Heat Pump Market – Global Forecast To 2030
히트펌프 시장 – 기술(공기 대 공기, 공기 대수, 수원, 지열, 하이브리드, PVT), 냉매(R410A, R407C, R744, R290, R717), 유형(가역, 비가역), 정격 용량, 최종 사용자, 용도, 지역별 – 2030년까지의 세계 예측
Heat Pump Market by Technology (Air-to-Air, Air-to-Water, Water Source, Geothermal, Hybrid, PVT), Refrigerant (R410A, R407C, R744, R290, R717), Type (Reversible, Non-reversible), Rated Capacity, End User, Application, and Region – Global Forecast to 2030
| 조사회사 | MarketsandMarkets |
| 출판년월 | 2025년8월 |
| 페이지 수 | 334 |
| 도표 수 | 421 |
| 라이센스 | Single User License |
| 가격 | USD 4,950 |
| 구성 | 영문조사보고서 |
본 보고서는 기술, 유형, 냉매, 정격 용량, 최종 사용자, 적용 분야 및 지역별로 글로벌 히트펌프 시장을 정의, 설명 및 예측합니다. 또한 시장에 대한 상세한 정성적 및 정량적 분석도 제공합니다. 본 보고서는 히트펌프 시장 성장에 영향을 미치는 주요 요인(동인, 제약, 과제, 기회 등)에 대한 자세한 정보를 다룹니다. 주요 업계 참여자에 대한 심층 분석을 통해 사업 개요, 솔루션 및 서비스, 계약, 파트너십, 협정, 인수합병(M&A)과 같은 주요 전략, 그리고 히트펌프 시장과 관련된 최근 동향에 대한 통찰력을 제공합니다. 본 보고서는 히트펌프 생태계 내 신생 기업들의 경쟁 분석을 다룹니다.
전 세계 히트펌프 시장은 2025년 832억 3천만 달러에서 2030년 1,625억 6천만 달러로 성장할 것으로 예상되며, 예측 기간 동안 연평균 성장률은 14.3%입니다. 히트펌프는 태양광 및 풍력과 같은 재생에너지원과 통합되어 더욱 지속 가능하고 친환경적인 냉난방 솔루션을 제공할 수 있으며, 이는 재생에너지 도입을 향한 전 세계적인 추세에 부합합니다.
The global heat pump market is estimated to reach USD 162.56 billion by 2030 from an estimated USD 83.23 billion in 2025, at a CAGR of 14.3% during the forecast period. Heat pumps can be integrated with renewable energy sources such as solar and wind power, enabling more sustainable and eco-friendly heating and cooling solutions, which align with the global trend towards renewable energy adoption.
“Air-to-water heat pumps to be fastest-growing segment from 2025 to 2030”
The air-to-water segment is estimated to account for the second-largest share during the forecast period. Air-to-water heat pumps are used for a broader range of applications beyond the residential sector. Use of air-to-water pumps has extended into commercial buildings, industrial settings, and recreation facilities (swimming pools), considerably broadening the uptake of this technology. This signifies a shift in heating and cooling applications using air-to-water heat pumps, leading to the increased demand for heat pumps across the region.
“Reversible heat pumps to be second-fastest growing segment during forecast period”
In the heat pump market, the reversible heat pumps segment is projected to witness the second-highest CAGR during the forecast period. Their high coefficient of performance, normally between 3 and 5, shows that they can gain between 300% and 500% more heating or cooling output than the energy input.” Hence, the energy efficiency aspect is a significant selling point for customers on both the residential and commercial sides. The long-term cost savings and eco-friendly impact fuel the demand for reversible systems in both developing and developed markets.
“Europe is expected to be the second-fastest growing region in the heat pump market.”
Europe is expected to be the second-fastest growing heat pump market during the forecast period. The region’s commitment to reducing reliance on imported fossil fuels and a move toward increasing the use of renewable energy has helped to foster excitement around heat pumps. Heat pumps have lower operating costs, especially when combined with renewable electricity sources such as solar, and are becoming popular in the residential and industrial sectors. Europe’s aggressive decarbonization goals, high levels of government incentivization, climate policy, and ongoing advances in technology in the heating sector are fueling the increased demand for heat pumps in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 – 60%, Tier 2 – 25%, and Tier 3 – 15%
- By Designation: C-Level – 35%, Director Level – 25%, and Others – 40%
- By Region: Americas – 13%, Europe – 16%, Asia Pacific – 56%, Middle East & Africa – 15%
Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: > USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: < USD 500 million.
Others include sales managers, engineers, and regional managers.
SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea (China), Panasonic Holdings Corporation (Japan), Mitsubishi Electric Corporation (Japan), LG Electronics (South Korea), Lennox International Inc. (US), Fujitsu General (Japan), Daikin Industries, Ltd. (Japan), Carrier (US), Johnson Controls (Ireland), Thermax Limited (India), GEA Group Aktiengesellschaft (Germany), Trane Technologies plc, (Ireland), Bosch Thermotechnology Corp. (Germany), Guangzhou Sprsun New Energy Technology Development Co., Ltd. (China), GLEN DIMPLEX GROUP (Ireland), NIBE Industry AB (Ireland), Rheem Manufacturing Company (US), Energen Hybrid Systems Limited (NewZealand), Evo Energy Technologies (Australia), Namma Swadeshi (India), EcoTech Solutions (India), Dandelion Energy (US), and Zealux Electric Limited (China) are the key players in the heat pump market. The study includes an in-depth competitive analysis of these key players in the heat pump market, with their company profiles, recent developments, and key market strategies.
Study Coverage:
The report defines, describes, and forecasts the global heat pump market by technology, type, refrigerant, rated capacity, end user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report’s scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the heat pump market. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services; key strategies such as contracts, partnerships, agreements, mergers & acquisitions; and recent developments associated with the heat pump market. This report covers the competitive analysis of upcoming startups in the heat pump ecosystem.
Key Benefits of Buying the Report
- The report includes the analysis of key drivers (Growing use of heat pumps beyond traditional heating and cooling applications, Capability of heat pumps to be integrated with renewable energy systems, Implementation of government policies and initiatives to promote use of energy-efficient heating and cooling systems), restraints (Difficulties in installation and unaesthetic appearance, Limited public awareness regarding benefits of heat pumps and lack of knowledge about heat pump standards among system vendors), opportunities (High focus of manufacturers on integrating IoT, ML, and AI technologies into heat pumps, Positive outlook toward use of geothermal energy, Increased sales of heat pumps in Europe), and challenges (Dependency on energy source for heat pump efficiency, High installation cost) influencing the growth of the heat pump market.
- Product Development/Innovation: The heat pump market is witnessing significant product development and innovation, driven by the growing demand for environmentally friendly, safe, and sustainable products. Companies are investing in developing advanced heat pump technologies for various applications.
- Market Development: SAMSUNG announced its partnership with Etopia, a UK-based smart building company, to deploy heat pumps in the residential sector in the UK. SAMSUNG will deploy 6,000 TDS plus heat pumps as part of the five-year smart home project in the UK.
- Market Diversification: Panasonic Holdings Corporation announced that it would invest about USD 150 million in its Czech plant by the fiscal year ending in March 2026 to strengthen the production of air-to-water heat pumps (A2W), which have been experiencing growing demand in Europe.
- Competitive Assessment: It includes an in-depth assessment of market shares, growth strategies, and service offerings of leading players, such as SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea (China), Panasonic Holdings Corporation (Japan), and Mitsubishi Electric Corporation (Japan), among others, in the heat pump market.
