Asia Pacific Heat Pump Market Size & Outlook, 2022-2030

The heat pump market in Asia Pacific is expected to reach a projected revenue of US$ 85,131.9 million by 2030. A compound annual growth rate of 8.8% is expected of Asia Pacific heat pump market from 2023 to 2030.
Revenue, 2022 (US$M)
$43,312.8
Forecast, 2030 (US$M)
$85,131.9
CAGR, 2023 - 2030
8.8%
Report Coverage
Asia Pacific

Asia Pacific heat pump market highlights

  • The Asia Pacific heat pump market generated a revenue of USD 43,312.8 million in 2022.
  • The market is expected to grow at a CAGR of 8.8% from 2023 to 2030.
  • In terms of segment, air source was the largest revenue generating technology in 2022.
  • Geothermal is the most lucrative technology segment registering the fastest growth during the forecast period.
  • Country-wise, India is expected to register the highest CAGR from 2023 to 2030.


Asia Pacific data book summary

Market revenue in 2022USD 43,312.8 million
Market revenue in 2030USD 85,131.9 million
Growth rate8.8% (CAGR from 2022 to 2030)
Largest segmentAir source
Fastest growing segmentGeothermal
Historical data covered2018 - 2021
Base year for estimation2022
Forecast period covered2023 - 2030
Quantitative unitsRevenue in USD million
Market segmentationAir Source, Water Source, Geothermal
Key market players worldwideCarrier Global Corp Ordinary Shares, Daikin Industries Ltd, Robert Bosch Engineering & Business Solutions, Lennox International Inc, Johnson Controls International PLC, Hitachi Ltd, Ingersoll Rand Inc, Palomar Holdings Inc, Haier, Panasonic Holdings Corp, Danfoss A/S, Fujitsu Ltd, LG Electronics Inc ADR, Samsung Electronics Co Ltd, Midea Group


Other key industry trends

  • In terms of revenue, Asia Pacific region accounted for 53.1% of the global heat pump market in 2022.
  • Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
  • Europe is the fastest growing regional market and is projected to reach USD 39,373.0 million by 2030.

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Heat Pump Market Companies

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Asia Pacific heat pump market outlook

The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat pump market will help companies and investors design strategic landscapes.


Air source was the largest segment with a revenue share of 86.2% in 2022. Horizon Databook has segmented the Asia Pacific heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.


The Asia Pacific is the fastest-growing region in the world, contributing to over two-thirds of global economic growth. According to a report by the International Monetary Fund (IMF), the GDP growth in the Asia Pacific contracted by 1.5% in 2020, in light of the containment measures and global economic slowdown during the COVID-19 pandemic.

The region is expected to record a CAGR of xx% over the forecast period. Factors such as improving economic conditions, rapid industrialization, and commercialization are anticipated to have a positive impact on market growth. The presence of a strong consumer base in the region has led to surge in the demand for heat pumps.

Reasons to subscribe to Asia Pacific heat pump market databook:

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Target buyers of Asia Pacific heat pump market databook

  • Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
  • 30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
  • Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
  • The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.

Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific heat pump market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.

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Asia Pacific heat pump market size, by country, 2018-2030 (US$M)

Asia Pacific Heat Pump Market Outlook Share, 2022 & 2030 (US$M)

Asia Pacific heat pump market size, by country, 2018-2030 (US$M)

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