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Residential Heat Pump Market Trends

Report ID: GMI5700
Published Date: Jul 2024
Report Format: PDF

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Residential Heat Pump Market Trends

The residential heat pump industry is set to observe significant growth owing to rising population, urbanization that has led to expansion of residential infrastructure across various nations. Favorable schemes and policies by the authorities for deployment of energy efficient systems and shifting focus toward replacement of traditional heating systems has favored the business dynamics. For instance, in October 2023, the government of UK enhanced the heat pump grants by 50% from USD 6,325 (GBP 5,000) to USD 9,400 (GBP 7,500). The Boiler Upgrade Scheme offers these grants to encourage replacing fossil fuel heating with efficient, low-carbon systems like air source heat pumps, ground source heat pumps. Moreover, rising consumer purchasing power and shifting preference for smart systems is accelerating product demand.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Residential Heat Pump Market Size was valued at over USD 38.7 billion in 2023 and is set to grow at 13.9% rate through 2032, owing to the growing preference for energy-efficient HVAC systems along with favorable government schemes for adoption of residential heating & cooling systems.

Single family segment is set to observe a CAGR of over 13% through 2032, backed by ongoing development of residential establishments, rising demand for heating & cooling, and shifting focus toward limiting carbon emissions.

Asia Pacific residential heat pump market value is set to grow over USD 49 billion by 2032, favored by rapid population growth, robust expansion of residential establishments, and increased investments in real estate.

Bosch Thermotechnology Corp., Carrier, Colmac Industries, Daikin, Glen Dimplex Group, Kensa Heat Pump, Lennox International Inc., LG Electronics, Lochinvar, and Mitsubishi Electric Corporation among others.