Table of Contents
1 INTRODUCTION 29
1.1 STUDY OBJECTIVES 29
1.2 MARKET DEFINITION 29
1.3 STUDY SCOPE 30
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 30
1.3.2 INCLUSIONS AND EXCLUSIONS 31
1.3.3 YEARS CONSIDERED 32
1.4 CURRENCY CONSIDERED 33
1.5 LIMITATIONS 33
1.6 STAKEHOLDERS 33
1.7 SUMMARY OF CHANGES 34
2 RESEARCH METHODOLOGY 35
2.1 RESEARCH DATA 35
2.2 PRIMARY AND SECONDARY DATA 37
2.2.1 SECONDARY DATA 37
2.2.1.1 List of major secondary sources 37
2.2.1.2 Key data from secondary sources 38
2.2.2 PRIMARY DATA 38
2.2.2.1 List of primary interview participants 38
2.2.2.2 Key data from primary sources 39
2.2.2.3 Key industry insights 39
2.2.2.4 Breakdown of primaries 40
2.3 MARKET SIZE ESTIMATION 41
2.3.1 TOP-DOWN APPROACH 41
2.3.2 BOTTOM-UP APPROACH 42
2.3.3 SUPPLY-SIDE ANALYSIS 43
2.3.3.1 Supply-side assumptions 44
2.3.3.2 Supply-side calculations 44
2.3.4 DEMAND-SIDE ANALYSIS 45
2.3.4.1 Demand-side assumptions 46
2.3.4.2 Demand-side calculations 46
2.4 GROWTH PROJECTION 46
2.5 MARKET BREAKDOWN AND DATA TRIANGULATION 47
2.6 RESEARCH LIMITATIONS 48
2.7 RISK ANALYSIS 48
3 EXECUTIVE SUMMARY 49
4 PREMIUM INSIGHTS 55
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HEAT PUMP MARKET 55
4.2 HEAT PUMP MARKET, BY END USER 55
4.3 HEAT PUMP MARKET, BY TECHNOLOGY 56
4.4 HEAT PUMP MARKET, BY TYPE 56
4.5 HEAT PUMP MARKET, BY APPLICATION 57
4.6 HEAT PUMP MARKET, BY REFRIGERANT TYPE 57
4.7 HEAT PUMP MARKET, BY RATED CAPACITY 58
4.8 HEAT PUMP MARKET, BY REGION 58
5 MARKET OVERVIEW 59
5.1 INTRODUCTION 59
5.2 MARKET DYNAMICS 59
5.2.1 DRIVERS 60
5.2.1.1 Transition to sustainable heating technologies 60
5.2.1.2 Government-led initiatives to promote use of sustainable and energy-efficient HVAC technologies 60
5.2.2 RESTRAINTS 61
5.2.2.1 High cost of installation 61
5.2.2.2 Space constraints associated with ground-source systems 62
5.2.3 OPPORTUNITIES 62
5.2.3.1 Emphasis on embedding IoT, ML, and AI technologies into heat pump systems 62
5.2.3.2 Enhanced performance of CO2 heat pumps 63
5.2.4 CHALLENGES 64
5.2.4.1 High installation cost 64
5.2.4.2 Dependency on energy source 64
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 65
5.4 PRICING ANALYSIS 65
5.4.1 PRICING RANGE OF HEAT PUMPS, BY TECHNOLOGY, 2024 66
5.4.2 AVERAGE SELLING PRICE TREND OF HEAT PUMPS, BY REGION, 2022–2024 66
5.5 SUPPLY CHAIN ANALYSIS 67
5.5.1 RAW MATERIAL SUPPLIERS 68
5.5.2 ORIGINAL EQUIPMENT MANUFACTURERS (OEMS) 68
5.5.3 DISTRIBUTORS 68
5.5.4 END USERS 68
5.6 ECOSYSTEM ANALYSIS 68
5.7 TECHNOLOGY ANALYSIS 70
5.7.1 KEY TECHNOLOGIES 70
5.7.1.1 Photovoltaic-thermal solar-assisted heat pump systems 70
5.7.1.2 Hybrid heat pumps 70
5.7.1.3 Air-to-air heat pumps 70
5.7.1.4 Air-to-water heat pumps 70
5.7.1.5 Water-source heat pumps 70
5.7.1.6 Ground-source heat pumps 71
5.7.1.7 Solid-state heat pumps 71
5.7.2 COMPLEMENTARY TECHNOLOGIES 71
5.7.2.1 Thermal storage 71
5.7.2.2 Smart controls and automation technologies 71
5.7.3 ADJACENT TECHNOLOGIES 72
5.7.3.1 Heat recovery ventilation (HRV) systems 72
5.7.3.2 IoT devices 72
5.8 TRADE ANALYSIS 72
5.8.1 EXPORT SCENARIO (HS CODE 841861) 72
5.8.2 IMPORT SCENARIO (HS CODE 841861) 73
5.9 KEY CONFERENCES AND EVENTS, 2025–2026 74
5.10 REGULATORY LANDSCAPE 75
5.10.1 REGULATIONS 77
5.11 PORTER’S FIVE FORCES ANALYSIS 77
5.11.1 THREAT OF NEW ENTRANTS 78
5.11.2 THREAT OF SUBSTITUTES 79
5.11.3 BARGAINING POWER OF SUPPLIERS 79
5.11.4 BARGAINING POWER OF BUYERS 79
5.11.5 THREAT OF NEW ENTRANTS 79
5.11.6 INTENSITY OF COMPETITIVE RIVALRY 80
5.12 KEY STAKEHOLDERS AND BUYING CRITERIA 80
5.12.1 KEY STAKEHOLDERS IN BUYING PROCESS 80
5.12.2 BUYING CRITERIA 81
5.13 PATENT ANALYSIS 82
5.14 CASE STUDY ANALYSIS 83
5.14.1 CITY SUITES HOTEL INSTALLED DAIKIN VRV IV+ HEAT PUMP SYSTEM WITH INDIVIDUAL ROOM CONTROLS TO REDUCE ENERGY CONSUMPTION AND ENHANCE GUEST EXPERIENCE 83
5.14.2 CORONADO BREWING REPLACED FOSSIL BOILERS WITH HTHPS THAT REDUCED CO2 EMISSIONS AND ENERGY COSTS 84
5.14.3 HOTEL DEPLOYED A. O. SMITH VOLTEX HYBRID ELECTRIC HEAT PUMP WATER HEATER TO REDUCE ENERGY CONSUMPTION AND COST 84
5.15 INVESTMENT AND FUNDING SCENARIO 84
5.16 IMPACT OF AI/GEN AI ON HEAT PUMP MARKET 85
5.16.1 ADOPTION OF AI/GEN AI FOR HEAT PUMPS 85
5.16.2 IMPACT OF AI/GEN AI ON HEAT PUMP SUPPLY CHAIN, BY REGION 86
5.17 IMPACT OF 2025 US TARIFF ON HEAT PUMP MARKET 87
5.17.1 INTRODUCTION 87
5.17.2 KEY TARIFF RATES 87
5.17.3 PRICE IMPACT ANALYSIS 88
5.17.4 IMPACT ON COUNTRIES/REGIONS 89
5.17.4.1 US 89
5.17.4.2 Europe 89
5.17.4.3 Asia Pacific 89
5.17.5 IMPACT ON END USER 90
6 HEAT PUMP MARKET, BY APPLICATION 91
6.1 INTRODUCTION 92
6.2 HEATING 93
6.2.1 WATER HEATING 94
6.2.1.1 Growing adoption of renewable energy sources to boost segmental growth 94
6.2.2 DISTRICT AND SPACE HEATING 95
6.2.2.1 Pressing need to reduce carbon footprint to fuel market growth 95
6.3 HEATING AND COOLING 96
6.3.1 IMPLEMENTATION OF ADVANCED TECHNOLOGIES AND SUSTAINABLE METHODS TO OFFER LUCRATIVE GROWTH OPPORTUNITIES 96
7 HEAT PUMP MARKET, BY END USER 98
7.1 INTRODUCTION 99
7.2 RESIDENTIAL 100
7.2.1 GOVERNMENT INCENTIVES TO BOOST ADOPTION OF HEAT PUMPS TO FUEL MARKET GROWTH 100
7.3 COMMERCIAL 101
7.3.1 GROWING NEED TO ADOPT RENEWABLE ENERGY SOURCES FOR HEATING TO BOOST DEMAND 101
7.4 INDUSTRIAL 102
7.4.1 GLOBAL EFFORTS TO ENHANCE SUSTAINABILITY AND LOWER CARBON EMISSIONS TO FOSTER SEGMENTAL GROWTH 102
8 HEAT PUMP MARKET, BY RATED CAPACITY 104
8.1 INTRODUCTION 105
8.2 UP TO 10 KW 106
8.2.1 RISING PREFERENCE FOR SUSTAINABLE ALTERNATIVES TO CONVENTIONAL HEATING SYSTEMS TO BOOST DEMAND 106
8.3 10–20 KW 107
8.3.1 GROWING APPLICATION IN LARGE MULTI-FAMILY HOMES AND APARTMENT COMPLEXES TO FUEL MARKET GROWTH 107
8.4 20–30 KW 108
8.4.1 INCREASING DEPLOYMENT IN SMALL COMMERCIAL BUILDINGS TO FOSTER SEGMENTAL GROWTH 108
8.5 ABOVE 30 KW 109
8.5.1 GROWING EMPHASIS ON OFFERING OPTIMAL ENERGY UTILIZATION AND COST-EFFECTIVENESS TO DRIVE MARKET 109
9 HEAT PUMP MARKET, BY REFRIGERANT 111
9.1 INTRODUCTION 112
9.2 R410A 113
9.2.1 EASE OF HEAT DISSIPATION AND ENHANCED HEAT TRANSFER EFFICIENCY TO BOOST DEMAND 113
9.3 R407C 114
9.3.1 INCREASED USE OF ECO-FRIENDLY REFRIGERANTS IN HEAT PUMPS TO FUEL DEMAND 114
9.4 R744 115
9.4.1 RISING DEPLOYMENT IN NEW-GENERATION HEAT PUMP TECHNOLOGIES TO BOOST DEMAND 115
9.5 R290 116
9.5.1 EXPANDING RETROFIT MARKET FOR HEATING AND COOLING SYSTEMS TO DRIVE DEMAND 116
9.6 R717 117
9.6.1 INCORPORATION OF ADVANCED CONTAINMENT TECHNOLOGIES TO OFFER LUCRATIVE GROWTH OPPORTUNITIES 117
9.7 OTHER REFRIGERANTS 118
10 HEAT PUMP MARKET, BY TECHNOLOGY 120
10.1 INTRODUCTION 121
10.2 AIR-TO-AIR HEAT PUMPS 123
10.2.1 RISING DEMAND FOR SMART THERMOSTATS FOR REMOTE MONITORING TO DRIVE MARKET 123
