Heat Pumps Market
Global Heat Pumps Market Size, Share & Trends Analysis Report by Product Type (Air Source, Water Source, and Ground Source), by Capacity (<10KW, 10KW-20KW, >20KW), and by End-User (Commercial, Industrial, and Residential) Forecast Period (2020-2026) Update Available - Forecast 2024-2030
A heat pump is a heating, ventilation, and air conditioning device, which is considered an alternative to conventional heating methods that transfer heat energy from the source of heat for space and water heating. It also uses a similar refrigeration type cycle used by the air conditioner to provide a cooling mechanism for residential, commercial, and industrial applications. Thus, heat pumps offer dual function by extracting heat from the source to release them either inside or outside the home, based on the season. Despite the high initial investment, the preference for heat pumps is increasing owing to their high energy efficiency, climate-friendly operation, and comparatively low operating costs. The global heat pump market is anticipated to grow at a CAGR of 7.8% during the forecast period. They are available in air, water, and ground source types, ranging from low to high capacities depending on the end-user application.
The impact of the COVID-19 pandemic in early 2020 affected the market for heat pumps heavily where the entire supply chain was affected. The curfew and lockdown procedures implemented across major economies of Asia-Pacific, Europe, and the US greatly affected the market, thereby affecting the new and replacement demands in the regions. As the countries which are estimated to be the major end-users for heat pumps were suffering from economic downfall, trade activities and shipping were also limited which created a gap in the overall value chain process. Only certain production houses were able to perform with the high level of restrictions in man force and production capacity.
Segmental Outlook
The global heat pumps market is segmented based on product type, capacity, and end-user. Based on product type, the heat pumps market is segmented into air source, water source, and ground source. Based on capacity, the heat pumps market is segmented into <10KW, 10KW-20KW, >20KW. Based on end-user, the market is classified into commercial, industrial, and residential. The air source product type segment is estimated to lead the global heat pumps market, followed by ground source, during the forecast period.
Preference for IoT Enabled Heat Pumps
The rise in digitalization is expected to fuel the integration of devices with IoT. Heat pumps are also expected to be designed as per the smart demand response. Further, the need to provide real-time energy-efficient monitoring, optimized load profile, flexible use of electricity, and affordable operation costs are stimulating the need for technology-enabled heat pumps. With the growth in client demands and favorable environmental regulations, the scope for green buildings for a sustainable future is more certain in the coming years which can substantially lead to an additional preference for smart and energy-efficient devices.
Regional Outlook
The global heat pumps market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific is leading the market in 2019 and is expected to remain as a leader by the end of the forecast period. Significant growth in growing economies has been witnessed in recent years. Further, growing environmental concern about the use of high energy consuming appliances in homes and commercial spaces is creating demand for energy-efficient appliances. However, the lack of awareness and knowledge is considered to be a foremost challenge for vendors where efforts can be taken to convey the advantages and benefits of using a heat pump before the price point adjustments.
Global Heat Pumps Market Growth, by Region 2020-2026
Market Players Outlook
The global heat pumps market is highly competitive with a significant number of global and regional vendors. Carrier Corp., Daikin Industries, Ltd.; Danfoss A/S, Hitachi Air Conditioning Company, Johnson Controls International plc, LG Electronics, Inc., NIBE Industrier AB, Panasonic Corp., and Robert Bosch GmbH, are some of the market leaders for heat pumps. These players are continuously expanding their product offering to increase their market presence. For instance, in May 2020, Carrier Corp. launched new products, the Carrier Infinity 24 heat pump, which offers both heating and cooling capabilities. The Infinity 24 offer numerous innovations, including enhanced energy efficiency and segment-leading quiet operation.
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global heat pumps market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
