Summary

The global Heat Pump market is estimated to grow from USD 90.1 billion in 2024 to USD 157.8 billion by 2029; it is expected to record a CAGR of 11.8% during the forecast period. 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.
“Air-to-water Heat Pumps”: The second largest segment of the Heat Pump market, by technology “
Based on technology, the Heat Pump market has been segmented into Air-to-Air Heat Pumps, Air-to-Water Heat Pumps, Water Source Heat Pumps, Ground-Source (Geothermal) Heat Pumps, Hybrid Heat Pumps, and Photovoltaic-Thermal (PVT) heat pumps. The Air-to-Water heat Pumps are expected to be the second largest segment during the forecast period. The utilization of air-to-water heat pumps has transcended their traditional residential applications, with exponential growth observed across diverse sectors including commercial buildings, industrial facilities, and recreational venues such as swimming pools. This broader adoption signifies a paradigm shift in heating and cooling solutions, where air-to-water heat pumps emerge as versatile and efficient alternatives.

“By type, the Reversible Heat Pump segment is expected to be the second fastest growing segment during the forecast period.”
Based on type, the Heat Pump market is segmented into Reversible Heat Pumps, and Non-Reversible Heat Pumps. The Reversible Heat Pump segment is expected to be the second fastest-growing segment of the heat pump market during the forecast period. One of the standout features of reversible heat pumps is their remarkable coefficient of performance (COP), which quantifies their efficiency in converting energy input into heating or cooling output. Reversible heat pumps typically boast COP values ranging from 3 to 5, meaning they can provide up to 300% to 500% more heating or cooling power than the energy consumed. This outstanding efficiency not only translates into substantial energy savings but also leads to significant cost reductions for homeowners and businesses over the long term.

“By Refrigerant, R410A segment is expected to be the fastest growing segment during the forecast period.”
Based on the Refrigerant, the Heat Pump market is segmented into R410A, R407C, R744, R290, R717, and Other Refrigerants. The R410A segment is expected to be the fastest-growing segment of the heat pump market during the forecast period. Industrial applications of R410A heat pumps encompass a wide range of sectors, including food processing, pharmaceuticals, and manufacturing, where precise temperature control is critical for maintaining product quality, ensuring process efficiency, and adhering to regulatory standards. In the food processing industry, R410A heat pumps are utilized for tasks such as refrigeration, freezing, and temperature-controlled storage to preserve the freshness and safety of perishable goods. These heat pumps offer reliable and energy-efficient cooling solutions that help prevent food spoilage, extend shelf life, and meet stringent food safety regulations.
“10-20 kW”: The second largest segment of the Heat Pump market, by Rated Capacity “
Based on Rated Capacity, the Heat Pump market has been segmented into Up to 10 kW, 10–20 kW, 20–30 kW, and ABOVE 30 kW. The 10-20 kW segment is expected to be the second largest segment during the forecast period. 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.

“Europe is expected to be the fastest growing region in the Heat Pump market.”
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.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: Americas- 13%, Europe- 16%, Asia Pacific- 56%, Middle East & Africa – 15%

Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Heat Pump market is dominated by a few major players that have a wide regional presence. The leading players in the Heat Pump market are SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea (China), Panasonic Holdings Corporation (Japan), and Mitsubishi Electric Corporation (Japan) . The major strategy adopted by the players includes new product launches, contracts, agreements, partnerships, joint ventures, acquisitions, and investments & expansions.
Research Coverage:
The report defines, describes, and forecasts the global Heat Pump market by, by Technology, Type, Refrigerant, Rated Capacity, End User, Application, and Region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the Heat Pump market.
Key Benefits of Buying the Report
• Government initiatives at the national and international levels amplify the impact of investment on the Heat Pump market. Robust policy frameworks, often accompanied by financial incentives, subsidies, and regulatory support, encourage widespread adoption of Heat Pump. Factors such as high initial cost and lack of infrastructure restrain the growth of the market. The growing energy transition towards renewable energy sources and rapid urbanization are expected to present lucrative opportunities for the players operating in the Heat Pump market.
• Product Development/ Innovation: The Heat Pump market is witnessing significant product development and innovation, driven by the growing demand for environmentally friendly, safe and sustainable products. Companies are investing in developing advanced Heat Pump technologies for various applications.
• Market Development: SAMSUNG has announced its partnership with Etopia, a UK-based smart building company, to deploy heat pumps in the residential sector in the UK. SAMSUNG will deploy 6,000 TDS plus heat pumps as part of the five-year smart home project in the UK.
• Market Diversification: Panasonic Holdings Corporation announced that it would invest about USD 150 million in its Czech Plant by the Fiscal Year ending in March 2026 to strengthen the production of air-to-water heat pumps (A2W), which have been experiencing growing demand in Europe.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like include SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea (China), Panasonic Holdings Corporation (Japan), and Mitsubishi Electric Corporation (Japan), among others in the Heat Pump market.

