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Heat Pump Market

Global Heat Pump Market to Expand 2.3X Owing to Advancements in Energy-efficient Devices: Fact.MR Study

Published : 26 Nov 2021 Industry: Industrial Goods

According to a recent report by Fact.MR, a market research and competitive intelligence provider, sales of heat pumps are expected to reach a valuation of US$ 140 Bn by 2031, rising at a robust CAGR of around 9% over the forecast period (2021 to 2031).

Heat pumps continue to gain traction as a viable and ecological alternative to conventional heating equipment, owing to the efforts of several economies for progressing towards a low-carbon future by using cleaner energy to run transportation, heating, cooling, and other applications. Rapid climate changes have not only increased the heating needs for residential buildings but also led to the development of dual-source options in heat pumps for effective temperature regulations in both, warm and cold climates.

A wave of energy-efficient and sustainable heating technologies hitting the residential as well as commercial and industrial sectors has led to notable rise in the adoption of heat pumps. As energy-efficient products continue to play an important role in reducing greenhouse gas (GHG) emissions and regulating the amount of electricity consumed by the residential and commercial sectors, it is highly likely that heat pump sales will remain highly influenced by their sustainability quotient.

Key Takeaways from Market Study

  • Global heat pump market to top US$ 140 Bn by 2031.
  • Air source heat pumps projected to reach around US$ 80 Bn by 2031.
  • Water source heat pumps projected to record above 6% CAGR over the next 10 years.
  • Ground source heat pumps expected to reach valuation of US$ 20 Bn by 2031.
  • Market in East Asia holds share of more than 50%.
  • Market in Japan to record 5% CAGR over forecast period of 2021- 2031.

“With brisk expansion of the construction industry, coupled with rising frequency of innovations in HVAC (heating, ventilation, and air conditioning) systems, heat pump technology has become paramount among global heating equipment suppliers,” says a Fact.MR analyst.

Market Competition

Low-end products with standard features continue to witness mass production and sales to cater growing demand from the residential sector and small-scale industries. Therefore, the number of market players offering low-end products continues to surge, resulting in stiff competition for global players in this highly fragmented marketplace.

Stakeholders in the heat pump market are continuously engaged in expanding their product portfolios through strategic collaborations and technology innovations.

More Valuable Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the heat pump market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.

The study divulges essential insights on the market on the basis of, product type (air source heat pumps, water source heat pumps, and ground source heat pumps), system type (air-to-air heat pumps, air-to-water heat pumps, electric heat pumps, and geothermal heat pumps), rated capacity (up to 10 kW, 10–20 kW, 20–30 kW, and above 30 kW), and application (residential sector, commercial sector, hospitality sector, retail sector, education sector, industrial sector, food & beverage sector, paper & pulp sector, and chemicals & petrochemicals sector), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).

About the Industrial Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the industrial goods domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shubham Patidar


Consultant - Industrial Goods and Automotive


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Heat Pump Market

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Heat Pump Market by Product (Air Source, Water Source, Ground Source Heat Pumps), by System (Air-to-Air, Air-to-Water, Electric, Geothermal Heat Pumps), Rated Capacity (Up to 10 kW, 10–20 kW, 20–30 kW, Heat Pump above 30 kW), by Application & Region – Forecast to 2031