Market Outlook

According to Future Market Consulting analysis, Global Heat Pump Market size was valued at USD 54.95 Billion in 2021 and is projected to reach USD 87.88 Billion by 2030, growing at a CAGR of 9.42 % from 2022 to 2030.

When compared to other methods of heat transfer, the use of a heat pump can significantly reduce the usage of fossil fuels, thereby reducing the carbon footprint. As a consequence, more heat pumps are being installed across all industries, which is accelerating market growth.

Heat pumps powered by the Internet of Things (IoT) allow for component real-time tracking, proactive maintenance, and remote diagnosis. Intelligent thermostats which enable users to monitor environmental changes and interact with their water heater equipment are part of (IoT)-based heat pumps. Heat pumps are being adopted by end consumers from various industries more frequently. However, they continue to operate in the same methods and approaches. The advancement of next-gen heat pump technology has given remote control and automation top importance. Heat pumps now come with LCDs and alert lights to make them easier to comprehend. To guarantee simplicity of use and maintenance, the major market players, including Panasonic and Samsung, are concentrating on incorporating different innovations into their heat pumps.

The need for physically turning on or off heat pumps is eliminated by the heat pumps' integration with AI & ML, which can study consumer usage trends and analyses their operational time and duration It is anticipated that these factors will boost client interest in heat pumps and create lucrative opportunities for market participants.

 Key Players

• Trane Inc. (Trane Technologies)
• Midea Group
• NIBE Group
• Panasonic Corporation
• Mitsubishi Electric Corporation
• Daikin Industries Ltd
• Stiebel Eltron GmbH & Co. KG (De)
• Glen Dimplex Group
• Viessmann Werke GmbH & Co. KG
• Flamingo Heat Pumps (Flamingo Chillers)
• WOLF GMBH (ARISTON GROUP)
• Efficiency Maine

Segmentation

By Type

• Air-to-Air heat pump
• Air-to-Water heat pump
• Water Source heat pump
• Ground Source (Geothermal) heat pump
• Hybrid heat pump

By Capacity

• Up to 10 kW
• 10 – 20 kW
• 20 – 30 kW
• Above 30 kW

By Refrigerant Type

• R410A
• R407C
• R744
• Other Refrigerants

By Application

• Residential
• Commercial
• Industrial

By Region

North America

• S.
• Canada
• Mexico

Europe

• France
• UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Rest of Asia Pacific

Middle East & Africa

• GCC
• South Africa
• Rest of the Middle East & Africa

South America

• Brazil
• Argentina
• Rest of South America