10.3 AIR-TO-WATER HEAT PUMPS 124
10.3.1 GROWING DEMAND FOR CLEAN AND GREEN ALTERNATIVES TO TRADITIONAL FOSSIL FUEL-BASED HEATING METHODS TO DRIVE MARKET 124
10.4 WATER-SOURCE HEAT PUMPS 125
10.4.1 EMPHASIS ON ENHANCING SYSTEM DESIGN AND TECHNOLOGY ADVANCEMENTS TO SUPPORT MARKET GROWTH 125
10.5 GROUND-SOURCE (GEOTHERMAL) HEAT PUMPS 126
10.5.1 GOVERNMENT-LED SUBSIDIES FOR BOOSTING DEPLOYMENT OF GEOTHERMAL HEAT PUMPS TO DRIVE MARKET 126
10.6 HYBRID HEAT PUMPS 127
10.6.1 SEAMLESS INTEGRATION WITH EXISTING INFRASTRUCTURE TO BOOST DEMAND 127
10.7 PHOTOVOLTAIC-THERMAL (PVT) HEAT PUMPS 128
10.7.1 REDUCED RELIANCE ON CENTRALIZED ENERGY SOURCES TO FOSTER MARKET GROWTH 128
11 HEAT PUMP MARKET, BY TYPE 130
11.1 INTRODUCTION 131
11.2 REVERSIBLE HEAT PUMPS 132
11.2.1 GLOBAL EMPHASIS ON IMPLEMENTING ENERGY EFFICIENCY REGULATIONS TO DRIVE MARKET 132
11.3 NON-REVERSIBLE HEAT PUMPS 133
11.3.1 RISING DEMAND FOR COST-EFFECTIVE AND SUSTAINABLE TECHNOLOGIES TO OFFER LUCRATIVE GROWTH OPPORTUNITIES 133
12 HEAT PUMP MARKET, BY REGION 135
12.1 INTRODUCTION 136
12.2 ASIA PACIFIC 139
12.2.1 CHINA 146
12.2.1.1 Expanding industrialization and infrastructure development to boost demand 146
12.2.2 INDIA 148
12.2.2.1 Emphasis on constructing green structures to drive market 148
12.2.3 JAPAN 149
12.2.3.1 Integration of IoT and application of AI and ML in manufacturing and designing process to offer lucrative growth opportunities 149
12.2.4 SOUTH KOREA 151
12.2.4.1 Government-led investments in smart energy infrastructure and integrated energy systems to fuel market growth 151
12.2.5 AUSTRALIA 153
12.2.5.1 Initiatives to phase out gas hot water systems to boost demand 153
12.2.6 REST OF ASIA PACIFIC 154
12.3 EUROPE 156
12.3.1 FRANCE 163
12.3.1.1 Favorable policies and national climate initiatives to support market growth 163
12.3.2 ITALY 165
12.3.2.1 Government-led initiatives to boost adoption of green energy to fuel market growth 165
12.3.3 GERMANY 167
12.3.3.1 Rising gas prices and energy security concerns to support market growth 167
12.3.4 UK 169
12.3.4.1 Emphasis on achieving net-zero emissions by 2050 to foster market growth 169
12.3.5 SPAIN 170
12.3.5.1 Emphasis on renovating existing buildings to drive market 170
12.3.6 REST OF EUROPE 172
12.4 NORTH AMERICA 173
12.4.1 US 179
12.4.1.1 Increasing investments in installation of energy-efficient technologies in new infrastructure development projects to drive market 179
12.4.2 CANADA 181
12.4.2.1 Emphasis on offering market-feasible net-zero energy solutions by 2030 and reducing electricity demand to boost demand 181
12.5 MIDDLE EAST & AFRICA 183
12.5.1 GCC 189
12.5.1.1 Saudi Arabia 189
12.5.1.1.1 Increasing investments in industrial sector to boost demand 189
12.5.1.2 UAE 191
12.5.1.2.1 Growing consciousness about sustainable and environmentally friendly practices to boost demand 191
12.5.1.3 Rest of GCC 192
12.5.2 SOUTH AFRICA 194
12.5.2.1 Expanding transportation industry to foster market growth 194
12.5.3 REST OF MIDDLE EAST & AFRICA 196
12.6 LATIN AMERICA 198
12.6.1 BRAZIL 203
12.6.1.1 Growing use of non-fossil fuel energy sources to boost demand 203
12.6.2 MEXICO 205
12.6.2.1 Growing demand for energy-efficient devices in residential, commercial, and industrial sectors to fuel market growth 205
12.6.3 REST OF LATIN AMERICA 206
13 COMPETITIVE LANDSCAPE 209
13.1 OVERVIEW 209
13.2 STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2025 209
13.3 MARKET SHARE ANALYSIS, 2024 211
13.4 MARKET EVALUATION FRAMEWORK, 2020–2024 213
13.5 REVENUE ANALYSIS, 2020–2024 215
13.6 BRAND/PRODUCT COMPARISON 216
13.7 COMPANY VALUATION AND FINANCIAL METRICS 217
13.8 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 218
13.8.1 STARS 218
13.8.2 EMERGING LEADERS 218
13.8.3 PERVASIVE PLAYERS 218
13.8.4 PARTICIPANTS 218
13.8.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 220
13.8.5.1 Company footprint 220
13.8.5.2 Company market footprint 221
13.8.5.3 Region footprint 222
13.8.5.4 Technology footprint 223
13.8.5.5 Type footprint 224
13.8.5.6 Rated capacity footprint 225
13.8.5.7 Refrigerant footprint 226
13.8.5.8 End user footprint 227
13.8.5.9 Application footprint 228
13.9 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 229
13.9.1 PROGRESSIVE COMPANIES 229
13.9.2 RESPONSIVE COMPANIES 229
13.9.3 DYNAMIC COMPANIES 229
13.9.4 STARTING BLOCKS 229
13.9.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 231
13.9.5.1 List of key startups/SMEs 231
13.9.5.2 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 231
13.10 COMPETITIVE SCENARIOS 232
13.10.1 PRODUCT LAUNCHES 232
13.10.2 DEALS 233
13.10.3 EXPANSIONS 235
13.10.4 OTHER DEVELOPMENTS 236
14 COMPANY PROFILES 238
14.1 KEY PLAYERS 238
14.1.1 SAMSUNG 238
14.1.1.1 Business overview 238
14.1.1.2 Products/Solutions/Services offered 239
14.1.1.3 Recent developments 240
14.1.1.3.1 Product launches 240
14.1.1.3.2 Deals 241
14.1.1.4 MnM view 242
14.1.1.4.1 Key strengths/Right to win 242
14.1.1.4.2 Strategic choices 242
14.1.1.4.3 Weaknesses/Competitive threats 242
14.1.2 DENSO CORPORATION 243
14.1.2.1 Business overview 243
14.1.2.2 Products/Solutions/Services offered 244
14.1.2.2.1 Expansions 245
14.1.2.3 MnM view 245
14.1.2.3.1 Key strengths/Right to win 245
14.1.2.3.2 Strategic choices 245
14.1.2.3.3 Weaknesses/Competitive threats 245
14.1.3 MIDEA 246
14.1.3.1 Business overview 246
14.1.3.2 Products/Solutions/Services offered 247
14.1.3.3 Recent developments 249
14.1.3.3.1 Product launches 249
14.1.3.3.2 Deals 249
14.1.3.3.3 Expansions 250
14.1.3.4 MnM view 250
14.1.3.4.1 Key strengths/Right to win 250
14.1.3.4.2 Strategic choices 250
14.1.3.4.3 Weaknesses/Competitive threats 250
14.1.4 PANASONIC HOLDINGS CORPORATION 251
14.1.4.1 Business overview 251
14.1.4.2 Products/Solutions/Services offered 252
14.1.4.3 Recent developments 254
14.1.4.3.1 Product launches 254
14.1.4.3.2 Deals 255
14.1.4.3.3 Expansions 255
14.1.4.3.4 Other developments 256
14.1.4.4 MnM view 256
14.1.4.4.1 Key strengths/Right to win 256
14.1.4.4.2 Strategic choices 256
14.1.4.4.3 Weaknesses/Competitive threats 257
14.1.5 MITSUBISHI ELECTRIC CORPORATION 258
14.1.5.1 Business overview 258
14.1.5.2 Products/Solutions/Services offered 259
14.1.5.3 Recent developments 261
14.1.5.3.1 Product launches 261
14.1.5.3.2 Deals 261
14.1.5.3.3 Expansions 262
14.1.5.3.4 Other developments 262
14.1.5.4 MnM view 263
14.1.5.4.1 Key strengths/Right to win 263
14.1.5.4.2 Strategic choices 263
14.1.5.4.3 Weaknesses/Competitive threats 263
14.1.6 LG ELECTRONICS 264
14.1.6.1 Business overview 264
14.1.6.2 Products/ Solutions/Services offered 265
14.1.6.3 Recent developments 267
14.1.6.3.1 Product launches 267
