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 trends 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.
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