Heat Pump Market, by Type (Air-water Heat Pump, Air-air Water Pump, Ground Source Heat Pump, and Hybrid Heat Pump), by Power Source (Electric and Others (Gas Driven)), by End User (Residential, Industrial, and Commercial), by Refrigerants (HFC, CO2, Ammon

Heat Pump Market, by Type (Air-water Heat Pump, Air-air Water Pump, Ground Source Heat Pump, and Hybrid Heat Pump), by Power Source (Electric and Others (Gas Driven)), by End User (Residential, Industrial, and Commercial), by Refrigerants (HFC, CO2, Ammonia, Hydrocarbon, and Others), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

A heat pump is a mechanical device that transmits thermal energy from a source to a thermal reservoir. Heat pumps transfer heat energy in the opposite direction of spontaneous heat transfer by absorbing heat from cold space and releasing it a warmer one. Refrigerator and air conditioner are the most commonly known heat pumps. Refrigerator and air conditioner work only on cooling cycle, whereas heat pumps can operate on fully reversible cooling cycle. Increasing demand for eco-friendly and technologically advanced devices in heating and cooling applications is expected to boost the demand for heat pumps. Growing demand for eco-friendly devices worldwide is directly proportional to the global heat pumps demand, as heat pumps are very useful in reducing CO2 emission.
Market Dynamics
Heat pumps require low operation and maintenance cost, which is the major factor boosting its demand. Moreover, growing demand for heat pumps for residential application and significant contribution of heat pump technology in reducing carbon emissions is a major factor that is expected to boost the growth of heat pump market globally. Significant growth of construction industry combined with growing implementation of strict regulatory policies by governments, especially in China, South Korea, Japan, and the U.S. are expected to boost the demand for heat pumps for residential application. Moreover, subsidies on purchase of heat pumps provided by the government, tax credit schemes and increasing use of energy are expected to boost the market.
However, high cost required for installation is one of the restraining factors that is expected to hamper the growth of the global heat pump market.
Market Taxonomy
This report segments the global heat pump market on the basis of type, power source, end user, and refrigerants. On the basis of type, the global heat pump market is segmented into air-water heat pump, air-air heat pump, ground source heat pump, and hybrid heat pump. On the basis of power source, the market is segmented into electric and others (Gas Driven). On the basis of end user, the market is segmented into residential, industrial, and commercial. On the basis of refrigerants, the global heat pump market is segmented into HFC, CO2, ammonia, hydrocarbon, and others.
Key features of the study:
This report provides an in-depth analysis of the global heat pump market and provides market size (Thousand Units and US$ Million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2022-2028), considering 2021 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
It profiles leading players in the global heat pump market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
Key companies covered as a part of this study include Daikin Industries Limited, Viessmann Group, NIBE Group, Danfoss Group Global, Stiebel Eltron Group, Mitsubishi Electric Corporation, United Technologies Corporation, Panasonic Corporation, Glen Dimplex Group, and The Bosch Group.
Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
The global heat pump market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global heat pump market
Detailed Segmentation:
Global Heat pump Market, By Type
Air-water Heat Pump
Air-air Heat Pump
Ground Source Heat Pump
Hybrid Heat Pump
Global Heat pump Market, By Power Source:
Electric
Others (Gas Driven)
Global Heat pump Market, By End User:
Residential
Industrial
Commercial
Global Heat pump Market, By Refrigerants:
HFC
CO2
Ammonia
Hydrocarbon
Others
Company Profiles
Daikin Industries Limited *
Company Overview
Product Portfolio
Financial Performance
Key Strategies
Recent Developments
Future Plans
Viessmann Group
NIBE Group
Danfoss Group Global
Stiebel Eltron Group
Mitsubishi Electric Corporation
United Technologies Corporation
Panasonic Corporation
Glen Dimplex Group
The Bosch Group
*Browse all the market data tables and figures on "Global Heat pump Market - Forecast to 2027”