14.1.6.3.2 Deals 268
14.1.6.3.3 Expansions 269
14.1.6.3.4 Other developments 270
14.1.7 LENNOX INTERNATIONAL INC. 271
14.1.7.1 Business overview 271
14.1.7.2 Products/ Solutions/Services offered 272
14.1.7.3 Recent developments 273
14.1.7.3.1 Product launches 273
14.1.7.3.2 Deals 274
14.1.8 FUJITSU GENERAL 275
14.1.8.1 Business overview 275
14.1.8.2 Products/ Solutions/Services offered 276
14.1.8.3 Recent developments 278
14.1.8.3.1 Deals 278
14.1.9 DAIKIN INDUSTRIES, LTD. 279
14.1.9.1 Business overview 279
14.1.9.2 Products/ Solutions/Services offered 281
14.1.9.3 Recent developments 282
14.1.9.3.1 Product launches 282
14.1.9.3.2 Expansions 283
14.1.9.3.3 Other developments 284
14.1.10 CARRIER 285
14.1.10.1 Business overview 285
14.1.10.2 Products/ Solutions/Services offered 286
14.1.10.3 Recent developments 287
14.1.10.3.1 Product launches 287
14.1.10.3.2 Deals 288
14.1.10.3.3 Expansions 289
14.1.10.3.4 Other developments 289
14.1.11 JOHNSON CONTROLS 290
14.1.11.1 Business overview 290
14.1.11.2 Products/ Solutions/Services offered 291
14.1.11.3 Recent developments 293
14.1.11.3.1 Product launches 293
14.1.11.3.2 Deals 294
14.1.11.3.3 Expansions 294
14.1.11.3.4 Other developments 295
14.1.12 THERMAX LIMITED 297
14.1.12.1 Business overview 297
14.1.12.2 Products/Solutions/Services offered 298
14.1.13 GEA GROUP AKTIENGESELLSCHAFT 300
14.1.13.1 Business overview 300
14.1.13.2 Products/Solutions/Services offered 301
14.1.13.3 Recent developments 303
14.1.13.3.1 Deals 303
14.1.13.3.2 Other developments 303
14.1.14 TRANE TECHNOLOGIES PLC 305
14.1.14.1 Business overview 305
14.1.14.2 Products/Solutions/Services offered 306
14.1.14.3 Recent developments 309
14.1.14.3.1 Product launches 309
14.1.14.3.2 Deals 310
14.1.14.3.3 Expansions 310
14.1.14.3.4 Other developments 311
14.1.15 BOSCH THERMOTECHNOLOGY CORP. 312
14.1.15.1 Business overview 312
14.1.15.2 Products/ Solutions/Services offered 312
14.1.15.3 Recent developments 313
14.1.15.3.1 Product launches 313
14.1.15.3.2 Other developments 314
14.2 OTHER PLAYERS 316
14.2.1 GUANGZHOU SPRSUN NEW ENERGY TECHNOLOGY DEVELOPMENT CO., LTD. 316
14.2.2 GLEN DIMPLEX GROUP 317
14.2.3 NIBE 318
14.2.4 RHEEM MANUFACTURING COMPANY 319
14.2.5 ENERGEN HYBRID SYSTEMS LIMITED 320
14.2.6 EVO ENERGY TECHNOLOGIES 321
14.2.7 NAMMASWADESHI 321
14.2.8 ECOTECH SOLUTIONS 322
14.2.9 DANDELION ENERGY 323
14.2.10 ZEALUX ELECTRIC LIMITED 323
15 APPENDIX 324
15.1 INSIGHTS FROM INDUSTRY EXPERTS 324
15.2 DISCUSSION GUIDE 324
15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 330
15.4 CUSTOMIZATION OPTIONS 332
15.5 RELATED REPORTS 332
15.6 AUTHOR DETAILS 333
LIST OF TABLES
TABLE 1 HEAT PUMP MARKET SNAPSHOT 49
TABLE 2 BENEFITS OF SMART THERMOSTATS OFFERED BY KEY PLAYERS 62
TABLE 3 REFRIGERANTS AND THEIR COMMON APPLICATIONS 63
TABLE 4 AVERAGE HEAT PUMP INSTALLATION COST, BY TYPE (USD) 64
TABLE 5 PRICING RANGE OF HEAT PUMPS, BY TECHNOLOGY, 2024 (USD) 66
TABLE 6 AVERAGE SELLING PRICE TREND OF HEAT PUMPS, BY REGION 2022–2024 (USD) 67
TABLE 7 ROLE OF COMPANIES IN HEAT PUMP ECOSYSTEM 69
TABLE 8 EXPORT DATA FOR HS CODE 841861-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD) 72
TABLE 9 IMPORT SCENARIO FOR HS CODE 841861-COMPLIANT PRODUCTS,
BY COUNTRY, 2022–2024 (USD) 73
TABLE 10 LIST OF KEY CONFERENCES AND EVENTS, 2025–2026 74
TABLE 11 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 75
TABLE 12 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 13 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 14 MIDDLE EAST & AFRICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 15 LATIN AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 77
TABLE 16 REGULATIONS 77
TABLE 17 HEAT PUMP MARKET: PORTER’S FIVE FORCES ANALYSIS 78
TABLE 18 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USER (%) 80
TABLE 19 KEY BUYING CRITERIA, BY END USER 81
TABLE 20 LIST OF KEY PATENTS, 2023–2024 82
TABLE 21 US-ADJUSTED RECIPROCAL TARIFF RATES, 2024 (USD BILLION) 87
TABLE 22 EXPECTED CHANGE IN PRICES AND LIKELY IMPACT ON
APPLICATIONS DUE TO TARIFF IMPACT 88
TABLE 23 HEAT PUMP MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 92
TABLE 24 HEAT PUMP MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 92
TABLE 25 HEAT PUMP MARKET, BY HEATING, 2020–2024 (USD MILLION) 93
TABLE 26 HEAT PUMP MARKET, BY HEATING, 2025–2030 (USD MILLION) 93
TABLE 27 HEATING: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 94
TABLE 28 HEATING: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 94
TABLE 29 WATER HEATING: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 95
TABLE 30 WATER HEATING: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 95
TABLE 31 DISTRICT AND SPACE HEATING: HEAT PUMP MARKET, BY REGION,
2020–2024 (USD MILLION) 96
TABLE 32 DISTRICT AND SPACE HEATING: HEAT PUMP MARKET, BY REGION,
2025–2030 (USD MILLION) 96
TABLE 33 HEATING AND COOLING: HEAT PUMP MARKET, BY REGION,
2020–2024 (USD MILLION) 97
TABLE 34 HEATING AND COOLING: HEAT PUMP MARKET, BY REGION,
2025–2030 (USD MILLION) 97
TABLE 35 HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 99
TABLE 36 HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 100
TABLE 37 RESIDENTIAL: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 100
TABLE 38 RESIDENTIAL: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 101
TABLE 39 COMMERCIAL: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 102
TABLE 40 COMMERCIAL: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 102
TABLE 41 INDUSTRIAL: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 103
TABLE 42 INDUSTRIAL: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 103
TABLE 43 HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 105
TABLE 44 HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 106
TABLE 45 UP TO 10 KW: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 106
TABLE 46 UP TO 10 KW: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 107
TABLE 47 10–20 KW: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 107
TABLE 48 10–20 KW: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 108
TABLE 49 20–30 KW: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 109
TABLE 50 20–30 KW: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 109
TABLE 51 ABOVE 30 KW: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 110
TABLE 52 ABOVE 30 KW: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 110
TABLE 53 HEAT PUMP MARKET, BY REFRIGERANT, 2020–2024 (USD MILLION) 112
TABLE 54 HEAT PUMP MARKET, BY REFRIGERANT, 2025–2030 (USD MILLION) 113
TABLE 55 R410A: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 113
TABLE 56 R410A: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 114
