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