The heat pump market is projected to grow from an estimated USD 54.34 billion in 2018 to USD 94.42 billion by 2023, at a CAGR of 11.68%, from 2018 to 2023. Growing industrial demand accompanied by increasing investments in the residential and commercial sectors in developing and developed countries, mainly in Asia Pacific and Europe, are the key factors driving the heat pump market during the forecast period.

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The report segments the heat pump market, on the basis of end-user, into residential, commercial and industrial. The residential segment led the heat pump market in 2018. Heat pumps are widely used in various applications, including residential, commercial buildings, and industrial settings for heating and cooling. They are also used in the power generation sector by various end-users because of their efficient and low CO2 emissions as compared with Combined Heat and Power (CHP) systems.

The global heat pump market, by rated capacity, has been segmented into up to 10 kW, 10–20 kW, 20–30 kW, and above 30 kW. The number of installations in the up to 10 kW segment is driven by higher efficiency reduced electricity cost and increasing investment in the commercial and residential sectors. Thus, the segment is also projected to grow at the fastest rate during the forecast period.

In this report, the heat pump market has been analyzed concerning 4 regions, namely, Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific is expected to dominate the heat pump market during the forecast period because of increased investments in residential and commercial and growing industrialization in the China and Indian region. The figure given below shows the projected market sizes of various regions with respective CAGRs for 2023.

Some of the leading players in the heat pump market are Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).

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