TABLE 57 R407C: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 114
TABLE 58 R407C: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 115
TABLE 59 R744: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 115
TABLE 60 R744: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 116
TABLE 61 R290: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 116
TABLE 62 R290: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 117
TABLE 63 R717: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 117
TABLE 64 R717: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 118
TABLE 65 OTHER REFRIGERANTS: HEAT PUMP MARKET, BY REGION,
2020–2024 (USD MILLION) 118
TABLE 66 OTHER REFRIGERANTS: HEAT PUMP MARKET, BY REGION,
2025–2030 (USD MILLION) 119
TABLE 67 HEAT PUMP MARKET, BY TECHNOLOGY, 2020–2024 (USD MILLION) 121
TABLE 68 HEAT PUMP MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 122
TABLE 69 HEAT PUMP MARKET, BY TECHNOLOGY, 2020–2024 (MILLION UNITS) 122
TABLE 70 HEAT PUMP MARKET, BY TECHNOLOGY, 2025–2030 (MILLION UNITS) 122
TABLE 71 AIR-TO-AIR HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2020–2024 (USD MILLION) 124
TABLE 72 AIR-TO-AIR HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2025–2030 (USD MILLION) 124
TABLE 73 AIR-TO-WATER HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2020–2024 (USD MILLION) 125
TABLE 74 AIR-TO-WATER HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2025–2030 (USD MILLION) 125
TABLE 75 WATER-SOURCE HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2020–2024 (USD MILLION) 126
TABLE 76 WATER-SOURCE HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2025–2030 (USD MILLION) 126
TABLE 77 GROUND-SOURCE (GEOTHERMAL) HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 127
TABLE 78 GROUND-SOURCE (GEOTHERMAL) HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 127
TABLE 79 HYBRID HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2020–2024 (USD MILLION) 128
TABLE 80 HYBRID HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2025–2030 (USD MILLION) 128
TABLE 81 PHOTOVOLTAIC-THERMAL (PVT) HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 129
TABLE 82 PHOTOVOLTAIC-THERMAL (PVT) HEAT PUMPS: HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 129
TABLE 83 HEAT PUMP MARKET, BY TYPE, 2020–2024 (USD MILLION) 131
TABLE 84 HEAT PUMP MARKET, BY TYPE, 2025–2030 (USD MILLION) 132
TABLE 85 REVERSIBLE HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2020–2024 (USD MILLION) 132
TABLE 86 REVERSIBLE HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2025–2030 (USD MILLION) 133
TABLE 87 NON-REVERSIBLE HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2020–2024 (USD MILLION) 134
TABLE 88 NON-REVERSIBLE HEAT PUMPS: HEAT PUMP MARKET, BY REGION,
2025–2030 (USD MILLION) 134
TABLE 89 HEAT PUMP MARKET, BY REGION, 2020–2024 (USD MILLION) 137
TABLE 90 HEAT PUMP MARKET, BY REGION, 2025–2030 (USD MILLION) 138
TABLE 91 HEAT PUMP MARKET, BY REGION, 2020–2024 (MILLION UNITS) 138
TABLE 92 HEAT PUMP MARKET, BY REGION, 2025–2030 (MILLION UNITS) 138
TABLE 93 ASIA PACIFIC: HEAT PUMP MARKET, BY TECHNOLOGY, 2020–2024 (USD MILLION) 141
TABLE 94 ASIA PACIFIC: HEAT PUMP MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 141
TABLE 95 ASIA PACIFIC: HEAT PUMP MARKET, BY TYPE, 2020–2024 (USD MILLION) 141
TABLE 96 ASIA PACIFIC: HEAT PUMP MARKET, BY TYPE, 2025–2030 (USD MILLION) 142
TABLE 97 ASIA PACIFIC: HEAT PUMP MARKET, BY REFRIGERANT, 2020–2024 (USD MILLION) 142
TABLE 98 ASIA PACIFIC: HEAT PUMP MARKET, BY REFRIGERANT, 2025–2030 (USD MILLION) 142
TABLE 99 ASIA PACIFIC: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 143
TABLE 100 ASIA PACIFIC: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 143
TABLE 101 ASIA PACIFIC: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 143
TABLE 102 ASIA PACIFIC: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 144
TABLE 103 ASIA PACIFIC: HEAT PUMP MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 144
TABLE 104 ASIA PACIFIC: HEAT PUMP MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 144
TABLE 105 ASIA PACIFIC: HEAT PUMP MARKET FOR HEATING, BY APPLICATION,
2020–2024 (USD MILLION) 144
TABLE 106 ASIA PACIFIC: HEAT PUMP MARKET FOR HEATING, BY APPLICATION,
2025–2030 (USD MILLION) 145
TABLE 107 ASIA PACIFIC: HEAT PUMP MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 145
TABLE 108 ASIA PACIFIC: HEAT PUMP MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 145
TABLE 109 CHINA: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 146
TABLE 110 CHINA: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 147
TABLE 111 CHINA: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 147
TABLE 112 CHINA: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 147
TABLE 113 INDIA: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 148
TABLE 114 INDIA: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 148
TABLE 115 INDIA: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 149
TABLE 116 INDIA: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 149
TABLE 117 JAPAN: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 150
TABLE 118 JAPAN: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 150
TABLE 119 JAPAN: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 150
TABLE 120 JAPAN: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 151
TABLE 121 SOUTH KOREA: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 151
TABLE 122 SOUTH KOREA: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 152
TABLE 123 SOUTH KOREA: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 152
TABLE 124 SOUTH KOREA: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 152
TABLE 125 AUSTRALIA: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 153
TABLE 126 AUSTRALIA: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 153
TABLE 127 AUSTRALIA: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 154
TABLE 128 AUSTRALIA: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 154
TABLE 129 REST OF ASIA PACIFIC: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 155
TABLE 130 REST OF ASIA PACIFIC: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 155
TABLE 131 REST OF ASIA PACIFIC: HEAT PUMP MARKET, BY END USER,
2020–2024 (USD MILLION) 155
TABLE 132 REST OF ASIA PACIFIC: HEAT PUMP MARKET, BY END USER,
2025–2030 (USD MILLION) 156
TABLE 133 EUROPE: HEAT PUMP MARKET, BY TECHNOLOGY, 2020–2024 (USD MILLION) 158
TABLE 134 EUROPE: HEAT PUMP MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 158
TABLE 135 EUROPE: HEAT PUMP MARKET, BY TYPE, 2020–2024 (USD MILLION) 158
TABLE 136 EUROPE: HEAT PUMP MARKET, BY TYPE, 2025–2030 (USD MILLION) 159