2.3. Rules & Regulations
3. Competitive Landscape
3.1. Key Strategy Analysis
3.2. Key Company Analysis
3.2.1. Carrier Corp.
3.2.1.1. Overview
3.2.1.2. Financial Analysis
3.2.1.3. SWOT Analysis
3.2.1.4. Recent Developments
3.2.2. Daikin Industries, Ltd.
3.2.2.1. Overview
3.2.2.2. Financial Analysis
3.2.2.3. SWOT Analysis
3.2.2.4. Recent Developments
3.2.3. Mitsubishi Electric Corp.
3.2.3.1. Overview
3.2.3.2. Financial Analysis
3.2.3.3. SWOT Analysis
3.2.3.4. Recent Developments
3.2.4. NIBE Industrier AB
3.2.4.1. Overview
3.2.4.2. Financial Analysis
3.2.4.3. SWOT Analysis
3.2.4.4. Recent Developments
3.2.5. Danfoss A/S
3.2.5.1. Overview
3.2.5.2. Financial Analysis
3.2.5.3. SWOT Analysis
3.2.5.4. Recent Developments
4. Market Determinants
4.1 Motivators
4.2 Restraints
4.1. Opportunities
5. Market Segmentation
5.1. Global Heat Pumps Market by Product Type
5.1.1. Air Source
5.1.2. Water Source
5.1.3. Ground Source
5.2. Global Heat Pumps Market by Capacity
5.2.1. <10KW
5.2.2. 10KW-20KW
5.2.3. >20W
5.3. Global Heat Pumps Market by End-User
5.3.1. Commercial
5.3.2. Industrial
5.3.3. Residential
6. Regional Analysis
6.1. North America
6.1.1. US
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. ASCLER
7.2. BDR Thermea Group
7.3. Carrier Corp.
7.4. Daikin Industries, Ltd.
7.5. Danfoss A/S
7.6. Fujitsu General, Ltd.
7.7. Glen Dimplex Deutschland GmbH
7.8. GEA Group Aktiengesellschaft
7.9. Hitachi Air Conditioning Co.
7.10. Johnson Controls International plc
7.11. Lennox International, Inc.
7.12. LG Electronics, Inc.
7.13. Mayekawa Mfg. Co., Ltd.
7.14. Midea Group
7.15. Mitsubishi Electric Corp.
7.16. NIBE Industrier AB
7.17. Panasonic Corp.
7.18. Rheem Manufacturing Co.
7.19. Robert Bosch GmbH
7.20. Stiebel Eltron Group
7.21. The Vaillant Group
7.22. The Viessmann Group
7.23. Thermax, Ltd.
7.24. Trane Technologies Company, LLC
7.25. WOLF GmbH
1. GLOBAL HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2019-2026 ($ MILLION)
2. GLOBAL AIR SOURCE MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
3. GLOBAL WATER SOURCE MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
4. GLOBAL GROUND SOURCE MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
5. GLOBAL HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2019-2026 ($ MILLION)
6. GLOBAL <10KW MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
7. GLOBAL 10KW-20KW MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
8. GLOBAL >20W MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
9. GLOBAL HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY END-USER, 2019-2026 ($ MILLION)
10. GLOBAL COMMERCIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
11. GLOBAL INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
12. GLOBAL RESIDENTIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
13. NORTH AMERICAN HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2019-2026 ($ MILLION)
14. NORTH AMERICAN HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2019-2026 ($ MILLION)
15. NORTH AMERICAN HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2019-2026 ($ MILLION)
16. NORTH AMERICAN HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY END-USER, 2019-2026 ($ MILLION)
17. EUROPEAN HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2019-2026 ($ MILLION)
18. EUROPEAN HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2019-2026 ($ MILLION)
19. EUROPEAN HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2019-2026 ($ MILLION)
20. EUROPEAN HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY END-USER, 2019-2026 ($ MILLION)
21. ASIA-PACIFIC HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2019-2026 ($ MILLION)
22. ASIA-PACIFIC HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2019-2026 ($ MILLION)
23. ASIA-PACIFIC HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2019-2026 ($ MILLION)
24. ASIA-PACIFIC HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY END-USER, 2019-2026 ($ MILLION)
25. REST OF THE WORLD HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2019-2026 ($ MILLION)
26. REST OF THE WORLD HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2019-2026 ($ MILLION)
27. REST OF THE WORLD HEAT PUMPS MARKET RESEARCH AND ANALYSIS BY END-USER, 2019-2026 ($ MILLION)
1. GLOBAL HEAT PUMPS MARKET SHARE BY PRODUCT TYPE, 2019 VS 2026 (%)
2. GLOBAL HEAT PUMPS MARKET SHARE BY CAPACITY, 2019 VS 2026 (%)
3. GLOBAL HEAT PUMPS MARKET SHARE BY END-USER, 2019 VS 2026 (%)
4. GLOBAL HEAT PUMPS MARKET SHARE BY GEOGRAPHY, 2019 VS 2026 (%)
5. THE US HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
6. CANADA HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
7. UK HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
8. FRANCE HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
9. GERMANY HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
10. ITALY HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
11. SPAIN HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
12. ROE HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
13. CHINA HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
14. INDIA HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
15. JAPAN HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
16. REST OF ASIA-PACIFIC HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
17. REST OF THE WORLD HEAT PUMPS MARKET SIZE, 2019-2026 ($ MILLION)
