MarketsandMarkets projects the global heat pump market will reach USD 162.56 billion by 2030, up from USD 83.23 billion in 2025, representing a compound annual growth rate of 14.3%. The research firm cites environmental regulations, energy-efficiency requirements and demand for alternatives to fossil fuels among the market drivers.
Heat pumps can be integrated with renewable energy sources including solar and wind power. According to the report, adoption covers residential, commercial and industrial applications and is supported by government incentives, environmental regulations and demand for sustainable HVAC solutions.
The market is segmented by technology into air-to-air, air-to-water, water source, ground-source (geothermal), hybrid and photovoltaic-thermal (PVT) heat pumps. MarketsandMarkets identifies air-to-air as the largest technology segment, while a separate section of the release identifies air-to-water as the fastest-growing technology segment from 2025 to 2030.
R-410A is identified as the largest refrigerant segment. The heating application segment is projected to hold the highest market share, while residential is expected to account for the largest share by end user. Asia Pacific is expected to remain the largest regional heat pump market during the forecast period, while Europe is projected to be the second-fastest-growing region.
The report lists SAMSUNG, DENSO CORPORATION, Midea, Panasonic Holdings Corporation and Mitsubishi Electric Corporation among the major companies in the global heat pump market.
