Heat Pump Market 2021: COVID-19 Impact by Current & Upcoming Trends
Market Highlights
Heat pumps are designed to transfer heat from one place to another, with the help of electricity. Refrigerators and air conditioners are the two examples with heat pump technology. Advantages of heat pump include, less use of electricity, most efficient alternative to fuel, oil, and electric systems regarding heating and cooling. Heat pumps also have financial benefits due to its high efficiency, leading to contributing towards the reduction of CO2 emissions.
Based on end-user, the market is segmented as industrial, commercial, and residential. Residential segment is estimated to dominate the market during the forecast period due to rising demand for heating in residential segment due to the changing climatic conditions. Moreover, increasing population would encourage energy efficient equipment for heating and cooling purpose. Considering the capacity, the market is segmented into four categories, namely, Up to 10 kW, 10-20 kW, 20-30 kW, and Above 30 kW. Up to 10 kW rated capacity heat pumps are expected to hold largest share in 2018, due to its wide application in the residential and commercial sectors. The growth is also attributed to the increasing investment in smart buildings.
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The global heat pump market is expected to grow at 11.08% CAGR during the forecast period.
Market Research Analysis
Asia Pacific accounts for the largest market for heat pumps.
Region wise, Asia Pacific held the largest market share of the global heat pump market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to increasing population and rapid industrialization leading to increasing demand for energy efficient equipment. Imposition of stringent construction regulations particularly in countries such as China, Japan and South Korea is driving the industrial demand. Moreover, government promotions for heat pumps uses over conventional warming equipment has also encouraged the demand for heat pumps.
Scope of the Report
This report provides an in-depth analysis of the global heat pump market, tracking three market segments across four geographical regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the heat pump market by its type, capacity, end-user, and by region.
By Type
- Air to air
- Air to water
By Capacity
- Up to 10 kW
- 10-20 kW
- 20-30 kW
- Above 30 kW
By End-User
- Industrial
- Commercial
- Residential
By Regions
- North America
- Asia-Pacific
- Europe
- Rest of the World
Key Players
The key players of the global heat pump market Midea (China), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Daikin (Japan), Danfoss (Denmark), and Hitachi (Japan).
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