The global Heat Pump market is valued at 58 bn in 2021 and is expected to grow at a CAGR of around 8% during the forecast period 2021-2027). Factors that are positively accentuating its market size are as increasing need to curb dependence on fossil fuels and look for an energy-efficient alternative to furnaces and air conditioners are expected to drive the demand for heat pumps over the forecast period. In addition, growing environmental concerns and permissive regulatory policies, are positively influencing the market size of heat pumps. For instance: Domestic RHI and the Non-Domestic RHI, by the government of the United Kingdom is a financial incentive scheme set up to encourage the installation and usage of renewable heating technologies in existing homes. Such initiatives are expected to fuel market growth over the forecast period.
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Also, several key manufacturers of Heat Pumps supplies are also focusing on developing new technology-driven in higher quantities to capitalize on existing opportunities in the market. For instance: In 2022, Viessmann Group has taken a majority stake in Pacifica Home Services Ltd. (PHS), simultaneously backing the re-investment of the Management team. PHS is a specialist in both the installation and maintenance of integrated HVAC solutions with a further specialization in heat pumps.
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A heat pump is an electrically driven device that extracts heat from a low-temperature place and delivers it to a higher temperature place. Heat pumps are very efficient heating and cooling systems and can significantly reduce your energy cost. Most heat pumps are installed in new buildings, many countries, heat pumps register the highest market share of all heating technologies in newly built houses. For instance, according to IEA, in the United States, the share of heat pump sales for newly constructed buildings exceeds 40% for single-family dwellings and is near 50% for new multi-family buildings in the year 2020.
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Moreover, other factors that are driving its market demand are such as surging demand for sustainable & clean energy owing to rising concerns toward harmful GHG emissions coupled with supportive government laws and subsidies to enhance energy efficiency is set to stimulate the market growth. Moreover, low operational cost, high security, and less maintenance are some of the crucial factors supplementing the overall market share.
The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. The strict guidelines were issued by governments and local authorities, and industrial, and commercial activities even all non-essential operations were halted which had suspended the activities of end-users. COVID-19 has adversely affected the raw materials required for the manufacture of the heat pumps, in turn, affecting the demand for the Heat Pump market.
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Based on product, the heat pump market is classified into air source, water source, and ground source heat pumps. The air source segment caters to extensive market share in the heat pump market and is expected to grow at an influential rate during the forecasted period. The air source heat pump (ASHP) uses electricity to absorb heat from the surrounding air and provide hot water up to 90 degrees Celsius. The ambient becomes cooler as heat is extracted from the ambient air. As a result, the demand for both hot water and chilly air fuels the expansion of air source heat pumps.
Based on the system, the heat pump market is categorized into air-to-air, air-to-water, electric, and geothermal heat pumps. The air-to-air heat pump segment caters to a considerable share of the heat pump market and is expected to witness high growth during the forecasted period. Several factors have raised the popularity of air-to-air heat pump technologies, including policy development, upgraded construction standards that make heat pumps in new buildings more competitive, and growing air-conditioning demand.
Based on capacity, the heat pump market is segmented into up to 10 KW, 10-20 KW, 20-30 KW, and heat pumps above 30 KW. The up to 10 KW segment caters to a considerable share of the heat pump market and is expected to witness high growth during the forecasted period. The rising adoption of heat pumps in single-family residential houses owing to their suitability and extensive energy performance.
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For a better understanding of the market adoption, the report provides a detailed analysis of major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), ROW. The Asia Pacific acquired an extensive market share in the heat pump market and is expected to grow at an extensive rate predominantly due to the growing demand for energy-efficient heating solutions in the residential and commercial industries coupled with the rising awareness about climate change and greenhouse gas emission.
Some of the major players operating in the market are Daikin Industries, Ltd., Glen Dimplex Group, Ingersoll Rand, Plc., Melrose Industries PLC., Mitsubishi Electric Corporation, NIBE Industrier AB, Panasonic Corporation, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Heat Pump Market Segmentation
Market Insight, by Product
• Air Source
• Water Source
• Ground Source Heat Pumps
· Market Insight, by System
o Air-to-Air
o Air-to-Water
o Electric
o Geothermal Heat Pumps
Market Insight, by Capacity
· Up to 10 kW
o 10–20 kW
o 20–30 kW
o Heat Pump above 30 kW
Market Insight, by End-User
· Residential
o Commercial
o Industrial
Market Insight, by Region
· North America Heat Pump Market
o United States
o Canada
o Rest of North America
· Europe Heat Pump Market
o Germany
o United Kingdom
o Spain
o Italy
o France
o Rest of Europe
· Asia-Pacific Heat Pump Market
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
• Daikin Industries, Ltd.
• Glen Dimplex Group
• Ingersoll Rand, Plc.
• Melrose Industries PLC.
• Mitsubishi Electric Corporation
• NIBE Industrier AB
• Panasonic Corporation
• Stiebel Eltron
• Vaillant Group
• Viessmann Werke GmbH & Co. KG
