The Worldwide Heat Pump Industry is Expected to Reach $83.5 Billion by 2026

DUBLIN, May 11, 2022 /PRNewswire/ -- The "Global Heat Pump Market by Type (Air-to-Air, Air-to-Water, Water Source, Geothermal, Hybrid) Refrigerant (R410A, R407C, R744) Rated Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, >30 kW) End-user (Residential, Commercial, Industrial), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global heat pump market is projected to reach USD 83.5 billion by 2026 from an estimated market size of USD 53.2 billion in 2021, at a CAGR of 9.5% during the forecast period.

The factors driving the growth for heat pump market are the supportive government laws and subsidies to enhance energy efficiency.

Air-to-Air heat pump segment dominates the global market

The air-to-air heat pump segment is estimated to have the largest market share and is expected to grow at the with a CAGR of 9.5% during the forecast period. The air-to-air heat pump type is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to emit the lowest amount of CO2 compared to other heat pump types.

Residential segment to lead the global heat pumps market

The residential end user segment holds the largest share in the heat pumps market, followed by commercial. The government initiatives to enhance energy efficiency in the residential sector is expected to drive the residential segment during the forecast period.

Asia Pacific dominates the global heat pumps market in terms of annual growth rate

The Asia Pacific region is estimated to be the largest market for the heat pump market, followed by North America. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Heat Pump Market
4.2 Market, by Region
4.3 Market, by Type
4.4 Market, by End-user
4.5 Market, by Rated Capacity
4.6 Market, by Refrigerant Type
4.7 Market in Asia-Pacific, by End-user and Country

5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 COVID-19 Economic Assessment
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Contribution of Heat Pump Technology to Reduce Carbon Footprint
5.4.1.2 Government Laws and Subsidies to Enhance Energy Efficiency
5.4.2 Restraints
5.4.2.1 Less Awareness Regarding Advantages Associated with Heat Pumps in Emerging Economies
5.4.3 Opportunities
5.4.3.1 Increasing Integration of Internet of Things (IoT) and Other Advanced Technologies with Heat Pumps
5.4.3.2 Positive Outlook Toward Use of Geothermal Energy
5.4.4 Challenges
5.4.4.1 High Initial Installation Costs
5.4.4.2 Impact of COVID-19 on Heat Pump Market
5.5 A2L Refrigerant
5.6 Heat Pump Replacing Conventional Heating Methods
5.7 Supply Chain Analysis
5.7.1 Raw Material Suppliers
5.7.2 Original Equipment Manufacturers (OEMs)
5.7.3 Distributors
5.7.4 End-users
5.8 Innovations & Patent Registration
5.9 Technology Analysis
5.10 Market: Regulations
5.11 Porter's Five Forces Analysis
5.12 Pricing Analysis
5.13 Case Study Analysis
5.14 Trends/Disruptions Impacting Customers' Businesses
5.15 Market Map
5.16 Trade Analysis
5.16.1 Export Scenario
5.16.2 Import Scenario

6 Heat Pump Market, by Type
6.1 Introduction
6.2 Air-To-Air Heat Pump
6.2.1 Low Installation Cost Associated with Air-To-Air Heat Pumps is Fueling Their Demand
6.3 Air-To-Water Heat Pump
6.3.1 Low Emission of Co2 to be Major Factor Fueling Demand for Air-To-Water Heat Pumps
6.4 Water Source Heat Pump
6.4.1 High Coefficient of Performance (COP) of Water Source Heat Pumps to Boost Market Growth
6.5 Ground Source (Geothermal) Heat Pump
6.5.1 High Efficiency Associated with Geothermal Pumps is Driving Their Demand Globally
6.6 Hybrid Heat Pump
6.6.1 Growing Inclination Toward Use of Renewable Energy Sources for Heating to Drive Growth of Hybrid Market

7 Heat Pump Market, by Refrigerant Type
7.1 Introduction
7.2 R410A
7.2.1 R410A Does Not Lead to Ozone Depletion
7.3 R407C
7.3.1 R407C is Environmentally Friendly Refrigerant
7.4 R744
7.4.1 High Volumetric Cooling Capacity of R744 is Fueling Its Demand Globally
7.5 Others

8 Heat Pump Market, by Rated Capacity
8.1 Introduction
8.2 Up to 10 kW
8.2.1 Suitability for Single-Family Houses to Drive Growth of Market for Up to 10 kW Rated Capacity
8.3 10-20 kW
8.3.1 Growing Demand for Heat Pumps with Rated Capacities from 10-20 kW in Residential Sector to Drive Market Growth
8.4 20-30 kW
8.4.1 Ability of Heat Pumps with 20-30 kW Rated Capacities to Meet Heating Demand in Commercial Sector to Drive Market Growth
8.5 Above 30 kW
8.5.1 Growing Adoption of Heat Pumps with Above 30 kW Rated Capacities in Industrial and Commercial Sectors to Drive Market Growth

9 Heat Pump Market, by End-user
9.1 Introduction
9.2 Residential
9.2.1 Increasing Government Initiatives to Enhance Energy Efficiency to Fuel Demand for Heat Pumps
9.3 Commercial
9.3.1 High Temperature Heating Requirement in Commercial Sector to Boost Demand for Heat Pumps
9.4 Industrial
9.4.1 Increasing Demand for Heat Pumps in Industrial Sector due to Their Energy Efficiency Feature to Drive Market Growth

10 Heat Pump Market, by Region

11 Competitive Landscape
11.1 Overview
11.2 Share Analysis of Key Players, 2020
11.3 Market Evaluation Framework
11.4 Segmental Revenue Analysis of Top Market Players
11.5 Recent Developments
11.5.1 Deals
11.5.1.1 Heat Pump Market: Deals, 2017-2021
11.5.2 Others
11.5.2.1 Heat Pump Market: Others,2017-2021
11.6 Competitive Leadership Mapping
11.6.1 Star
11.6.2 Emerging Leader
11.6.3 Pervasive
11.6.4 Participant

12 Company Profiles
12.1 Key Companies
12.1.1 Midea Group
12.1.2 Panasonic Corporation
12.1.3 Mitsubishi Electric Corporation
12.1.4 DENSO Corporation
12.1.5 Samsung
12.1.6 LG Electronics
12.1.7 Lennox International
12.1.8 Fujitsu General
12.1.9 Daikin Industries, Ltd.
12.1.10 Carrier Global
12.1.11 Johnson Controls
12.1.12 Trane Technologies
12.1.13 Thermax Limited
12.1.14 GEA Group Aktiengesellschaft
12.1.15 Danfoss A/S
12.2 Other Players
12.2.1 Glen Dimplex Group
12.2.2 Viessmann
12.2.3 Nibe
12.2.4 Guangzhou Sprsun New Energy Technology Development
12.2.5 Rheem
12.2.6 Emerson Electric Co.

13 Appendix

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