Canada Heat Pump Market Size & Outlook, 2022-2030
Canada heat pump market, 2018-2030 (US$M)
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Canada heat pump market highlights
- The Canada heat pump market generated a revenue of USD 1,684.0 million in 2022 and is expected to reach USD 3,295.4 million by 2030.
- The Canada 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.
Heat pump market data book summary
| Market revenue in 2022 | USD 1,684.0 million |
| Market revenue in 2030 | USD 3,295.4 million |
| Growth rate | 8.8% (CAGR from 2022 to 2030) |
| Largest segment | Air source |
| Fastest growing segment | Geothermal |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Source, Water Source, Geothermal |
| Key market players worldwide | Carrier 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, Canada accounted for 2.1% of the global heat pump market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. heat pump market is projected to lead the regional market in terms of revenue in 2030.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 35,207.2 million by 2030.
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Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Canada 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 81.28% in 2022. Horizon Databook has segmented the Canada heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.
The recent economic aid package introduced by the government is likely to have a positive spillover effect on the economy with the rising demand for Canadian products. According to the OECD, the Canadian economy is estimated to witness a strong growth rate of 3.5% in 2021 on account of the easing of COVID-19 restrictions. Increasing demand for energy-saving certified products is projected to positively influence the demand for heat pumps over the coming years.
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Target buyers of Canada heat pump market databook
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Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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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 country-level data and insights on the Canada heat pump market , including forecasts for subscribers. This country databook contains high-level insights into Canada heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada heat pump market size, by technology, 2018-2030 (US$M)
Canada Heat Pump Market Outlook Share, 2022 & 2030 (US$M)
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