ページTOPに戻る

Table of Contents

1 INTRODUCTION 43
1.1 STUDY OBJECTIVES 43
1.2 MARKET DEFINITION 44
1.2.1 INCLUSIONS AND EXCLUSIONS 44
1.3 STUDY SCOPE 45
1.3.1 MARKETS COVERED 45
1.3.2 REGIONAL SCOPE 46
1.3.3 YEARS CONSIDERED 46
1.3.4 CURRENCY CONSIDERED 47
1.3.5 UNITS CONSIDERED 47
1.4 LIMITATIONS 47
1.5 STAKEHOLDERS 47
1.6 SUMMARY OF CHANGES 47
1.7 IMPACT OF RECESSION 48
2 RESEARCH METHODOLOGY 49
2.1 RESEARCH DATA 49
FIGURE 1 HEAT PUMP MARKET: RESEARCH DESIGN 50
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 51
FIGURE 2 DATA TRIANGULATION 51
2.3 PRIMARY AND SECONDARY RESEARCH 52
2.3.1 SECONDARY DATA 52
TABLE 1 LIST OF MAJOR SECONDARY SOURCES 52
2.3.1.1 Key secondary sources 52
2.3.2 PRIMARY DATA 53
TABLE 2 LIST OF PRIMARY INTERVIEW PARTICIPANTS 53
2.3.2.1 Key industry insights 53
2.3.2.2 Breakdown of primaries 54
FIGURE 3 BREAKDOWN OF PRIMARIES: BY COMPANY TYPE, DESIGNATION, AND REGION 54
2.4 MARKET SIZE ESTIMATION 55
2.4.1 BOTTOM-UP APPROACH 55
FIGURE 4 HEAT PUMP MARKET: BOTTOM-UP APPROACH 55
2.4.2 TOP-DOWN APPROACH 56
FIGURE 5 HEAT PUMP MARKET: TOP-DOWN APPROACH 56
2.5 DEMAND-SIDE ANALYSIS 57
2.5.1 DEMAND-SIDE METRICS 57
FIGURE 6 METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR HEAT PUMPS 57
2.5.1.1 Assumptions for demand-side analysis 57
2.5.1.2 Calculations for demand-side analysis 58
2.6 SUPPLY-SIDE ANALYSIS 58
2.6.1 SUPPLY-SIDE METRICS 58
FIGURE 7 KEY FACTORS CONSIDERED TO ASSESS SUPPLY OF HEAT PUMPS 58
FIGURE 8 HEAT PUMP MARKET: SUPPLY-SIDE ANALYSIS 59
2.6.1.1 Calculations for supply-side analysis 59
2.6.1.2 Assumptions for supply-side analysis 59
2.7 FORECAST 59
2.8 RISK ASSESSMENT 60
2.9 RECESSION IMPACT 60
3 EXECUTIVE SUMMARY 61
TABLE 3 HEAT PUMP MARKET SNAPSHOT 61
FIGURE 9 ASIA PACIFIC HELD LARGEST SHARE OF HEAT PUMP MARKET IN 2023 62
FIGURE 10 AIR-TO-AIR HEAT PUMPS SEGMENT TO LEAD HEAT PUMP MARKET IN 2029 63
FIGURE 11 NON-REVERSIBLE HEAT PUMPS SEGMENT TO HOLD LARGER SHARE OF HEAT PUMP MARKET IN 2029 63
FIGURE 12 R410A SEGMENT TO DOMINATE HEAT PUMP MARKET IN 2029 64
FIGURE 13 UP TO 10 KW SEGMENT TO DOMINATE HEAT PUMP MARKET IN 2029 64
FIGURE 14 RESIDENTIAL SEGMENT TO DOMINATE HEAT PUMP MARKET IN 2029 65
FIGURE 15 DISTRICT AND SPACE HEATING SEGMENT TO DOMINATE HEAT PUMP MARKET BY HEATING APPLICATION IN 2029 65
4 PREMIUM INSIGHTS 66
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HEAT PUMP MARKET 66
FIGURE 16 INTEGRATION OF INTERNET OF THINGS (IOT) TECHNOLOGY INTO HEAT PUMPS TO CREATE LUCRATIVE OPPORTUNITIES FOR MARKET PLAYERS 66
4.2 HEAT PUMP MARKET, BY REGION 67
FIGURE 17 EUROPEAN HEAT PUMP MARKET TO WITNESS HIGHEST GROWTH DURING FORECAST PERIOD 67
4.3 HEAT PUMP MARKET, BY TECHNOLOGY 67
FIGURE 18 AIR-TO-AIR HEAT PUMPS SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2029 67
4.4 HEAT PUMP MARKET, BY TYPE 68
FIGURE 19 NON-REVERSIBLE SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE IN 2029 68
4.5 HEAT PUMP MARKET, BY REFRIGERANT 68
FIGURE 20 R410A SEGMENT TO HOLD LARGER MARKET SHARE IN 2029 68
4.6 HEAT PUMP MARKET, BY RATED CAPACITY 68
FIGURE 21 UP TO 10 KW SEGMENT TO DOMINATE HEAT PUMP MARKET IN 2029 68
4.7 HEAT PUMP MARKET, BY END USER 69
FIGURE 22 RESIDENTIAL SEGMENT TO DOMINATE HEAT PUMP MARKET IN 2029 69
 
4.8 HEAT PUMP MARKET, BY APPLICATION 69
FIGURE 23 HEATING SEGMENT TO DOMINATE HEAT PUMP MARKET IN 2029 69
5 MARKET OVERVIEW 70
5.1 INTRODUCTION 70
5.2 MARKET DYNAMICS 70
FIGURE 24 HEAT PUMP MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 70
5.2.1 DRIVERS 71
5.2.1.1 Growing use of heat pumps beyond traditional heating and cooling applications 71
5.2.1.2 Capability of heat pumps to be integrated with renewable energy systems 71
5.2.1.3 Implementation of government policies and initiatives to promote use of energy-efficient heating and cooling systems 72
5.2.2 RESTRAINTS 72
5.2.2.1 Difficulties in installation and unaesthetic appearance 72
5.2.2.2 Limited public awareness regarding benefits of heat pumps and lack of knowledge about heat pump standards among contractors 73
5.2.3 OPPORTUNITIES 73
5.2.3.1 High focus of manufacturers on integrating IoT, ML, and AI technologies into heat pumps 73
TABLE 4 BENEFITS OF SMART THERMOSTATS OFFERED BY KEY PLAYERS 73
5.2.3.2 Positive outlook toward use of geothermal energy 74
5.2.3.3 Increased sales of heat pumps in Europe 74
FIGURE 25 ANNUAL SALES GROWTH OF HEAT PUMPS WORLDWIDE AND SELECTED MARKETS BETWEEN 2021 AND 2022 75
5.2.4 CHALLENGES 75
5.2.4.1 Dependency on energy source for heat pump efficiency 75
5.2.4.2 High installation cost 75
TABLE 5 AVERAGE HEAT PUMP INSTALLATION COST, BY TYPE (USD) 76
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 76
FIGURE 26 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 76
5.4 PRICING ANALYSIS 77
5.4.1 AVERAGE SELLING PRICE TREND OF HEAT PUMPS, BY REGION 77
TABLE 6 INDICATIVE PRICING ANALYSIS OF HEAT PUMPS, BY REGION, 2023–2029 (USD) 77
FIGURE 27 INDICATIVE PRICING TREND OF HEAT PUMPS, BY REGION, 2019–2029 (USD) 77
5.4.2 INDICATIVE PRICING ANALYSIS OF HEAT PUMPS, BY TECHNOLOGY 78
TABLE 7 INDICATIVE PRICING ANALYSIS OF HEAT PUMPS, BY TECHNOLOGY, 2023–2029 (USD) 78
FIGURE 28 INDICATIVE PRICING TREND OF HEAT PUMPS, BY TECHNOLOGY, 2019–2029 (USD) 78
 
5.5 SUPPLY CHAIN ANALYSIS 79
FIGURE 29 HEAT PUMP MARKET: SUPPLY CHAIN ANALYSIS 79
5.5.1 RAW MATERIAL SUPPLIERS 79
5.5.2 ORIGINAL EQUIPMENT MANUFACTURERS (OEMS) 79
5.5.3 DISTRIBUTORS 79
5.5.4 END USERS 79
5.6 ECOSYSTEM/MARKET MAP 80
FIGURE 30 HEAT PUMP MARKET MAP 80
TABLE 8 COMPANIES AND THEIR ROLES IN HEAT PUMP ECOSYSTEM 80
FIGURE 31 HEAT PUMP MARKET: ECOSYSTEM MAPPING 81
5.7 REGULATORY LANDSCAPE 81
5.7.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81
TABLE 9 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81
TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82
TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82
TABLE 12 LATIN AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82
TABLE 13 MIDDLE EAST & AFRICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 83
5.7.2 REGULATIONS 83
TABLE 14 HEAT PUMP MARKET: REGULATIONS 83
5.8 PATENT ANALYSIS 84
FIGURE 32 INNOVATIONS AND PATENT REGISTRATIONS, 2013–2023 84
5.8.1 LIST OF MAJOR PATENTS 84
TABLE 15 HEAT PUMP MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2018–2022 84
5.9 CASE STUDY ANALYSIS 86
5.9.1 CITY SUITES HOTEL INSTALLED DAIKIN VRV IV+ HEAT PUMP SYSTEM WITH INDIVIDUAL ROOM CONTROLS TO REDUCE ENERGY CONSUMPTION AND ENHANCE GUEST EXPERIENCE 86
5.9.1.1 Problem statement 86
5.9.1.2 Solution 86
5.9.2 INDUSTRIAL PLANT IMPLEMENTED CARRIER AQUAEDGE 19DV WATER-COOLED CHILLER WITH HEAT RECOVERY TO REVOLUTIONIZE INDUSTRIAL PROCESSES 86
5.9.2.1 Problem statement 86
5.9.2.2 Solution 86
5.9.3 HOTEL DEPLOYED A. O. SMITH VOLTEX HYBRID ELECTRIC HEAT PUMP WATER HEATER TO REDUCE ENERGY CONSUMPTION AND COST 86
5.9.3.1 Problem statement 86
5.9.3.2 Solution 86
5.10 TECHNOLOGY ANALYSIS 87
5.10.1 KEY TECHNOLOGIES 87
5.10.1.1 Photovoltaic-thermal solar-assisted heat pump systems 87
5.10.1.2 Hybrid heat pumps 87
5.10.1.3 Air-to-air heat pumps 87
5.10.1.4 Air-to-water heat pumps 87
5.10.1.5 Water-source heat pumps 87
5.10.1.6 Ground-source heat pumps 87
5.10.1.7 Solid-state heat pumps 88
5.10.2 COMPLEMENTARY TECHNOLOGIES 88
5.10.2.1 Thermal storage 88
5.10.2.2 Smart controls and automation technologies 88
5.10.3 ADJACENT TECHNOLOGIES 88
5.10.3.1 Heat recovery ventilation (HRV) systems 88
5.10.3.2 Internet of Things (IoT) devices 89
5.10.4 SEASONAL COEFFICIENT OF PERFORMANCE (SCOP) 89
TABLE 16 SCOP OF KEY PLAYERS 89
5.11 KEY CONFERENCES AND EVENTS, 2024 89
TABLE 17 HEAT PUMP MARKET: KEY CONFERENCES AND EVENTS, 2023–2024 89
5.12 TRADE ANALYSIS 90
5.12.1 EXPORT SCENARIO 90
TABLE 18 EXPORT DATA FOR HS CODE 841861-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 90
FIGURE 33 EXPORT DATA FOR HS CODE 841861-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND) 91
5.12.2 IMPORT SCENARIO 91
TABLE 19 IMPORT SCENARIO FOR HS CODE 841861-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 91
FIGURE 34 IMPORT DATA FOR HS CODE 841861-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND) 92
5.13 PORTER’S FIVE FORCES ANALYSIS 92
FIGURE 35 HEAT PUMP MARKET: PORTER’S FIVE FORCES ANALYSIS 93
TABLE 20 HEAT PUMP MARKET: PORTER’S FIVE FORCES ANALYSIS 93
5.13.1 THREAT OF SUBSTITUTES 93
5.13.2 BARGAINING POWER OF SUPPLIERS 94
5.13.3 BARGAINING POWER OF BUYERS 94
5.13.4 THREAT OF NEW ENTRANTS 94
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 94
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 95
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 95
FIGURE 36 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY END USER 95
TABLE 21 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER (%) 95
5.14.2 BUYING CRITERIA 95
FIGURE 37 KEY BUYING CRITERIA, BY END USER 95
TABLE 22 KEY BUYING CRITERIA, BY END USER 96
5.15 INVESTMENT AND FUNDING SCENARIO 96
FIGURE 38 INVESTMENT AND FUNDING SCENARIO 96
6 HEAT PUMP MARKET, BY TYPE 97
6.1 INTRODUCTION 98
FIGURE 39 HEAT PUMP MARKET, BY TYPE, 2023 98
TABLE 23 HEAT PUMP MARKET, BY TYPE, 2019–2023 (USD MILLION) 98
TABLE 24 HEAT PUMP MARKET, BY TYPE, 2024–2029 (USD MILLION) 99
6.2 REVERSIBLE HEAT PUMPS 99
6.2.1 IMPLEMENTATION OF ENERGY EFFICIENCY REGULATIONS TO MITIGATE CLIMATE CHANGE AND PROMOTE SUSTAINABLE DEVELOPMENT TO DRIVE DEMAND 99
TABLE 25 REVERSIBLE HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 99
TABLE 26 REVERSIBLE HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 100
6.3 NON-REVERSIBLE HEAT PUMPS 100
6.3.1 LOW INITIAL INSTALLATION COSTS TO DRIVE DEMAND 100
TABLE 27 NON-REVERSIBLE HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 100
TABLE 28 NON-REVERSIBLE HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 101
7 HEAT PUMP MARKET, BY TECHNOLOGY 102
7.1 INTRODUCTION 103
FIGURE 40 HEAT PUMP MARKET, BY TECHNOLOGY, 2023 103
TABLE 29 HEAT PUMP MARKET, BY TECHNOLOGY, 2019–2023 (USD MILLION) 103
TABLE 30 HEAT PUMP MARKET, BY TECHNOLOGY, 2024–2029 (USD MILLION) 104
TABLE 31 HEAT PUMP MARKET, BY TECHNOLOGY, 2019–2023 (MILLION UNITS) 104
TABLE 32 HEAT PUMP MARKET, BY TECHNOLOGY, 2024–2029 (MILLION UNITS) 105
7.2 AIR-TO-AIR HEAT PUMPS 105
7.2.1 RISING PREFERENCE FOR ENERGY-EFFICIENT AND ENVIRONMENTALLY FRIENDLY HEATING AND COOLING SOLUTIONS TO DRIVE DEMAND 105
TABLE 33 AIR-TO-AIR HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 105
TABLE 34 AIR-TO-AIR HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 106
7.3 AIR-TO-WATER HEAT PUMPS 106
7.3.1 RISING FOCUS ON CURBING GREENHOUSE GAS EMISSIONS TO DRIVE DEMAND 106
TABLE 35 AIR-TO-WATER HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 106
TABLE 36 AIR-TO-WATER HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 107
7.4 WATER-SOURCE HEAT PUMPS 107
7.4.1 HIGH OPERATIONAL EFFICIENCY OF WATER-SOURCE HEAT PUMPS TO BOOST ADOPTION 107
TABLE 37 WATER-SOURCE HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 107
TABLE 38 WATER-SOURCE HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 108
7.5 GROUND-SOURCE (GEOTHERMAL) HEAT PUMPS 108
7.5.1 GOVERNMENT-LED SUBSIDIES FOR BOOSTING DEPLOYMENT OF GEOTHERMAL HEAT PUMPS TO DRIVE MARKET 108
TABLE 39 GROUND-SOURCE HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 108
TABLE 40 GROUND-SOURCE HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 109
7.6 HYBRID HEAT PUMPS 109
7.6.1 TECHNOLOGICAL ADVANCEMENTS AND SEAMLESS INTEGRATION WITH EXISTING INFRASTRUCTURE TO DRIVE DEMAND 109
TABLE 41 HYBRID HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 109
TABLE 42 HYBRID HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 110
7.7 PHOTOVOLTAIC-THERMAL (PVT) HEAT PUMPS 110
7.7.1 INCLINATION TOWARD USE OF AIR AS RENEWABLE ENERGY SOURCE TO DRIVE MARKET 110
TABLE 43 PHOTOVOLTAIC-THERMAL (PVT) HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 110
TABLE 44 PHOTOVOLTAIC-THERMAL (PVT) HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 111
8 HEAT PUMP MARKET, BY RATED CAPACITY 112
8.1 INTRODUCTION 113
FIGURE 41 HEAT PUMP MARKET, BY RATED CAPACITY, 2023 113
TABLE 45 HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 113
TABLE 46 HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 114
8.2 UP TO 10 KW 114
8.2.1 SUITABILITY FOR SINGLE-FAMILY HOUSES TO DRIVE DEMAND 114
TABLE 47 UP TO 10 KW: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 114
TABLE 48 UP TO 10 KW: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 115
8.3 10–20 KW 115
8.3.1 IMPROVED ENERGY SAVING, HIGH EFFICIENCY, AND LOW CARBON FOOTPRINT TO FUEL DEMAND 115
TABLE 49 10–20 KW: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 115
TABLE 50 10–20 KW: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 116
8.4 20–30 KW 116
8.4.1 GROWING USE IN COMMERCIAL SECTOR TO DRIVE MARKET 116
TABLE 51 20–30 KW: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 116
TABLE 52 20–30 KW: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 117
8.5 ABOVE 30 KW 117
8.5.1 HIGH USE IN FOOD & BEVERAGES, PULP & PAPER, CHEMICALS, AND PETROCHEMICALS INDUSTRIES TO DRIVE MARKET 117
TABLE 53 ABOVE 30 KW: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 117
TABLE 54 ABOVE 30 KW: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 118
9 HEAT PUMP MARKET, BY REFRIGERANT 119
9.1 INTRODUCTION 120
FIGURE 42 HEAT PUMP MARKET, BY REFRIGERANT, 2023 120
TABLE 55 HEAT PUMP MARKET, BY REFRIGERANT, 2019–2023 (USD MILLION) 120
TABLE 56 HEAT PUMP MARKET, BY REFRIGERANT, 2024–2029 (USD MILLION) 121
9.2 R410A 121
9.2.1 LOWEST CONTRIBUTION OF R410A REFRIGERANTS TO OZONE DEPLETION TO DRIVE DEMAND 121
TABLE 57 R410A: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 121
TABLE 58 R410A: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 122
9.3 R407C 122
9.3.1 INCREASED USE OF ECO-FRIENDLY REFRIGERANTS IN HEAT PUMPS TO FUEL DEMAND 122
TABLE 59 R407C: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 122
TABLE 60 R407C: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 123
9.4 R744 123
9.4.1 HIGH VOLUMETRIC COOLING CAPACITY OF R744 REFRIGERANTS TO DRIVE DEMAND 123
TABLE 61 R744: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 123
TABLE 62 R744: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 124
9.5 R290 124
9.5.1 EXPANDING RETROFIT MARKET FOR HEATING AND COOLING SYSTEMS TO DRIVE DEMAND 124
TABLE 63 R290: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 124
TABLE 64 R290: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 125
9.6 R717 125
9.6.1 EXCELLENT THERMODYNAMIC PROPERTIES AND ENVIRONMENTAL FRIENDLINESS TO DRIVE DEMAND 125
TABLE 65 R717: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 125
TABLE 66 R717: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 126
9.7 OTHER REFRIGERANTS 126
TABLE 67 OTHER REFRIGERANTS: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 126
TABLE 68 OTHER REFRIGERANTS: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 127
10 HEAT PUMP MARKET, BY APPLICATION 128
10.1 INTRODUCTION 129
FIGURE 43 HEAT PUMP MARKET, BY APPLICATION, 2023 129
TABLE 69 HEAT PUMP MARKET, BY APPLICATION, 2019–2023 (USD MILLION) 129
TABLE 70 HEAT PUMP MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 129
10.2 HEATING 130
TABLE 71 HEATING: HEAT PUMP MARKET, BY APPLICATION, 2019–2023 (USD MILLION) 130
TABLE 72 HEATING: HEAT PUMP MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 130
TABLE 73 HEATING: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 131
TABLE 74 HEATING: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 131
10.2.1 WATER HEATING 131
10.2.1.1 Implementation of regulations and standards to improve energy efficiency of water heaters to drive demand 131
TABLE 75 WATER HEATING: HEAT PUMP MARKET FOR HEATING, BY REGION, 2019–2023 (USD MILLION) 132
TABLE 76 WATER HEATING: HEAT PUMP MARKET FOR HEATING, BY REGION, 2024–2029 (USD MILLION) 132
10.2.2 DISTRICT AND SPACE HEATING 132
10.2.2.1 Stringent building codes and standards to fuel demand for energy-efficient heating systems and drive market 132
TABLE 77 DISTRICT AND SPACE HEATING: HEAT PUMP MARKET FOR HEATING, BY REGION, 2019–2023 (USD MILLION) 133
TABLE 78 DISTRICT AND SPACE HEATING: HEAT PUMP MARKET FOR HEATING, BY REGION, 2024–2029 (USD MILLION) 133
10.3 HEATING AND COOLING 133
10.3.1 LONG-TERM COST SAVINGS ASSOCIATED WITH USE OF HEAT PUMPS FOR HEATING AND COOLING PURPOSES TO DRIVE DEMAND 133
TABLE 79 HEAT AND COOLING: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 134
TABLE 80 HEATING AND COOLING: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 134
11 HEAT PUMP MARKET, BY END USER 135
11.1 INTRODUCTION 136
FIGURE 44 HEAT PUMP MARKET, BY END USER, 2023 136
TABLE 81 HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 136
TABLE 82 HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 137
11.2 RESIDENTIAL 137
11.2.1 GOVERNMENT INITIATIVES TO PROMOTE ENERGY EFFICIENCY TO DRIVE DEMAND 137
TABLE 83 RESIDENTIAL: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 137
TABLE 84 RESIDENTIAL: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 138
 
11.3 COMMERCIAL 138
11.3.1 RISE IN HIGH-TEMPERATURE HEATING REQUIREMENTS TO FUEL DEMAND 138
TABLE 85 COMMERCIAL: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 139
TABLE 86 COMMERCIAL: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 139
11.4 INDUSTRIAL 139
11.4.1 GROWING GLOBAL EMPHASIS ON SUSTAINABILITY AND REDUCING CARBON FOOTPRINTS TO DRIVE DEMAND 139
TABLE 87 INDUSTRIAL: HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 140
TABLE 88 INDUSTRIAL: HEAT PUMP MARKET, BY REGION, 2024–2029 (USD MILLION) 140
12 HEAT PUMP MARKET, BY REGION 141
12.1 INTRODUCTION 142
FIGURE 45 EUROPEAN HEAT PUMP MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 142
FIGURE 46 HEAT PUMP MARKET, BY REGION, 2023 143
TABLE 89 HEAT PUMP MARKET, BY REGION, 2019–2023 (USD MILLION) 143
TABLE 90 HEAT PUMP MARKET, BY REGION, 2023–2028 (USD MILLION) 143
TABLE 91 HEAT PUMP MARKET, BY REGION, 2019–2023 (MILLION UNITS) 144
TABLE 92 HEAT PUMP MARKET, BY REGION, 2024–2029 (MILLION UNITS) 144
12.2 ASIA PACIFIC 144
FIGURE 47 ASIA PACIFIC: HEAT PUMP MARKET SNAPSHOT 145
12.2.1 ASIA PACIFIC HEAT PUMP MARKET: RECESSION IMPACT 145
12.2.2 BY TECHNOLOGY 146
TABLE 93 ASIA PACIFIC: HEAT PUMP MARKET, BY TECHNOLOGY, 2019–2023 (USD MILLION) 146
TABLE 94 ASIA PACIFIC: HEAT PUMP MARKET, BY TECHNOLOGY, 2024–2029 (USD MILLION) 146
12.2.3 BY TYPE 146
TABLE 95 ASIA PACIFIC: HEAT PUMP MARKET, BY TYPE, 2019–2023 (USD MILLION) 146
TABLE 96 ASIA PACIFIC: HEAT PUMP MARKET, BY TYPE, 2024–2029 (USD MILLION) 147
12.2.4 BY REFRIGERANT 147
TABLE 97 ASIA PACIFIC: HEAT PUMP MARKET, BY REFRIGERANT, 2019–2023 (USD MILLION) 147
TABLE 98 ASIA PACIFIC: HEAT PUMP MARKET, BY REFRIGERANT, 2024–2029 (USD MILLION) 147
12.2.5 BY RATED CAPACITY 148
TABLE 99 ASIA PACIFIC: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 148
TABLE 100 ASIA PACIFIC: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 148
12.2.6 BY END USER 148
TABLE 101 ASIA PACIFIC: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 148
TABLE 102 ASIA PACIFIC: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 149
12.2.7 BY APPLICATION 149
TABLE 103 ASIA PACIFIC: HEAT PUMP MARKET, BY APPLICATION, 2019–2023 (USD MILLION) 149
TABLE 104 ASIA PACIFIC: HEAT PUMP MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 149
TABLE 105 ASIA PACIFIC: HEAT PUMP MARKET FOR HEATING, BY APPLICATION, 2019–2023 (USD MILLION) 149
TABLE 106 ASIA PACIFIC: HEAT PUMP MARKET FOR HEATING, BY APPLICATION, 2024–2029 (USD MILLION) 150
12.2.8 BY COUNTRY 150
TABLE 107 ASIA PACIFIC: HEAT PUMP MARKET, BY COUNTRY, 2019–2023 (USD MILLION) 150
TABLE 108 ASIA PACIFIC: HEAT PUMP MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 150
12.2.8.1 China 151
12.2.8.1.1 Government focus on reducing pollution and increasing use of energy-efficient systems to fuel demand 151
12.2.8.2 By rated capacity 151
TABLE 109 CHINA: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 151
TABLE 110 CHINA: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 152
12.2.8.2.1 By End User 152
TABLE 111 CHINA: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 152
TABLE 112 CHINA: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 152
12.2.8.3 India 152
12.2.8.3.1 Rising use of renewable energy sources and increasing focus on minimizing carbon footprint to fuel market growth 152
12.2.8.3.2 By Rated Capacity 153
TABLE 113 INDIA: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 153
TABLE 114 INDIA: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 153
12.2.8.3.3 By End User 153
TABLE 115 INDIA: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 153
TABLE 116 INDIA: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 154
12.2.8.4 Japan 154
12.2.8.4.1 Ongoing energy conservation initiatives by government to drive market 154
12.2.8.4.2 By Rated Capacity 154
TABLE 117 JAPAN: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 154
TABLE 118 JAPAN: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 155
12.2.8.4.3 By End User 155
TABLE 119 JAPAN: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 155
TABLE 120 JAPAN: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 155
12.2.8.5 South Korea 155
12.2.8.5.1 High demand for energy-efficient and environmentally friendly heating solutions to drive market 155
12.2.8.5.2 By Rated Capacity 156
TABLE 121 SOUTH KOREA: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 156
TABLE 122 SOUTH KOREA: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 156
12.2.8.5.3 By End User 156
TABLE 123 SOUTH KOREA: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 156
TABLE 124 SOUTH KOREA: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 157
12.2.8.6 Australia 157
12.2.8.6.1 Favorable environmental conditions and focus on boosting renewable energy sector to drive market 157
12.2.8.6.2 By Rated Capacity 157
TABLE 125 AUSTRALIA: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 157
TABLE 126 AUSTRALIA: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 158
12.2.8.6.3 By End User 158
TABLE 127 AUSTRALIA: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 158
TABLE 128 AUSTRALIA: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 158
12.2.8.7 Rest of Asia Pacific 158
12.2.8.7.1 By Rated Capacity 159
TABLE 129 REST OF ASIA PACIFIC: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 159
TABLE 130 REST OF ASIA PACIFIC: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 159
12.2.8.7.2 By End User 159
TABLE 131 REST OF ASIA PACIFIC: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 159
TABLE 132 REST OF ASIA PACIFIC: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 160
12.3 EUROPE 160
FIGURE 48 EUROPE: HEAT PUMP MARKET SNAPSHOT 161
12.3.1 EUROPEAN HEAT PUMP MARKET: RECESSION IMPACT 161
12.3.2 BY TECHNOLOGY 162
TABLE 133 EUROPE: HEAT PUMP MARKET, BY TECHNOLOGY, 2019–2023 (USD MILLION) 162
TABLE 134 EUROPE: HEAT PUMP MARKET, BY TECHNOLOGY, 2024–2029 (USD MILLION) 162
12.3.3 BY TYPE 162
TABLE 135 EUROPE: HEAT PUMP MARKET, BY TYPE, 2019–2023 (USD MILLION) 162
TABLE 136 EUROPE: HEAT PUMP MARKET, BY TYPE, 2024–2029 (USD MILLION) 163
12.3.4 BY REFRIGERANT 163
TABLE 137 EUROPE: HEAT PUMP MARKET, BY REFRIGERANT, 2019–2023 (USD MILLION) 163
TABLE 138 EUROPE: HEAT PUMP MARKET, BY REFRIGERANT, 2024–2029 (USD MILLION) 163
12.3.5 BY RATED CAPACITY 164
TABLE 139 EUROPE: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 164
TABLE 140 EUROPE: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 164
12.3.6 BY END USER 164
TABLE 141 EUROPE: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 164
TABLE 142 EUROPE: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 165
12.3.7 BY APPLICATION 165
TABLE 143 EUROPE: HEAT PUMP MARKET, BY APPLICATION, 2019–2023 (USD MILLION) 165
TABLE 144 EUROPE: HEAT PUMP MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 165
TABLE 145 EUROPE: HEAT PUMP MARKET FOR HEATING, BY APPLICATION, 2019–2023 (USD MILLION) 165
TABLE 146 EUROPE: HEAT PUMP MARKET FOR HEATING, BY APPLICATION, 2024–2029 (USD MILLION) 166
12.3.8 BY COUNTRY 166
TABLE 147 EUROPE: HEAT PUMP MARKET, BY COUNTRY, 2019–2023 (USD MILLION) 166
TABLE 148 EUROPE: HEAT PUMP MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 166
12.3.8.1 France 167
12.3.8.1.1 Increased use of heating and cooling systems in residential, commercial, and industrial sectors to drive market 167
12.3.8.1.2 By Rated Capacity 167
TABLE 149 FRANCE: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 167
TABLE 150 FRANCE: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 168
12.3.8.1.3 By End User 168
TABLE 151 FRANCE: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 168
TABLE 152 FRANCE: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 168
12.3.8.2 Italy 169
12.3.8.2.1 Government-led schemes to increase installation of heat pumps to drive market 169
12.3.8.2.2 By Rated Capacity 169
TABLE 153 ITALY: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 169
TABLE 154 ITALY: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 170
12.3.8.2.3 By End User 170
TABLE 155 ITALY: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 170
TABLE 156 ITALY: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 170
12.3.8.3 Germany 171
12.3.8.3.1 Government focus on boosting adoption of heat pumps powered by renewable electricity for residential use to drive market 171
12.3.8.3.2 By Rated Capacity 171
TABLE 157 GERMANY: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 171
TABLE 158 GERMANY: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 171
