Heat Pump Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos
A heat pump is an electrically driven device that extracts heat from a
low-temperature place and delivers it to a higher temperature place. Heat pumps
are very efficient heating and cooling systems and can significantly reduce
your energy cost. Most heat pumps are installed in new buildings, many
countries, heat pumps register the highest market share of all heating
technologies in newly built houses. For instance, according to IEA, in
the United States, the share of heat pump sales for newly constructed buildings
exceeds 40% for single-family dwellings and is near 50% for new multi-family
buildings in the year 2020.
Moreover, other factors that are driving its market demand are such as
surging demand for sustainable & clean energy owing to rising concerns toward
harmful GHG emissions coupled with supportive government laws and subsidies to
enhance energy efficiency is set to stimulate the market growth. Moreover, low
operational cost, high security, and less maintenance are some of the crucial
factors supplementing the overall market share.
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The coronavirus pandemic was declared a public health emergency worldwide by
World Health Organization (WHO) in 2020. The strict guidelines were issued by
governments and local authorities, and industrial, and commercial activities
even all non-essential operations were halted which had suspended the
activities of end-users. COVID-19 has adversely affected the raw materials
required for the manufacture of the heat pumps, in turn, affecting the demand
for the Heat Pump market.
According to UnivDatos Market Insights (UMI)’ research report “global
Heat Pump”, the market is valued at 58 bn in 2021 and is expected to grow at a
CAGR of around 8% during the forecast period (2021-2027). The Heat Pump market
demand is increasing at propelling rate over the years and is expected to
witness influential growth during the forecasted period as well. Factors that
are positively accentuating its market size are as increasing need to curb
dependence on fossil fuels and look for an energy-efficient alternative to
furnaces and air conditioners are expected to drive the demand for heat pumps
over the forecast period. In addition, growing environmental concerns and
permissive regulatory policies, are positively influencing the market size of
heat pumps. For instance: Domestic RHI and the Non-Domestic RHI, by the
government of the United Kingdom is a financial incentive scheme set up to
encourage the installation and usage of renewable heating technologies in
existing homes. Such initiatives are expected to fuel market growth
over the forecast period.
Also, several key manufacturers of Heat Pumps supplies are also focusing on
developing new technology-driven in higher quantities to capitalize on existing
opportunities in the market. For instance: In 2022, Viessmann Group has
taken a majority stake in Pacifica Home Services Ltd. (PHS), simultaneously
backing the re-investment of the Management team. PHS is a specialist in both
the installation and maintenance of integrated HVAC solutions with a further
specialization in heat pumps.
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Based on product, the heat pump market is classified into
air source, water source, and ground source heat pumps. The air source segment
caters to extensive market share in the heat pump market and is expected to
grow at an influential rate during the forecasted period. The air source heat
pump (ASHP) uses electricity to absorb heat from the surrounding air and
provide hot water up to 90 degrees Celsius. The ambient becomes cooler as heat
is extracted from the ambient air. As a result, the demand for both hot water
and chilly air fuels the expansion of air source heat pumps.
Based on the system, the heat pump market is categorized
into air-to-air, air-to-water, electric, and geothermal heat pumps. The
air-to-air heat pump segment caters to a considerable share of the heat pump
market and is expected to witness high growth during the forecasted period.
Several factors have raised the popularity of air-to-air heat pump
technologies, including policy development, upgraded construction standards
that make heat pumps in new buildings more competitive, and growing
air-conditioning demand.
Based on the end-user, the heat pump market is segmented
into residential, commercial, and industrial. The residential segment caters to
a considerable share of the heat pump market and is expected to witness high
growth during the forecasted period. Changing climatic conditions is the key
factor that fuels the adoption of heat pumps to provide heating solutions in
cooler seasons and cooling solutions on 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 pumps in the residential sector.
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Asia Pacific to witness the highest growth
Based on region, the report provides a detailed analysis for overall
adoption of Heat Pump in the major region including North America (United
States, Canada, Rest of North America, Europe (Germany, UK, France, Spain,
Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest
of APAC), Rest of the World. The Asia Pacific acquired an extensive market
share in the heat pump market and is expected to grow at an extensive rate
predominantly due to the growing demand for energy-efficient heating solutions
in the residential and commercial industries coupled with the rising awareness
about climate change and greenhouse gas emission.
According to UnivDatos Market Insights (UMI)’, the key players with a
considerable market share 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, Panasonic Corporation,
Stiebel Eltron, Vaillant Group,Viessmann Werke GmbH & Co. KG. Several
M&As along with partnerships have been undertaken by these players to boost
their presence in different regions.
“Global Heat Pump Market”
provides comprehensive qualitative and quantitative insights on the industry
potential, key factors impacting sales and purchase decisions, hotspots, and
opportunities available for the market players. Moreover, the report also
encompasses the key strategic imperatives for success for competitors along
with strategic factorial indexing measuring competitors’ capabilities on
different parameters. This will help companies in the formulation of
go-to-market strategies and identifying the blue ocean for its
offerings.
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Market Segmentation:
- By Product (Air Source, Water Source, and Ground Source Heat Pumps)
- By System
(Air-To-Air, Air-To-Water, Electric, and Geothermal Heat Pumps)
- By Capacity (Up To 10 KW, 10-20 KW, 20-30 KW, and Heat Pumps Above 30 KW)
- By End-User (Residential, Commercial, and Industrial)
- By Region
(North America (United States, Canada, Rest of North America), Europe
(Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific
(China, India, Australia, Japan, Rest of APAC), ROW.
- By Company (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)
Key questions answered in the study:
- What are the current and future trends of the global Heat Pump
industry?
- How the industry has been evolving in terms of product, system,
capacity, end-user, and region?
- How the competition has been shaping across the countries
followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global
Heat Pump industry?
- What is the customer orientation, purchase behavior, and
expectations from the global Heat Pump suppliers across various regions
and countries?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL HEAT PUMP MARKET COVID-19 IMPACT
6 GLOBAL HEAT PUMP MARKET REVENUE 2019-2027F
7 MARKET INSIGHTS BY PRODUCT
8 MARKET INSIGHTS BY SYSTEM
9 MARKET INSIGHTS BY CAPACITY
10 MARKET INSIGHTS BY END-USER
11 MARKET INSIGHTS BY REGION
12 Rest Of the World Heat Pump Market
13 HEAT PUMP MARKET DYNAMICS
14 HEAT PUMP MARKET OPPORTUNITIES
15 HEAT PUMP MARKET TRENDS
16 LEGAL & REGULATORY FRAMEWORK
17 DEMAND AND SUPPLY-SIDE ANALYSIS
18 VALUE CHAIN ANALYSIS
19 COMPETITIVE SCENARIO
20 COMPANY PROFILED
21 DISCLAIMER
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