NEW YORK, Oct. 10, 2022 /PRNewswire/ -- The "Heat Pump Market by Product and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offerings. The market size is expected to grow by USD 35.20 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 8.64%, according to the latest report from Technavio.
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The report on the heat pump market provides key trends, growth drivers, and challenges, as well as vendor analysis. The growing construction sector, the growing demand for high-temperature heat pumps (HTHPs), and the emergence of building energy management systems (BEMS) are driving the growth of the market. However, factors such as disposal challenges and adverse environmental impacts of refrigerants, high installation or upfront costs, and lack of awareness are expected to challenge the growth of the market during the forecast period.
Heat Pump Market Sizing
Heat Pump Market Forecast
Heat Pump Market Analysis
Technavio analyzes the market by product (air source heat pumps, ground source heat pumps, and exhaust air heat pumps) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The air source heat pump segment will be the largest contributor to market growth during the forecast period. ASHPs offer various economic benefits. These heat pumps take heat from the external environment. They deliver more than twice the heat energy to a building than the electrical energy consumed. In addition, factors such as the ongoing development of larger commercial and institutional buildings, reduced cost of installation of air-source heat pumps, and government initiatives are expected to drive the market during the forecast period.
Bard Manufacturing Co. Inc., Daikin Industries Ltd., Danfoss AS, Dantherm AS, Denso Corp., Emerson Electric Co., Fujitsu Ltd., Glen Dimplex Deutschland GmbH, 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 Inc., Rheem Manufacturing Co., Robert Bosch GmbH, STIEBEL ELTRON GmbH and Co. KG, among others, are the main players in the market. The key offerings of some of these vendors are listed below:
- Daikin Industries Ltd. - The company offers heat pumps, which include air-to-water heat pump systems that provide a total solution for domestic heating and hot water supply.
- Danfoss AS - The company offers heat pumps, which include oil-free heat pumps and industrial heat pumps that help in reducing emissions and minimizing carbon footprints.
- Ingersoll Rand Inc. - The company offers heat pumps that include XV18 Variable Speed Heat Pump, XV19 Variable Speed Low Profile Heat Pump, and XV20i Variable Speed Heat Pump.
- Johnson Controls International Plc - The company offers heat pumps that include HeatPAC Heat Pumps, DualPAC Heat Pumps, Customized Heat Pumps, and York Heat Pumps.
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Rotary Pump Market by Product and Geography - Forecast and Analysis 2022-2026: The rotary pump market share is expected to increase by USD 2.35 billion from 2021 to 2026.
Progressing Cavity Pump Market by End-user and Geography - Forecast and Analysis 2022-2026: The progressing cavity pump market share is expected to grow by USD 1.39 billion from 2021 to 2026.
Heat Pump Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.64% |
Market growth 2022-2026 |
USD 35.20 billion |
Market structure |
Fragmented |
YoY growth (%) |
8.36 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key consumer countries |
US, China, Japan, South Korea, and France |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Bard Manufacturing Co. Inc., Daikin Industries Ltd., Danfoss AS, Dantherm AS, Denso Corp., Emerson Electric Co., Fujitsu Ltd., Glen Dimplex Deutschland GmbH, 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 Inc., Rheem Manufacturing Co., Robert Bosch GmbH, and STIEBEL ELTRON GmbH and Co. KG |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Product
- 5.1 Market segments
- Exhibit 24: Chart on Product - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Product - Market share 2021-2026 (%)
- 5.2 Comparison by Product
- Exhibit 26: Chart on Comparison by Product
- Exhibit 27: Data Table on Comparison by Product
- 5.3 Air source heat pumps - Market size and forecast 2021-2026
- Exhibit 28: Chart on Air source heat pumps - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Air source heat pumps - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Air source heat pumps - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Air source heat pumps - Year-over-year growth 2021-2026 (%)
- 5.4 Ground source heat pumps - Market size and forecast 2021-2026
- Exhibit 32: Chart on Ground source heat pumps - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Ground source heat pumps - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Ground source heat pumps - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Ground source heat pumps - Year-over-year growth 2021-2026 (%)
- 5.5 Exhaust air heat pumps - Market size and forecast 2021-2026
- Exhibit 36: Chart on Exhaust air heat pumps - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Exhaust air heat pumps - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Exhaust air heat pumps - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Exhaust air heat pumps - Year-over-year growth 2021-2026 (%)
- 5.6 Market opportunity by Product
- Exhibit 40: Market opportunity by Product ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 42: Chart on Market share by geography 2021-2026 (%)
- Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 44: Chart on Geographic comparison
- Exhibit 45: Data Table on Geographic comparison
- 7.3 APAC - Market size and forecast 2021-2026
- Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.4 North America - Market size and forecast 2021-2026
- Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.5 Europe - Market size and forecast 2021-2026
- Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.6 South America - Market size and forecast 2021-2026
- Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.8 China - Market size and forecast 2021-2026
- Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.9 US - Market size and forecast 2021-2026
- Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.10 Japan - Market size and forecast 2021-2026
- Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
- 7.11 France - Market size and forecast 2021-2026
- Exhibit 78: Chart on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on France - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on France - Year-over-year growth 2021-2026 (%)
- 7.12 South Korea - Market size and forecast 2021-2026
- Exhibit 82: Chart on South Korea - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on South Korea - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on South Korea - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on South Korea - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 86: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 87: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 89: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 90: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 91: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 92: Matrix on vendor position and classification
- 10.3 Daikin Industries Ltd.
