Heat Pump Market Size is valued at USD 56.55 Bn in 2022 and is predicted to reach USD 115.78 Bn by the year 2031 at a 8.4% CAGR during the forecast period for 2023-2031.
A heat pump refers to a refrigeration system that operates on a mechanical compression cycle and has the capability to be reversed in order to provide both heating and cooling functions to a designated space. Consequently, it is extensively utilised in applications related to space heating and cooling. The system consists of two main constituents an indoor air handler & an outdoor unit that bears resemblance to a central air conditioner, although it is commonly known as a heat pump.
The increased need for energy-efficient devices has prompted the deployment of heat pumps to give end users great potential to contribute to renewable energy and climate targets in diverse places across the world. Furthermore, the growing desire to reduce reliance on fossil fuels and seek an energy-efficient alternative to furnaces and air conditioners is likely to drive demand for the product over the forecast period.
However, several countries throughout the world implemented tight lockdown policies in the midst of the COVID-19 epidemic, which had a negative impact on heat pump market supply and demand. Manufacturers faced extra challenges as a result of pandemic-induced disruptions, including economic downturns, low customer purchasing power, constrained cross-border trade flows, and the halting of industrial and building operations.
Competitive Landscape
Some Major Key Players In The Heat Pump Market:
- Midea Group
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Denso Corporation
- Samsung
- Lg Electronics
- Lennox International
- Fujitsu General
- Daikin Industries, Ltd.
- Carrier Global
- Johnson Controls
- Trane Technologies
- Thermax Limited
- Gea Group Aktiengesellschaft
- Danfoss A/S
- Glen Dimplex Group
- Viessmann
- Nibe
- Guangzhou Sprsun New Energy Technology Development
- Rheem
- Emerson Electric Co.
Market Segmentation:
The Heat Pump Market is divided on the basis of type, refrigerant type, rated capacity, and end-user. Based on type, the market is segmented as an air-to-water heat pump, air-to-air heat pump, ground source (geothermal) heat pump, water source heat pump, and hybrid heat pump. The rated capacity segment includes 10-20 Kw, Up to 10 Kw, 20-30 Kw, and above 30 kW. By refrigerant type, the market is segmented into R410A, R407C, R744, and others. The end-user segment includes residential, commercial, and industrial.
Based On End-User, The Residential Segment Is Accounted As A Major Contributor To The Heat Pump Market.
The residential category is expected to hold a major share of the global Heat Pump Market in 2022. Heat pump demand in the residential sector is projected to be driven by rapid urbanization and rising demand for energy-efficient products. Favorable government programs and tax breaks on the installation of energy-saving products are also projected to drive demand for heat pumps in the future years. Regulations in several regions aimed at promoting near-zero energy buildings direct residential structures to enhance energy performance using efficient energy sources such as heat pumps. Heat pumps are frequently utilized as heating systems in single-family and terraced homes. Heat pumps are also becoming more popular in residential complexes.
The 10-20 Kw Segment Witnessed Growth At A Rapid Rate.
The 10-20 Kw segment is projected to grow at a rapid rate in the global Heat Pump Market. The segment's rise is attributable to the capacity type's suitability for a wide range of uses, including commercial uses such as hotels, restaurants, factories, swimming pools, and schools. The heat pumps with 10-20 kW capacity operate quietly, are environmentally friendly, have great efficiency, and have a variety of hydraulic choices and communication protocols.
In The Region, The Asia Pacific Heat Pump Market Holds A Significant Revenue Share.
Asia Pacific region's Heat Pump Market is expected to record the maximum market share in revenue in the near future. Large-scale, low-cost skilled labor availability is a distinctive feature of the region. Over the course of the projection period, it is anticipated that the expanding trend of moving production bases to emerging economies, particularly China and India, will have a beneficial impact on market growth.
In nations like China, Japan, Indonesia, and India, energy-saving technologies are anticipated to become quite popular. It is anticipated that North America will experience rapid growth. The demand for sophisticated heat pumps is expected to increase as a result of government initiatives and rebates that encourage the adoption of energy-saving and environmentally friendly technologies.
Heat Pump Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 56.55 Bn |
|
Revenue Forecast In 2031 |
USD 115.78 Bn |
|
Growth Rate CAGR |
CAGR of 8.4% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, By Rated Capacity, By Refrigerant Type, By End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Midea Group, Panasonic Corporation, Mitsubishi Electric Corporation, Denso Corporation, Samsung, Lg Electronics, Lennox International, Fujitsu General, Daikin Industries, Ltd., Carrier Global, Johnson Controls, Trane Technologies, Thermax Limited, Gea Group Aktiengesellschaft, Danfoss A/S, Glen Dimplex Group, Viessmann, Nibe, Guangzhou Sprsun New Energy Technology Development, Rheem, Emerson Electric Co. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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