The global heat pump market accounted for a value of USD 45.2 billion by 2019. The global heat pump market is projected to register growth at a 6.7% CAGR of during the forecast period.
COVID-19 has impacted the global heat pump market negatively. The production is on halt and activities of residential and commercial sectors are also halted due to which there is a significant decline in demand of heat pump. The supply chain was also affected due motion restriction and lockdown policies. The raw material supply is facing difficulties. Thus, the heat pump market is expected to witness decline during forecast period.
Energy is our daily lives necessary requirement because it fuels businesses, power homes, schools and hospitals. The production of energy causes emission of greenhouse gases such as carbon dioxide, which released due to burning of fossil fuel such as coal, natural gas and oil in a substantial amount. Due to increase in CO2 emission the government has reduced the energy consumption. Heat pump provide space heating in an energy efficient way. Thus drives growth in heat pump market during the forecast period.
On the basis of technology, the heat pump market segmented into air source, ground source and water source. The air source heat pump segment accounted for maximum market share of XX% of the revenue share in 2019. This segment is expected to register growth at highest CAGR of XX% during the forecast period. The heat outside the source is absorbed by air source heat pump and is transferred to inner space. The air source heat pump is utilized to provide heating in office, building and home for cooling or heating applications. There two types of hat pumps widely used, air to air and air to water systems.
On the basis of application, the market has been segmented into industrial, residential and commercial applications. The residential industry accounted for XX% market share and it is expected to register growth at highest CAGR during the forecast period. The demand for heat pumps is higher in this segment as they are highly efficient products used for the space heating and cooling at house. This is driving growth in residential segment. The government’s policies are regulation are also driving growth of heat pump market in residential system
The Asia-Pacific accounted for XX% of market share in 2019. This region is expected to register growth at highest CAGR of XX% during the forecast period. Many industries such as chemical, papermaking, textiles, pharmaceuticals and iron & steel etc. use heat pump as the primary energy input due to which the demand for heat pumps are increasing in Asia-Pacific region. The commercial and residential activities are increasing in many developing countries in this region. All these factors are major drivers of heat pump market in Asia-Pacific region
The key market players in heat pump industry are Trane, Viessman, Vaillant Group, Stiebel Eltron GmbH, Glen Dimplex, Bosch Thermotechnology, Daikin, Danfoss, Carrier Corporation, NIBE Industrier AB, MODINE manufacturing Company, Bard HVAC, Bryant heating & Cooling systems, Earthlinked Technologies, Nortek Global HVAC and Wolf GmbH.
- What are the expected industry trends over the next three to five years?
- Which of the heat pump type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?