Increasing Global Focus on Energy Efficiency and Sustainable HVAC Solutions

Global heat pumps market is growing at a CAGR of 10.7% during the forecast period (2025–2035). The global shift for decarbonization and electrification is propelling heat pump adoption to reduce fossil fuel dependence. Governments are also supporting energy efficiency and sustainable HVAC solutions. For instance, in April 2025, Germany introduced an additional 5% incentive for installing heat pumps for homeowners who install heat pumps using natural refrigerants that further accelerate the shift to more climate-friendly heat pumps.

Browse the full report description of “Heat Pumps Market Size, Share & Trends Analysis Report by Type (Reversible Heat Pumps and Non-Reversible Heat Pumps), by Technology (Air-to-Air Heat Pumps, Air-to-Water Heat Pumps, Water-Source Heat Pumps, Ground-Source Heat Pumps, Hybrid Heat Pumps, and Photovoltaic-Thermal Heat Pumps), by Rated Capacity (Up to 10 kW, 10–20 kW, 20–30 kW, and Above 30 kW), by Refrigerant (R410A, R407C, R744, R290, R717, and Other Refrigerants), and by End-User (Residential, Commercial, and Industrial), Forecast Period (2025-2035)” at https://www.omrglobal.com/industry-reports/heat-pumps-market

Key Players and Innovations

Several major players lead the heat pumps market, including Carrier Global Corp., DAIKIN INDUSTRIES, LTD., LG Electronics, Inc., Mitsubishi Electric Corporation, and NIBE Energy Systems. These companies are at the forefront of innovation, continually developing new technologies to meet the industry's evolving needs. Some of the recent developments in the market include-

• In January 2025, Carrier launched a new AquaSnap 61AQ, its first high-temperature air source reversible heat pump for commercial applications. The AquaSnap 61AQ is designed and optimized for R-290 (refrigerant designation for propane), which delivers high temperatures, increased energy efficiency, noise reduction, and enhanced operational performance. It can deliver high-temperature heating up to 75°C at outdoor temperatures as low as -7°C and operates efficiently in extreme conditions down to -25°C.

• In December 2024, Samsung Electronics announced an air-to-water heat pump lineup for North American households at CES 2025. It features a slim design, AI Home, and reliable performance, paving the way for the expansion of these products into the global market.

• In November 2024, Daikin launched the new EWYE-CZ air-to-water inverter heat pump series. The EWYE-CZ offers heating in various applications and allows the production of domestic hot water. The systems also include vapor injection with an economizer, which reportedly allows the supply of high-temperature hot water. They also use hydrofluoro-olefin (HFO)-based R-454C as the refrigerant, which has a global warming potential of 145.5, as well as Daikin's inverter scroll compressors and inverter-driven fans.

Market Coverage

• The market numbers available for – 2024-2035

• Base year- 2024

• Forecast period- 2025-2035

• Segment Covered- 

o By Type

o By Technology

o By Rated Capacity

o By Refrigerant

o By End-User

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape - Carrier Global Corp., DAIKIN INDUSTRIES, LTD., LG Electronics, Inc., Mitsubishi Electric Corp., and NIBE Energy Systems. 

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Heat Pumps Market Report Segment

By Type

• Reversible Heat Pumps
• Non-Reversible Heat Pumps

By Technology

• Air-To-Air Heat Pumps
• Air-To-Water Heat Pumps
• Water-Source Heat Pumps
• Ground-Source (Geothermal) Heat Pumps
• Hybrid Heat Pumps
• Photovoltaic-Thermal (PVT) Heat Pumps

By Rated Capacity

• Up to 10 kW
• 10–20 kW
• 20–30 kW
• Above 30 kW

By Refrigerant

• R410A
• R407C
• R744
• R290
• R717
• Other refrigerants

By End-User 

• Residential
• Commercial
• Industrial

Global Heat Pumps Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Russia

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Australia and New Zealand

• ASEAN Economies

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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