Heat Pumps Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Heat Pumps Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Heat Pumps Global Market Report 2024, The heat pumps market size has grown strongly in recent years. It will grow from $115.28 billion in 2023 to $124.75 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to innovations in renewable energy integration, energy crisis and environmental awareness, climate change concerns, urbanization and housing trends, rising energy costs.

The heat pumps market size is expected to see strong growth in the next few years. It will grow to $157.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growing energy efficiency regulations, climate change mitigation policies, rising energy prices, urbanization and building regulations, consumer demand for sustainable solutions. Major trends in the forecast period include hybrid heat pump systems, decarbonization initiatives, heat pump electrification, smart heat pump technology, cold climate heat pumps.

Government regulations and policies to improve energy efficiency are boosting demand for renewable energy sources, thereby contributing to the growth of the heat pumps market. Heat pumps offer a low carbon footprint, minimal installation time, and reduce energy consumption in household and industrial applications. Energy efficiency has tremendous potential to boost economic growth and reduce greenhouse gas emissions. The governments of various countries are adopting energy conservation policies. For instance, the UK government formed an Energy Efficiency Office, embracing various departments to monitor, coordinate, and develop energy conservation policies. Moreover, in the USA, all industries consuming more than one million GJ/A (100) are required to report their energy conservation and consumption efforts to the Department of Energy for seeking guidance on greater efficiency of energy use. Therefore, growing efforts to reduce energy usage are likely to propel demand for energy-efficient products, including the growth of the heat pumps market.

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The heat pumps market covered in this report is segmented –

1) By Product Type: Air Source, Air-to-Air, Air-to-Water, Water Source, Ground Source

2) By Rated Capacity: Up to 10 kW, 10–20 kW, 20–30 kW, Above 30 kW

3) By End User: Residential, Commercial, Industrial

Major companies operating in the heat pumps market are developing new eco-friendly products to gain a competitive edge in the market. Eco-friendly products are designed to reduce energy consumption, greenhouse gas emissions, and overall environmental impact while providing climate control for various applications. For instance, in November 2022, Mitsubishi Electric Corporation, a Japan-based electronics company, launched the Ecodan CAHV-R air source heat pump, which operates with low-GWP R454C refrigerant, making it an eco-friendly solution for both sanitary hot water and space heating in commercial applications. This heat pump system can function as a single unit or as part of a multiple-unit system, offering flexibility for various settings, including schools and hospitals. The Ecodan CAHV-R, with its cascading and rotation capabilities, can efficiently deliver sustainable space heating and hot water year-round, making it a valuable addition to the HVAC industry’s offerings. Other key features include reduced embodied carbon, the ability to achieve a 70°C outlet temperature even at -2°C ambient temperature, and an advanced heat exchange design for shorter defrost times. Its low-frequency compressor control and the option to rotate units based on accumulated run hours enhance energy efficiency and product longevity.

The heat pumps market report table of contents includes: