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A15982 | Pages: 210 | Charts: 61 | Tables: 116 |
The global residential heat pump market was valued at $33.5 billion in 2021, and is projected to reach $77.5 billion by 2030, growing at a CAGR of 9.7% from 2022 to 2030. Residential heat pumps are alternate energy sources to furnaces and air conditioners. Heat pumps transfer heat from a cool to a warm space using electricity, thereby, cooling the cool space and warming the warm space. Residential heat pumps can efficiently produce pleasant temperatures for home because they transfer heat rather than generating it.
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Heat pumps, in general, are basically of three types, based on ducts. They are air-to-air, water-source, and geothermal heat pumps. They concentrate heat collected from air, water, or earth outside home for use inside.
Heat pumps are more popular in the region of temperate climate where the temperature rarely falls below the freezing point. They can also be paired with furnaces in colder climates for energy-efficient heating. When the outside temperature goes too low for the heat pump to function properly, the system falls back on the furnace to provide heat. This type of system is referred to as a dual fuel system since it is both energy and cost efficient. The report highlights different factors that impact the growth of the global market such as key drivers, restraints, growth opportunities, and the role of different key players.
The global residential heat pump market is segmented on the basis of type and power source. By type, the market is classified as air source, water source, and geothermal. By power source, the market is classified electric powered and gas powered. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Midea Group, Johnson Controls, Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.
[TYPEGRAPH]
By type, the air source sub-segment dominated the global residential heat pump market in 2021 and is projected to be the fastest-growing sub-segment during the forecast period. Air source, for residential heat pump, is considered to be environment efficient heating medium as it transfers heat from air source without any carbon emissions. Thus, it is considered an ideal choice for residential heating.
[POWERSOURCEGRAPH]
By power source, the electric powered sub-segment dominated the global residential heat pump market in 2021 and is also projected to be the fastest-growing segment during the forecast period. The growth of electric powered sub-segment is attributed to the fact that electric powered residential heat pump is easy to operate and requires electricity to run. Thus, the chances of harmful gas generation is entirely eliminated in the process. This way, the residential heat pump becomes environment friendly and less expensive.
[REGIONGRAPH]
By region, Asia-Pacific dominated the global residential heat pump industry in 2021 and is projected to remain the fastest-growing sub-segment during the forecast period. This is attributed to numerous factors such as growing demand for residential heat pumps among people due to cooler temperatures in most part of the region.
According to the United Nations Industrial Development Organization (UNIDO), 30.0%–70.0% of pre-COVID-19 workforce of various industries, such as electrical and other third-party vendors migrated to their hometowns due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in home equipment manufacturing industry, which in turn, is expected to decline the residential heat pump market share during the forecast period.
Key Market Segments
Key Market Players