Canada It is anticipated that the Heat Pump Market will experience a robust market with a compound annual growth rate (CAGR) of 7.3% during the review period.
Heat exchangers are in high demand in the residential, commercial, and industrial sectors due to their numerous benefits. In comparison to conventional heating and cooling systems, their high energy efficiency is one of their primary advantages, as they transfer heat rather than generating it. Consequently, their energy consumption is substantially reduced, and their utility bills are reduced. Additionally, heat pumps provide both heating and cooling capabilities in a single device. Their performance has been considerably improved, and they are now more compatible with contemporary smart home systems as a result of technological advancements, including cold climate heat pumps and smart controls. Furthermore, heat pumps contribute to environmental sustainability by substituting fossil fuels with renewable energy sources, such as solar or geothermal, thereby reducing greenhouse gas emissions and bolstering decarbonization initiatives. These advantages render heat pumps an appealing option for consumers, thereby significantly increasing their market demand.
Market Segmentation
By type, the Heat Pump Market has been divided into Reversible Heat Pumps and Non-reversible Heat Pumps.
The market has been segmented into the following categories based on technology: Air-to-Water Heat Pumps, Water-to-Water Heat Pumps, Large Heat Recovery Chillers/Water-to-Water Heat Pumps, Air-to-Air Heat Pumps, Hybrid Heat Pumps, and VRF Heat-Pump Systems.
The Heat Pump Market has been segmented into R-410A, R-32, R-290, R-744, and Others based on refrigerant type.
The Heat Pump Market has been segmented into the following categories: Up to 10 kW/Up to 2.84 Tons, 10-20 kW/2.84 to 5.68 Tons, 20-50 kW/5.68 to 14.21 Tons, 50-100 kW/14.21 to 28.42 Tons, 100-200 kW/28.42 to 56.84 Tons, and above 200 kW/Above 56.84 Tons, based on capacities in KW/Ton.
The Heat Pump Market has been segmented into Residential, Commercial, and Industrial based on End Use.
Major Players
Carrier Corporation, Lennox International Inc., Johnson Controls, Nordic Heat Pumps, Trane, RHEEM, Transom, Budzar Industries LLC., AERMEC, Napoleon Heating & Cooling, Novair Heat Pumps Inc., Panasonic Canada Inc., Senville, Arctic Heat Pumps, U.S. Boiler Company, LLC. GREE Canada, and ClimateMaster are the primary players in the Canada Heat Pump Market.
- 1 Executive Summary
- 2 Market Introduction
- 2.1 Definition
- 2.2 Scope Of The Study
- 2.3 Research Objective
- 2.4 Market Structure
- 3 Research Methodology
- 3.1 Overview
- 3.2 Data Flow
- 3.2.1 Data Mining Process
- 3.3 Purchased Database:
- 3.4 Secondary Sources:
- 3.4.1 Secondary Research Data Flow:
- 3.5 Primary Research:
- 3.5.1 Primary Research Data Flow:
- 3.6 Approaches For Market Size Estimation:
- 3.6.1 Trade Analysis Approach
- 3.7 Data Forecasting
- 3.7.1 Data Forecasting Technique
- 3.8 Data Modeling
- 3.8.1 Microeconomic Factor Analysis:
- 3.8.2 Data Modeling:
- 3.9 Teams And Analyst Contribution
