Global Heat Pump Market Size & Outlook, 2026-2033
Global heat pump market, 2021-2033 (US$M)
Related Markets
Global heat pump market highlights
- The global heat pump market generated a revenue of USD 94,527.7 million in 2025 and is expected to reach USD 200,651.0 million by 2033.
- The market is expected to grow at a CAGR (2026 - 2033) of 10% by 2033.
- In terms of segment, air source accounted for a revenue of USD 87,166.1 million in 2025.
- Geothermal is the most lucrative technology segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2025.
- Country-wise, India is expected to register the highest CAGR from 2026 to 2033.
Global data book summary
| Market revenue in 2025 | USD 94,527.7 million |
| Market revenue in 2033 | USD 200,651.0 million |
| Growth rate | 10% (CAGR from 2026 to 2033) |
| Largest segment | Air source |
| Fastest growing segment | Geothermal |
| Historical data covered | 2021 - 2024 |
| Base year for estimation | 2025 |
| Forecast period covered | 2026 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Source, Water Source, Geothermal |
Other key industry trends
- In terms of revenue, the North America accounted for 21.9% of the global heat pump market in 2025.
- By country, the Australia is projected to lead the global market in terms of revenue in 2033.
- By country, India is the fastest growing regional market and is projected to reach USD 1,043.2 million by 2033.
No credit card required*
Horizon in a snapshot
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| LG Electronics | View profile | 10001+ | Seoul, Seoul-t'ukpyolsi, South Korea, Asia | http://www.lg.com |
| Robert Bosch GmbH | View profile | - | - | - |
| Johnson Controls, Inc. | View profile | - | - | - |
| SAMSUNG | View profile | - | - | - |
| Carrier Corporation | View profile | 10001+ | Palm Beach Gardens, Florida, United States, North America | https://www.carrier.com |
| Midea Group | View profile | 10001+ | Beijiao, Guangdong, China, Asia | https://midea-group.com |
| Rheem Manufacturing | View profile | 5001-10000 | Atlanta, Georgia, United States, North America | http://www.rheem.com |
| Lennox International Inc | View profile | 12600 | 2140 Lake Park Boulevard, Richardson, TX, United States, 75080 | https://www.lennox.com |
| Haier | View profile | 10001+ | Qingdao Shi, Shandong, China, Asia | http://haier.com/in |
| Ingersoll Rand Inc | View profile | 18000 | 525 Harbour Place Drive, Suite 600, Davidson, NC, United States, 28036 | https://www.irco.com |
| Daikin Industries Ltd | View profile | 107127 | Umeda Center Building, 2-4-12, Nakazaki-Nishi, Kita-ku, Osaka, Japan, 530-8323 | http://www.daikin.com |
| Danfoss A/S | View profile | 10001+ | Nordborg, Syddanmark, Denmark, Europe | https://www.danfoss.com |
| Panasonic Holdings Corp | View profile | 230025 | 1006, Oaza Kadoma, Kadoma-shi, Osaka, Japan, 571-8501 | https://holdings.panasonic |
| Hitachi Ltd | View profile | 322525 | 6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan, 100-8280 | http://www.hitachi.com |
| Fujitsu Ltd | View profile | 124055 | Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku, Tokyo, Japan, 105-7123 | http://www.fujitsu.com |
Global heat pump market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat pump market will help companies and investors design strategic landscapes.
Air source was the largest segment with a revenue share of 92.21% in 2025. Horizon Databook has segmented the Global heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2021 to 2033.
- Global Heat Pump Technology Outlook (Revenue, USD Million, 2021-2033)
- Air Source
- Air to Air
- Air to Water
- Water Source
- Geothermal
- Air Source
- Global Heat Pump Application Outlook (Revenue, USD Million, 2021-2033)
- Residential
- Upto 10 kW
- 10-20 kW
- 20-50 kW
- 50-100 kW
- 100-200 kW
- 200-500KW
- 500-1000KW
- Above 1000 KW
- Industrial
- Upto 10 kW
- 10-20 kW
- 20-50 kW
- 50-100 kW
- 100-200 kW
- 200-500KW
- 500-1000KW
- Above 1000 KW
- Commercial
- Upto 10 kW
- 10-20 kW
- 20-50 kW
- 50-100 kW
- 100-200 kW
- 200-500KW
- 500-1000KW
- Above 1000 KW
- Residential
- Global Heat Pump Capacity Outlook (Revenue, USD Million, 2021-2033)
- Upto 10 kW
- 10-20 kW
- 20-50 kW
- 50-100 kW
- 100-200 kW
- 200-500KW
- 500-1000KW
- Above 1000 KW
- Global Heat Pump Operation Type Outlook (Revenue, USD Million, 2021-2033)
- Electric
- Hybrid
Reasons to subscribe to Global heat pump market databook:
-
Access to comprehensive data: Horizon Databook provides over 1 million market statistics and 20,000+ reports, offering extensive coverage across various industries and regions.
-
Informed decision making: Subscribers gain insights into market trends, customer preferences, and competitor strategies, empowering informed business decisions.
-
Cost-Effective solution: It's recognized as the world's most cost-effective market research database, offering high ROI through its vast repository of data and reports.
-
Customizable reports: Tailored reports and analytics allow companies to drill down into specific markets, demographics, or product segments, adapting to unique business needs.
-
Strategic advantage: By staying updated with the latest market intelligence, companies can stay ahead of competitors, anticipate industry shifts, and capitalize on emerging opportunities.
Target buyers of Global heat pump market databook
-
Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
-
30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
-
Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
-
The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of global-level data and insights on the Global heat pump market , including forecasts for subscribers. This global databook contains high-level insights into Global heat pump market from 2021 to 2033, including revenue numbers, major trends, and company profiles.
Partial client list
Global heat pump market size, by regions, 2021-2033 (US$M)
Top 10 countries: Heat pump market size, 2024 (US$M)
Global heat pump market share, by technology, 2024 & 2030 (%, US$M)
Heat pump market: Opportunity assessment by country
Global heat pump market, by region, 2025 (US$M)
Related statistics
Sign up - it's easy, and free!
Sign up and get instant basic access to databook, upgrade
when ready, or enjoy our
free plan indefinitely.
Included in Horizon account
- 30K+ Global Market Reports
- 120K+ Country Reports
- 1.2M+ Market Statistics
- 200K+ Company Profiles
- Industry insights and more
