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Heat Pump Market Size

Report ID: GMI1426
Published Date: Jul 2024
Report Format: PDF

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Heat Pump Market Size

Heat Pump Market was valued at USD 54 billion in 2023 and is set to set to attain about 13.6% CAGR between 2024 and 2032. Rising demand for efficient heat and cooling solutions and shifting inclination toward energy efficiency is set to complement the industry landscape. Stringent regulatory framework for reduction in emissions and enhance building efficiency will positively influence the business dynamics.

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For instance, in April 2024, the Department of Energy finalized energy efficiency standards for commercial heat pumps that will focus on save USD 29 billion on utility bills and limit 109 Mt of CO2 emissions by 2029. Moreover, favorable schemes by authorities including tax & credit rebates, to adoption energy efficient systems will favor the industry outlook.

Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Heat Pump Market Size in 2023:	USD 54 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	13.6%
2032 Value Projection:	USD 169.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	95
Tables, Charts & Figures:	41
Segments covered:	Product, Application, and Region
Growth Drivers:	Growing adoption of energy-efficient systems Measures to reduce carbon footprint and increase energy efficiency Flourishing investment for infrastructure development
Pitfalls & Challenges:	Availability of economic alternatives

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of heat pump was reached USD 54 billion in 2023 and is anticipated to register 13.6% CAGR between 2024 and 2032, driven by rising demand for efficient heat and cooling solutions and the shifting inclination towards energy efficiency.

The residential segment in the heat pump market is expected to record 13.5% CAGR through 2032, driven by increasing population and the rising demand for space heating and cooling.

Asia Pacific heat pump market is likely to exceed USD 60 billion by 2032, due to the ongoing infrastructure expansion, rapid population growth and urbanization.

Bosch Thermotechnology Corp., Carrier, DAIKIN INDUSTRIES, Ltd., Finn Geotherm UK Limited, FUJITSU GENERAL, Glen Dimplex Group, GREE ELECTRIC APPLIANCES, INC., Johnson Controls, and Kensa Heat Pumps, among others.