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Residential Heat Pump Market

Residential Heat Pump Market by Type (Air-to-Air and Air-to-Water), Capacity (Up to 10 kW, 10–20 kW, 20–30 kW, and Above 30 kW), and Application (Residential, Commercial, Hospitality, Retail, Education, Other Commercial, Industrial, Food & Beverage, Paper & Pulp, Chemicals & Petrochemicals, and Other Industrial Sector): Global Opportunity Analysis and Industry Forecast, 2021–2030

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Pandemic disrupted the entire world and affected many industries.

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Heat Pump is a heating device that transfers heating energy from the source to the target i.e., heat sink. Heat pumps move thermal energy in the opposite direction of spontaneous heat transfer, by absorbing heat from a cold space and releasing it to a warmer one. The common heat pump design involves four main components viz. a condenser, an expansion valve, an evaporator, and a compressor. The heat pump also has domestic applications like domestic water heaters in the kitchen, bathrooms, laundering area, etc. People have been focusing on clean and green energy for sustainable heating solutions and minimizing fossil fuel consumption due to rising awareness regarding rapidly increasing global warming and climate change. Moreover, increasing the importance of sustainable and cost-effective HVAC solutions, coupled with the implementation of government initiatives aimed at reducing carbon emissions, is expected to promote the scope for residential heat pumps in the residential sector.

The market can be negatively affected due to the high cost of installation and the difficulties faced during installation. Another downfall for the market is that there is not enough awareness about the benefits of heat pumps over electric heaters, and it can hinder the growth of the market.

Market scope and Structure Analysis

Report Metric


Market size available for years


  Base year considered


  Forecast period


  Forecast unit

  Value (USD)

  Segments Covered

  Type, Capacity, and Application

  Companies Covered

PCM SA, SPP Pumps, Ruhrpumpen Global, Grundfos, Sulzer, KSB, ITT Oil & Gas, Flowserve Corporation, EDUR-Pumpenfabrik Eduard Redlien GmbH & Co. KG, Verder (UK) Ltd, Wastecorp Pumps, Designed and Engineered Pumps, NETZSCH Pumps & Systems, Framo


Covid-19 Impact Analysis 

  • The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the residential heat pump market in 2020.
  • The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
  • The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
  • The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering of the residential heat pump market.

Top Impacting Factors

Increasing investment toward development of large housing societies with drive the heat pump deployment across multi-family residential buildings. Gradual shift of rural population towards urban establishments will further boost the penetration of heat pump systems. Moreover, growing living standards along with the rising demand for efficient and compact heating technologies are estimated to play an important role in increasing the demand of heat pumps from multi-family houses over the coming years.

Market trends

  • Significant contribution of heat pumping technology in the reduction of CO2-emissions
  • Carbon dioxide (CO2), which is one of the greenhouse gases, is released in a substantial amount through the burning of fossil fuels, such as coal, oil, and natural gas. Many countries aim to reduce their primary energy demand due to the increasing CO2–emissions and implement policies to restrict the greenhouse gases in the environment. Heat pumps offer an energy-efficient way to provide space heating through the aerothermal and geothermal technologies. Exhaust air, groundwater, and surface water (lake, river or pond) are other examples of commonly used heat sources.
  • Governmental regulations for increasing energy efficiency and favorable incentives. 
  • Growth of the construction industry along with increasing implementation of stringent new building regulations by governments, worldwide, especially in China, Japan, the U.S., South Korea, and Europe, are expected to be key factors driving the demand for heat pumps for residential applications. Subsidies on the purchase of heat pumps provided by governments, tax credit schemes, and rising use of renewable energy are set to boost the demand for heat pumps.
  • Rising Demand for CO2 Refrigerant Heat Pumps has bolstered the market growth.
  • CO2 refrigerant heat pumps represent potential growth opportunities for manufacturers of heat pumps. CO2 refrigerant heat pumps were first developed in Japan under the brand name EcoCute. Demand for these CO2 refrigerant heat pumps is growing owing to their easy recyclability, low cost, and environment-friendly qualities. Currently, CO2 refrigerant heat pumps are available in China, Japan, and other markets in Asia. CO2 heat pumps are preferred in Japan and Europe since they offer various qualities such as low global warming and zero ozone depletion potential. CO2 refrigerants are usually used in air-source heat pumps, which have lower overall installation costs than ground source heat pumps, for domestic water heating applications.

Key Benefits of the Report

  • This study presents the analytical depiction of the residential heat pump market industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the residential heat pump market share.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight residential heat pump market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed residential heat pump market analysis based on competitive intensity and how the competition will take shape in coming years.

Key Market Segments

Segments Sub-segments
By Type
  • Air-to-Air
  • Air-to-Water
By Capacity
  • Up to 10 kW
  • 10–20 kW
  • 20–30 kW
  • Above 30 kW
By Application
  • Residential
  • Commercial
  • Hospitality
  • Retail
  • Education
  • Other Commercial
  • Industrial
  • Food & Beverage
  • Paper & Pulp
  • Chemicals & Petrochemicals
  • Other Industrial Sector
  • PCM SA
  • SPP Pumps
  • Ruhrpumpen Global
  • Grundfos, Sulzer
  • KSB
  • ITT Oil & Gas
  • Flowserve Corporation
  • EDUR-Pumpenfabrik Eduard Redlien GmbH & Co. KG
  • Verder (UK) Ltd
  • Wastecorp Pumps
  • Designed and Engineered Pumps
  • NETZSCH Pumps & Systems
  • Framo
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia-Pacific
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA
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