Heat Pump Market by Technology (Air to Air, Air to Water, Others), by Power Capacity (<10kW, 10kW-20kW, >>20kW), by End User (Residential, Commercial, Industrial), by Region (Asia Pacific, Europe, Middle East and Africa, South America, North America) – Global Forecast 2019 to 2027

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Heat Pump Market: Summary

The Global Heat Pump Market is estimated to reach USD 104.4 Billion by 2027 at a CAGR of 9.7%, observes forencis research (FSR).

Heat pump is defined as an equipment which transfers heat from one area to another with the help of mechanical or electric methods. As per the requirement, heat pump either transfers heat from cool outdoor to warm indoor or heat from cool indoor to warm outdoor. The heat is transferred by heat pumps instead of generating, which makes it energy efficient alternative.


Heat Pump Market: Drivers & Challenges

Market Drivers:

  • Growing Awareness towards Carbon Dioxide Emissions

Conventionally fossil fuels were used to fulfil energy use, which are the major producers of CO2 emissions. CO2 emissions have adverse effects on the environment and results in problems like global warming. To reduce CO2 emissions heat pumps can be used as solution. According to International Energy Association (IEA), 50% CO2 emissions from building sector and 5% from the industrial sector can be reduced by the incorporation of heat pumps. Thus implementing heat pumps can be effective for energy conservation, reduction in CO2 emissions, and reduction in effects of climatic change.

Thus, growing awareness towards carbon dioxide emissions may contribute in the growth of the heat pump market, during the forecast period.

  • Supportive Government Policies

Government is developing various policies encouraging people to use renewable and energy efficient heat sources. Such policies across various nations may further surge the demand of heat pumps. For instance, the European Directive on renewable energy 2009/28/CE (EU 2009) have set target for all member states, so that by 2020, 20% share of energy must be from renewable sources in the European Union. Annex VII of this directive mentions usage of heat pumps, it specifies that heat pumps with 15% of energy gain over the input primary energy should be considered.

Thus, supportive government policies is a projected to contribute in the growth of the heat pump market, during the forecast period.

Market Challenges:

  • High Initial Cost

The heat pumps are reliable in nature, helps in CO2 emissions reduction and is energy efficient technology. But there are few challenges which need to be addressed to use this technology at its full potential. The initial cost of the heat pump is quite high which becomes a barrier in the growth of the market. Also, the installation of the system is quite difficult as it requires planning to understand the inlets and the outlets of the heat, which adds up to additional cost to the overall installation. 

Thus, high initial cost is anticipated to be a challenging factor for the growth of the heat pump market, during the forecast period.

Heat Pump Market: Key Segments

  • Segmentation based on technology covers: Air to Water, Air to Air, Geothermal, and
  • Segmentation based on product type covers: Air to Water Monobloc, Air to Water Cylinder, Air to Water Split, Ground/Water to Water, and Exhaust Air.
  • Segmentation based on power capacity covers: Below 10kW, 10kW to 20kW, and Above 20kW.
  • Segmentation based on end user covers: Residential, Commercial, and
  • Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.

Heat Pump Market: Report Scope

The report on the heat pump market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

Report Features


Historical/Estimated/Forecasted Market Size Years


Base Year for Market Calculation


Forecasted Period

2020-2027 (2020 estimated year, forecasted up to 2027)

Measured Units

Value (USD Million)

Segments Included

Technology, Product Type, Power Capacity, End User , and Region

Regional Coverage

Asia-Pacific, Europe, Middle East and Africa, South America and North America


Key Companies Covered

  • United Technologies Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • Daikin Industries, Ltd.
  • LG Electronics Inc.
  • Hitachi, Ltd.
  • Stiebel Eltron
  • Mitsubishi Electric Corporation
  • Ingersoll-Rand plc
  • GlenDimplex
  • Viessmann Group
  • Vaillant
  • Other Key Companies

Heat Pump Market: Report Segmentation

For the scope of report, In-depth segmentation is offered by Forencis Research

Heat Pump Market, by Technology

  • Air to Water
  • Air to Air
  • Geothermal
  • Absorption

Heat Pump Market, by Product Type

  • Air to Water Monobloc
  • Air to Water Cylinder
  • Air to Water Split
  • Ground/Water to Water
  • Exhaust Air

Heat Pump Market, by Power Capacity

  • Below 10kW
  • 10kW to 20kW
  • Above 20kW

Heat Pump Market, by End User

  • Residential
  • Commercial
  • Industrial


Heat Pump Market, by Region

  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Sweden
    • UK
    • France
    • Italy
    • Rest of Europe
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Key Questions answered by the report

  • What are the major developments impacting the market worldwide and its growth?
  • What will be the effects of the developments in the global market on the industry and on the market players in the near and far future?
  • What are the evolving types of the global market?
  • What are the evolving applications of global market?
  • What are the major characteristics that will affect the global market growth during the study period?
  • Who are the key global players operating in the market?
  • How are the major players leveraging in the existing global market conditions?

