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Global Heat Pump Market By Type (Air Source, Ground Source, Water Source), By Application (Industrial, Residential, Commercial), By Region– Forecast & Opportunities to 2026

The global heat pump market accounted for a value of USD 45.2 billion by 2019. The global heat pump market is projected to register growth at a 6.7% CAGR of during the forecast period.

COVID-19 has impacted the global heat pump market negatively. The production is on halt and activities of residential and commercial sectors are also halted due to which there is a significant decline in demand of heat pump. The supply chain was also affected due motion restriction and lockdown policies. The raw material supply is facing difficulties. Thus, the heat pump market is expected to witness decline during forecast period.


The heat pump can be defined as mechanical-compression cycle refrigeration system. This can be used either to heat or to cool any desired space. It is massively used in cooling and heating space applications. It consists of two main components an outdoor unit and an indoor air handler. The outdoor unit comprises of a compressor that circulates refrigerant. The heat pump is similar to air conditioner as they both cools a similar space by using same mechanism however heat pump can also heat the spaces unlike air conditioner.

Market Dynamics (Drivers/Opportunities):

Energy is our daily lives necessary requirement because it fuels businesses, power homes, schools and hospitals. The production of energy causes emission of greenhouse gases such as carbon dioxide, which released due to burning of fossil fuel such as coal, natural gas and oil in a substantial amount. Due to increase in CO2 emission the government has reduced the energy consumption. Heat pump provide space heating in an energy efficient way. Thus drives growth in heat pump market during the forecast period.

Heat pumps help in heating any desired space in an energy efficient way through geothermal and aerothermal technologies. The commonly used heat sources are groundwater, surface water and exhaust air. CO2 emission concerns are rising in many regions across the globe and the best solution to this concern is utilization of heat pump. Thus, the demand for heat pump is increasing immensely across the globe.

Heat pumps are low maintenance, and have lower operational cost along with high safety. These features are not served by combustion-based heating system, this makes heat pumps more preferred for residential and commercial purposes. Thus, creates huge opportunity in this market during forecast period.

The heat pump has a typical lifespan of 14-16 years. The lifespan of heat pump depends on weather conditions of geographic region and its maintenance. Many industries preferred heat pump for its features rather than combustion-based heating systems. Thus, drives growth in heat pump industry during the forecast period.

Market Insights, by Type

On the basis of technology, the heat pump market segmented into air source, ground source and water source. The air source heat pump segment accounted for maximum market share of XX% of the revenue share in 2019. This segment is expected to register growth at highest CAGR of XX% during the forecast period. The heat outside the source is absorbed by air source heat pump and is transferred to inner space. The air source heat pump is utilized to provide heating in office, building and home for cooling or heating applications. There two types of hat pumps widely used, air to air and air to water systems.

Market Insights, by Application

On the basis of application, the market has been segmented into industrial, residential and commercial applications. The residential industry accounted for XX% market share and it is expected to register growth at highest CAGR during the forecast period. The demand for heat pumps is higher in this segment as they are highly efficient products used for the space heating and cooling at house. This is driving growth in residential segment. The government’s policies are regulation are also driving growth of heat pump market in residential system.

Regional Insights

The Asia-Pacific accounted for XX% of market share in 2019. This region is expected to register growth at highest CAGR of XX% during the forecast period. Many industries such as chemical, papermaking, textiles, pharmaceuticals and iron & steel etc. use heat pump as the primary energy input due to which the demand for heat pumps are increasing in Asia-Pacific region. The commercial and residential activities are increasing in many developing countries in this region. All these factors are major drivers of heat pump market in Asia-Pacific region.

Key Companies & Market Share Insights

The key market players in heat pump industry are Trane, Viessman, Vaillant Group, Stiebel Eltron GmbH, Glen Dimplex, Bosch Thermotechnology, Daikin, Danfoss, Carrier Corporation, NIBE Industrier AB, MODINE manufacturing Company, Bard HVAC, Bryant heating & Cooling systems, Earthlinked Technologies, Nortek Global HVAC and Wolf GmbH.

Segments Covered in the Report

This report forecasts The Global Heat Pump Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global heat pump market report on the basis of technology and application.

Heat Pump Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Heat Pump Market, By Type, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Air Source
  • Ground Source
  • Water Source
  1. Heat Pump Market, By Application, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Industrial
  • Residential
  • Commercial
  1. Heat Pump Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Type
    • By Application
    • By Country
      • USA
        • By Application
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Type
      • By Application
      • By Country
        • Brazil
          • By Application
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Type
        • By Application
        • By Country
          • UK
            • By Application
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Type
          • By Application
          • By Country
            • China
              • By Application
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Type
            • By Application
            • By Country
              • Saudi Arabia
                • By Application
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Nortek Global HVAC
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Trane
    • Viessman
    • Vaillant Group
    • Stiebel Eltron GmbH
    • Glen Dimplex
    • Bosch Thermotechnology
    • Daikin
    • Danfoss
    • Carrier Corporation
    • NIBE Industrier AB
    • MODINE manufacturing Company
    • Bard HVAC
    • Bryant heating & Cooling systems
    • Earthlinked Technologies
  2. Appendix
    • Interrelated Market

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista


1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:


1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.


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