- 4 Market Dynamics
- 4.1 Introduction
- 4.2 Drivers
- 4.2.1 Energy Efficiency And Cost Savings
- 4.2.2 Growing Awareness Of Climate Change And The Need To Reduce Greenhouse Gas Emissions
- 4.3 Restraints
- 4.3.1 High Initial Costs
- 4.3.2 Installation Challenges
- 4.4 Opportunity
- 4.4.1 Rising Government Regulations And Increasing Infrastructure Activities
- 4.4.2 Growth In Renewable Energy Integration
- 4.4.3 Smart Home Integration
- 4.4.4 Commercial Sector Demand
- 4.5 Impact Analysis Of Covid-19
- 5 Market Factor Analysis
- 5.1 Supply/Value Chain Analysis
- 5.1.1 Raw Material Supply
- 5.1.1.1 Raw Material Selection & Procurement
- 5.1.1.2 Quality And Purity Standards
- 5.1.2 Manufacturers
- 5.1.2.1 Processing & Production
- 5.1.2.2 Product Development And Innovation
- 5.1.3 Distribution
- 5.1.3.1 Logistics
- 5.1.3.2 Sales And Marketing Strategies
- 5.1.4 End Use
- 5.1.4.1 Customer Needs, Preferences, Pain Points & Applications
- 5.2 Porter’s Five Forces Model
- 5.2.1 Threat Of New Entrants
- 5.2.2 Bargaining Power Of Suppliers
- 5.2.3 Bargaining Power Of Buyers
- 5.2.4 Threat Of Substitutes
- 5.2.5 Intensity Of Rivalry
- 5.3 Pestel Analysis
- 5.4 Refrigerant Trend Analysis
- 5.4.1 Phasing Out Of Traditional Refrigerants
- 5.4.1.1 R410a And R134a
- 5.4.1.2 Implications Of The R410a Phase-out
- 5.4.1.3 Recent Announcements And Regulations
- 5.4.2 Emerging Refrigerant Technologies
- 5.4.2.1 Hydrofluoroolefins (Hfos) And Blends
- 5.4.2.1.1 R454b
- 5.4.2.1.2 Low-gwp Heat Pumps
- 5.4.2.1.3 Mid Gwp Heat Pumps
- 5.4.2.1.3.1 Jci York
- 5.4.2.1.3.2 Waterfurnance
- 5.4.2.2 Natural Refrigerants
- 5.4.2.2.1 Carbon Dioxide (Co2)
- 5.4.2.2.2 Hydrocarbons
- 5.4.2.2.3 R290 (Propane)
- 5.4.2.2.4 R600a (Isobutane)
- 5.5 Regulatory Framework
- 5.5.1 Environmental Regulations
- 5.5.1.1 Montreal Protocol
- 5.5.1.2 Kigali Amendment
- 5.5.2 Energy Efficiency Standards
- 5.5.3 National Regulations
- 5.5.4 Refrigerant Management Program
- 5.5.5 Government Incentives And Support
- 5.5.6 Future Regulatory Trends
- 5.5.6.1 Increased Focus On Low-gwp Refrigerants
- 5.5.6.2 Enhanced Energy Efficiency Standards
- 5.5.6.3 Consumer Protection Regulations
- 5.6 Technological Advancements In The Canada Heat Pump Market
- 5.6.1 Variable Speed Compressors
- 5.6.2 Smart Controls And Integration
- 5.6.3 Hybrid Heat Pump Systems
- 5.7 Trade Analysis Under Hs Code: 841861 - Heat Pumps (Excl. Air Conditioning Machines Of Heading 8415)
- 5.7.1 Import Analysis (In Usd Thousand)
- 5.7.2 Export Analysis (In Usd Thousand)
- 5.8 Broad Level Gap Analysis To Understand Untapped Areas
- 5.8.1 Based On Type
- 5.8.2 Based On End-use
- 5.9 Research And Development Update
- 5.9.1 Current Scenario
- 5.9.2 Future Roadmap
- 5.9.3 Challenges
- 5.9.4 Novel Applications
- 5.9.5 Key Development
- 5.10 Mrfr Point Of View
- 5.11 Key Suggestions For Stakeholders In The Canada Heat Pumps Market
- 6 North America Heat Pump Market Analysis
- 6.1 Introduction
- 6.2 Key Trends In The North American Heat Pump Market
- 6.2.1 Increased Adoption Of Air Source Heat Pumps (Ashps)
- 6.2.2 Integration With Renewable Energy Sources
