Heat Pump Market is anticipated to grow at a CAGR of 11.6% during forecast period and estimated to reach USD 130 Billion by 2027.

Introduction of the Heat Pump Market Report

Heat pumps are complex devices that take heat energy from an outside source and pump it inside an enclosed space to heat it up. A heat pump is a mechanical compression cycle refrigeration system that supports reverse functionality & operation to either cool or heat a restricted space. A heat pump is comprised of two main components, which include an indoor air handler and an outdoor unit. The outdoor unit includes a compressor that circulates the refrigerant that absorbs & releases heat as it travels between the indoor & outdoor units. Escalating demand for cost-effective heating services across residential and commercial establishments is driving the growth of the global heat pumps market share.

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Market Dynamic

Key Drivers and Emerging Trends

Rising environmental consciousness has resulted in the sales of heat pumps for both industrial and residential use. As of 2019, Daikin has sold more than 23 million units of heat pumps model R-32 which is for residential purposes, thus reflecting the huge potential of the heat pumps market. Countries like France, Belgium, and the Netherlands, have boosted the heat pump systems sales by promoting the reduction of carbon-dioxide emissions. According to “Federal Ministry for the Environment, Nature Conservation and Nuclear Safety”, the German govt. adopted the Climate action plan in the Q4 of 2016, which aims to make Germany greenhouse gas-neutral by 2050. This action plan has primarily pushed the sales of the market in the country. Heat pumps keep energy costs low as possible which is an important aspect for the industry. It requires minimal regular maintenance and has a lifespan of up to 50 years coupled with no loss of efficiency, which has led to the adoption of heat pumps by the industries and surged the overall growth of the heat pump industry.

In addition, continuous strategic moves by the players present in the market has helped the market in shifting the paddles. For instance, in 2018, Daikin acquired Austrian cooling specialist AHT Group in order to expand its commercial refrigeration business and NIBE announced the acquisition of Alfa Laval’s business for district heating/cooling systems and hot water systems for commercial use and to enhance the climate solutions of NIBE which have propelled the pace of the growth of the heat pump market size.

Restraint in the Heat Pump Market

As per the heat pump market report, the high price tag associated with the energy-efficient heat pumps is expected to hamper the growth of the market.

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Technology – Segment Analysis

Based on the technology, the air source segment is expected to dominate the global heat pumps market over the forecast period.  Air source heat pumps are used in offices, homes, etc., for cooling and heat applications through heat radiators. There are two types of air-source heat pumps, which are air to air and air to the water system. In air to air, ambient energy is transferred to the home by fan system for space heating or cooling requirements. In air to water heat pumps, ambient energy is transferred to central heating to provide both hot water heating and heating for an indoor space.

Application – Segment Analysis

Based on the application, the residential sector is expected to dominate the global heat pump market over the forecast period. The residential sector is one of the growing industries across the domains, which has resulted in surging product demand. These pumps are highly energy-efficient products, which are used for space cooling-heating, and sanitary hot water generation applications at homes.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to dominate the global heat pump market over the forecast period. Recent trends that have been witnessed in Japan are the deployment of heat pumps for cooling, heating purposes, and refrigerators in the majority of the residential households, which has significantly contributed to the regional growth of the market. In addition, the strong presence of key players like Diakin, Ingersoll-Rand, Stiebel Eltron, NIBE in the region is expected to dominate in the heat pumps market.

Top Market Players

Various notable players operating in the market include Diakin, Ingersoll-Rand, Stiebel Eltron, United Technologies Corporation, Viessmann Group, Vaillant Group, The Danfoss Group, Panasonic Corporation, Mitsubishi Electric Corporation, and BDR Thermea Group, among others. 

Key Developments:

• • In 2018, Ingersoll-Rand acquired ICS Cool Energy in order to strengthening its cooling and heating business, Trane, to European market.

Segments covered in the Report:

The global heat pump market has been segmented based on technology, application, and regions. Based on technology, the market is segmented into water source, air source and ground source. Based on application, the market is segmented into residential, commercial, and industrial. 

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Key questions answered in this research report:

• • At what pace is the global heat pump market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global heat pump market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global heat pump market?
  • Which technology generated maximum revenues in 2019 and identify the most promising technology during the forecast period?
  • What are the various application areas of global heat pump market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2027)	USD 130 Billion
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Technology, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Diakin, Ingersoll-Rand, Stiebel Eltron, United Technologies Corporation, Viessmann Group, Vaillant Group, The Danfoss Group, Panasonic Corporation, Mitsubishi Electric Corporation, BDR Thermea Group, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Heat Pump Market by Technology

• • Water Source
  • Air Source
  • Ground Source

Global Heat Pump Market by Application

• • Residential
  • Commercial
  • Industrial

Global Heat Pump Market by Region

• • North America Heat Pump Market (Option 1: As a part of the free 25% customization)
    • North America Heat Pump Market by Technology
    • North America Heat Pump Market by Application
    • US Heat Pump Market All-Up
    • Canada Heat Pump Market All-Up
  • Europe Heat Pump Market (Option 2: As a part of the free 25% customization)
    • Europe Heat Pump Market by Technology
    • Europe Heat Pump Market by Application
    • UK Heat Pump Market All-Up
    • Germany Heat Pump Market All-Up
    • France Heat Pump Market All-Up
    • Spain Heat Pump Market All-Up
    • Rest of Europe Heat Pump Market All-Up
  • Asia-Pacific Heat Pump Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Heat Pump Market by Technology
    • Asia-Pacific Heat Pump Market by Application
    • China Heat Pump Market All-Up
    • India Heat Pump Market All-Up
    • Japan Heat Pump Market All-Up
    • Rest of APAC Heat Pump Market All-Up
  • RoW Heat Pump Market (Option 4: As a part of the free 25% customization)
    • RoW Heat Pump Market by Technology
    • RoW Heat Pump Market by Application
    • Brazil Heat Pump Market All-Up
    • South Africa Heat Pump Market All-Up
    • Saudi Arabia Heat Pump Market All-Up
    • UAE Heat Pump Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Heat Pump Market All-Up

Major Players Operating in the Heat Pump (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Diakin
  • Ingersoll-Rand
  • Stiebel Eltron
  • United Technologies Corporation
  • Viessmann Group
  • Vaillant Group
  • The Danfoss Group
  • Panasonic Corporation
  • Mitsubishi Electric Corporation
  • BDR Thermea Group