Global Heat Pump Market: Trends, Growth Drivers, and Forecasts (2024–2030)
The global heat pump market was valued at approximately USD 88.7 billion in 2023 and is expected to grow at a robust compound annual growth rate (CAGR) of 9.4% from 2024 to 2030. This growth is primarily driven by the increasing adoption of energy-efficient solutions and the push to reduce carbon footprints, with heat pumps being a key technology in achieving both goals. Government initiatives around the world are playing a critical role in this growth by offering subsidies, tax incentives, and rebates to encourage the installation of energy-efficient heat pumps. For example, in the United States, the U.S. Department of Energy allows homeowners to claim a 30% tax credit on properties that have qualified heat pumps installed, whether in new or existing dwellings. Similarly, Italy's Conto Termico incentive scheme provides grants that cover 30-35% of the installation costs for renewable heating systems, including heat pumps, in buildings. In Australia, national grants ...