Heat Pump Market Analysis
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. Heat pump is a
device which is used to transfer heat by circulating a substance called a
refrigerant through a cycle of condensation. The global heat pump market
is estimated to expand at 11.08% CAGR during the forecast period.
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. 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.
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.
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.
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).
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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