The global heat pumps market size was valued at USD 84,658.6 million in 2021 and is poised to grow at a significant CAGR of 8.9% during the forecast period 2022–2028. A wide range of applications with heat pumps in residential, commercial, and industrial sectors are anticipated to propel the adoption of the heat pumps market over the forecast years. In the residential segment, heat pumps may be used for both heating and cooling, and for producing hygienic hot water. Normal heat pumps provide a temperature of up to 80°C and can use energy sources from renewable and waste sources with temperatures up to 40°C. Whereas, high-temperature heat pumps provide temperatures up to 100°C and can use energy sources with temperatures up to 60°C. The very high-temperature heat pumps heat pumps provide temperatures of up to 150°C. The current availability status is confined to experimental solutions and prototypes, with a positive prognosis for market integration.

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Water source Segment is Dominate the Heat Pump Market:
The water source segment is expected to account for a larger revenue share in the global heat pumps market with a value share in the global market and is projected to grow at a significant CAGR over 2022 and 2028. Ground source heat pumps are highly effective space heating and cooling technologies that is extracting heat from the ground. The various end-users involved are office buildings, apartment complexes, hotels, condominiums, schools, and other commercial buildings.

The global heat pumps market is segmentation:  

1) Product Type: Air Source, Water Source, Geothermal.

2) By Application: Residential, Commercial, Industrial, Pool Heating.

Europe Holds the Significant Share in Heat Pump Market:
Europe is expected to expand at a considerable CAGR over the forecast period due to the government initiatives to curb carbon emissions along with rising environmental concerns that have elevated the demand for sustainable heating systems in the region. The increasing investments in the establishment of greenhouse infrastructure are expected to further fuel the growth of the market. Moreover, France, Italy, and Spain are the top three heat pump markets in Europe, accounting for half of all units sold. 90% of all units sold are sold in the top ten countries, which include Sweden, Germany, Norway, Finland, Denmark, Switzerland, and Austria.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:

global heat pumps market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In 2022, Viessmann Group has acquired a majority ownership in Pacifica Home Services Ltd. (PHS), while also supporting the management team's re-investment. PHS is an expert in both the installation and maintenance of integrated HVAC systems, with a focus on heat pumps.

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Key players’ profiles in the heat pumps market report are SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan), Mitsubishi Electric Corporation (Japan), Johnson Controls (Ireland), DAIKIN INDUSTRIES, Ltd. (Japan), Carrier (US), LG Electronics (South Korea), Trane Technologies (Ireland), GEA Group Aktiengesellschaft (Germany)

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