By 2030, the residential heat pump market will be worth $77.5 billion (£65.4bn).
That’s according to Allied Market Research, which stated that last year the market generated $33.5 billion (£28.2bn) and this is only set to rise throughout the decade.
This means between 2022 and 2030, the sector will witness a compound annual growth rate of 9.7%.
Air source heat pumps made up more than two-thirds of the market share in 2021 but this is expected to grow by 10% within eight years.
Water source and geothermal make up the remainder of the pumps.
The Asia-Pacific region has contributed the most to growth so far worldwide, holding more than one-third of the total market share – and by 2030, the study estimates that it will still be responsible for the most domestic installations.
This part of the world is far ahead of North America, Europe and the Middle East and Africa, the analysis states.
There has been heavy campaign in the UK to increase heat pump installations but the price has been the most common stumbling block.