A new study from Juniper Research has revealed that the number of homes fitted with heat pumps globally will exceed 238m in 2029, growing 35% from 2025.
This compares with 177m in 2025, which represents 7% of homes. The report stated that growth is being driven primarily by regulatory interventions, such as the Clean Heat Market Mechanism in the UK which instructs boiler manufacturers to have a minimum percentage of their revenue come from heat pump sales.
Despite this, it cited that massive challenges remain for heat pump adoption. The study predicted that the high cost of installation, a clear lack of trained heat pump experts, and a lack of suitability for apartments will restrict acceptance beyond early adopters.
An extract from the new report, Global Heat Pump Market 2025-2029, is now available as a free download.
To unlock the 90% of homes that will not have an alternative heating system by 2029, the report found that heat pump manufacturers must invest in emerging technologies which create greater efficiencies in the heating process and reduce cost. The report identified R32 refrigerant as a key solution that will help vendors improve operating efficiency.
Thomas Wilson, the report’s author, added: “Vendors must promote the cost-saving abilities they are bringing to their units, to stimulate growth. More efficient components, such as variable-speed compressors, increase the value of heat pumps to end users by reducing their monthly energy expenditure.”
The report identified that due to the difficulties in retrofitting heat pumps in space-constrained apartments, fitting monobloc systems should be a key priority to generate growth. Failure to do so will result in a stagnated adoption of heat pumps and possible regulatory fines due to missing sales targets, it said.