Heat Pump Market Analysis

Application (Industrial, Commercial, Residential)

The global heat pump market is segmented and analyzed for demand and supply by application into industrial, commercial, and residential. Out of the three applications of heat pumps, the industrial segment is estimated to gain the largest market share of about 45% in the year 2037. The growth of the segment can be attributed to the expansion of the industrial sector which is exhibited by the significantly growing volume of industrial output. For instance, the world manufacturing output in 2021 grew nearly 18.25% from 2020, amounting to USD 16,047 Billion. Moreover, the residential segment is projected to witness a massive CAGR during the forecast period, owing to the rising pool of the escalating global population as well as the increasing construction of residential buildings and residential spaces.  

Technology (Water Source, Air Source, Ground Source)

The global heat pump market is also segmented and analyzed for demand and supply by technology into the water source, air source, and ground source. Amongst these three segments, the air source segment is expected to garner a significant share of around 46% in the year 2037. Factors such as the increasing efforts towards green energy transition as well as the adoption of technologies that are affordable and are expected to reduce the global carbon footprint worldwide are anticipated to propel the market growth.

On the other hand, the ground source segment is projected to witness a massive CAGR during the forecast period, owing to the increasing exploration & adoption of geothermal energy globally for heating, cooling, and electricity generation. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.

Our in-depth analysis of the global market includes the following segments: