Surge in Number of Heat Pumps Sold to Drive the Market Growth in Asia Pacific

The heat pump market in Asia Pacific is set to rise garnering share of ~35% over the forecast period. This growth in the region’s market could be on account of rising units sold for heat pumps. Notwithstanding a slowing in sales growth, China continued to lead the world in heat pump unit sales in 2022. District heating is still the most popular form of urban heating in Northern China, although many of these homes also have heat pumps installed for space cooling and sporadic extra warmth. Air-to-air reversible units are a common alternative for room heating in Southern China, where winters are milder, although sales have been mostly flat in recent years. Although they only make up a small portion of the Chinese industry, air-to water heat pumps—which are mostly used for space heating—saw growth of more than 19% in 2022.

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Growing Government Initiatives to Eliminate Use of Fossil Fuel to Influence the Market Expansion in North America

The heat pump market in North America is projected to capture the significant share in the revenue of ~25%. This could be on account of rising government initiatives to eliminate fossil fuel use. In 2021, the EPA estimates that, considering a 100-year global warming potential, CO2 emissions made up approximately 79% of all human greenhouse gas emissions in the United States. About 73% of all greenhouse gas emissions and 92% of all anthropogenic CO2 emissions in the United States are due to the combustion or burning of fossil fuels for energy. A heat pump may serve as a more energy-efficient replacement to fossil-fuel furnaces and water heaters which utilize natural gas or heating oil, both of which release CO2. Consequently, the demand for heat pump is rising in this region.

Heat Pump, Segmentation by Application

  • Industrial
  • Commercial
  • Residential

The industrial segment is anticipated to gather the largest market share of ~45% over the forecast period. Various industrial sectors such as paper, textile, automotive, food & beverages, and more make extensive use of heat pumps. Hence, with the growth in the demand for these industries, the market is estimated to rise. For instance, in the case of paper, there are approximately 299 million tons of paper produced all across the world every day.

Heat Pump, Segmentation by Technology

  • Water Source
  • Air Source
  • Ground Source

The air source segment is poised to gather the highest share of ~46% in the market over the projected period. It's possible to efficiently heat and cool the house using an air-source heat pump. An air-source heat pump can supply a home with up to three times the amount of heat energy than it uses in terms of electricity when installed correctly. Moreover, the Northeast Energy Efficiency Partnerships, for instance, conducted a study that revealed that installing units intended for colder climates in the Northeast and Mid-Atlantic regions results in annual savings of approximately 3,000 kWh (or USD 459) when compared to electric resistance heaters and 6,200 kWh (or USD 948) when compared to oil systems. The typical yearly savings when replacing oil are close to 3,000 kWh, or roughly USD 300, as the oil system stays in place but runs less frequently.

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A few of the well-known industry leaders in heat pump market that are profiled by Research Nester are Viessmann Climate Solutions SE, Carrier Global Corporation, Daikin Industries, Ltd., Johnson Controls, NIBE Group, Midea Group, Ingersoll Rand Plc., Vaillant Group, Robert Bosch GmbH, The Danfoss Group, and others.

Recent Development in the Heat Pump Market 

  • In order to build a new heat pump unit factory at the Ksaweréw Industrial Park in the Lodz Province of Poland, Daikin Industries, Ltd. made the decision to invest USD 320 million. In July 2024, this new production center will begin operations with the goal of satisfying Europe's rapidly growing demand for heat pumps.
  • At Frankfurt's ISH, the world's largest trade show, Viessmann Climate Solutions SE presents its next generation heat pumps and invisible heating systems. One of the most recent innovations from Viessmann Invisible is its new heat pump generation that uses natural refrigerant, which is poised to revolutionize heating technology in new constructions.

About Research Nester

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