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2020
Heat Pump Market

Heat Pump Market

by Type (Air-to-Air, Water Source, and Geothermal) and Application (Residential, Industrial, and Commercial): Global Opportunity Analysis and Industry Forecast, 2019-2026
Update Available On-Demand

Report Code: A04978
Pages: 222
Apr 2020 | 12166 Views
Author(s) : KrunalYeware
Tables: 105
Charts: 61
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Heat Pump Market Outlook - 2026

The global heat pump market size was valued at $55.2 billion in 2018 and is projected to reach $99.6 billion by 2026, growing at a CAGR of 7.74% from 2019 to 2026. Heat pump is a mechanical-compression cycle refrigeration system that can be reversed to either heat or cool desired space. Therefore, it is massively used in space heating and cooling applications. It is composed of two main components, which include an indoor air handler and an outdoor unit that is quite similar to the central air-conditioner but referred to as a heat pump. The outdoor unit has a compressor that circulates refrigerant, which is known for absorbing and releasing heat that travels between indoor and outdoor units. The key difference between an air conditioner and heat pump is both technologies cool the desired space using similar mechanisms, but heat pumps can also heat residential spaces, whereas the air conditioner cannot. 

Heat-Pump-Market-2019-2026

Some of the factors that drive the growth of the heat pump market include replacement of conventional fuel-based heating method by heat pump technology and significant adoption of heat pump technology in residential applications as a cost-effective heating method. Besides this, heat pump technology contributed substantially to the reduction of CO2emission and also complies with regulatory norms. As a result, growing environmental concerns and favorable regulatory policies further fuel the global heat pump market growth. On the other hand, high maintenance cost associated with heat pump is anticipated to hamper its adoption, which is expected to pose as a growth barrier across the globe. Consistent climatic changes and resulting heating and cooling needs in residential as well as industrial sector is one of the recent heat pump market trends across the globe.

The global heat pump market is segmented on the basis of type, application, and region. Based on type, the market is divided into air-to-air, water source, and geothermal. By application, the market is classified into residential, industrial, and commercial. Residential is the largest segment among all due to significant adoption of heat pumps or space heating, cooling, and other applications. Based on the region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Players analyzed and profiled in the global heat pump market are Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, StiebelEltron, Vaillant Group, ViessmannWerke GmbH & Co. KG, Panasonic Corporation, and others. These market players have been adopting various market strategies to gain competitive edge in this highly competitive market.   

For instance, in July 2019,Mitsubishi Electric launched two MSZ/MUZ-JP model 115V heat pump. This product launch aimed at providing HVAC contractors ease of installation for 115V heat pump in most situation with minimal electrical upgrades. This is expected to enhance the product portfolio of the company.

Global Heat Pump Market, ByType

By type, the air-to-air segment accounted for the largest market share in the global heat pump market in 2018 and is expected to continue its dominance on the global market during the forecast period. Air-to air- heat pump technology absorb heat from outside environment and transfer the same into the indoor spaces including residential buildings, offices, institutions, and commercial buildings. Air-to-air heat pump is a universal technology in terms of providing heat during the cold season and air cooling during the hot days of the summer. Over other types of heating technology, air-to-air heat pumps comes with low installation cost, as there is no need to drill boreholes or use expensive equipment to install an air-to-air heat pump.

Heat Pump Market
By Type

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Air-to-air is projected as the most lucrative segment.

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Global Heat Pump Market, By Application

By application, the residential sector accounted for the largest global heat pump market share in 2018. Climatic change is the key factor that fuels the adoption of heat pumps to provide heating solutions in cooler seasons and cooling solutions in hot days. Heat pumps are highly energy-efficient and are used for space heating, cooling, and sanitary hot water generation uses at homes. Therefore, favorable government regulations along with tax rebates offered on installing energy-saving products further fuel the adoption of a heat pump in the residential sector.

Heat Pump Market
By Application

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Residential is projected as the most lucrative segment.

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Global Heat Pump Market, By Region

By region, Asia-Pacific is the largest regional market in the global heat pump market, where Japan, China, and India are the prominent revenue contributing countries. Some of the trends observed in Japan include heat pumps are deployed not only for space heating and cooling but also for refrigerators in majority of households in the residential sector. Recently, heat pumps have additionally been utilized in water heaters, washing machines, and dryers; and their market share is increasing significantly in response to their high potential in energy savings and CO2 emissions reduction. China, one of the largest markets in Asia-Pacific as well as across the globe, is managing to generate high demand for heat pumps in all three sectors including residential, commercial, and industrial.

Heat Pump Market
By Region

2026
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.

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Key Benefits For Stakeholders

  • The report provides an in-depth analysis of the heat pump market forecast along with the current and future market trends

  • This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period

  • Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global heat pump industry for strategy building

  • A comprehensive heat pump market analysis covers factors that drive and restrain the market growth

  • The qualitative data in this report aims on market dynamics, trends, and developments

Heat Pump Market Report Highlights

Aspects Details
By Type
  • Air-to-air
  • Water Source
  • Geothermal
By Application
  • Residential
  • Commercial
  • Industrial
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players Daikin Industries, Ltd., Glen Dimplex Group, Ingersoll Rand, Plc., Melrose Industries PLC., Mitsubishi Electric Corporation, NIBE Industrier AB, Panasonic Corporation, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG
 

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As per the CXOsof the leading companies, the global heat pump market is growing significantly, and is expected to grow beyond $100 by the end of 2026. Heat pump technology has several benefits over traditional combustion-based heating methods,which includeutilization of minimum resources, cost and energy-efficiency, and significantly less CO2 emission. This means heat pump technology is contributing to attainsustainable goals across the globe. Furthermore, increase ingovernment initiatives such as mandatory renewable energy targets and Greenhouse Gas (GHG) Emission Reduction Regulation propelthe use of heat pump technology, driving the growth of the market. The residential sector is the major consumer of heat pump technology where it is highly used in space heating, cooling, and other application. However, high installation cost associated with heat pump technology restrains the growth of the market.

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FREQUENTLY ASKED QUESTIONS?

A. Some of the factors driving the growth of the global heat pump market are increase in demand for household appliances such as refrigerators and air-conditioners, climatic changes and resulting need for heating and cooling, and favourable government regulations.

A. The global heat pump market anticipated to grow at CAGR of 7.74% during the forecast period.

A. To get latest version of heat pump market report can be obtained on demand from the website.

A. Business expansions, product launch, and acquisition are the major growth strategies adopted by the players in this market.

A. Fluctuation in the demand of water and air heat pump type based on season is the key market trend observed across the globe.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. Asia Pacific and Europe regions expected to provide lucrative growth opportunities to the global heat pump market.

A. Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG, Panasonic Corporation are some of the major heat pump market players.

A. Air-to-air heat pump is the largest segment in the global heat pump market.

A. Residential, commercial, and industrial sector are some of the major consumars of the heat pumps.

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