- 6.3 Canada's Role In The North American Heat Pump Market
- 6.4 Market Sizing Of North America Heat Pumps Market, By Country
- 6.4.1 North America Heat Pump Market Size, By Country, 2018-2032 (Usd Million)
- 6.5 Market Sizing Of North America Heat Pumps Market, By Technology
- 6.5.1 North America Heat Pump Market Size, By Technology, 2018-2032 (Usd Million)
- 6.6 Government Incentives
- 6.7 List Of Key Manufacturers Of Na Heat Pumps
- 7 Canada Heat Pump Market, By Type
- 7.1 Overview
- 7.1.1 Reversible Heat Pumps
- 7.1.2 Non-reversible Heat Pumps
- 8 Canada Heat Pump Market, By Technology
- 8.1 Overview
- 8.1.1 Air-to-water Heat Pumps
- 8.1.2 Water-to-water Heat Pumps
- 8.1.3 Large Heat Recovery Chillers/Water-to-water Heat Pumps
- 8.1.4 Air-to-air Heat Pumps
- 8.1.5 Hybrid Heat Pumps
- 8.1.6 Vrf Heat-pump System
- 9 Canada Heat Pump Market, By Refrigerant Type
- 9.1 Overview
- 9.1.1 R-410a
- 9.1.2 R-32
- 9.1.3 R-290
- 9.1.4 R-744
- 9.1.5 Others
- 10 Canada Heat Pump Market, By Capacity Kw/Ton
- 10.1 Overview
- 10.1.1 Up To 10 Kw/Up To 2.84 Tons
- 10.1.2 10-20 Kw/2.84 To 5.68 Tons
- 10.1.3 20-50 Kw/5.68 To 14.21 Tons
- 10.1.4 50-100 Kw/14.21 To 28.42 Tons
- 10.1.5 100-200 Kw/28.42 To 56.84 Tons
- 10.1.6 Above 200 Kw/Above 56.84 Tons
- 11 Canada Heat Pump Market, By End Use
- 11.1 Overview
- 11.1.1 Residential
- 11.1.2 Commercial
- 11.1.3 Industrial
- 12 Competitive Landscape
- 12.1 Introduction
- 12.2 Competition Dashboard
- 12.3 Company Market Share Analysis, 2023
- 12.4 Competitive Benchmarking
- 12.5 Leading Players In Terms Of The Number Of Developments In The Heat Pump Market
- 12.6 List Of International Manufacturing Companies And Its Competitive Benchmarking Operating In Canada Heat Pump Market
- 12.7 Comparative Analysis: Key Players Financial, 2023
- 12.8 Key Developments & Growth Strategies
- 12.8.1 New Product Launch
- 12.8.2 Acquisition
- 12.8.3 Collaboration
- 12.8.4 Recognition
- 12.8.5 Capacity Expansion
- 13 Company Profiles
- 13.1 Carrier Corporation
- 13.1.1 Company Overview
- 13.1.2 Financial Overview
- 13.1.3 Products Offered
- 13.1.4 Key Developments
- 13.1.5 Swot Analysis
- 13.1.6 Key Strategy
- 13.2 Lennox International Inc.
- 13.2.1 Company Overview
- 13.2.2 Financial Overview
- 13.2.3 Products Offered
- 13.2.4 Key Developments
- 13.2.5 Swot Analysis
- 13.2.6 Key Strategy
- 13.3 Johnson Controls
- 13.3.1 Company Overview
- 13.3.2 Financial Overview
- 13.3.3 Products Offered
- 13.3.4 Key Developments
- 13.3.5 Swot Analysis
- 13.3.6 Key Strategy
- 13.4 Nordic Heat Pumps
- 13.4.1 Company Overview
- 13.4.2 Financial Overview
- 13.4.3 Products Offered
- 13.4.4 Key Developments
- 13.4.5 Swot Analysis
- 13.4.6 Key Strategy
- 13.5 Mitsubishi Electric
- 13.5.1 Company Overview
- 13.5.2 Financial Overview
- 13.5.3 Products Offered
- 13.5.4 Key Developments
- 13.5.5 Swot Analysis
- 13.5.6 Key Strategy
- 13.6 Trane (A Subsidiary Of Trane Technologies)
- 13.6.1 Company Overview
- 13.6.2 Financial Overview
- 13.6.3 Products Offered
- 13.6.4 Key Developments
- 13.6.5 Swot Analysis
- 13.6.6 Key Strategy
- 13.7 Daikin Industries Ltd.