TABLE 137 EUROPE: HEAT PUMP MARKET, BY REFRIGERANT, 2020–2024 (USD MILLION) 159
TABLE 138 EUROPE: HEAT PUMP MARKET, BY REFRIGERANT, 2025–2030 (USD MILLION) 159
TABLE 139 EUROPE: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 160
TABLE 140 EUROPE: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 160
TABLE 141 EUROPE: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 160
TABLE 142 EUROPE: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 161
TABLE 143 EUROPE: HEAT PUMP MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 161
TABLE 144 EUROPE: HEAT PUMP MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 161
TABLE 145 EUROPE: HEAT PUMP MARKET FOR HEATING, BY APPLICATION,
2020–2024 (USD MILLION) 161
TABLE 146 EUROPE: HEAT PUMP MARKET FOR HEATING, BY APPLICATION,
2025–2030 (USD MILLION) 162
TABLE 147 EUROPE: HEAT PUMP MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 162
TABLE 148 EUROPE: HEAT PUMP MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 162
TABLE 149 FRANCE: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 163
TABLE 150 FRANCE: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 164
TABLE 151 FRANCE: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 164
TABLE 152 FRANCE: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 164
TABLE 153 ITALY: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 165
TABLE 154 ITALY: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 166
TABLE 155 ITALY: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 166
TABLE 156 ITALY: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 166
TABLE 157 GERMANY: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 167
TABLE 158 GERMANY: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 168
TABLE 159 GERMANY: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 168
TABLE 160 GERMANY: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 168
TABLE 161 UK: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 169
TABLE 162 UK: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 169
TABLE 163 UK: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 170
TABLE 164 UK: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 170
TABLE 165 SPAIN: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 171
TABLE 166 SPAIN: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 171
TABLE 167 SPAIN: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 171
TABLE 168 SPAIN: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 171
TABLE 169 REST OF EUROPE: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 172
TABLE 170 REST OF EUROPE: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 172
TABLE 171 REST OF EUROPE: HEAT PUMP MARKET, BY END USER,
2020–2024 (USD MILLION) 173
TABLE 172 REST OF EUROPE: HEAT PUMP MARKET, BY END USER,
2025–2030 (USD MILLION) 173
TABLE 173 NORTH AMERICA: HEAT PUMP MARKET, BY TECHNOLOGY,
2020–2024 (USD MILLION) 174
TABLE 174 NORTH AMERICA: HEAT PUMP MARKET, BY TECHNOLOGY,
2025–2030 (USD MILLION) 174
TABLE 175 NORTH AMERICA: HEAT PUMP MARKET, BY TYPE, 2020–2024 (USD MILLION) 174
TABLE 176 NORTH AMERICA: HEAT PUMP MARKET, BY TYPE, 2025–2030 (USD MILLION) 175
TABLE 177 NORTH AMERICA: HEAT PUMP MARKET, BY REFRIGERANT,
2020–2024 (USD MILLION) 175
TABLE 178 NORTH AMERICA: HEAT PUMP MARKET, BY REFRIGERANT,
2025–2030 (USD MILLION) 175
TABLE 179 NORTH AMERICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 176
TABLE 180 NORTH AMERICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 176
TABLE 181 NORTH AMERICA: HEAT PUMP MARKET, BY END USER,
2020–2024 (USD MILLION) 176
TABLE 182 NORTH AMERICA: HEAT PUMP MARKET, BY END USER,
2025–2030 (USD MILLION) 177
TABLE 183 NORTH AMERICA: HEAT PUMP MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 177
TABLE 184 NORTH AMERICA: HEAT PUMP MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 177
TABLE 185 NORTH AMERICA: HEAT PUMP MARKET FOR HEATING, BY APPLICATION,
2020–2024 (USD MILLION) 177
TABLE 186 NORTH AMERICA: HEAT PUMP MARKET FOR HEATING, BY APPLICATION,
2025–2030 (USD MILLION) 178
TABLE 187 NORTH AMERICA: HEAT PUMP MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 178
TABLE 188 NORTH AMERICA: HEAT PUMP MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 178
TABLE 189 US: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 179
TABLE 190 US: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 180
TABLE 191 US: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 180
TABLE 192 US: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 180
TABLE 193 CANADA: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 181
TABLE 194 CANADA: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 182
TABLE 195 CANADA: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 182
TABLE 196 CANADA: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 182
TABLE 197 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY TECHNOLOGY,
2020–2024 (USD MILLION) 183
TABLE 198 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY TECHNOLOGY,
2025–2030 (USD MILLION) 183
TABLE 199 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY TYPE,
2020–2024 (USD MILLION) 184
TABLE 200 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY TYPE,
2025–2030 (USD MILLION) 184
TABLE 201 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY REFRIGERANT,
2020–2024 (USD MILLION) 184
TABLE 202 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY REFRIGERANT,
2025–2030 (USD MILLION) 185
TABLE 203 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 185
TABLE 204 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 185
TABLE 205 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY END USER,
2020–2024 (USD MILLION) 186
TABLE 206 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY END USER,
2025–2030 (USD MILLION) 186
TABLE 207 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 186
TABLE 208 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 186
TABLE 209 MIDDLE EAST & AFRICA: HEAT PUMP MARKET FOR HEATING, BY APPLICATION, 2020–2024 (USD MILLION) 187
TABLE 210 MIDDLE EAST & AFRICA: HEAT PUMP MARKET FOR HEATING, BY APPLICATION, 2025–2030 (USD MILLION) 187
TABLE 211 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY COUNTRY,
2020–2024 (USD MILLION) 187
TABLE 212 MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY COUNTRY,
2025–2030 (USD MILLION) 188
TABLE 213 GCC: HEAT PUMP MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 188
TABLE 214 GCC: HEAT PUMP MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 188
TABLE 215 SAUDI ARABIA: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 189
TABLE 216 SAUDI ARABIA: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 190