- Exhibit 93: Daikin Industries Ltd. - Overview
- Exhibit 94: Daikin Industries Ltd. - Business segments
- Exhibit 95: Daikin Industries Ltd. - Key news
- Exhibit 96: Daikin Industries Ltd. - Key offerings
- Exhibit 97: Daikin Industries Ltd. - Segment focus
- 10.4 Danfoss AS
- Exhibit 98: Danfoss AS - Overview
- Exhibit 99: Danfoss AS - Business segments
- Exhibit 100: Danfoss AS - Key news
- Exhibit 101: Danfoss AS - Key offerings
- Exhibit 102: Danfoss AS - Segment focus
- 10.5 Ingersoll Rand Inc.
- Exhibit 103: Ingersoll Rand Inc. - Overview
- Exhibit 104: Ingersoll Rand Inc. - Business segments
- Exhibit 105: Ingersoll Rand Inc. - Key offerings
- Exhibit 106: Ingersoll Rand Inc. - Segment focus
- 10.6 Johnson Controls International Plc
- Exhibit 107: Johnson Controls International Plc - Overview
- Exhibit 108: Johnson Controls International Plc - Business segments
- Exhibit 109: Johnson Controls International Plc - Key news
- Exhibit 110: Johnson Controls International Plc - Key offerings
- Exhibit 111: Johnson Controls International Plc - Segment focus
- 10.7 Lennox International Inc.
- Exhibit 112: Lennox International Inc. - Overview
- Exhibit 113: Lennox International Inc. - Business segments
- Exhibit 114: Lennox International Inc. - Key offerings
- Exhibit 115: Lennox International Inc. - Segment focus
- 10.8 Mitsubishi Electric Corp.
- Exhibit 116: Mitsubishi Electric Corp. - Overview
- Exhibit 117: Mitsubishi Electric Corp. - Business segments
- Exhibit 118: Mitsubishi Electric Corp. - Key news
- Exhibit 119: Mitsubishi Electric Corp. - Key offerings
- Exhibit 120: Mitsubishi Electric Corp. - Segment focus
- 10.9 NIBE Industrier AB
- Exhibit 121: NIBE Industrier AB - Overview
- Exhibit 122: NIBE Industrier AB - Business segments
- Exhibit 123: NIBE Industrier AB - Key offerings
- Exhibit 124: NIBE Industrier AB - Segment focus
- 10.10 Rheem Manufacturing Co.
- Exhibit 125: Rheem Manufacturing Co. - Overview
- Exhibit 126: Rheem Manufacturing Co. - Product / Service
- Exhibit 127: Rheem Manufacturing Co. - Key offerings
- 10.11 Robert Bosch GmbH
- Exhibit 128: Robert Bosch GmbH - Overview
- Exhibit 129: Robert Bosch GmbH - Business segments
- Exhibit 130: Robert Bosch GmbH - Key news
- Exhibit 131: Robert Bosch GmbH - Key offerings
- Exhibit 132: Robert Bosch GmbH - Segment focus
- 10.12 STIEBEL ELTRON GmbH and Co. KG
- Exhibit 133: STIEBEL ELTRON GmbH and Co. KG - Overview
- Exhibit 134: STIEBEL ELTRON GmbH and Co. KG - Product / Service
- Exhibit 135: STIEBEL ELTRON GmbH and Co. KG - Key offerings
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 136: Inclusions checklist
- Exhibit 137: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 138: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 139: Research methodology
- Exhibit 140: Validation techniques employed for market sizing
- Exhibit 141: Information sources
- 11.5 List of abbreviations
- Exhibit 142: List of abbreviations
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