Asia-Pacific Heat Pump Market, By Type (Ducted, Ductless), Energy Source (Air/Water, Air/Air, Ground/Geothermal Source, Hybrid), Refrigerants (HFC, CO2, Ammonia, Hydrocarbon, Others), Category (Reversible Air-Air W/Heating, H-Air/Water, H, Ground/Water, Sanitary Hot Water, Reversible Others, Exhaust Air), Capacity (Units < 20KW, Units > 20 KW), Power (Electric, Gas Driven), Sector (Residential, Commercial, Industrial), Country (Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific)- Industry Trends and Forecast to 2028
The heat pump market is expected to witness market growth at a rate of 9.7% in the forecast period of 2021 to 2028. Data Bridge Market Research report on heat pump market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increase in demand for the product for various industrial applications is escalating the growth of heat pump market.
Heat pump refers to a machine or device that assists in transferring heat from natural surroundings such as air, water or ground to buildings or industrial applications. The device does the task by reversing the natural flow of heat from lower temperature to a higher temperature. These pumps are highly energy efficient as compared to conventional HVAC methods as they do not require any energy for cooling or to warm the surroundings.
The change in climate conditions applications across the region acts as one of the major factors driving the growth of heat pump market. The rise in need to curb dependence on fossil fuels and look for an energy-efficient alternative to furnaces and air conditioners, and growth of construction and housing sector for single-unit and multi-unit dwellings accelerate the market growth. The significant contribution of heat pumping technology in reduction of Co2–emissions and extensive government support in the form of subsidies, incentives, and other monetary benefits further influence the market. Additionally, growth in population, increase in infrastructure developments, surge in disposable income and concerns regarding carbon emission and fluctuating energy prices further influence the market. Furthermore, integration of IOT with heat pumps and technological advancements such as dual-source heat pumps extend profitable opportunities to the market players in the forecast period of 2021 to 2028.
On the other hand, high cost associated with the installation and technical difficulties with the installation of advanced units in existing infrastructures are expected to obstruct the market growth. Lack of awareness regarding the changes in efficiency and cost of heating appliances are projected to challenge the heat pump market in the forecast period of 2021-2028.
Asia-Pacific Heat Pump Market Scope and Market Size
The heat pump market is segmented on the basis of type, energy source, category, capacity, power and sector. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of type, the heat pump market is segmented into ducted and ductless.
- On the basis of energy source, the heat pump market is segmented into air/water, air/air, ground/geothermal source and hybrid.
- On the basis of category, the heat pump market is segmented into reversible air-air w/heating, h- air/water h-ground/water, sanitary hot water, reversible others and exhaust air.
- On the basis of capacity, the heat pump market is segmented into units < 20KW and units > 20 KW.
- On the basis of power, the heat pump market is segmented into electric and gas driven.
- On the basis of sector, the heat pump market is segmented into residential, commercial and industrial. Commercial is further segmented into hospitality, retail, education and other commercial sectors. Industrial is further segmented into food and beverage, paper and pulp, chemicals and petrochemicals and other industrial sectors.
Asia-Pacific Heat Pump Market Country Level Analysis
The heat pump market is analyzed and market size insights and trends are provided by country, type, energy source, category, capacity, power and sector as referenced above.
The countries covered in the Asia-Pacific heat pump market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
South Korea dominates the Asia-Pacific heat pump market owning to the technological advancements in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Heat Pump Market Share Analysis
The heat pump market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to heat pump market.
The major players covered in the heat pump market report are Stiebel Eltron Gmbh & Co.KG (DE), Danfoss A/S, Robert Bosch GmbH, NIBE Industrier AB, Glen Dimplex Group, Viessmann Manufacturing Company Inc., Mitsubishi Electric Corporation, Carrier Corporation, Geothermal International Ltd, Airwell , Midea Group , Total Comfort, Inc , and Panasonic Corporation, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.