The Global Heat Pump Market is estimated to reach USD 104.4 Billion by 2027 at a CAGR of 9.7%, observes forencis research (FSR).
Heat pump is defined as an equipment which transfers heat from one area to another with the help of mechanical or electric methods. As per the requirement, heat pump either transfers heat from cool outdoor to warm indoor or heat from cool indoor to warm outdoor. The heat is transferred by heat pumps instead of generating, which makes it energy efficient alternative.
Conventionally fossil fuels were used to fulfil energy use, which are the major producers of CO2 emissions. CO2 emissions have adverse effects on the environment and results in problems like global warming. To reduce CO2 emissions heat pumps can be used as solution. According to International Energy Association (IEA), 50% CO2 emissions from building sector and 5% from the industrial sector can be reduced by the incorporation of heat pumps. Thus implementing heat pumps can be effective for energy conservation, reduction in CO2 emissions, and reduction in effects of climatic change.
Thus, growing awareness towards carbon dioxide emissions may contribute in the growth of the heat pump market, during the forecast period.
Government is developing various policies encouraging people to use renewable and energy efficient heat sources. Such policies across various nations may further surge the demand of heat pumps. For instance, the European Directive on renewable energy 2009/28/CE (EU 2009) have set target for all member states, so that by 2020, 20% share of energy must be from renewable sources in the European Union. Annex VII of this directive mentions usage of heat pumps, it specifies that heat pumps with 15% of energy gain over the input primary energy should be considered.
Thus, supportive government policies is a projected to contribute in the growth of the heat pump market, during the forecast period.
The heat pumps are reliable in nature, helps in CO2 emissions reduction and is energy efficient technology. But there are few challenges which need to be addressed to use this technology at its full potential. The initial cost of the heat pump is quite high which becomes a barrier in the growth of the market. Also, the installation of the system is quite difficult as it requires planning to understand the inlets and the outlets of the heat, which adds up to additional cost to the overall installation.
Thus, high initial cost is anticipated to be a challenging factor for the growth of the heat pump market, during the forecast period.
The report on the heat pump market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Technology, Product Type, Power Capacity, End User , and Region
Asia-Pacific, Europe, Middle East and Africa, South America and North America
For the scope of report, In-depth segmentation is offered by Forencis Research
Heat Pump Market, by Technology
Heat Pump Market, by Product Type
Heat Pump Market, by Power Capacity
Heat Pump Market, by End User
Heat Pump Market, by Region
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Regional Coverage
1.5 Research Timeline
2 RESEARCH DESIGN & SCOPE
2.2 Primary Research
2.2.1 Key Industry Expert Insight
2.3 Secondary Research
2.3.1 Vital Data from Secondary Sources
2.4 Market Size Estimation
2.5 Data Validation & Triangulation
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.2.1. Growing Awareness towards Carbon Dioxide Emissions
4.2.2. Supportive Government Policies
4.3.1. Low GWP Refrigerants System
4.3.2. Adaptability to Multiple Building Context
4.3.3. Integration of Heat Pump and Internet of Things (IoT)
4.4.1. High Initial Cost
5 INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
5.1.1. Power of Buyers
5.1.2. Power of Suppliers
5.1.3. Intensity of Competition
5.1.4. Challenges of Substitutes
5.1.5. Challenges of New Entrants
5.2 Macro-Economic Indicators
6 GLOBAL HEAT PUMP MARKET BY TECHNOLOGY, Market Size in USD Million (2019—2027)
6.2 Air to Water
6.3 Air to Air
7 GLOBAL HEAT PUMP MARKET BY PRODUCT TYPE, Market Size in USD Million (2019—2027)
7.2 Air to Water Monobloc
7.3 Air to Water Cylinder
7.4 Air to Water Split
7.5 Ground/Water to Water
7.6 Exhaust Air
8 GLOBAL HEAT PUMP MARKET BY POWER CAPACITY, Market Size in USD Million (2019—2027)
8.2 Below 10kW
8.3 10kW to 20kW
8.4 Above 20kW
9 GLOBAL HEAT PUMP MARKET BY END USER, Market Size in USD Million (2019—2027)
10 GLOBAL HEAT PUMP MARKET BY REGION, Market Size in USD Million (2019—2027)
10.1 North America
10.2.5 Rest of Europe
10.3.4 South Korea
10.3.5 Rest of Asia-Pacific
10.4 Middle East and Africa
10.4.1 Saudi Arabia
10.4.3 Rest of Middle East and Africa
10.5 South America
10.5.3 Rest of South America
11 COMPETITIVE LANDSCAPE
11.2 Market Ranking/Share Analysis of Key Companies
11.3 Company Benchmarking
12 COMPANY PROFILES
12.1 United Technologies Corporation
12.1.1 Company Overview
12.1.2 Financial Overview
12.1.3 Products/Solutions/Services Offered
12.1.4 Key Developments
12.1.5 SWOT Analysis
12.2 Daikin Industries, Ltd.
12.3 LG Electronics Inc.
12.4 Hitachi, Ltd.
12.5 Stiebel Eltron
12.6 Mitsubishi Electric Corporation
12.7 Ingersoll-Rand plc
12.9 Viessmann Group
12.11 Other Key Companies
13.1 Key Industry Expert Insights
13.2 Primary Discussion Guide
13.3 Customization Options
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain