Air-to-water (hydronic) heat pumps
Units that feed radiators or floor heating and replace boilers; strongest in Europe
7 leading companies in air-to-water (hydronic) heat pumps, one segment of heat pumps — Electric heat pumps for homes and buildings: 108 GW sold worldwide in 2025, with rebates driving sales in Canada and Europe
new market segment · researched 2026-11-14
Air-source & ductless mini-split heat pumpsAir-to-water (hydronic) heat pumpsGeothermal (ground-source) heat pumps
C
Leading air-to-water (hydronic) heat pumps companies
7 companies, with the scale each source states. Scale is the whole company's unless the row says otherwise.
| Company | Where | What they do | Scale |
|---|---|---|---|
| LG Electronics 066570.KS ↗ | Seoul, South Korea since 1958 | Air conditioners, heat pumps and chillers; sells residential air-to-water heat pumps under the Therma V name. | revenue: 89.2 KRW trillions (US$66.55 billion, whole company) (2025) ↗ |
| Vaillant Group ↗ | Remscheid, Germany since 1874 | Condensing boilers and heat pumps (made since 2006), the company's main business; family-owned. | revenue: 3.2 EUR billions (2024) ↗ |
| Bosch Home Comfort Group ↗ | Wetzlar, Germany since 1911 | Heat pumps and heating systems. Owns US geothermal maker FHP (2007), announced a EUR 225M heat pump factory in Poland, and took over Johnson Controls' residential HVAC business (2024). | revenue: 4.4 EUR billions (2024) ↗ |
| NIBE Industrier NIBE-B.ST ↗ | Markaryd, Sweden since 1952 | Air-source and ground-source heat pumps. Owns US geothermal maker WaterFurnace and the Climate Control Group (both acquired 2016). | — |
| Mitsubishi Electric 6503.T ↗ | Tokyo, Japan since 1921 | Ductless and cold-climate air-source heat pumps. Its Italian hydronics arm (ex-DeLclima, acquired 2015) makes HVAC and heat pump units. | revenue: 4.476 JPY trillions (whole company) (2022) ↗ |
| Carrier Global CARR ↗ | Palm Beach Gardens, United States since 1915 | Air conditioners, furnaces and heat pumps. Bought Viessmann Climate Solutions (European boilers and heat pumps) for about EUR 12 billion. | revenue: 21.7 USD billions (whole company) (2025) ↗ |
| Stiebel Eltron ↗ | Holzminden, Germany since 1924 | Ground-, air- and water-source heat pumps (since 1976) and heat pump water heaters (since 1979). | revenue: 700 EUR millions (2020) ↗ |
M
The heat pumps market
The whole market this segment sits in.
units shipped (annual global heat pump sales, by heating capacity) · world108
↗GW · 2025
Quick answers
- What are air-to-water (hydronic) heat pumps?
- Units that feed radiators or floor heating and replace boilers; strongest in Europe. They are one segment of the heat pumps market.
- Who are the leading air-to-water (hydronic) heat pumps companies?
- LG Electronics (South Korea), Vaillant Group (Germany), Bosch Home Comfort Group (Germany), NIBE Industrier (Sweden), Mitsubishi Electric (Japan), Carrier Global (United States), Stiebel Eltron (Germany).
- Which air-to-water (hydronic) heat pumps companies are publicly traded?
- LG Electronics (066570.KS), NIBE Industrier (NIBE-B.ST), Mitsubishi Electric (6503.T), Carrier Global (CARR).
- How big is the heat pumps market?
- For the whole heat pumps market, not this segment alone: units shipped (annual global heat pump sales, by heating capacity) (world) 108 GW, 2025 — International Energy Agency.