Global Heat Pump Market Size and YoY Growth (2025-2032)

The global heat pump market demonstrated strong growth in 2025, valued at USD 96.36 billion, registering a year-on-year (YoY) growth of 8.02%, reflecting rising adoption of energy-efficient heating and cooling solutions. In 2026, the market is estimated to reach USD 104.29 billion, driven by increasing urbanization, government initiatives supporting low-carbon technologies, and rising consumer preference for sustainable HVAC solutions.
From 2027 to 2032, the global heat pump market is projected to expand steadily, reaching USD 174.56 billion by 2032, with YoY growth rising to 9.49%. Key factors supporting this growth include technological advancements such as inverter-based and hybrid heat pumps, rising construction of energy-efficient residential and commercial buildings, and growing awareness of environmental sustainability. Additionally, innovations in heat pump performance, improved refrigerants, and integration with renewable energy sources are expected to fuel adoption globally, positioning the market for long-term growth across developed and emerging economies.