Heat Pump Market Size to Reach $157.8 Billion, at a 11.8% CAGR by 2029 - Report by MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Feb. 28, 2025 (GLOBE NEWSWIRE) -- The global Heat Pump Market size is projected to grow from USD 90.1 billion in 2024 to USD 157.8 billion by 2029, at a CAGR of 11.8% according to a new report by MarketsandMarkets™. Heat Pump is a more reliable way of heating & cooling on a large scale. The versatile nature of heat pump could enable the transition to a cleaner world and a stronger global economy this is pivotal in propelling the expansion of the heat pump market. Furthermore, the global expansion of heating and cooling solutions has heightened the adoption of heat pump. The amalgamation of these systems with renewable energy contributes to their increased demand, aligning with global efforts to diminish reliance on fossil fuels and minimize carbon footprints. Government support and stringent safety regulations are pivotal factors driving the growth of the heat pump system market. Heat pumps can be integrated with renewable energy sources such as solar and wind power, enabling more sustainable and eco-friendly heating and cooling solutions, which align with the global trend towards renewable energy adoption. The heat pump market has witnessed substantial expansion recently, propelled by Stringent regulations aimed at reducing greenhouse gas emissions and promoting energy efficiency drive the adoption of heat pumps, which are more energy-efficient than traditional heating and cooling systems.

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Scope of the Report

Report Metric	Details
Heat Pump Market Size Values	CAGR 11.8% USD 157.8 billion by 2029 USD 90.1 billion in 2024
Base Year	2023
Forecast Period	2024-2029
Forecast Unit	Value (USD Billion)
Segments Covered	Heat Pump Market by technology, type, refrigerant, rated capacity, end user, application, and region.
Geographic Regions Covered	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Companies Covered	SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea (China), Panasonic Holdings Corporation (Japan), Mitsubishi Electric Corporation (Japan), LG Electronics (South Korea), Lennox International Inc (US),  Fujitsu General (Japan), Daikin Industries, Ltd. (Japan) , Carrier (US), Johnson Controls (Europe), Thermax Limited (India), GEA Group Aktiengesellschaft (Germany), Trane Technologies plc, (Ireland), Bosch Thermotechnology Corp.  (Germany), Guangzhou Sprsun New Energy Technology Development Co., Ltd (China), GLEN DIMPLEX GROUP (Ireland), NIBE Industry AB (Ireland), Rheem Manufacturing Company (US), Energen Hybrid Systems Limited  (NewZealand), Evo Energy Technologies (Australia), Namma Swadeshi (India), EcoTech Solutions (India), DANDELION (US), Zealux Electric Limited (China) among others.

The Global Geothermal Alliance states that approximately 90 nations, including the US, Mexico, Indonesia, and Italy, have great potential for geothermal energy use. These countries stand to gain from improved exploration and drilling as well as improved oil and gas industry operations. The Climate Policy Initiative, an analysis and advisory organization, stated in September 2017 that in order to attract private investments and meet the 23 GW target by 2030, public financing for geothermal energy must increase from USD 7.4 billion to USD 73 billion. This is due to the fact that global spending on oil field exploration and development is on the rise.

Consumers demand heating solutions that can operate consistently and dependably, especially during harsh weather conditions. Advanced engineering and manufacturing processes ensure that modern 10-20 kW heat pumps are built to withstand the rigors of frequent use and varying environmental stresses. This increased reliability reduces the likelihood of breakdowns or malfunctions, providing peace of mind to consumers.

The residential segment is expected to be the largest market during the forecast period. Heat pumps stand out as a preferred choice for compliance with these regulations due to their inherently high energy efficiency compared to traditional heating systems. They leverage renewable energy sources such as air, ground, or water heat, rather than relying solely on fossil fuels. As a result, heat pumps produce fewer greenhouse gas emissions and consume less energy to provide the same level of heating comfort.

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Europe is expected to be the Fastest growing region in the Heat Pump market during the forecast period. Heat pumps, which extract heat from the environment using electricity, offer significantly lower operating costs, especially when paired with renewable energy sources like solar power. Additionally, concerns regarding energy security and the drive to achieve ambitious climate goals further solidify the appeal of heat pumps. As European countries strive to reduce their reliance on imported fossil fuels and transition to cleaner energy sources, heat pumps present a viable and efficient solution. With government incentives, technological advancements, and growing awareness of environmental benefits, the future of heating in Europe seems increasingly electrified and sustainable, with heat pumps leading the charge.

Key Market Players

Some of the major players in the Heat Pump Market are SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea (China), Panasonic Holdings Corporation (Japan), and Mitsubishi Electric Corporation (Japan). These companies have a strong diversified product portfolio and a strong global presence.

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