Top Companies in Heat Pump Market | Industry Key Players Growth rate, Market Size & Share, Competitive Analysis | Vantage Market Research

A Heat Pump is a refrigeration system with a mechanical-compression cycle that can be used to heat or cool an area.

Top Companies in Heat Pump Market | Industry Key Players Growth rate, Market Size & Share, Competitive Analysis | Vantage Market Research
heat pump market


The Global Heat Pump Market is valued at USD 52.7 Billion in the year 2021 and is forecasted to reach a value of USD 89.8 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 9.3% over the forecast period. The Heat Pump works on the principle of mechanical-compression cycle refrigeration that could also be reversed to heat or cool the preferred area of a facility. Hence, there are an increasing number of areas used for area heating and cooling applications. Heat Pumps are composed of primary components, which consist of a doors unit that is pretty just like that of the primary air-conditioner and indoor air handler.  The increasing need to diminish dependence on fossil fuels and the search for an energy-green opportunity for furnaces and air conditioners are expected to drive the demand for warmth pumps over the forecast period. 

The Heat Pump technology is a promising solution for reducing greenhouse fuel emissions:

Heat Pumps through aero thermal and geothermal technology provide a power-green method for area heating. The Heat Pump is frequently seen as a sustainable generation whilst utilized in heating, ventilation, and air conditioning (HVAC) systems. In the residential, commercial, and business sectors, Heat Pumps are broadly used for area heating, cooling, and heating water. Heat Pumps extract the ambient heat from the air and land at low temperatures and increase the temperature through power input, in particular electricity.

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Some of the key players operating in the Heat Pump Market are listed below:

Company Name

Revenue in the US

  • Daikin Industries Ltd

$24 Billion

  • Glen Dimplex Group

$3 Billion

  • Ingersoll Rand PLC

$5 Billion

  • Melrose Industries PLC

$12 Billion

  • Mitsubishi Electric Corporation

$38 Billion

  • NIBE Industrier AB

$3 Billion

  • Panasonic Corporation

$54 Billion

  • Stiebel Eltron

$20 Million

  • Vaillant Group

$3 Billion

  • Viessmann Werke GmbH & Co. KG

$2 Billion


  1. Daikin Industries Ltd

Daikin Industries Ltd (Daikin) is a manufacturer of air conditioners and refrigerants. It provides a wide range of products and technologies related to air-conditioning, refrigeration systems, oil hydraulics, defense systems, chemicals, and other electronics. The company’s air conditioners are widely used in residential, commercial, and industrial applications. It also offers chemical products such as fluoroplastics, chemical engineering machinery, fluorocarbons, and fine chemical products. The company offers industrial hydraulic equipment and machinery, mobile hydraulic equipment, components for guided missiles, and oxygen therapy equipment. It operates across Europe, the Middle East, Asia, Africa, Oceania, North America, and Latin America. Daikin is headquartered in Osaka, Japan.

  1. Glen Dimplex Group

Glen Dimplex is the world's leading manufacturer of electrical heating products and also produces a wide range of other appliances. Based in Ireland, Glen Dimplex has built up a collection of prominent appliance brands, including Dimplex, Stoves, New World, Belling, Galaxy Showers, Burco, AquaVac, Faber, Glen, Gobline, Roberts Radio, and others since its founding in 1973. The company's products include a full range of domestic and commercial heaters, boilers, stoves, gas and wood-burning decorative fireplaces, radios, and vacuum cleaners, among other products. Glen Dimplex has established a global presence, with manufacturing and sales subsidiaries in the United Kingdom, Germany, Norway, Canada, and China and sales offices in France, the Netherlands, Belgium, Italy, Japan, and Poland.

  1. Ingersoll Rand PLC

Ingersoll-Rand, Inc. was formed through the merger of Gardner Denver and Ingersoll-Rand PLC's industrial segment. The firm's portfolio consists of two business lines: industrial technologies & services and precision & science technologies. Ingersoll-Rand serves a variety of end markets, including industrial, medical, and energy. Its broad portfolio of products includes compression, blower and vacuum, and fluid management. Ingersoll Rand Inc. manufactures flow control equipment. The Company offers vacuum systems, bottle blowers, pumps, and air and gas compressors. Ingersoll-Rand serves customers worldwide.

  1. Melrose Industries PLC

Melrose Industries PLC (Melrose) is an investment company that improves and sells industrial and manufacturing businesses. Its products include air management, security, home automation, and ergonomic and electricity-generating equipment. The company’s business portfolio comprises Nortek and brush companies offering air management services. Melrose’s air management services include air quality and home solutions, residential and commercial HVAC, and custom and commercial air solutions products. The company serves oil and gas, utilities, power, industrial, marine, rail, telecommunications, construction, commercial, military, and other sectors. It operates offices in the US and the UK. Melrose is headquartered in London, the UK.

  1. Mitsubishi Electric Corporation

Mitsubishi Electric is a general electric diversified industrial company that develops, manufactures, distributes, and sells electrical equipment worldwide. The company's core segments include industrial automation systems, energy and electric systems, electric devices, information and communication systems, and home appliances (which include commercial air conditioning). Mitsubishi Electric was founded in 1921 and is headquartered in Tokyo. The Industrial Automation Systems segment covers industrial automation products and systems, measurement and control systems, automotive and electronic products, and car multimedia systems. The Information and Communication Systems segment includes wireless, closed-circuit television, space, and satellite communication systems, antennas, radar devices, and information communications network systems. 

  1. NIBE Industrier AB

NIBE is an international heating technology company. Operations are conducted within three business areas –NIBE Climate Solutions, NIBE Element and NIBE Stoves – all of which work according to a single vision of creating world-class solutions in sustainable energy. The group employees and operations in Europe, North America, Asia and Australia. Each business area has its own operational management with responsibility for profits. In 2015, net sales amounted to SEK 13,243 million (USD 1,570 million1), EBITDA to SEK 2,180 million (USD 258 million) and EBIT to SEK 1,700 million (USD 202 million) respectively. NIBE has been listed under the name NIBE Industrier on Nasdaq Stockholm, Large Cap list, since 1997. The Company's operations are organized into three business areas: NIBE Element, which is engaged in the manufacturing of electric heating elements, NIBE Energy Systems, which is focused on Heat Pumps and electric water heaters for private homes and larger premises, and NIBE Stoves area, specializing within wood-burning stoves for private homeowners in the new and existing housing market and in the holiday homes sector.

  1. Panasonic Corporation

Panasonic has designated India as a regional hub to drive growth and build deeper inroads into the fast emerging Asiatic, Middle Eastern, and Western economies. Starting from India, the company wants to create know-how to address consumers who are based out of India and then take the knowledge to emerge markets. India is the sixth strategic region that will take care of SAARC nations, Middle East Asia, and Africa. Panasonic will aggressively and strategically invest in market research and product innovation and will recruit/bring the best of global talent using its in-house open application system and work in areas like energy, water, remote access, and food. Its products find application in the areas of consumer electronics, housing, B2B, and automotive sectors. Panasonic's product portfolio includes room air-conditioners, TVs, fixed phones, digital cameras, video equipment, home audio equipment, rice cookers, lamps, wiring devices, air-conditioning equipment, air purifiers, and bicycles. It also offers electronic components, mounting machines, welding equipment, PCs and tablets, projectors, surveillance cameras, batteries, electric motors, electronic components, electronic materials, semiconductors, and LCD panels.

  1. Stiebel Eltron

STIEBEL ELTRON is a company committed to delivering exceptional home comfort products to assist customers in developing homes of the future. With a rich heritage of more than 90 years in manufacturing innovative home appliances, STIEBEL ELTRON has become synonymous with high-quality space heating, water heating, and renewable energy products. The principles of high quality, innovation, technical efficiency, reliability, and customer-oriented service underpin success. The reputation for German engineering excellence has seen growth from humble beginnings in Germany to the distribution of products to over 120 countries worldwide. Development of more efficient products that save both water and energy, and systems that offer greater convenience and comfort are positioning STIEBEL ELTRON as a future-driven company. 

  1. Vaillant Group

The Vaillant Group is an international family-owned company with 40 years of tradition. The core business is heating technology. With annual sales of approximately €2.3 billion, the Vaillant Group is the second-largest European company in this branch. In addition, the Vaillant Group is active in the branches of ventilation and air-conditioning technology. With more employees develop and manufacture products at 12 sites in six European countries and China. The Vaillant Group sells them via its own sales companies in more than 20 countries. Furthermore, it exports products to more than 60 countries. The organization of the Vaillant Group stands out for its clear assignment of responsibilities and flat hierarchies, which enable decisions to be taken and implemented speedily. The basis of the company’s organizational alignment is branded, which are clearly positioned in their respective market segments. Customer orientation, flexibility, speed, and high demand for quality are the company's main factors of success. In addition, synergies within the Vaillant Group are used consistently and must be guaranteed to be applied in the best possible way.

  1. Viessmann Werke GmbH & Co. KG

Viessmann Werke GmbH & Co, based in Allendorf, Germany, is one of the world's leading manufacturers of furnaces, boilers, and heating systems and equipment. In Germany, Viessmann leads the market of ground-based furnaces with a share of about 38 percent, while it maintains a market share between wall-based heaters. Viessmann has 11 production facilities in Germany and abroad, and 22 foreign subsidiaries. About one-third of Viessmann's sales come from exports, and ten percent of export sales are generated in Eastern Europe. Viessmann products are also manufactured under license agreements in Japan and Korea. Viessmann is a global family business. Shaped by the Viessmann family of entrepreneurs, Viessmann thrives off the multifaceted talents of its members. The company has grown considerably since Johann Viessmann founded the company in 1917, and is proud to have shared in that journey here in North America since 1978.

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