Heat Pump Market

Heat pump market: find new facts and figures featured by an Ai-driven market intelligence platform. Facts and figures include exports, market size, imports, companies, trade, production, market prices, and consumption. Here is a split by region, including the U.S., Africa, Latin America, the Middle East, EU, China, the U.K., and Russia. Market dynamics and forecast to 2030 are also featured in the reports.


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Heat Pump - World's Largest Markets

RatingCountry
1China
2United States
3India
4Germany
5Japan

In value terms, the largest heat pump markets worldwide were China, the United States and India, together comprising 41% of the global market. These countries were followed by Germany, Japan, Mexico, Indonesia, Canada, France, South Korea, Italy, Democratic Republic of the Congo and Thailand, which together accounted for a further 31%.

Thailand recorded the highest rates of growth with regard to market size, in terms of the main consuming countries over the period under review, while heat pump market for the other global leaders experienced more modest paces of growth.

Heat Pump Prices

Lowest Prices - FOB - Top Exporters

COUNTRY201820192020CAGR,
2018-2020
USD per unit
China5656156154.3%
Mexico700652618-6.0%
Belgium13601356886-19.3%
Slovakia73279289210.4%
Spain139112671189-7.5%
Italy135312411347-0.2%
Japan11081613156718.9%
France184316231677-4.6%
Germany12881600168314.3%
Sweden204921811708-8.7%
Czech Republic1750190317550.2%
Austria357818241833-28.4%
Average1237130712892.1%

There were significant differences in the average prices amongst the major exporting countries. In 2020, the country with the highest price was Austria ($1,833 per unit), while China ($615 per unit) was amongst the lowest.

From 2018 to 2020, the most notable rate of growth in terms of prices was attained by Japan, while the other global leaders experienced more modest paces of growth.

Highest Prices - CIF - Top Importers

COUNTRY201820192020CAGR,
2018-2020
USD per unit
United Kingdom1997163220782.0%
Switzerland239720071851-12.1%
Netherlands199714971564-11.5%
Austria199716151503-13.2%
Germany199714121499-13.4%
Poland199716151461-14.5%
Czech Republic199713981420-15.7%
Italy183412821133-21.4%
France130410971098-8.2%
Spain15481213945-21.9%
Australia10321012894-6.9%
Belgium19951251775-37.7%
United States650548621-2.3%
Average171613881302-12.9%

Prices varied noticeably by the country of destination; the country with the highest price was the UK ($2,078 per unit), while the United States ($621 per unit) was amongst the lowest.

From 2018 to 2020, the most notable rate of growth in terms of prices was attained by the UK, while the other global leaders experienced a decline in the import price figures.

Heat Pump - Top Importers

COUNTRY201820192020CAGR,
2018-2020
billion USD
Germany0.30.30.417.5%
France0.10.20.360.3%
Switzerland0.10.10.212.6%
Netherlands0.10.10.120.3%
Poland0.080.090.123.3%

In value terms, Germany ($352M), France ($303M) and Switzerland ($169M) constituted the countries with the highest levels of imports in 2020, with a combined 33% share of global imports. The Netherlands, Poland, the UK, Italy, Austria, the United States, Belgium, the Czech Republic, Spain and Australia lagged somewhat behind, together comprising a further 38%.

Belgium (+60.7% per year) saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Heat Pump - Top Exporters

COUNTRY201820192020CAGR,
2018-2020
billion USD
France0.30.60.634.6%
Germany0.30.30.414.5%
Sweden0.20.20.317.8%
China0.20.30.39.3%
Italy0.20.20.215.2%

In value terms, France ($587M), Germany ($406M) and Sweden ($303M) were the countries with the highest levels of exports in 2020, together accounting for 47% of global exports. China, Italy, Japan, the Czech Republic, Austria, Slovakia, Mexico, Spain and Belgium lagged somewhat behind, together accounting for a further 41%.

Among the main exporting countries, Belgium (+200.2% per year) saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Heat Pump - Market Forecast

The heat pump market is expected to start a downward consumption trend over the next decade. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -0.0% for the ten-year period from 2020 to 2030, which is projected to depress the market volume to by the end of 2030.

Heat Pump - Top Companies

Johnson Controls, Inc., Gree Electric Appliances, Inc. of Zhuhai, DAIKIN INDUSTRIES, LTD., Ingersoll-Rand US Trane Holdings Corporation, Trane Inc., Trane U.S. Inc., Carrier Corporation, Hisense Kelon Electrical Holdings Co., Ltd., BHARAT HEAVY ELECTRICALS LIMITED, Lennox International Inc., Goodman Global, Inc., Ingersoll-Rand (China) Industrial Equipment Manufacturing Co., Ltd., Nortek, Inc., HOSHIZAKI CORPORATION, FUJITSU GENERAL LIMITED, Amsted Industries Incorporated, Rheem Manufacturing Company Inc, Modine Manufacturing Company Inc, York International Corporation, Goodman Manufacturing Company, LP

Heat Pump - Product Coverage

  • HS 841861 - Refrigerating or freezing equipment; compression type units whose condensers are heat exchangers
  • Prodcom 28251380 - Heat pumps other than air conditioning machines of HS
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World - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the global heat pump market.

Latin America and the Caribbean - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the heat pump market in Latin America and the Caribbean.

Northern America - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the heat pump market in Northern America.

Africa - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the heat pump market in Africa.

South-Eastern Asia - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the heat pump market in South-Eastern Asia.

Southern Asia - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the heat pump market in Southern Asia.

Australia and Oceania - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the heat pump market in Australia and Oceania.

Eastern Asia - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the heat pump market in Eastern Asia.

Middle East - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the heat pump market in the Middle East.

Central Asia - Heat Pumps (Other Than Air Conditioning Machines) - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the heat pump market in Central Asia.

Geography