Overview

The global residential heat pump (HP) industry is expected to reach 17.0 million units by 2035, up from 7.6 million in 2024. Market definitions are important to the market forecast, and Frost & Sullivan excludes the sale of HPs for air conditioning. Industry revenues are expected to reach $80.43 billion by 2035, at a CAGR of 8.5% from 2024 to 2035. As of 2024, Europe and the United States are the largest segments, holding 74.6% of global unit sales and 74.0% of global revenues, followed by China and Japan.

• How can you leverage the advantages of HPs like higher efficiency and the acceleration of heat decarbonization to optimize your growth strategies?
• How can address growth challenges like the lack of skilled installers, the age of households, insulation that require evaluation, and installation costs, and the need for wider investments?
• What are the major growth opportunities that stakeholders should prioritize?

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