Heat Pump Market to Grow by 9% CAGR as Energy Demand Increases in Residential Sector

NEW YORK, Nov. 30, 2021 /PRNewswire/ -- Global sales of heat pumps are projected to grow at a 9% CAGR, reaching a valuation of US$ 140 Bn by 2031, as per a recent market analysis by Fact.MR. Ongoing developments in energy generation from renewable heating and cooling technology are expected to complement the growth of the heat pump market over the forecast period.

Growing adoption of eco-friendly alternatives to conventional heating solutions is expected to drive sales of heat pumps. In response to the implementation of stringent government regulations encouraging reduction in carbon emission, demand for heat pumps is expected to rise at a significant pace in the forthcoming years.

Rapid adoption of heating, ventilation, and air conditioning (HVAC) systems across residential and commercial sectors, backed by ongoing urbanization is spurring the demand for energy-efficient heat pumps. As per Fact.MR, sales of heat pumps represented nearly 35% of the overall HVAC market in 2020, and the trend is expected to continue over the assessment period.

In addition to this, the development of low GWP alternative refrigerants in heat pumps is expected to bode well for the market. Key players are leveraging innovative technologies to make developments in compressors, mechanical-compression cycle refrigeration, fan motors, and coils to improve their applications in heat pumps.

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As per the report, the East Asia heat pump market is poised to expand by 1.5X through 2031. Growth in this region is attributable to increasing demand for dual-source heat pumps on the back of rapid industrialization and urbanization.

"Rising awareness regarding benefits of heat pumps over gas boilers in the residential, hospitality, and commercial sectors is resulting in their higher adoption. Besides this, shifting consumer preference towards geothermal energy is expected to bode well for the global heat pump market through 2031," says a Fact.MR analyst.

Key Takeaways:

• Based on product type, sales of air source heat pumps are projected to grow by 2.2x over the assessment period.
• In terms of source, demand for air source heat pumps is poised to increase at a robust 7% CAGR between 2021-2031.
• Applications of heat pumps in the residential sector are expected to gain traction at a steady pace through 2031.
• Sales of heat pumps in the U.S. are projected to grow 1.4x by 2031, owing to growing demand in the residential and hospitality sector.
• China will emerge as a lucrative heat pump market in East Asia, due to favourable government policies to reduce energy consumption.

Growth Drivers:

• The integration of the Internet of things (IoT) in heat pumps is anticipated to create a conducive environment for the global heat pump market.
• Growing investments in the development of smart cities and green infrastructure in various countries are expected to propel sales of heat pumps.

Restraints:

• High initial set-up cost of heat pumps might limit their applications in emerging economies.
• Technical difficulties in the installation of advanced heat pumps in existing infrastructures might cause roadblocks in the growth of the heat pump market.

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Competitive Landscape

Leading players operating in the global heat pumps market are investing in research and development to improve their product portfolios. Besides this, players are aiming at production facility expansions through mergers, acquisitions, collaborations, and partnerships to expand their global footprint. For instance:

In March 2019, Panasonic Corporation launched a new heat pump chiller series as a part of their strategic partnership with Swedish ventilation company Systemair. The new product is called ECOi-W, which extends into heat recovery and ventilation for both residential and commercial applications.

Key Players in the Heat Pump Market Include:

• Trane Inc.
• Midea Group
• NIBE Group
• Panasonic Corporation
• Mitsubishi Electric Corporation
• Daikin Industries, Ltd.
• Glen Dimplex Group
• Viessmann Werke GmbH & Co KG
• Flamingo Heat Pumps
• Efficiency Maine
• Ingersoll Rand, Plc.
• Melrose Industries PLC.

More Valuable Insights on Heat Pump Market

Fact.MR provides an unbiased analysis of the heat pump market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global heat pump with a detailed segmentation on the basis of:

Product:

• Air Source Heat Pumps
• Water Source Heat Pumps
• Ground Source Heat Pumps

System:

• Air-to-Air Heat Pumps
• Air-to-Water Heat Pumps
• Electric Heat Pumps
• Geothermal Heat Pumps

Rated Capacity:

• Heat Pump Up to 10 kW
• 10–20 kW Heat Pump
• 20–30 kW Heat Pump
• Heat Pump Above 30 kW

Application:

• Residential sector
• Commercial Sector
• Hospitality Sector
• Retail Sector
• Education Sector
• Industrial Sector
• Food & Beverage Sector
• Paper & Pulp Sector
• Chemicals & Petrochemicals Sector

Regions:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

Key Questions Covered in Heat Pump Market Report

• The report offers insight into the heat pump market demand outlook for 2021-2031.
• The market study also highlights projected sales growth for heat pump market between 2021 and 2031.
• Heat pump market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Heat pump market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

Explore Fact.MR's Coverage on the Industrial Goods Domain –

Canned Motor Pumps Market Scope - In the face of fluctuating market conditions, canned motor pump adoption is projected to remain low in various end-use industries such as chemical, oil & gas, and electricity. Supply chains have been hampered as a result of the lockdowns imposed in several countries, resulting in an irregular and insufficient supply of raw materials. At the same time, due to interrupted operations in end-use sectors, demand for canned motor pumps has decreased dramatically. In the worldwide canned motor pumps market, reverse circulation canned motor pumps had the majority of the market share. Because of its capacity to treat highly volatile fluids including LPG, LNG, Liquid Ammonia, and refrigerants, these pumps are widely utilised in oil and gas and industrial applications.

Rotary Pumps Market Insights - In most developing countries, increasing access to water and the importance of sanitation is creating various chances for rotary pump market players. Furthermore, rising consumer disposable income is causing an increase in discretionary expenditure, particularly on chemicals and fuel, which is driving up demand for rotary pumps in developing countries' process manufacturing industries. The introduction of rotary pumps is being aided by recent infrastructure advancements and growing industrialization in emerging markets such as India and China.

Oil and Gas Pumps Market Forecast - The market for oil and gas pumps is expected to increase slowly. As the need for oil and gas rises, so does the demand for equipment like oil and gas pumps. End-users in the oil and gas sectors want efficient oil and gas pumps to ensure smooth operation and compliance with strict emission regulations. Centrifugal pumps are widely used by oil and gas end customers due to their cheap product and maintenance costs, as well as their superior load and pressure handling capabilities. Centrifugal pumps are in high demand in the upstream oil and gas industry as part of multiphase pumping applications

About Fact.MR

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SOURCE Fact.MR