Report Audience

  • Heat pump Market Providers
  • Heat pump Market Solution and Services Suppliers, Distributors and Dealers
  • End-Users of Varied Segments of Heat Pump Market
  • Government Bodies and Intellectual Institutions
  • Associations and Industrial Organizations
  • Research & Consulting Service Providers
  • Research & Development Organizations 
  • Investment Banks & Private Equity Firms



1.1       Research Objectives

1.2       Market Definition

1.3       Research Scope

1.4       Regional Coverage

1.5       Research Timeline

1.6       Assumptions

1.7       Limitations


2.1       Introduction

2.2       Primary Research

                                  2.2.1    Key Industry Expert Insight

2.3       Secondary Research

                                  2.3.1    Vital Data from Secondary Sources

2.4       Market Size Estimation

2.5       Data Validation & Triangulation



4.1       Introduction

4.2       Drivers

                                 4.2.1.    Growing Awareness towards Carbon Dioxide Emissions

                                 4.2.2.    Supportive Government Policies

4.3       Opportunities

                                 4.3.1.    Low GWP Refrigerants System

                                 4.3.2.    Adaptability to Multiple Building Context

                                 4.3.3.    Integration of Heat Pump and Internet of Things (IoT)

4.4       Challenges

                                 4.4.1.    High Initial Cost


5.1       Introduction

                                 5.1.1.    Power of Buyers

                                 5.1.2.    Power of Suppliers

                                 5.1.3.    Intensity of Competition

                                 5.1.4.    Challenges of Substitutes

                                 5.1.5.    Challenges of New Entrants

5.2       Macro-Economic Indicators

6      GLOBAL HEAT PUMP MARKET BY TECHNOLOGY, Market Size in USD Million (2019—2027)

6.1       Introduction

6.2       Air to Water

6.3       Air to Air

6.4       Geothermal

6.5       Absorption

7      GLOBAL HEAT PUMP MARKET BY PRODUCT TYPE, Market Size in USD Million (2019—2027)

7.1       Introduction

7.2       Air to Water Monobloc

7.3       Air to Water Cylinder

7.4       Air to Water Split

7.5       Ground/Water to Water

7.6       Exhaust Air

8      GLOBAL HEAT PUMP MARKET BY POWER CAPACITY, Market Size in USD Million (2019—2027)

8.1       Introduction

8.2       Below 10kW

8.3       10kW to 20kW

8.4       Above 20kW

9      GLOBAL HEAT PUMP MARKET BY END USER, Market Size in USD Million (2019—2027)

9.1       Introduction

9.2       Residential

9.3       Commercial

9.4       Industrial

10   GLOBAL HEAT PUMP MARKET BY REGION, Market Size in USD Million (2019—2027)

10.1     North America

                                10.1.1    US

                                10.1.2    Canada

                                10.1.3    Mexico

10.2     Europe

                                10.2.1    Sweden

                                10.2.2    France

                                10.2.3    Italy

                                10.2.4    UK

                                10.2.5    Rest of Europe

10.3     Asia-Pacific

                                10.3.1    China

                                10.3.2    India

                                10.3.3    Japan

                                10.3.4    South Korea

                                10.3.5    Rest of Asia-Pacific

10.4     Middle East and Africa

                                10.4.1    Saudi Arabia

                                10.4.2    UAE

                                10.4.3    Rest of Middle East and Africa

10.5     South America

                                10.5.1    Brazil

                                10.5.2    Argentina

                                10.5.3    Rest of South America


11.1     Introduction

11.2     Market Ranking/Share Analysis of Key Companies

11.3     Company Benchmarking


12.1     United Technologies Corporation

                                12.1.1    Company Overview

                                12.1.2    Financial Overview

                                12.1.3    Products/Solutions/Services Offered

                                12.1.4    Key Developments

                                12.1.5    SWOT Analysis

12.2     Daikin Industries, Ltd.

12.3     LG Electronics Inc.

12.4     Hitachi, Ltd.

12.5     Stiebel Eltron

12.6     Mitsubishi Electric Corporation

12.7     Ingersoll-Rand plc

12.8     GlenDimplex

12.9     Viessmann Group

12.10  Vaillant

12.11  Other Key Companies


13.1     Key Industry Expert Insights

13.2     Primary Discussion Guide

13.3     Customization Options

Note1: Tentative table of contents, may get updated during the course of research.

Note2: Company financial information is subject to availability in public domain




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Forencis Research follows robust and deep dive research methodologies to deliver accurate – current, estimated and forecasted market data. Our extensive primary and secondary research help in deriving reliable qualitative and quantitative data to provide verified market insights. Our research team tracks historic trends, existing and recent market dynamics, growth prospects, competitor landscape, and the entire value chain dynamics to attain reliable industry facts to reach accurate market estimates. Primary research is conducted through thorough interviews and detailed surveys with the Key Industry Experts and related participants across the value chain. Secondary research entails acquiring data through paid and reliable databases such as annual reports, SEC filings, research publications, association publications, investor presentations, white papers and other sources. All the above-obtained information is further processed and collated with our existing database prior to its presentation in our publications.

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Key Questions Answered by the Report

  • Major factors impacting the market and its growth
  • Evolving Types of the various products in the Market
  • Evolving Application of the various products in the Market
  • Growing countries in the Global Market
  • Effects of the developments in the market on the industry and on the market players
  • Key market developments undertaken by the leading players

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