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Global Heat Pump Market Outlook and Forecast 2020-2025: Market is Expected to Witness Sudden Traction in Demand in 2021 After the Downfall of the Market in 2020 Owing to the COVID-19 Pandemic

Research and Markets
·5-min read

Dublin, Sept. 23, 2020 (GLOBE NEWSWIRE) -- The "Heat Pump Market - Global Outlook and Forecast 2020-2025" report has been added to's offering.

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Heat Pump Market Report

The global heat pump market by revenue is expected to grow at a CAGR of over 8% during the period 2019-2025.

The global heat pump market size by revenues will cross over $92 billion by 2025, growing at a CAGR of 8% during the forecast period. The industry is expected to grow more than 1.6X times in terms of revenue during the forecast period. The market witnessed reasonable growth in 2019 where over 50% of the contribution came from established markets such as China, the US, and Japan.

The global heat pump market is expected to witness sudden traction in demand in 2021 after the downfall of the market in 2020 owing to the COVID-19 pandemic. The market growth was sluggish in Q1 and Q2 of 2020 owing to the entire disruption in the supply chain. The majority of manufacturers operated with limited resources and a workforce that highly affected the market.

The district heating concept, which is increasingly favored in recent times, is expected to make the use of heat pumps as a major source. Heat is also expected to be generated from geothermal and biomass solutions. Rebate systems in several European countries have played a major role in large-scale adoption. The growth of green buildings and strong building conduct codes are other supporting factors that can stimulate the growth of heat pumps during the period 2020-2025.

The global heat pump market research report includes a detailed segmentation by product type, power source, application, and geography. Air source heat pumps were the dominant segment in 2019 and constituted over 70% of the total market share. The major factor driving the installation of these pumps is high-energy efficiency, which is proven to save a minimum of 3,000 kWh per year than other conventional methods.

Another major factor driving growth is the increasing adoption of ductless pumps in renovation projects. As the majority of air source heat pumps are designed to accommodate and run through the energies obtained from solar or wind energy, the product is considered as an ideal choice for achieving 100% sustainability for the welfare of the environment. The segment constitutes air-to-air and air-to-water pumps, which are likely to scale new heights in revenue during the forecast period.


1. What is the heat pump market size and growth rate during the forecast period?
2. What are the factors impacting the growth of the heat pump market shares?
3. What are the drivers, trends, and restraints in the heat pump market?
4. Who are the leading vendors in the heat pump market, and what are their market shares?
5. What is the impact of the COVID-19 pandemic on the heat pump market shares?

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of The Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview
7.2 Covid-19 Impact

8 Market Opportunities & Trends
8.1 Growth In Green Buildings
8.2 Preference For Iot Enabled Heat Pumps
8.3 Growing Popularity Of Dual Source Heat Pumps

9 Market Growth Enablers
9.1 Need For Energy Efficiency And Sustainability
9.2 Favorable Government Policies And Incentives
9.3 Growth In District Heating

10 Market Restraints
10.1 High Installation And Upfront Costs
10.2 Low Awareness In Growing Economies

11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis

12 Product Type
12.1 Market Snapshot & Growth Engine (Revenue)
12.2 Market Snapshot & Growth Engine (Unit Shipments)
12.3 Market Overview
12.4 Air Source
12.5 Air-To-Air Heat Pump
12.6 Air-To-Water Heat Pump
12.7 Ground Source
12.8 Water Source

13 Capacity
13.1 Market Snapshot & Growth Engine (Revenue)
13.2 Market Snapshot & Growth Engine (Unit Shipments)
13.3 Market Overview
13.4 &lessThan; 10KW
13.5 10KW - 20KW
13.6 > 20KW

14 End-User
14.1 Market Snapshot & Growth Engine (Revenue)
14.2 Market Snapshot & Growth Engine (Unit Shipments)
14.3 Market Overview
14.4 Residential
14.5 Commercial
14.6 Industrial

15 Geography
15.1 Market Snapshot & Growth Engine (Revenue)
15.2 Market Snapshot & Growth Engine (Unit Shipments)
15.3 Geographic Overview

Competitive Landscape

Prominent Vendors

  • Daikin

  • Carrier

  • Trane

  • NIBE

  • Mitsubishi

Other Prominent Vendors

  • LG

  • Bellcross Industries

  • Hitachi

  • Stiebel Eltron

  • Ingersoll Rand

  • Glen Dimplex

  • The Viessmann Group

  • The Vaillant Group

  • Midea Group

  • Panasonic

  • Danfoss

  • Robert Bosch GmbH

  • WOLF

  • Flamingo Heat Pumps

  • Lennox

  • BDR Thermea Group

  • Mayekawa

  • Thermax Group

  • GEA

  • Rheem Manufacturing Company

  • Ascler


  • Johnson Controls

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