Heat Pumps Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)
The global heat pump market is expected to register a CAGR of 9.8% during the forecast period. Moreover, heat pumps contribute a significant market share and are expected to grow in 2022 to meet consumer demand. The Heat Pump Association, which represents around 95% of the heat pump manufacturing market’s share, surveyed its members to estimate the supply of heat pumps in the previous year.
Key HighlightsThe competitive rivalry in the global heat pumps market is high owing to the presence of some major players such as Trane Inc., Midea Group, Panasonic Corporation, Mitsubishi Electric Corporation, and Daikin Industries Ltd, amongst others. Their ability to continually innovate their offerings has enabled them to gain a competitive advantage over other players in the market. These players have expanded their market footprint through R&D activities, mergers & acquisitions.
In May 2022, Viessmann Werke GmbH & Company KG launched the new Vitocal 250-AH and Vitocal 250-SH hybrid heat pumps for property owners who wished to significantly reduce their carbon footprint and dependence on rising fuel prices but still wanted to keep their gas or oil heating systems. The new products provide a baseload heat supply and handle up to 85% of the annual heat output.
In May 2022, NIBE Industrier AB signed a contract to acquire 50% of the Italian company Argoclima SpA and the remaining stake within five years. Argoclima SpA is an Italian manufacturer and distributor of heat pumps and air conditioning products. The acquisition would give the company a significantly stronger position in the rapidly growing Italian market for heat pumps by combining Argoclima's current range under the Argo brand with the entire heat pump range sold under the NIBE brand.
In April 2022, Panasonic increased heat pump production capacity. Three years ago, the company's factory in Pilsen, Czech Republic, began producing air-to-water heat pumps. Production at Panasonic's Czech factory has been an ever-increasing endeavor due to rising demand for its Aquarea air-to-water heat pump solutions.
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