Overview and Scope
Residential heat pumps are energy-efficient systems that offer heating and cooling capabilities by transferring heat between indoor and outdoor environments, effectively controlling indoor temperatures for comfort in homes and buildings. Heat pumps can be connected to a tank to produce sanitary hot water or provide flexibility in hydronic systems.
Sizing and Forecast
The residential heat pump market size has grown rapidly in recent years. It will grow from $36.51 billion in 2023 to $41 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to energy efficiency regulations, rising energy costs, environmental awareness, market competitiveness, global warming concerns, urbanization.
The residential heat pump market size is expected to see rapid growth in the next few years. It will grow to $62.45 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to economic growth, carbon neutrality initiatives, climate change mitigation policies, rise in new construction, population growth in urban areas, energy storage solutions. Major trends in the forecast period include integration with smart home systems, adoption of air-source heat pumps, geothermal heat pump installations, hybrid heat pump systems, advancements in heat pump technology.
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Segmentation & Regional Insights
The residential heat pump market covered in this report is segmented –
1) By Type: Water Source, Geothermal, Air Source
2) By Power Source: Electric Powered, Gas Powered, Other Power Sources
3) By Application: Single Family, Multi Family
Asia-Pacific was the largest region in the residential heat pump market in 2023. The regions covered in the residential heat pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for renewable energy is expected to boost the growth of the residential heat pump market going forward. Renewable energy is derived from natural sources that replenish themselves at a rate exceeding consumption. Heat pumps can be fueled by renewable energy sources such as solar panels or wind turbines, enhancing the sustainability for residential heating and cooling compared to conventional fossil fuel-based devices. For instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China’s annual PV installations surged by 57%, accounting for 42% of global demand, primarily driven by distributed PV, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. Therefore, the increasing demand for renewable energy is driving the growth of the residential heat pump market.
Key Industry Players
Major companies operating in the residential heat pump market report are Mitsubishi Corporation, LG Electronics Inc., Midea Group, Fujitsu Limited, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies, Melrose Industries PLC, Danfoss A/S, Lennox International Inc., The Viessmann Group, NIBE Group, Vaillant Group, A. O. Smith Corporation, American Standard Companies, Delonghi-Climaveneta GSHP, Daikin Industries Ltd., WeatherKing & Rheem Manufacturing Company, Baxi Heating UK Ltd., Lochinvar Limited, Armstrong Air Conditioning Inc., Stiebel Eltron AG, Aermec UK Ltd., Enertech Group, Bosch Thermotechnik GmbH, IMS Heat Pumps Limited, MHG Heating Ltd., Glen Dimplex Heating & Ventilation, Heat Norfolk Ltd., Kensa Heat Pumps Limited
The residential heat pump market report table of contents includes:
- Executive Summary
- Residential Heat Pump Market Characteristics
- Residential Heat Pump Market Trends And Strategies
- Residential Heat Pump Market – Macro Economic Scenario
- Global Residential Heat Pump Market Size and Growth
……….
- Global Residential Heat Pump Market Competitive Dashboard
- Key Mergers And Acquisitions In The Residential Heat Pump Market
- Residential Heat Pump Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Residential Heat Pump Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Residential Heat Pump Market, Segmentation By Power Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Residential Heat Pump Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………..
Table 74: Mitsubishi Corporation Financial Performance
Table 75: LG Electronics Inc. Financial Performance
Table 76: Midea Group Financial Performance
Table 77: Fujitsu Limited Financial Performance
Table 78: Johnson Controls International plc Financial Performance
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