November 26, 2020

Heat Pump Market Size 2020 Worldwide Industry Trends, Share, Gross Margin, Future Demand, Analysis by Top Leading Player and Forecast till 2027, Says Forencis Research

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.

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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 are 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 Absorption
  • 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 Industrial
  • Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa 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.

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List of the leading companies operating in the Heat Pump Market include:

  • 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

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Heat Pump Market by Region

  • Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
  • North America (US, Canada, Mexico)
  • Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
  • Middle East and 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?

Table of Content


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

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