Heat Pump Market Analysis
Heat pump is a
device which is used to transfer heat by circulating a substance called a
refrigerant through a cycle of condensation. Heat pumps extract the outside
heat when it is warm outside and act like an air conditioner, thereby removing
the heat from buildings, and vice versa. Heat pumps are used in residential and
commercial sectors for heating and cooling the space. It is also used in industrial
sector for larger loads like data centers due to its high efficiency. With the
rising energy cost, the demand for heat pump would increase during the forecast
period. The global heat pump
market is estimated to expand at ~11.08%
CAGR during the forecast period.
Industry Highlights
The growing demand for heat pump market is attributed
to the contribution of heating technology
in reduction of CO2 emissions and government regulations for increasing
energy efficiency. Governments across the globe are focusing on increasing the
renewable share in the total power generation. Thus, renewable heating and
cooling technology has been provided through financial incentives in the form
of grants, loans, rebates or tax incentives aimed at increasing deployment, and
in some cases, incentivizing further technological development. However, one of
the major restraints for the global heat pump market is lack of awareness
regarding benefits of heat pumps in developing countries.
Leading Players
The key players of
the global heat pump market are Midea (China), Ingersoll Rand (Ireland), Glen
Dimplex (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Daikin (Japan),
Danfoss (Denmark), and Hitachi (Japan).
Segmental Overview
The heat pump market has been segmented based on capacity into Up to 10
kW, 10-20 kW, 20-30 kW, and Above 30 kW. Among these types, up to 10 kW rated
capacity segment is the fastest growing segment in the heat pump market due to
its wide application in residential and commercial sector. This is attributed
to the growing investment in smart buildings and need for energy efficient
devices to reduce the carbon emission and reduce energy consumption.
Regional Outlook
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 research report provides insights into various levels of analysis,
such as industry analysis and market share analysis for the leading industry
competitors, along with their profiles. It also helps in studying the target
segments by providing views on the emerging & high-growth segments. The
market data comprises the basic assessment of the competitive scenarios and
strategies in the global heat pump market, including high-growth regions and/or
countries, and political and economic environments. The project report further
provides both – historical market values and pricing & cost analysis
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