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. A detailed analysis report of COVID-19
impact on Heat Pump Market Size is provided with the report.
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.
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