TABLE 217 SAUDI ARABIA: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 190
TABLE 218 SAUDI ARABIA: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 190
TABLE 219 UAE: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 191
TABLE 220 UAE: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 191
TABLE 221 UAE: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 192
TABLE 222 UAE: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 192
TABLE 223 REST OF GCC: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 193
TABLE 224 REST OF GCC: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 193
TABLE 225 REST OF GCC: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 193
TABLE 226 REST OF GCC: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 193
TABLE 227 SOUTH AFRICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 194
TABLE 228 SOUTH AFRICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 195
TABLE 229 SOUTH AFRICA: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 195
TABLE 230 SOUTH AFRICA: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 195
TABLE 231 REST OF MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 196
TABLE 232 REST OF MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 197
TABLE 233 REST OF MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY END USER,
2020–2024 (USD MILLION) 197
TABLE 234 REST OF MIDDLE EAST & AFRICA: HEAT PUMP MARKET, BY END USER,
2025–2030 (USD MILLION) 197
TABLE 235 LATIN AMERICA: HEAT PUMP MARKET, BY TECHNOLOGY,
2020–2024 (USD MILLION) 198
TABLE 236 LATIN AMERICA: HEAT PUMP MARKET, BY TECHNOLOGY,
2025–2030 (USD MILLION) 198
TABLE 237 LATIN AMERICA: HEAT PUMP MARKET, BY TYPE, 2020–2024 (USD MILLION) 199
TABLE 238 LATIN AMERICA: HEAT PUMP MARKET, BY TYPE, 2025–2030 (USD MILLION) 199
TABLE 239 LATIN AMERICA: HEAT PUMP MARKET, BY REFRIGERANT,
2020–2024 (USD MILLION) 199
TABLE 240 LATIN AMERICA: HEAT PUMP MARKET, BY REFRIGERANT,
2025–2030 (USD MILLION) 200
TABLE 241 LATIN AMERICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 200
TABLE 242 LATIN AMERICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 200
TABLE 243 LATIN AMERICA: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 201
TABLE 244 LATIN AMERICA: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 201
TABLE 245 LATIN AMERICA: HEAT PUMP MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 201
TABLE 246 LATIN AMERICA: HEAT PUMP MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 201
TABLE 247 LATIN AMERICA: HEAT PUMP MARKET FOR HEATING, BY APPLICATION,
2020–2024 (USD MILLION) 202
TABLE 248 LATIN AMERICA: HEAT PUMP MARKET FOR HEATING, BY APPLICATION,
2025–2030 (USD MILLION) 202
TABLE 249 LATIN AMERICA: HEAT PUMP MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 202
TABLE 250 LATIN AMERICA: HEAT PUMP MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 203
TABLE 251 BRAZIL: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 204
TABLE 252 BRAZIL: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 204
TABLE 253 BRAZIL: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 204
TABLE 254 BRAZIL: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 204
TABLE 255 MEXICO: HEAT PUMP MARKET, BY RATED CAPACITY, 2020–2024 (USD MILLION) 205
TABLE 256 MEXICO: HEAT PUMP MARKET, BY RATED CAPACITY, 2025–2030 (USD MILLION) 205
TABLE 257 MEXICO: HEAT PUMP MARKET, BY END USER, 2020–2024 (USD MILLION) 206
TABLE 258 MEXICO: HEAT PUMP MARKET, BY END USER, 2025–2030 (USD MILLION) 206
TABLE 259 REST OF LATIN AMERICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2020–2024 (USD MILLION) 207
TABLE 260 REST OF LATIN AMERICA: HEAT PUMP MARKET, BY RATED CAPACITY,
2025–2030 (USD MILLION) 207
TABLE 261 REST OF LATIN AMERICA: HEAT PUMP MARKET, BY END USER,
2020–2024 (USD MILLION) 207
TABLE 262 REST OF LATIN AMERICA: HEAT PUMP MARKET, BY END USER,
2025–2030 (USD MILLION) 208
TABLE 263 HEAT PUMP MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, JANUARY 2020–JULY 2025 209
TABLE 264 HEAT PUMP MARKET: DEGREE OF COMPETITION 211
TABLE 265 MARKET EVALUATION FRAMEWORK, 2020–2024 213
TABLE 266 HEAT PUMP MARKET: REGION FOOTPRINT 222
TABLE 267 HEAT PUMP MARKET: TECHNOLOGY FOOTPRINT 223
TABLE 268 HEAT PUMP MARKET: TYPE FOOTPRINT 224
TABLE 269 HEAT PUMP MARKET: RATED CAPACITY FOOTPRINT 225
TABLE 270 HEAT PUMP MARKET: REFRIGERANT FOOTPRINT 226
TABLE 271 HEAT PUMP MARKET: END USER FOOTPRINT 227
TABLE 272 HEAT PUMP MARKET: APPLICATION FOOTPRINT 228
TABLE 273 HEAT PUMP MARKET: LIST OF KEY STARTUPS/SMES 231
TABLE 274 HEAT PUMP MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 231
TABLE 275 HEAT PUMP MARKET: PRODUCT LAUNCHES, JANUARY 2020–JULY 2025 232
TABLE 276 HEAT PUMP MARKET: DEALS, JANUARY 2020–JULY 2025 233
TABLE 277 HEAT PUMP MARKET: EXPANSIONS, JANUARY 2020–JULY 2025 235
TABLE 278 HEAT PUMP MARKET: OTHER DEVELOPMENTS, JANUARY 2020–JULY 2025: 236
TABLE 279 SAMSUNG: COMPANY OVERVIEW 238
TABLE 280 SAMSUNG: PRODUCTS/SOLUTIONS/SERVICES OFFERED 239
TABLE 281 SAMSUNG: PRODUCT LAUNCHES 240
TABLE 282 SAMSUNG: DEALS 241
TABLE 283 DENSO CORPORATION: COMPANY OVERVIEW 243
TABLE 284 DENSO CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 244
TABLE 285 DENSO CORPORATION: EXPANSIONS 245
TABLE 286 MIDEA: COMPANY OVERVIEW 246
TABLE 287 MIDEA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 247
TABLE 288 MIDEA: PRODUCT LAUNCHES 249
TABLE 289 MIDEA: DEALS 249
TABLE 290 MIDEA: EXPANSIONS 250
TABLE 291 PANASONIC HOLDINGS CORPORATION: COMPANY OVERVIEW 251
TABLE 292 PANASONIC HOLDINGS CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 252
TABLE 293 PANASONIC HOLDINGS CORPORATION: PRODUCT LAUNCHES 254
TABLE 294 PANASONIC HOLDINGS CORPORATION: DEALS 255
TABLE 295 PANASONIC HOLDINGS CORPORATION: EXPANSIONS 255
TABLE 296 PANASONIC HOLDINGS CORPORATION: OTHER DEVELOPMENTS 256
TABLE 297 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW 258
TABLE 298 MITSUBISHI ELECTRIC CORPORATION:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 259
TABLE 299 MITSUBISHI ELECTRIC CORPORATION: PRODUCT LAUNCHES 261
TABLE 300 MITSUBISHI ELECTRIC CORPORATION: DEALS 261
TABLE 301 MITSUBISHI ELECTRIC CORPORATION: EXPANSIONS 262
TABLE 302 MITSUBISHI ELECTRIC CORPORATION: OTHER DEVELOPMENTS 262
TABLE 303 LG ELECTRONICS: COMPANY OVERVIEW 264
TABLE 304 LG ELECTRONICS: PRODUCTS/ SOLUTIONS/SERVICES OFFERED 265
TABLE 305 LG ELECTRONICS: PRODUCT LAUNCHES 267
TABLE 306 LG ELECTRONICS: DEALS 268
TABLE 307 LG ELECTRONICS: EXPANSIONS 269
TABLE 308 LG ELECTRONICS: OTHER DEVELOPMENTS 270
TABLE 309 LENNOX INTERNATIONAL INC.: COMPANY OVERVIEW 271
TABLE 310 LENNOX INTERNATIONAL INC.: PRODUCTS/ SOLUTIONS/SERVICES OFFERED 272
TABLE 311 LENNOX INTERNATIONAL INC.: PRODUCT LAUNCHES 273
TABLE 312 LENNOX INTERNATIONAL INC.: DEALS 274
TABLE 313 FUJITSU GENERAL: COMPANY OVERVIEW 275
TABLE 314 FUJITSU GENERAL: PRODUCTS/ SOLUTIONS/SERVICES OFFERED 276
TABLE 315 FUJITSU GENERAL: DEALS 278
TABLE 316 DAIKIN INDUSTRIES, LTD.: COMPANY OVERVIEW 279
TABLE 317 DAIKIN INDUSTRIES, LTD.: PRODUCTS/ SOLUTIONS/SERVICES OFFERED 281
TABLE 318 DAIKIN INDUSTRIES, LTD.: PRODUCT LAUNCHES 282
TABLE 319 DAIKIN INDUSTRIES, LTD.: EXPANSIONS 283
TABLE 320 DAIKIN INDUSTRIES, LTD.: OTHER DEVELOPMENTS 284
TABLE 321 CARRIER: COMPANY OVERVIEW 285
TABLE 322 CARRIER: PRODUCTS/ SOLUTIONS/SERVICES OFFERED 286
TABLE 323 CARRIER: PRODUCT LAUNCHES 287
TABLE 324 CARRIER: DEALS 288
TABLE 325 CARRIER: EXPANSIONS 289
TABLE 326 CARRIER: OTHER DEVELOPMENTS 289
TABLE 327 JOHNSON CONTROLS: COMPANY OVERVIEW 290
TABLE 328 JOHNSON CONTROLS: PRODUCTS/ SOLUTIONS/SERVICES OFFERED 291
TABLE 329 JOHNSON CONTROLS: PRODUCT LAUNCHES 293
TABLE 330 JOHNSON CONTROLS: DEALS 294
TABLE 331 JOHNSON CONTROLS: EXPANSIONS 294
TABLE 332 JOHNSON CONTROLS: OTHER DEVELOPMENTS 295
TABLE 333 THERMAX LIMITED: COMPANY OVERVIEW 297
TABLE 334 THERMAX LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 298
TABLE 335 GEA GROUP AKTIENGESELLSCHAFT: COMPANY OVERVIEW 300
TABLE 336 GEA GROUP AKTIENGESELLSCHAFT: PRODUCTS/SOLUTIONS/SERVICES OFFERED 301
TABLE 337 GEA GROUP AKTIENGESELLSCHAFT: DEALS 303
TABLE 338 GEA GROUP AKTIENGESELLSCHAFT: OTHER DEVELOPMENTS 303
TABLE 339 TRANE TECHNOLOGIES PLC: COMPANY OVERVIEW 305
TABLE 340 TRANE TECHNOLOGIES PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 306
TABLE 341 TRANE TECHNOLOGIES PLC: PRODUCT LAUNCHES 309
TABLE 342 TRANE TECHNOLOGIES PLC: DEALS 310
TABLE 343 TRANE TECHNOLOGIES PLC: EXPANSIONS 310
TABLE 344 TRANE TECHNOLOGIES PLC: OTHER DEVELOPMENTS 311
TABLE 345 BOSCH THERMOTECHNOLOGY CORP.: COMPANY OVERVIEW 312
TABLE 346 BOSCH THERMOTECHNOLOGY CORP.:
PRODUCTS/ SOLUTIONS/SERVICES OFFERED 312
TABLE 347 BOSCH THERMOTECHNOLOGY CORP.: PRODUCT LAUNCHES 313
TABLE 348 BOSCH THERMOTECHNOLOGY CORP.: OTHER DEVELOPMENTS 314
LIST OF FIGURES
FIGURE 1 HEAT PUMP MARKET SEGMENTATION AND REGIONAL SCOPE 30
FIGURE 2 HEAT PUMP MARKET: RESEARCH DESIGN 36
FIGURE 3 KEY DATA FROM SECONDARY SOURCES 38
FIGURE 4 BREAKDOWN OF PRIMARIES 40
FIGURE 5 HEAT PUMP MARKET: TOP-DOWN APPROACH 41
FIGURE 6 HEAT PUMP MARKET: BOTTOM-UP APPROACH 42
FIGURE 7 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF HEAT PUMPS 43
FIGURE 8 HEAT PUMP MARKET: SUPPLY-SIDE ANALYSIS 44
FIGURE 9 INDUSTRY CONCENTRATION, 2024 45
FIGURE 10 HEAT PUMP MARKET: DEMAND-SIDE ANALYSIS 45
FIGURE 11 HEAT PUMP MARKET: DATA TRIANGULATION 47
FIGURE 12 AIR-TO-AIR HEAT PUMPS SEGMENT TO DOMINATE MARKET IN 2030 50
FIGURE 13 NON-REVERSIBLE HEAT PUMPS SEGMENT TO HOLD LARGER SHARE IN 2030 51
FIGURE 14 R410A SEGMENT TO LEAD MARKET IN 2030 51
FIGURE 15 UP TO 10 KW SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030 52
FIGURE 16 RESIDENTIAL SEGMENT TO DOMINATE MARKET IN 2030 52
FIGURE 17 HEATING SEGMENT TO LEAD MARKET IN 2030 53
FIGURE 18 ASIA PACIFIC HELD DOMINANT POSITION IN 2024 53
FIGURE 19 INTEGRATION OF IOT TECHNOLOGY INTO HEAT PUMPS TO OFFER LUCRATIVE OPPORTUNITIES FOR MARKET PLAYERS 55
FIGURE 20 RESIDENTIAL SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030 55
FIGURE 21 AIR-TO-AIR HEAT PUMPS SEGMENT TO HOLD LARGEST MARKET SHARE IN 2030 56
FIGURE 22 REVERSIBLE SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030 56
FIGURE 23 HEATING SEGMENT TO GARNER LARGER MARKET SHARE IN 2030 57
FIGURE 24 R410A SEGMENT TO SECURE LARGEST MARKET SHARE IN 2030 57
FIGURE 25 UP TO 10 KW SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030 58
FIGURE 26 NORTH AMERICA TO EXHIBIT HIGHEST CAGR IN HEAT PUMP MARKET DURING FORECAST PERIOD 58
FIGURE 27 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 59
FIGURE 28 HEAT PUMP SALES, BY REGION/COUNTRY, 2019–2023 60
FIGURE 29 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 65
FIGURE 30 AVERAGE SELLING PRICE TREND OF HEAT PUMPS, BY REGION, 2022–2024 66
FIGURE 31 HEAT PUMP MARKET: SUPPLY CHAIN ANALYSIS 67
FIGURE 32 HEAT PUMP ECOSYSTEM ANALYSIS 69
FIGURE 33 EXPORT DATA FOR HS CODE 841861-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2022–2024 (USD) 73
FIGURE 34 IMPORT DATA FOR HS CODE 841861-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2022–2024 (USD) 74
FIGURE 35 PORTER’S FIVE FORCES ANALYSIS 78
FIGURE 36 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY END USER 80
FIGURE 37 KEY BUYING CRITERIA, BY END USER 81
FIGURE 38 PATENTS APPLIED AND GRANTED, 2015–2024 82
FIGURE 39 INVESTMENT AND FUNDING SCENARIO 85
FIGURE 40 IMPACT OF AI/GEN AI ON HEAT PUMP SUPPLY CHAIN, BY REGION 86
FIGURE 41 HEATING SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2024 92
FIGURE 42 RESIDENTIAL SEGMENT DOMINATED MARKET IN 2024 99
FIGURE 43 UP TO 10 KW SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2024 105
FIGURE 44 R410A SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2024 112
FIGURE 45 AIR-TO-AIR HEAT PUMP SECURED LARGEST MARKET SHARE IN 2024 121
FIGURE 46 NON-REVERSIBLE HEAT PUMP SEGMENT TO
GARNER LARGER MARKET SHARE IN 2024 131
FIGURE 47 HEAT PUMP MARKET, BY REGION, 2024 136
FIGURE 48 NORTH AMERICA TO REGISTER HIGHEST CAGR IN GLOBAL HEAT PUMP MARKET DURING FORECAST PERIOD 137
FIGURE 49 ASIA PACIFIC: HEAT PUMP MARKET SNAPSHOT 140
FIGURE 50 EUROPE: HEAT PUMP MARKET SNAPSHOT 157
FIGURE 51 HEAT PUMP MARKET SHARE ANALYSIS, 2024 212
FIGURE 52 HEAT PUMP MARKET: REVENUE ANALYSIS OF FIVE KEY PLAYERS, 2020–2024 215
FIGURE 53 BRAND/PRODUCT COMPARISON 216
FIGURE 54 COMPANY VALUATION 217
FIGURE 55 FINANCIAL METRICS (EV/EBITDA) 217
FIGURE 56 HEAT PUMP MARKET: COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 219
FIGURE 57 HEAT PUMP MARKET: COMPANY FOOTPRINT 220
FIGURE 58 HEAT PUMP MARKET: COMPANY MARKET FOOTPRINT 221
FIGURE 59 HEAT PUMP MARKET: COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 230
FIGURE 60 SAMSUNG: COMPANY SNAPSHOT 239
FIGURE 61 DENSO CORPORATION: COMPANY SNAPSHOT 244
FIGURE 62 MIDEA: COMPANY SNAPSHOT 247
FIGURE 63 PANASONIC HOLDINGS CORPORATION: COMPANY SNAPSHOT 252
FIGURE 64 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT 259
FIGURE 65 LG ELECTRONICS: COMPANY SNAPSHOT 265
FIGURE 66 LENNOX INTERNATIONAL INC.: COMPANY SNAPSHOT 272
FIGURE 67 FUJITSU GENERAL: COMPANY SNAPSHOT 276
FIGURE 68 DAIKIN INDUSTRIES, LTD.: COMPANY SNAPSHOT 280
FIGURE 69 CARRIER: COMPANY SNAPSHOT 286
FIGURE 70 JOHNSON CONTROLS: COMPANY SNAPSHOT 291
FIGURE 71 THERMAX LIMITED: COMPANY SNAPSHOT 298
FIGURE 72 GEA GROUP AKTIENGESELLSCHAFT: COMPANY SNAPSHOT 301
FIGURE 73 TRANE TECHNOLOGIES PLC: COMPANY SNAPSHOT 306
