Europe, the third-largest market, fell a record 21%, while investment in electrification is growing around 15% a year in 2026.
Why this market is moving now
- Global heat pump sales fell by 1% in 2024 after a 10% drop in the first half, as weaker demand in Europe offset growth in the United States and Japan.
- Europe, the third-largest market, saw sales fall by a record 21% in 2024, led by Germany and France.
- Investment in electrification, which includes heat pumps, is growing by around 15% a year in 2026.
- Large makers report growth again: Daikin's net sales rose 17.4% in the six months to September 2026.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| Heat pumps with 108 GW of heating capacity were sold worldwide in 2024, down from 109 GW in 2023 and 112 GW in 2022. | 108 GW | 2024 | |
| Global heat pump sales fell by 1% in 2024, after a 10% year-on-year drop in the first half of the year. | 1 % decline in global sales | 2024 | |
| The United States, the second-largest heat pump market after China, saw sales rise by around 15% in 2024. | 15 % sales growth in the United States | 2024 | |
| Europe, the third-largest heat pump market in the world, saw sales fall by a record 21% in 2024, led by drops of almost 50% in Germany and 25% in France. | 21 % sales decline in Europe | 2024 | |
| Japan, the fourth-largest heat pump market in the world, grew sales by over 5% in 2024. | 5 % sales growth in Japan (more than) | 2024 | |
| Heat pumps deployed worldwide since 2019 now avoid around 65 Mt of CO2 emissions a year. | 65 Mt CO2 avoided per year | 2024 | |
| Global investment in electrification, through heat pumps, electric vehicles and electrified industrial processes, is growing by around 15% a year in 2026. | 15 % annual investment growth | 2026 | |
| Daikin Industries reported consolidated net sales of 2,910,766 million yen for the six months to 30 September 2026, up 17.4% year on year. | 2,910,766 JPY million | 2026 | |
| NIBE's Climate Solutions business area, which makes heat pumps, had net sales of SEK 26,918 million in 2025, up from SEK 26,037 million in 2024. | 26,918 SEK million | 2025 | |
| Carrier Global reported 2025 net sales of $21.75 billion, down 3% from 2024, with organic sales down 1%. | 21.75 USD billion | 2025 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Company and country rankings
Companies to watch
Daikin Industries
Reported consolidated net sales of 2,910,766 million yen for April to September 2026, up 17.4%.
NIBE
Its Climate Solutions business area, which makes heat pumps, had net sales of SEK 26,918 million in 2025.
Carrier Global
Reported 2025 net sales of $21.75 billion, down 3% from 2024.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
How every figure was built
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Frequently asked questions
How big is the global heat pump market?
Heat pumps with 108 GW of heating capacity were sold worldwide in 2024, down from 109 GW in 2023 and 112 GW in 2022. Global sales fell by 1% in 2024.
Which countries buy the most heat pumps?
China is the largest heat pump market in the world. The United States is second, Europe as a region is third and Japan is fourth. In 2024, sales rose around 15% in the United States and over 5% in Japan, while sales in Europe fell 21%.
Who are the largest heat pump makers?
Large makers include Daikin Industries, NIBE and Carrier Global. Daikin reported net sales of 2,910,766 million yen for April to September 2026. NIBE's Climate Solutions unit sold SEK 26,918 million in 2025, and Carrier reported $21.75 billion of 2025 sales.
Are heat pump sales growing again?
Global sales fell 1% in 2024. Investment in electrification, which includes heat pumps, electric vehicles and electrified industry, is growing by around 15% a year in 2026, and Daikin's net sales rose 17.4% in the six months to September 2026.
Why did heat pump sales fall in Europe?
Sales in Europe, the third-largest market, fell by a record 21% in 2024. The drop was led by Germany, where sales fell by almost 50%, and by France, where they fell by 25%.
How much CO2 do heat pumps save?
Heat pumps deployed worldwide since 2019 now avoid around 65 Mt of CO2 emissions a year.
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