Heat Pump Market Size to Reach Revenues of over $92 Billion by 2025 - Arizton

In-depth analysis and data-driven insights on the impact of COVID-19 included in this global heat pump market report.

CHICAGO, Sept. 14, 2020 /PRNewswire/ -- The global heat pump market size is expected to grow at a CAGR of around 8% during the period 2019−2025.

 Key Highlights Offered in the Report:  

1.  By product type, air source segment dominated the market with a 70% share in 2019 and is expected to add over $6.5 billion during the forecast period.

2.  By capacity, less than 10kW heat pumps were more significant, where the global installations are expected to reach 14 million units by 2025.

3.  Driven by the concept of district heating, and supportive government regulations, the commercial end user segment is expected to grow over 8% during the forecast period.

4.  With respect to penetration, the Nordic and Scandinavian countries are regarded as forerunners, where the European region accounted for around 18% of the revenue share.

5.  The preference for green buildings, LEED certification systems, and high product awareness are driving market in APAC where China, Japan, and South Korea.

6.  Eco-friendly refrigerants, IoT integration, and expansion of global footprint are some of the major competitive strategies pursued by the vendors in the heat pump market.

Key Offerings:

• Market Size & Forecast by Revenue | 2019−2025
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product type, power source, application, and geography
• Competitive Landscape – 5 key vendors and 22 other vendors

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Heat Pump Market – Segmentation

• Geothermal or ground source heat pumps (GSHP) are proven to be the most sustainable method for heating and cooling mechanisms in the market. With energy output suitable for all types of applications, they are increasingly installed in residential, commercial, and industrial sectors.
• The less than 10 kW segment dominates the market on account of the extensive usage of heat pumps in the residential segment. Majority of homes under 3,500 sq. ft consider these heat pumps as ideal with affordable cost and installation. APAC is the fastest-growing region for the segment owing to the concentration of underpenetrated and growing economies.
• The residential end-user segment dominated the market in 2019 and is expected to remain significant during the forecast period. The rise in disposable income, the increased awareness of geothermal energies, the use of HVAC systems utilizing renewable resources, awareness of sustainability, and eco-friendliness are expected to drive the market in the residential sector.

Heat Pump Market by Product Type

• Air Source
• Air-to-air
• Air-to-water
• Water Source
• Ground Source

Heat Pump Market by Capacity

• Less than 10 KW (<10kW)
• 10kW­–20kW
• Greater than 20 KW (>20kW)

Heat Pump Market by End-user

• Residential
• Commercial
• Industrial

Heat Pump Market – Dynamics

The concept of green buildings is gaining momentum across the globe where the benefits associated with respect to the environment is driving adoption. Addressing climatic change, creation of sustainable and thriving communities, and driving the growth of economy are some of the major factors enforcing the growth of this trend. While they are not only preferred for reducing the harmful impact on the environment, they are also capable of generating energy and increasing biodiversity. The defense on green buildings are also on the rise owing to the higher resale value of the building in future which is approximately 7%-10% higher than conventional buildings. The concept also aims to achieve high comfort and health to the occupants through the use of materials that are environment friendly.

Key Drivers and Trends fueling Market Growth:

• Preference for IoT Enabled Heat Pumps
• Growing Popularity of Dual Source Heat Pumps
• Need for Energy Efficiency and Sustainability
• Favorable Government Policies and Incentives

Heat Pump Market – Geography

Growth is expected from growing markets of India, Indonesia, Malaysia, and Thailand where low product awareness and high cost of installation were the major challenges for adoption till 2019. The attractive government subsidies and the stringent efforts taken towards improving the sustainability factor has contributed to the growth of heat pump installation in China. The consistent investment in district heating network is influencing the market for high capacity heat pumps in commercial and small industrial spaces. With more than 400 heating projects in line, the vendors can potentially convert this opportunity for adopting heat pumps over boilers. Going forward, the vendors can rely on smart district heating projects for viable growth scenarios. While the sales of air source heat pumps have attained maturity, implementation of newer technologies and eco-friendly refrigerants in heat pumps of compact sizes can find suitable adoption.

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Heat Pump Market by Geography

• North America
• US
• Canada
• Europe
• Sweden
• Germany
• France
• Italy
• Spain
• APAC
• China
• Japan
• South Korea
• Australia
• India
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

Prominent Vendors

• Daikin
• Carrier
• Trane
• NIBE
• Mitsubishi

Other Prominent Vendors 

• LG
• Bellcross Industries
• Hitachi
• Stiebel Eltron
• Ingersoll Rand
• Glen Dimplex
• The Viessmann Group
• The Vaillant Group
• Midea Group
• Panasonic
• Danfoss
• Robert Bosch GmbH
• WOLF
• Flamingo Heat Pumps
• Lennox
• BDR Thermea Group
• Mayekawa
• Thermax Group
• GEA
• Rheem Manufacturing Company
• Ascler
• FUJITSU GENERAL
• Johnson Controls

Explore our industrial machinery profile to know more about the industry.

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