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. Adapting
to the recent novel COVID-19 pandemic, the impact of the COVID-19
on Heat Pump Market is included in
the present report.
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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