Guidehouse Insights Estimates Shipments of Heat Pumps in Cold Climates will Grow to 7.3 Million by 2033

Market drivers include government policies, decarbonization efforts, fuel costs and scarcity

BOULDER, Colo., July 9, 2024 /PRNewswire/ — A new report from Guidehouse Insights evaluates the market for residential heat pumps in cold climates around the world.

Technological advances, primarily in inverter-driven compressors, have enabled heat pumps to perform well in cold climates. According to a new report from Guidehouse Insights, shipments of heat pumps in cold climates are anticipated to grow from 4.8 million to 7.3 million between 2024 and 2033, at a compound annual growth rate (CAGR) of 5.4%.

“As governments and stakeholder organizations pursue building decarbonization goals as part of broader climate initiatives, many are calling for the use of heat pumps in cold climates as a way to decarbonize heating,” says Hannah Bastian, research analyst with Guidehouse Insights. “These efforts are likely to be the primary driver for heat pump adoption in cold climates over the next 10 years.”

Despite these advances, the adoption of heat pump technologies in cold climates has remained relatively low. Three predominant heat pump technologies are on the market today and suitable for homes in cold climates: air to air heat pumps, air to water heat pumps, and ground-source heat pumps. Recent historical shipment data shows growing adoption of each of these technologies in cold climates in North America, Europe, and Asia Pacific. While air to air heat pumps have historically been the dominant technology in world markets, air to water heat pumps are becoming more common, particularly in Europe. A few emerging applications of heat pump technology for residential heating in cold climates are also showing growth potential, including hybrid heat pump systems, district heating, and shared geothermal arrays (also known as shared ground-source heat pumps), according to the report.

The report, Residential Heat Pumps in Cold Climates, explores these market trends in detail along with market drivers and barriers specific to cold climates. The analyses evaluate the estimated shipments and revenue of heat pump technologies in cold climates from 2024 to 2033. They are segmented by region (North America, Europe, and Asia Pacific) and technology type (air to air, air to water, and ground‑source heat pumps). The analyses also provide detailed insights into the unique trends in shipments and revenue growth for each region, including explanations of potential reasons why different technologies appear to be growing faster than others in each region. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 16,000 professionals in over 55 locations globally. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.

* The information contained in this press release concerning the report, Residential Heat Pumps in Cold Climates, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

For more information, contact:

Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
[email protected]

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SOURCE Guidehouse Insights