Heat Pump Market Forecast (2024-2031)
The Heat Pump Market is expected to register a CAGR of 9.1% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Air Source, Water Source, and Ground Source). The report further presents analysis based on the End-user (Residential, Commercial, and Industrial). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Heat Pump Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Heat Pump Market Segmentation
Type- Air Source
- Water Source
- Ground Source
- Residential
- Commercial
- Industrial
Strategic Insights
Heat Pump Market Growth Drivers- A Strong Demand for Energy Efficiency: The markets for heat pumps are driven by the increasing demand for energy-efficient heating and cooling. This product has become the most sought-after choice for controlling temperature as it saves energy costs while reducing carbon footprint in pursuit of measures.
- Government Policies and Regulations: Favorable government policies and regulations related to the utilization of renewable sources of energy and reduce the greenhouse emission in the atmosphere are enhancing the demand for heat pumps in the market. Tax credits, rebates, and subsidies are the additional benefits for people adopting from residential and commercial sides.
- Geothermal Heat Pump Expansion: There is considerable growth potential in this geothermal heat pump segment. Awareness of sustainable energy solutions continues to grow and more consumers and businesses are looking at investing in long-term energy savings and environmental benefits offered through geothermal systems.
- Technological Innovations: The next-generation heat pump technologies in hybrids with heats pumps combined with conventional heating opportunities remain open to exploitation by the manufacturing. Such innovations improve performance, enhance efficiencies, and expand the potential for heat pumps applications in a wide range of industrial and commercial fields.
- Increasing Popularity of Heat Pump Water Heaters: From their perspective in terms of energy efficiency as well as effective hot-water delivery, market popularity for heat pump water heaters is growing. This is a trend toward using heat pumps not just for space heating and cooling, but as a multipurpose solution in an increasingly diversified application marketplace.
- Decarbonization Trends: Trends toward decarbonization of the heating and cooling sector through increased use of heat pumps to reduce carbon emissions. industries and governments are targeting climate targets, focusing on increasing adoption of heat pumps for the implementation of low carbon technologies as part of global sustainability goals.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Heat Pump Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Heat Pump Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the Heat Pump Market include Daikin North America LLC, Danfoss, Glen Dimplex, Midea, Mitsubishi Electric Corporation, NIBE Group, Panasonic Corporation, United Technologies, Vaillant, VIESSMANN
Increasing Popularity of Heat Pump Water Heaters and Decarbonization Trends are the key future trends of the Heat Pump Market
The Heat Pump Market is estimated to witness a CAGR of 9.1% from 2023 to 2031
The major factors driving the Heat Pump Market are: A Strong Demand for Energy Efficiency and Government Policies and Regulations
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Heat Pump Market - By Type
1.3.2 Heat Pump Market - By End-user
1.3.3 Heat Pump Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. HEAT PUMP MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. HEAT PUMP MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. HEAT PUMP MARKET - GLOBAL MARKET ANALYSIS
6.1. HEAT PUMP - GLOBAL MARKET OVERVIEW
6.2. HEAT PUMP - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. HEAT PUMP MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. AIR SOURCE
7.3.1. Overview
7.3.2. Air Source Market Forecast and Analysis
7.4. WATER SOURCE
7.4.1. Overview
7.4.2. Water Source Market Forecast and Analysis
7.5. GROUND SOURCE
7.5.1. Overview
7.5.2. Ground Source Market Forecast and Analysis
8. HEAT PUMP MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
8.1. OVERVIEW
8.2. END-USER MARKET FORECASTS AND ANALYSIS
8.3. RESIDENTIAL
8.3.1. Overview
8.3.2. Residential Market Forecast and Analysis
8.4. COMMERCIAL
8.4.1. Overview
8.4.2. Commercial Market Forecast and Analysis
8.5. INDUSTRIAL
8.5.1. Overview
8.5.2. Industrial Market Forecast and Analysis
9. HEAT PUMP MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Heat Pump Market Overview
9.1.2 North America Heat Pump Market Forecasts and Analysis
9.1.3 North America Heat Pump Market Forecasts and Analysis - By Type
9.1.4 North America Heat Pump Market Forecasts and Analysis - By End-user
9.1.5 North America Heat Pump Market Forecasts and Analysis - By Countries
9.1.5.1 United States Heat Pump Market
9.1.5.1.1 United States Heat Pump Market by Type
9.1.5.1.2 United States Heat Pump Market by End-user
9.1.5.2 Canada Heat Pump Market
9.1.5.2.1 Canada Heat Pump Market by Type
9.1.5.2.2 Canada Heat Pump Market by End-user
