Heat Pump Market: Summary
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.
Heat Pump Market: Drivers & Challenges
- Growing Awareness towards Carbon Dioxide Emissions
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.
- Supportive Government Policies
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.
Heat Pump Market: Key Segments
- Segmentation based on technology covers: Air to Water, Air to Air, Geothermal, and Absorption
- Segmentation based on product type covers: Air to Water Monobloc, Air to Water Cylinder, Air to Water Split, Ground/Water to Water, and Exhaust Air.
- Segmentation based on power capacity covers: Below 10kW, 10kW to 20kW, and Above 20kW.
- Segmentation based on end user covers: Residential, Commercial, and Industrial
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis.
Heat Pump Market: Report Scope
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
Key Companies Covered
- United Technologies Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Daikin Industries, Ltd.
- LG Electronics Inc.
- Hitachi, Ltd.
- Stiebel Eltron
- Mitsubishi Electric Corporation
- Ingersoll-Rand plc
- Viessmann Group
- Other Key Companies
Heat Pump Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Heat Pump Market, by Technology
- Air to Water
- Air to Air
Heat Pump Market, by Product Type
- Air to Water Monobloc
- Air to Water Cylinder
- Air to Water Split
- Ground/Water to Water
- Exhaust Air
Heat Pump Market, by Power Capacity
- Below 10kW
- 10kW to 20kW
- Above 20kW
Heat Pump Market, by End User
Heat Pump Market, by Region
- South Korea
- Rest of Asia-Pacific
- North America
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the major developments impacting the market worldwide and its growth?
- What will be the effects of the developments in the global market on the industry and on the market players in the near and far future?
- What are the evolving types of the global market?
- What are the evolving applications of global market?
- What are the major characteristics that will affect the global market growth during the study period?
- Who are the key global players operating in the market?
- How are the major players leveraging in the existing global market conditions?
- Heat pump Market Providers
- Heat pump Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Heat Pump Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE HEAT PUMP MARKET STUDY
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
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY