Commercial Heat Pump Market Size

Commercial Heat Pump Market size was over USD 100 Billion in 2023 and is anticipated to exceed USD 230 Billion by the end of 2036, growing at over 10% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of commercial heat pump is assessed at USD 110 Billion.

Heat pumps are mechanical-compression cycle refrigeration systems that can heat or chill. It is widely utilized as heating and cooling solutions. It has an indoor air handler and an outdoor heat pump that works like a central air conditioner. A compressor in the outdoor unit circulates refrigerant, which absorbs and releases heat between inside and outside units.

The commercial heat pump market is predicted to grow as population growth increases heating and cooling needs. With its largely decarbonized electricity grid, France continues to be the EU’s volume leader, with about 4.25 million heat pumps installed. Finland, pulling ahead of Norway and Sweden, enjoyed the largest growth figures in relative numbers. For every 1000 households, 70 Finnish families purchased a heat pump in 2022.