Report Predicts Booming Heat Pump Market
MARKET GROWTH: A new report from Verified Market Research predicts that the global heat pump market will be worth more than $167 billion by 2031.
LEWES, Del. — The global heat pump market is projected to grow at a compound annual rate of 10.6% between last year and 2031, according to a new report published by Verified Market Research.
The report reveals that the market was valued at $74.73 billion in 2024 and is expected to reach $167.32 billion by the end of the forecast period.
The heat pump market is rapidly evolving as businesses and households shift toward renewable and energy-efficient HVAC solutions, a press release from Verified Market Research said. Heat pumps are gaining traction due to their ability to provide both heating and cooling while reducing carbon footprints, the press release said.
With strong policy support and increasing awareness of climate change, the market is expected to grow substantially in the coming years, Verified Market Research concludes.
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