Residential Heat Pump Market By Type (Air Source, Water Source, Geothermal), By Power Source (Electric Powered, Gas Powered): Global Opportunity Analysis and Industry Forecast, 2021-2030
The global residential heat pump market was valued at $33,533.40 million in 2021, and is projected to reach $ 77,459.80 million by 2030, growing at a CAGR of 9.7% from 2022 to 2030.
Heat pumps at home are an alternative to furnaces and air conditioners. These pumps use electricity to transfer heat from a cold to a warm environment, thereby, chilling the cool space and warming the warm space. Because they transfer heat rather than generate it, residential heat pumps can efficiently regulate comfortable temperatures at home.
Heat pumps are classified into three categories based on ductwork, namely air-to-air, water-source, and geothermal heat pumps. They absorb heat from the air, water, or dirt outside the house and concentrate it for use within.
The residential heat pump market size is expected to grow due to the increasing importance of heat pump systems as a result of considerable reductions in carbon emissions and greenhouse gas emissions. Because heat pumps do not generate heat but rather transfer it, they help to reduce carbon emissions. Heat pumps use far less energy than traditional furnaces because heat transmission is more efficient than heat creation.
However, the market is expected to be restrained by the high installation cost of an entire heat pump system, which varies for different heat pumps for residential homes. Nevertheless, the residential heat pump market is expected to grow due to an increase in demand for renewable energy around the world as a result of population growth and fast urbanization and industrialization.
The global residential heat pump market is segmented on the basis of type and power source. By type, the market is classified as air source, water source, and geothermal. By power source, the market is classified electric powered and gas powered. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Midea Group, Johnson Controls, Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.
KEY MARKET SEGMENTS
By Type
Air Source
Water Source
Geothermal
By Power Source
Electric Powdered
Gas Powdered
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Segments
By Type
Water Source
Geothermal
Air Source
By Power Source
Electric Powered
Gas Powered
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
UAE
South Africa
Rest of LAMEA
Key Market Players
Midea Group Co., Ltd.
Johnson Controls International plc
Daikin Industries Ltd.
carrier corporation
Glen Dimplex Heating & Ventilation (GDHV)
NIBE Group
viessmann
Mitsubishi Electric Corporation
Danfoss
stiebel eltron ag
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