As per the analysis of market
Research Future (MRFR), the global heat pump market is optimistic for continued
market growth due to a combination of various factors. MRFR has projected a
CAGR of 11.08% in the heat pump market over the forecast period of 2018-2023. A
heat pump is a device which is able to transfer heat from one place to another
and consists of four major components, namely, condenser, compressor,
evaporator, and expansion valve. They are extensively used in buildings for
heating, ventilating, and air conditioning (HVAC) applications.
Leading Players
analyzed in 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) are the major players
operating in the heat pump market.
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Industry Highlights
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. 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.
The increased development of various building
structures has promoted the heat pump market. The necessity to reduce carbon
emissions due to rising global warning concerns is motivating innovation the
market for heat pumps. Additionally, the advances in aerothermal and geothermal
technologies are further promoting the expansion of the heat pump market.
The expansion of the renewables is a key driving force
behind the increasing popularity of heat pumps. Heat pumps run on electricity
rather than fossil fuels due and align with global renewable energy targets.
With the rise in residential construction across the globe, a growing number of
builders, as well as house owners, are showcasing increased interest in heat
pumps. Moreover, the proliferation of green buildings has contributed
significantly to the growth of the market. Green buildings are focused on
energy conservation and leaving minimal effects on the environment, and thus,
heat pumps are widely used in green buildings.
Segmentation
By Type
- Air to air
- Air to water
By Capacity
- Up to 10 kW
- 10-20 kW
- 20-30 kW
- Above 30 kW
By End-User
- Industrial
- Commercial
- Residential
By Regions
- North America
- Asia-Pacific
- Europe
- Rest of the World
Regional Analysis
The regional study of the heat pump system market includes regions such as Europe, North America, Asia
Pacific and the rest of the world.
The heat pump market globally is anticipated to
observe considerable growth through the forecast period due to increasing
investments in the commercial and residential sectors together with the
requirement to lessen carbon emissions.
The Asia Pacific region holds the principal stake in
the heat pump market due to intensifying investments in the residential and
business sectors in nations such as India and China, generating demand for the
heat pump market increasingly. Furthermore, the leadership in these nations are
outlining policies to safeguard that energy-efficient equipment such as heat
pumps that are being installed in modern buildings.
Europe is the second largest market for heat pump.
Favorable government regulations, along with incentives, drive the market in
Europe. Increased focus on renewables energy is also driving the market since
the majority of the total renewable energy in Europe is produced through this
technology. Moreover, the usage of heat pumps has grown in the region for the
achievement of 2050 climate targets.
Moreover, the European region holds the subsequent
principal stake in the heat pump market with financing in the restoration of
aging electrical infrastructure and mounting focus on using energy-efficient devices
to decrease carbon emissions.
Industry Updates
May 2019 - A. O. Smith, a manufacturer of both
residential and commercial water heaters and boilers, launched its Commercial
Heat Pump Water Heater (CHP-120). The heat pump has the highest efficiency and
has 50% more storage capacity as compared to any other heat pump available in
the market. It is ideally suitable for light commercial applications such as
schools, restaurants, retail buildings and is Energy Star qualified.
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