Reversible Heat Pump Market Size- By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial), Regional Outlook & Forecast, 2024 - 2032

Reversible Heat Pump Market Size

Reversible Heat Pump Market was valued at over USD 10.9 billion in 2023 and is projected to record over 15.5% CAGR from 2024 to 2032. The growing population and ongoing urbanization, coupled with the swift advancement of sustainable building infrastructure, have driven up the demand for energy-efficient heating and cooling systems, thereby shaping the industry landscape.
 

For instance, in April 2024, Natural Resources Canada unveiled its Forward Regulatory Plan for 2024 to 2026 stipulating the new standards along with planned regulatory changes for energy efficiency ratings & other initiatives for the new systems to be deployed in the medium term. Moreover, shifting trends toward advanced technological systems along with formulation of strategic reforms to support fossil fuel independency will complement the business outlook.
 

Reversible Heat Pump Market Trends

The rising demand for efficient space heating & cooling technologies along with significant initiatives by the government toward the deployment of efficient and reliable technologies. In addition, the increasing investment toward the expansion of real estate sector along with stringent regulatory mandates toward reducing the carbon emissions have accelerated the demand for heat pump systems which will further stimulate the heat pump market landscape.
 

Reversible Heat Pump Market Analysis

Reversible air source heat pump market is projected to cross USD 39 billion by 2032, owing to the rising living standards of population along with the upsurging demand for efficient and compact heating & cooling technologies. Moreover, growing customer inclination toward sustainable heating & cooling technologies across several establishments coupled with ongoing research & development initiatives will accelerate the reversible air source heat pump systems.
 

Ground source or geothermal heat pumps are gaining wide acceptance across residential & commercial verticals owing to the accelerating investments in the green building infrastructure across single and multiple housing units. Environmentally friendly attribute, reliability, reduction in heat losses, and humidity control features are some of the key features to GHP units.
 

Residential applications are anticipated to witness 15% growth rate from 2024 to 2032, on account of the rising population which further led to an increase in the heating & cooling demand across various geographies. The establishment of multi-story buildings and large residential spaces along with the increasing urbanization rate across developing and developed nations have led to accelerate the residential heat pump industry.
 

Commercial heat pump industry is set to witness an appreciable momentum owing to the introduction of stern building energy performance standards by respective administrations coupled with growing demand for space heating and cooling from large infrastructures. Furthermore, robust economic structures and government initiatives to boost foreign investments in the service sector are expected to further drive business growth.
 

Europe reversible heat pump market is estimated to surpass USD 29 billion by 2032. Industry stakeholders, in partnership with government agencies, are focusing on launching new research and development initiatives aiming to improve product efficiency ratings and broaden deployment potential across new verticals. Moreover, the initiation of new ventures coupled with encouraging regulatory policies, backed by various financial support schemes will favor the Europe heat pump industry landscape.
 

Reversible Heat Pump Market Share

The growing demand for effective & reliable space conditioning technologies to counter mounting energy consumption along with introduction of stern mandates to encourage energy efficiency will shape the reversible heat pump industry dynamics. Moreover, key manufacturers including Carrier, Trane, Panasonic Corporation, DAIKIN INDUSTRIES Ltd., and Johnson Controls, are focusing on restructuring their research & development investments to expand and enhance product portfolios to gain a new customer base.
 

Reversible Heat Pump Market Companies

Major participants that are actively operating across the market consist of:

• Carrier
• Clivet S.p.A.
• DAIKIN INDUSTRIES Ltd.
• Glen Dimplex Group
• Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
• HITEMA INTERNATIONAL S.R.L
• HOVAL
• Johnson Controls
• Keyter Technologies, S.L.
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Rhoss Deutschland GmbH
• Swegon Group AB
• Systemair AB
• Trane
• Yanmar
   

Reversible Heat Pump Industry News

• In April 2024, Clivet launched the THUNDER (WiSAN-P), a new air-cooled reversible heat pump. This innovative product, designed to operate on natural refrigerants, caters to diverse application needs. Featuring inverter scroll compressors, the THUNDER boasts a rated capacity range of 35 to 73 kW. This capability ensures it delivers elevated water temperatures, facilitating seamless integration in colder climates. Additionally, it operates across a broad range with minimal noise emissions.
   
• In February 2024, Japan based Panasonic Corporation unveiled the ECOi-W Aqua-G Blue, a cutting-edge air-to-water reversible heat pump system utilizing the R290 refrigerant, tailored for commercial, industrial, and multi-dwelling residential uses. This innovative product comes in four variants: 50 kW, 60 kW, 70 kW, and 80 kW, while boasting a Coefficient of Performance (COP) range from 3.2 to 3.4, and the Seasonal Coefficient of Performance (SCOP) lies between 3.70 and 3.80.
   

This reversible heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032 for the following segments:

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Market, By Product

• Air Source
• Ground Source
• Water Source

Market, By Application

• Residential
• Commercial
• Industrial

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • Türkiye
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina