The Global Heat Pump Market: Installations by Region

DATAportl estimates that nearly 80 million residential heat pumps were installed globally between 2019 and 2024, with 20% in EMEA, 30% in North America, and 50% in Asia-Pacific. Based on current market conditions, historical trends, and future expectations, we forecast that almost 150 million heat pumps will be installed over the next five years.

Heat pumps are widely used for space heating and water heating, but the type of heat pump varies by region based on climate and energy needs:

• Japan and warmer parts of the USA primarily use reversible air conditioning/heating heat pumps.

• Cooler regions like Europe tend to install heating-only heat pumps.

• Countries with little need for space heating largely install water heater heat pumps.

This data comes from our latest study, “Home Energy: Solar, Batteries, Inverters, and Heat Pumps.”

Heat pumps offer major advantages over traditional heating systems, particularly their efficiency—up to 500% in some cases. While this can lead to significant savings in running costs, installation costs can be up to five times higher than an equivalent gas boiler system. Many governments offer subsidies to reduce upfront costs, but this is a short-term solution and not sustainable in the long run.

If heat pump costs fall dramatically, as seen with solar panels, adoption could accelerate much faster. DATAportl will continue monitoring the market and refining our forecasts as new insights emerge.