Heat Pump Market To Reach USD 104.4b Billion By 2027 | CAGR 9.7% - Forencis Research

Heat Pump Market Size, Share, Trends, Growth, Analysis, Research

Global Heat Pump Market: Key Highlights

  • According to the new market research report “Heat Pump Market by Technology (Air to Air, Air to Water, Geothermal, Absorption), by Product Type (Air to Water Monobloc, Air to Water Cylinder, Air to Water Split, Ground/Water to Water, Exhaust Air), by Power Capacity (<10kW, 10kW-20kW, >>20kW), by End User (Residential, Commercial, Industrial), by Region (Asia Pacific, Europe, Middle East and Africa, South America, North America) – Global Forecast (2019 to 2027)”, the global Heat pump market is estimated to reach USD 104.4 Billion by 2027 at a CAGR of 9.7% during forecast period 2020-2027.
  • Increasing awareness towards climate change, initiatives taken by regulatory authorities for energy conservation, growing demand for sustainable systems, are few factors among others which are expected to drive the heat pump market during the forecast period.
  • However, high initial cost of the market which face difficulty in installation of the system are few factors among others which are expected to challenge the growth of the market during the forecast period.

Heat Pump Market

Global Heat Pump Market: Key Market Dynamics

  • Growing awareness towards carbon dioxide emissions is expected to drive the market of heat pump as the implementation of heat pumps can be effective for energy conservation and reducing CO2 emissions.
  • Supportive government policies are expected to drive the market as the governing authorities are developing various policies encouraging people to use renewable and energy efficient heat sources
  • Low GWP refrigerants system is expected to rise the market in near future as the development of low GWP refrigerant may help in making heat pumps carbon neutral system.
  • Adaptability to multiple building context is expected to rise the market in near future as the current system lacks this feature, developing the system for multiple building may help residential buildings with multiple families to incorporate heat pumps.
  • Integration of heat pump and Internet of Things (IoT) is expected to rise the market in near future as the digitalization is being adopted at very fast pace, integration of heat pumps with such technologies may surge the demand of the product.
  • High initial cost can hinder the growth of the market as the system is expensive to install also the process of installation being difficult needs planning which adds up to the installation cost.

Global Heat Pump Market: Regional Overview

  • Europe

Europe is the dominating share in the heat pump market as the technology is accepted vastly in the European region.  According to European Heat Pump Association (EHPA), France, Italy and Sweden are the countries which have highest volume of sales of heat pumps, and significant growth is expected from Belgium, the Netherlands, Poland and the UK. In Sweden itself there are 1.7 million heat pumps installed making it the country with highest penetration of heat pumps per capita worldwide.

Hence, such high penetration of the heat pump in the region may boost the growth of the market in the European region.

  • North America

Heat pump market is forecasted to grow notably in North America as the heat pumps are independent and energy efficient heating alternative to conventional heating systems based on fossil fuel. The growth is expected specifically in the warmer areas of North America as there is strong population migration. Heat pumps have gained pace in past few decades and is predicted to have steady growth.

 

Global Heat Pump Market: Key Players Overview

  • United Technologies Corporation:

United Technologies Corporation is a US-based multinational company that supplies high technology products and services to various industries across the globe. The business of the company is divided into three segments. The business segment named Carrier provides vast range of building systems which includes cooling, heating, refrigeration, smoke detection amongst others. 

  • Daikin Industries, Ltd.:

Daikin Industries, Ltd. is a Japan-based multinational company that provides high quality air conditioning solutions for residential, commercial and industrial sector. It is active into air conditioning, chemicals, and oil hydraulics. It provides advanced heat pumps which deliver optimum energy efficiency and have a wide product portfolio as per the customer requirements.

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Rep Id : EP 031

Published : 2020-02-05