Heat Pump Market size to grow by 43.45 billion, Growing demand from the construction sector to boost market growth, Technavio

NEW YORK, March 14, 2024 /PRNewswire/ -- The Heat Pump Market is set to grow by USD 43.45 bn from 2024 to 2028 progressing at a CAGR of almost 8.9% during the forecast period. The construction sector drives heat pump demand due to increasing residential and commercial building construction. Heat pumps serve varied purposes like air conditioning, refrigeration, space heating, and hot water supply in commercial buildings. Their usage extends to cold storage warehouses and industrial applications, making them pivotal in both sectors, propelling market growth.

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The increased adoption of solar-powered heat pumps reflects both regulatory pressures to reduce greenhouse gas emissions and the desire for energy-efficient solutions in industrial and commercial sectors. Monetary benefits, including energy savings and reduced reliance on fossil fuels, drive this trend towards renewables, shaping the market landscape.

Despite the growing trend, a significant challenge lies in the lack of awareness among potential consumers about the benefits of heat pumps. Misconceptions and resistance to change hinder adoption rates, emphasizing the need for educational initiatives to overcome barriers and foster greater acceptance of these sustainable energy solutions in the market.

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Market Segmentation

The heat pump market analysis includes Application, Product and geography landscape. This study identifies the Increased adoption of solar-powered heat pumps, Policies supporting growth of renewable power, Advent of smart heat pumps as one of the prime reasons driving the heat pump market growth during the next few years.

Application segment: The residential heat pump segment is poised for significant growth, driven by its primary use in heating and cooling homes, replacing traditional systems like furnaces and air conditioners. Valued at USD 46.17 billion in 2018, air-source heat pumps are widely used, offering efficient heating and cooling by extracting heat from outdoor air. Additionally, they provide energy-efficient hot water, known as heat pump water heaters. Factors like reduced installation costs and government initiatives to reduce emissions further propel market growth.

Product segment: The segment comprises air source, ground source, and exhaust air heat pumps. Air source pumps, leading the segment, extract heat from outdoor air for heating, cooling, and hot water. They use vapor compression and are easily installed indoors or outdoors for various heating systems like underfloor heating and radiators.

Region segment: APAC is poised to contribute 43% to market growth by 2028. Analysts detail regional trends, drivers, and challenges. Notably, China, Japan, India, Vietnam, South Korea, Malaysia, and Australia are driving growth. The commercial construction sector, particularly in China and India, is a key driver. Urbanization, infrastructure spending, and affordable housing projects further propel market growth in APAC.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters

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Companies Mentioned

• Bard HVAC
• Daikin Industries Ltd.
• Danfoss AS
• Dantherm Group AS
• DENSO Corp.
• Emerson Electric Co.
• Fujitsu Ltd.
• Glen Dimplex Europe Holdings Ltd.
• Guangdong Aoxin Heat Pump Air Conditioning Co. Ltd.
• Hayward Holdings Inc.
• Ingersoll Rand Inc.
• Johnson Controls International Plc
• Kensa Group
• Lennox International Inc.
• Mitsubishi Electric Corp.
• NIBE Industrier AB
• Nortek
• Rheem Manufacturing Co.
• Robert Bosch GmbH
• STIEBEL ELTRON GmbH and Co. KG

Daikin Industries Ltd: The company offers warmth pump that includes Air to Water heat pump systems which provides a total solution for domestic heating and hot water supply.

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Analyst Review:

The heat pump market is witnessing significant growth driven by the increasing adoption of energy-efficient heating technology. As consumers prioritize energy efficiency and renewable energy sources, heat pumps offer a sustainable solution for heating, cooling, and climate control in residential, commercial, and industrial settings. With advancements in HVAC systems, heat pumps, including air source, ground source, and geothermal variants, deliver efficient heat transfer, promoting environmental sustainability and reducing energy consumption.

Moreover, heat pumps play a crucial role in sustainable building construction, offering cost-effective heating solutions while conserving energy and reducing carbon emissions. The market sees continuous innovation and development in heat pump technology, enhancing efficiency, performance, and environmental impact. However, challenges persist, including regulatory standards, certification, and safety considerations, influencing market dynamics and competitive landscape.

Furthermore, regional heat pump markets vary in terms of demand, adoption rates, and market drivers. Emerging markets present opportunities for market expansion, driven by increasing awareness of energy conservation and environmental sustainability. Market segmentation, industry standards, and competitive strategies shape the heat pump market outlook, emphasizing the importance of innovation, market analysis, and strategic planning for industry stakeholders.

Market Overview:

The global heat pump market is experiencing rapid growth, driven by increasing demand for energy-efficient heating technology and renewable energy solutions. HVAC systems, including geothermal, ground source, and air source heat pumps, are gaining popularity for their ability to provide efficient heating and cooling while reducing environmental impact. As air conditioning becomes a standard feature in buildings worldwide, the market for heat pump technology continues to expand. Geothermal heat pumps leverage renewable energy sources, while ground and air source variants offer energy-efficient alternatives. Overall, the market for heating technology is evolving to meet the growing demand for sustainable HVAC solutions, driving the growth of the global heat pump market.

Related Reports:

The geothermal heat pump market size is estimated to grow at a CAGR of 7.85% between 2022 and 2027 and the size of the market is forecast to increase by USD 4.83 billion.

The air source heat pump market size is estimated to grow at a CAGR of 11.41% between 2023 and 2028. The market size is forecast to increase by USD 50.80 billion.

Key Topics Covered:

1 Executive Summary

2 Landscape

3 Sizing

4 Historic Size

5 Five Forces Analysis

6 Segmentations

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

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