This significant growth of the industry is due to substantial shift from conventional fuel-based heating technology in home appliances to heat pump technology, as a cost-effective heating method. 

The collaboration of IoT with these pumps is creating massive growth opportunities as IoT embedded heat pumps allow real-time monitoring, predictive maintenance and remote diagnosis of its parts.

These pumps are installed with smart regulators that support in checking the changes in the environment and connecting with their water heater apparatus. The integration of machine learning and AI in heat pumps to lower energy consumption and improve efficiency can also come good in improving the demand for these pumps.

Browse detailed - Heat Pump Market Revenue Estimation and Growth Forecast Report

Demand for these systems is propelled by climate change and the government initiatives to boost energy efficiency in the residential sector. The IEA said that in the U.S., due to newly constructed buildings heat pump sales went over 40% for single-family buildings and about 50% for multi-family ones in 2020.

The heat pump market was dominated by APAC and it is expected to cross USD 45 billion by 2030, with a CAGR of around 9% in the years to come. This exceptional revenue was owing to surging residential and commercial construction including offices, hotels and educational institutions. 

The strict energy efficiency regulations and the increasing R&D for developing technologies, to lower the emissions would surely fuel the growth of the industry in the future.