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Global Heat Pumps Market Report 2022 to 2027: Industry Trends, Share, Size, Growth, Opportunities and Forecasts

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Global Heat Pumps Market

Global Heat Pumps Market
Global Heat Pumps Market

Dublin, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The "Heat Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to's offering.

The global heat pumps market size reached US$ 50.8 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 85.4 Billion by 2027, exhibiting a CAGR of 9.04% during 2021-2027.

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Heat pumps are electrical devices that extract heat from a source and transfer it to another via electronic or mechanical means. They perform this function by circulating the refrigerant through a cycle of evaporation and condensation. They work like air conditioners in warmer months, and the process is reversed during colder weather. In comparison with conventional heating and cooling units, heat pumps consume around 40% less energy to operate.

As a result, they act as an energy-efficient alternative to furnaces and air conditioning system for climates that require moderate heating or cooling. The increasing focus on improving environmental performance and the growing number of initiatives to minimize heat generation from fossil fuels in recent years is spurring the demand for heat pumps around the world.

The introduction of green building standards and codes to enhance the deployment of sustainable technologies is aiding in minimizing carbon emissions. The consequent rise in the demand for sustainable and cost-effective heating and cooling solutions to reduce electricity consumption is impelling the market growth.

Additionally, manufacturers are financing research and development (R&D) activities to improve the existing mechanism of heat pumps and enhance their performance and efficiency. For instance, they are introducing two-speed compressors that enable industrial heat pumps to perform extreme heating or cooling with high efficiency, which can significantly reduce their power consumption. Another innovation in the industry includes the integration of heat pumps with furnace systems for creating dual-fuel heat pumps.

The publisher's latest report provides a deep insight into the global heat pumps market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the heat pumps market in any manner.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global heat pumps market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on rated capacity, product type and end use sector.

Breakup by Rated Capacity:

  • Up to 10 kW

  • 10-20 kW

  • 20-30 kW

  • Above 30 kW

Breakup by Product Type:

  • Air Source Heat Pump

  • Ground Source Heat Pump

  • Water Source Heat Pump

  • Exhaust Air Heat Pump

  • Others

Breakup by End Use Sector:

  • Residential

  • Commercial

  • Hospitality

  • Retail

  • Education

  • Food & Beverage

  • Paper & Pulp

  • Chemicals & Petrochemicals

  • Others

Breakup by Region:

  • Europe

  • North America

  • Asia Pacific

  • Latin America

  • Middle East and Africa

Report Attribute


No. of Pages


Forecast Period

2021 - 2027

Estimated Market Value (USD) in 2021

$50.8 Billion

Forecasted Market Value (USD) by 2027

$85.4 Billion

Compound Annual Growth Rate


Regions Covered


Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Daikin Industries, Ltd., Mitsubishi Electric Corporation, MIDEA GROUP, NIBE Industrier AB, Corp., Ingersoll Rand, Danfoss, Panasonic Corporation, GDC Group Limited, Viessmann Manufacturing Company Inc., Robert Bosch GmbH, and United Technologies Corporation.

Key Questions Answered in This Report:

  • How has the global heat pumps market performed so far and how will it perform in the coming years?

  • What are the key regional markets in the global heat pumps industry?

  • What has been the impact of COVID-19 on the global heat pumps market?

  • What is the breakup of the market based on the rated capacity?

  • What is the breakup of the market based on the product type?

  • What is the breakup of the market based on the end use sector?

  • What are the various stages in the value chain of the global heat pumps industry?

  • What are the key driving factors and challenges in the global heat pumps industry?

  • What is the structure of the global heat pumps industry and who are the key players?

  • What is the degree of competition in the global heat pumps industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Heat Pumps Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Rated Capacity
5.5 Market Breakup by Product Type
5.6 Market Breakup by End Use Sector
5.7 Market Breakup by Region
5.8 Market Forecast

6 SWOT Analysis
6.1 Overview
6.2 Strengths
6.3 Weaknesses
6.4 Opportunities
6.5 Threats

7 Value Chain Analysis

8 Porter's Five Forces Analysis
8.1 Overview
8.2 Bargaining Power of Buyers
8.3 Bargaining Power of Suppliers
8.4 Degree of Competition
8.5 Threat of New Entrants
8.6 Threat of Substitutes

9 Market Breakup by Rated Capacity
9.1 Up to 10 kW
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 10-20 kW
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 20-30 kW
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Above 30 kW
9.4.1 Market Trends
9.4.2 Market Forecast

10 Market Breakup by Product Type
10.1 Air Source Heat Pump
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Ground Source Heat Pump
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Water Source Heat Pump
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Exhaust Air Heat Pump
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Others
10.5.1 Market Trends
10.5.2 Market Forecast

11 Market Breakup by End Use Sector
11.1 Residential
11.1.1 Market Trends
11.1.2 Market Forecast
11.2 Commercial
11.2.1 Market Trends
11.2.2 Market Forecast
11.3 Hospitality
11.3.1 Market Trends
11.3.2 Market Forecast
11.4 Retail
11.4.1 Market Trends
11.4.2 Market Forecast
11.5 Education
11.5.1 Market Trends
11.5.2 Market Forecast
11.6 Food & Beverage
11.6.1 Market Trends
11.6.2 Market Forecast
11.7 Paper & Pulp
11.7.1 Market Trends
11.7.2 Market Forecast
11.8 Chemicals & Petrochemicals
11.8.1 Market Trends
11.8.2 Market Forecast
11.9 Others
11.9.1 Market Trends
11.9.2 Market Forecast

12 Market Breakup by Region
12.1 Europe
12.1.1 Market Trends
12.1.2 Market Forecast
12.2 North America
12.2.1 Market Trends
12.2.2 Market Forecast
12.3 Asia Pacific
12.3.1 Market Trends
12.3.2 Market Forecast
12.4 Middle East and Africa
12.4.1 Market Trends
12.4.2 Market Forecast
12.5 Latin America
12.5.1 Market Trends
12.5.2 Market Forecast

13 Price Analysis

14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Daikin Industries, Ltd
14.3.2 Mitsubishi Electric Corporation
14.3.4 NIBE Industrier AB, Corp
14.3.5 Ingersoll Rand
14.3.6 Danfoss
14.3.7 Panasonic Corporation
14.3.8 GDC Group Limited
14.3.9 Viessmann Manufacturing Company Inc
14.3.10 Robert Bosch GmbH
14.3.11 United Technologies Corporation

For more information about this report visit


CONTACT: CONTACT: Laura Wood,Senior Press Manager For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900