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Global Heat Pump Market
Global Heat Pump Market was valued at US$ 47.90 Bn in 2019 and is expected to reach US$ 105.20 Bn by 2027, at a CAGR of 10.33 % during a forecast period.
Heat pumps are intended to transfer heat from colder place to warm, with the assistance of electricity. For the requirement of heating and cooling conditions, these pumps are a suitable substitute to furnaces and air conditioners. The demand for heat pumps is expected to experience moderate growth owing to the changing climatic, government initiatives and increasing demand in the residential sector.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Heat pumping technology contributes substantial share in the reduction of CO2 emissions and government regulations for growing energy efficiency are some of the major driving factors to global heat pumps market growth. A change in a trend towards green building technology is projected to enlarge the product demand during the forecast period. Growing energy demand, reducing oil & gas resources, is expected to boost global heat pumps market growth.
Incorporation of an internet of things with heat pumps, growing investments in commercial and residential sectors across the globe and optimistic outlook toward the use of geothermal energy are some of the opportunities in the global heat pumps market. Installation of a heat pump with a solar PV system delivers a couple of benefits in terms of energy savings and condensed dependency on fossil fuels. This also helps to reduce carbon footprint. Most governments are also focusing on growing the dependence on clean sources of energy. Furthermore, Lack of awareness along with huge initial installation costs to the consumer is expected to restrain the market growth.
Air to air segment is expected to hold significant share in the global heat pumps market. These pumps are a type of air source heat pumps that move heat from external environments to inside rooms and buildings, and vice versa. Air to air heat pumps offer the essential heating of surrounded space by removing heat over an outdoor heat exchanger spiral, flowing it through a closed system, and then moving it through an indoor heat exchanger coil to the required space.
The residential end-user segment is projected to make substantial demand for heat pumps during the forecast period. Rapid urbanization is one of the key drivers to increase the demand for smart buildings. These buildings require competent heat pumps, which turns to increase heat pumps market growth. Smart buildings are green or sustainable building, which is equipped with advanced technologies and facilities such as heat pumps. Heat pumps deliver a comfortable and standard living environment. Governments are focusing on increase smart buildings infrastructure and also helps to provide systems, which gives lower carbon footprint. Consumers of buildings are demanding to meet energy-efficiency strategies using equipment such as heat pumps, which expected to boost heat pumps market growth.
The Asia Pacific is expected to lead the global heat pumps market during the forecast period. The governments in the developing countries are drawing up policies to safeguard that energy-efficient equipment such as heat pumps are existence installed in new buildings constructions, which is projected to drive the market for heat pumps in this region. Increasing investments in the residential and commercial sectors are creating a huge demand for the heat pump market in this region. Increasing government regulations and policies for growing energy efficiency and positive incentives, substantial involvement of heat pumping technology in the decline of CO2 emissions and restoration of the aging infrastructure in Asia is expected to increase demand for the heat pumps.
The objective of the report is to present a comprehensive assessment of the global heat pumps market and contains considerate insights, facts, historical data, industry-validated market data and projections with appropriate set of traditions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments by material, type, end-user and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global heat pumps market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Global Heat Pump Market, By Type
• Up to 10 kW
• North America
• Danfoss Group Global
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