12.3.8.3.3 By End User 172
TABLE 159 GERMANY: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 172
TABLE 160 GERMANY: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 172
12.3.8.4 UK 172
12.3.8.4.1 Expansion of residential sector and rise in domestic renewable heat generation to drive market 172
12.3.8.4.2 By Rated Capacity 173
TABLE 161 UK: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 173
TABLE 162 UK: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 173
12.3.8.4.3 By End User 173
TABLE 163 UK: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 173
TABLE 164 UK: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 174
12.3.8.5 Spain 174
12.3.8.5.1 Growing need to save energy by utilizing advanced technologies to drive demand 174
12.3.8.5.2 By Rated Capacity 174
TABLE 165 SPAIN: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 174
TABLE 166 SPAIN: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 175
12.3.8.5.3 By End User 175
TABLE 167 SPAIN: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 175
TABLE 168 SPAIN: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 175
12.3.8.6 Rest of Europe 175
12.3.8.6.1 By Rated Capacity 176
TABLE 169 REST OF EUROPE: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 176
TABLE 170 REST OF EUROPE: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 176
12.3.8.6.2 By End User 176
TABLE 171 REST OF EUROPE: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 176
TABLE 172 REST OF EUROPE: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 177
 
12.4 NORTH AMERICA 177
12.4.1 NORTH AMERICAN HEAT PUMP MARKET: RECESSION IMPACT 177
12.4.2 BY TECHNOLOGY 177
TABLE 173 NORTH AMERICA: HEAT PUMP MARKET, BY TECHNOLOGY, 2019–2023 (USD MILLION) 177
TABLE 174 NORTH AMERICA: HEAT PUMP MARKET, BY TECHNOLOGY, 2024–2029 (USD MILLION) 178
12.4.3 BY TYPE 178
TABLE 175 NORTH AMERICA: HEAT PUMP MARKET, BY TYPE, 2019–2023 (USD MILLION) 178
TABLE 176 NORTH AMERICA: HEAT PUMP MARKET, BY TYPE, 2024–2029 (USD MILLION) 178
12.4.4 BY REFRIGERANT 179
TABLE 177 NORTH AMERICA: HEAT PUMP MARKET, BY REFRIGERANT, 2019–2023 (USD MILLION) 179
TABLE 178 NORTH AMERICA: HEAT PUMP MARKET, BY REFRIGERANT, 2024–2029 (USD MILLION) 179
12.4.5 BY RATED CAPACITY 179
TABLE 179 NORTH AMERICA: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 179
TABLE 180 NORTH AMERICA: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 180
12.4.6 BY END USER 180
TABLE 181 NORTH AMERICA: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 180
TABLE 182 NORTH AMERICA: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 180
12.4.7 BY APPLICATION 180
TABLE 183 NORTH AMERICA: HEAT PUMP MARKET, BY APPLICATION, 2019–2023 (USD MILLION) 180
TABLE 184 NORTH AMERICA: HEAT PUMP MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 181
TABLE 185 NORTH AMERICA: HEAT PUMP MARKET FOR HEATING, BY APPLICATION, 2019–2023 (USD MILLION) 181
TABLE 186 NORTH AMERICA: HEAT PUMP MARKET FOR HEATING, BY APPLICATION, 2024–2029 (USD MILLION) 181
12.4.8 BY COUNTRY 181
TABLE 187 NORTH AMERICA: HEAT PUMP MARKET, BY COUNTRY, 2019–2023 (USD MILLION) 181
TABLE 188 NORTH AMERICA: HEAT PUMP MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 182
12.4.8.1 US 182
12.4.8.1.1 Increased demand for energy-efficient water heating and cooling systems in residential and commercial sectors to drive market 182
12.4.8.1.2 By Rated Capacity 182
TABLE 189 US: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 182
TABLE 190 US: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 183
12.4.8.1.3 By End User 183
TABLE 191 US: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 183
TABLE 192 US: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 183
12.4.8.2 Canada 183
12.4.8.2.1 Rising focus on adopting innovative technologies to reduce energy wastage and loss to drive demand 183
12.4.8.2.2 By Rated Capacity 184
TABLE 193 CANADA: HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2023 (USD MILLION) 184
TABLE 194 CANADA: HEAT PUMP MARKET, BY RATED CAPACITY, 2024–2029 (USD MILLION) 184
12.4.8.2.3 By End User 184
TABLE 195 CANADA: HEAT PUMP MARKET, BY END USER, 2019–2023 (USD MILLION) 184
TABLE 196 CANADA: HEAT PUMP MARKET, BY END USER, 2024–2029 (USD MILLION) 185