9.1.5.3 Mexico Heat Pump Market
9.1.5.3.1 Mexico Heat Pump Market by Type
9.1.5.3.2 Mexico Heat Pump Market by End-user
9.2. EUROPE
9.2.1 Europe Heat Pump Market Overview
9.2.2 Europe Heat Pump Market Forecasts and Analysis
9.2.3 Europe Heat Pump Market Forecasts and Analysis - By Type
9.2.4 Europe Heat Pump Market Forecasts and Analysis - By End-user
9.2.5 Europe Heat Pump Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Heat Pump Market
9.2.5.1.1 Germany Heat Pump Market by Type
9.2.5.1.2 Germany Heat Pump Market by End-user
9.2.5.2 France Heat Pump Market
9.2.5.2.1 France Heat Pump Market by Type
9.2.5.2.2 France Heat Pump Market by End-user
9.2.5.3 Italy Heat Pump Market
9.2.5.3.1 Italy Heat Pump Market by Type
9.2.5.3.2 Italy Heat Pump Market by End-user
9.2.5.4 United Kingdom Heat Pump Market
9.2.5.4.1 United Kingdom Heat Pump Market by Type
9.2.5.4.2 United Kingdom Heat Pump Market by End-user
9.2.5.5 Russia Heat Pump Market
9.2.5.5.1 Russia Heat Pump Market by Type
9.2.5.5.2 Russia Heat Pump Market by End-user
9.2.5.6 Rest of Europe Heat Pump Market
9.2.5.6.1 Rest of Europe Heat Pump Market by Type
9.2.5.6.2 Rest of Europe Heat Pump Market by End-user
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Heat Pump Market Overview
9.3.2 Asia-Pacific Heat Pump Market Forecasts and Analysis
9.3.3 Asia-Pacific Heat Pump Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Heat Pump Market Forecasts and Analysis - By End-user
9.3.5 Asia-Pacific Heat Pump Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Heat Pump Market
9.3.5.1.1 Australia Heat Pump Market by Type
9.3.5.1.2 Australia Heat Pump Market by End-user
9.3.5.2 China Heat Pump Market
9.3.5.2.1 China Heat Pump Market by Type
9.3.5.2.2 China Heat Pump Market by End-user
9.3.5.3 India Heat Pump Market
9.3.5.3.1 India Heat Pump Market by Type
9.3.5.3.2 India Heat Pump Market by End-user
9.3.5.4 Japan Heat Pump Market
9.3.5.4.1 Japan Heat Pump Market by Type
9.3.5.4.2 Japan Heat Pump Market by End-user
9.3.5.5 South Korea Heat Pump Market
9.3.5.5.1 South Korea Heat Pump Market by Type
9.3.5.5.2 South Korea Heat Pump Market by End-user
9.3.5.6 Rest of Asia-Pacific Heat Pump Market
9.3.5.6.1 Rest of Asia-Pacific Heat Pump Market by Type
9.3.5.6.2 Rest of Asia-Pacific Heat Pump Market by End-user
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Heat Pump Market Overview
9.4.2 Middle East and Africa Heat Pump Market Forecasts and Analysis
9.4.3 Middle East and Africa Heat Pump Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Heat Pump Market Forecasts and Analysis - By End-user
9.4.5 Middle East and Africa Heat Pump Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Heat Pump Market
9.4.5.1.1 South Africa Heat Pump Market by Type
9.4.5.1.2 South Africa Heat Pump Market by End-user
9.4.5.2 Saudi Arabia Heat Pump Market
9.4.5.2.1 Saudi Arabia Heat Pump Market by Type
9.4.5.2.2 Saudi Arabia Heat Pump Market by End-user
9.4.5.3 U.A.E Heat Pump Market
9.4.5.3.1 U.A.E Heat Pump Market by Type
9.4.5.3.2 U.A.E Heat Pump Market by End-user
9.4.5.4 Rest of Middle East and Africa Heat Pump Market
9.4.5.4.1 Rest of Middle East and Africa Heat Pump Market by Type
9.4.5.4.2 Rest of Middle East and Africa Heat Pump Market by End-user
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Heat Pump Market Overview
9.5.2 South and Central America Heat Pump Market Forecasts and Analysis
9.5.3 South and Central America Heat Pump Market Forecasts and Analysis - By Type
9.5.4 South and Central America Heat Pump Market Forecasts and Analysis - By End-user
9.5.5 South and Central America Heat Pump Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Heat Pump Market
9.5.5.1.1 Brazil Heat Pump Market by Type
9.5.5.1.2 Brazil Heat Pump Market by End-user
9.5.5.2 Argentina Heat Pump Market
9.5.5.2.1 Argentina Heat Pump Market by Type
9.5.5.2.2 Argentina Heat Pump Market by End-user
9.5.5.3 Rest of South and Central America Heat Pump Market
9.5.5.3.1 Rest of South and Central America Heat Pump Market by Type
9.5.5.3.2 Rest of South and Central America Heat Pump Market by End-user
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. HEAT PUMP MARKET, KEY COMPANY PROFILES
11.1. DAIKIN NORTH AMERICA LLC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DANFOSS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. GLEN DIMPLEX
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. MIDEA
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. MITSUBISHI ELECTRIC CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NIBE GROUP
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PANASONIC CORPORATION
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. UNITED TECHNOLOGIES
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. VAILLANT
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. VIESSMANN
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
- Daikin North America LLC
- Danfoss
- Glen Dimplex
- Midea
- Mitsubishi Electric Corporation
- NIBE Group
- Panasonic Corporation
- United Technologies
- Vaillant
- VIESSMANN
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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