Global 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 (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa)- Industry Trends and Forecast to 2028
Market Analysis and Insights of Heat Pump Market
Heat pump market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses the heat pump market to exhibit a CAGR of 22.3% for the forecast period of 2021-2028.
Heat pumps are basically a machine or device that are efficient cooling and heating systems that work by transferring heat energy from one source to another (by reversing the natural flow of heat from lower temperature to a higher temperature), thus cooling the interior temperature. It is an energy-efficient alternative to furnaces and air conditioners that is used in both industrial and residential areas.
The increasing need to curb dependence on fossil fuels and look for an energy-efficient alternative to furnaces and air conditioners and change in climate conditions across the globe will emerge as the major factor driving market growth. In addition to this, the favorable government regulations to reduce CO2 emission such as government in some regions offers direct incentives for its installation, will further aggravate the market value. However, the high cost of installing heat pump devices and technical difficulties associated with the installation of advanced units in existing infrastructures hammer down the growth rate for the market.
In addition to this, rising technological advancements such as dual-source heat pumps and integration of IOT with heat pumps generate new opportunities for growing the market within the forecast period. The lack of awareness regarding the changes in efficiency and cost of heating appliances will dampen the growth rate that further result as a challenge for the market.
This heat pump market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on heat pump market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global 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 market is segmented into ducted and ductless.
- On the basis of energy source, the market is segmented into air/water, air/air, ground/geothermal source and hybrid.
- On the basis of category, the 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 market is segmented into units < 20KW and units > 20 KW.
- On the basis of power, the market is segmented into electric and gas driven.
- On the basis of sector, the market is segmented into residential, commercial and industrial.
Heat Pump Market Country Level Analysis
The heat pump market is analyzed and market size, volume information is provided by type, energy source, category, capacity, power and sector as referenced above.
The countries covered in the heat pump market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia Pacific region dominates the heat pump market due to high usage of heat pumps in various industrial production processes, such as pharmaceuticals, textiles, chemical industry, papermaking and others which require heat as the primary energy input. On the other hand, Europe is projected to undergo substantial during the forecast period owing to the demand for technologically advanced and compact heating solutions, favorable government policies related to reducing energy consumption, and recovering the construction sector within the region.
The country section of the heat pump market 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 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), DAIKIN INDUSTRIES, Ltd, Flamingo Heat Pumps, Danfoss, Lennox International Inc, Robert Bosch GmbH, NIBE Industrier AB, Glen Dimplex Group, Viessmann Manufacturing Company Inc., FUJITSU GENERAL, Mitsubishi Electric Corporation, Carrier, Airwell, Midea Group, Total Comfort Inc, Panasonic Corporation, Hitachi, Ltd, BSRIA Inc, Vaillant Group, Thermax Limited, ASCLER, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.