The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Government regulations and policies to improve energy efficiency are expected to drive innovation in heat pumps manufacturing, thus driving the market during the forecast period.

The global heat pumps market is expected to grow from $115.74 billion in 2022 to $127.71 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The global heat pumps market size is expected to grow to $160.04 billion in 2027 at a CAGR of 5.8%.

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Global Heat Pumps Market Segments Include:

• By Product Type: Air Source, Air-to-Air, Air-to-Water, Water Source, Ground Source
• By Rated Capacity: Up to 10 kW, 10–20 kW, 20–30 kW, Above 30 kW
• By End User: Residential, Commercial, Industrial
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global heat pumps market in 2021.

Major Market Players in the heat pumps market include Daikin Industries Ltd., Carrier, NIBE, Mitsubishi Electric Corporation, LG, Johnson Controls, Hitachi, Robert Bosch GmbH, Stiebel Eltron, and Ingersoll Rand.

Major companies operating in the heat pumps industry are focusing on developing new technology for cost-effective heating, which is likely to gain popularity in the heat pumps market. The heat pump manufacturers are developing new pump technology including contractor-friendly designs, higher efficiencies, and innovative two-stage compressors that run at lower speeds, consume less energy, and are cost-effective. For instance, in July 2020, Daikin Industries, Ltd. announced the launch of Daikin SmartSource, Dedicated Outdoor Air System (DOAS). It is a next-generation heat pump technology that allows efficient and cost-effective cooling and heating in all conditions and achieves 49% higher efficiency than other heat pumps.

The Heat Pumps Global Market Report 2023  provides a heat pumps market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The heat pumps market forecast analyzes heat pumps market size, heat pumps market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Heat pumps refer to an apparatus that move heat from a cool space to a warm space, making the cool space cooler and the warm space warmer.

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