Heat Pump Market Size, Share, and Forecast 2030

The global heat pump market size is projected to reach USD 139.4 billion by 2030 and registering a CAGR of 7.9% from 2022 to 2030.

The demand for the heat pump is significantly growing across the residential, commercial, and industrial sectors for the applications in heating and cooling. The shifting focus towards the adoption of sustainable and green energy is driving the demand for the heat pump across the globe. Moreover, surge in the government initiatives to encourage the adoption of renewable energy sources and reduce carbon footprint is positively impacting the market.

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The rising investments of the manufacturers in the research and development and integrating the advanced technologies like artificial intelligence and internet of things in the heat pump is expected to further boost the demand for heat pumps across the globe

The government offers tax rebates, incentives, and credits to boost the adoption of the clean and green energy sources in various applications. This is a major factor that may propel the demand. Moreover, the rising popularity of the dual source technology that can effectively and efficiently provide the heating and cooling application is gaining immense traction across the globe.

Market Dynamics

Driver

Rising focus towards sustainability

The non-renewable energy sources results in the production of greenhouse gases that cause global warming. The deteriorating environmental conditions and climate change issues are the major factors that are shifting the focus towards the adoption of the sustainable products for heating and cooling solutions. Therefore, the demand for the heat pumps is expected to grow significantly across the industrial and residential sector owing to the rising awareness regarding environment protection and renewable energy sources.

Restraint

Less awareness in developing nations

There is a lack of awareness regarding the benefits of the heat pumps in the developing nations. The developing nations are witnessing a rapid industrialization and urbanization and the lack of awareness regarding the social and environmental benefits of the heat pumps may adversely impact the global heat pump market during the forecast period.

Report Highlights

The ground source technology is expected to exhibit the highest CAGR during the forecast period. The ground source segment is gaining traction owing to its capability to supply stable and consistent heating and cooling without being affected with the outside temperature. Further, the low operational costs and easy maintenance with low carbon emission are the major features that are expected to drive its demand across the globe.

Based on the application, the residential sector accounted for about 80% of the market share in 2022. The increased demand for the heat pumps across the North America and European nations has boosted the growth of this segment. The cold weather has significantly boosted the demand for the heat pumps in the households of the developed economies.