- 13.7.1 Company Overview
- 13.7.2 Financial Overview
- 13.7.3 Products Offered
- 13.7.4 Key Developments
- 13.7.5 Swot Analysis
- 13.7.6 Key Strategy
- 13.8 Midea Group
- 13.8.1 Company Overview
- 13.8.2 Financial Overview
- 13.8.3 Products Offered
- 13.8.4 Key Developments
- 13.8.5 Swot Analysis
- 13.8.6 Key Strategy
- 13.9 Fujitsu General
- 13.9.1 Company Overview
- 13.9.2 Financial Overview
- 13.9.3 Products Offered
- 13.9.4 Key Developments
- 13.9.5 Swot Analysis
- 13.9.6 Key Strategy
- 13.10 Rheem
- 13.10.1 Company Overview
- 13.10.2 Financial Overview
- 13.10.3 Products Offered
- 13.10.4 Key Developments
- 13.10.5 Swot Analysis
- 13.10.6 Key Strategy
- 13.11 Transom
- 13.11.1 Company Overview
- 13.11.2 Financial Overview
- 13.11.3 Products Offered
- 13.11.4 Key Developments
- 13.11.5 Swot Analysis
- 13.11.6 Key Strategy
- 13.12 Nibe Group
- 13.12.1 Company Overview
- 13.12.2 Financial Overview
- 13.12.3 Products Offered
- 13.12.4 Key Developments
- 13.12.5 Swot Analysis
- 13.12.6 Key Strategy
- 13.13 Budzar Industries Llc.
- 13.13.1 Company Overview
- 13.13.2 Financial Overview
- 13.13.3 Products Offered
- 13.13.4 Key Developments
- 13.13.5 Swot Analysis
- 13.13.6 Key Strategy
- 13.14 Aermec
- 13.14.1 Company Overview
- 13.14.2 Financial Overview
- 13.14.3 Products Offered
- 13.14.4 Key Developments
- 13.14.5 Swot Analysis
- 13.14.6 Key Strategy
- 13.15 Napoleon Heating & Cooling
- 13.15.1 Company Overview
- 13.15.2 Financial Overview
- 13.15.3 Products Offered
- 13.15.4 Key Developments
- 13.15.5 Swot Analysis
- 13.15.6 Key Strategy
- 13.16 Novair Heat Pumps Inc.
- 13.16.1 Company Overview
- 13.16.2 Financial Overview
- 13.16.3 Products Offered
- 13.16.4 Key Developments
- 13.16.5 Swot Analysis
- 13.16.6 Key Strategy
- 13.17 Panasonic Canada Inc.
- 13.17.1 Company Overview
- 13.17.2 Financial Overview
- 13.17.3 Products Offered
- 13.17.4 Key Developments
- 13.17.5 Swot Analysis
- 13.17.6 Key Strategy
- 13.18 Arctic Heat Pumps
- 13.18.1 Company Overview
- 13.18.2 Financial Overview
- 13.18.3 Products Offered
- 13.18.4 Key Developments
- 13.18.5 Swot Analysis
- 13.18.6 Key Strategy
- 13.19 Senville
- 13.19.1 Company Overview
- 13.19.2 Financial Overview
- 13.19.3 Products Offered
- 13.19.4 Key Developments
- 13.19.5 Swot Analysis
- 13.19.6 Key Strategy
- 13.20 Bosch Thermotechnology Corp
- 13.20.1 Company Overview
- 13.20.2 Financial Overview
- 13.20.3 Products Offered
- 13.20.4 Key Developments
- 13.20.5 Swot Analysis
- 13.20.6 Key Strategy
- 13.21 U.S. Boiler Company, Llc.
- 13.21.1 Company Overview
- 13.21.2 Financial Overview
- 13.21.3 Products Offered
- 13.21.4 Key Developments
- 13.21.5 Swot Analysis
- 13.21.6 Key Strategy
- 13.22 Gree Canada
- 13.22.1 Company Overview
- 13.22.2 Financial Overview
- 13.22.3 Products Offered
- 13.22.4 Key Developments
- 13.22.5 Swot Analysis
- 13.22.6 Key Strategy
- 13.23 Climatemaster
- 13.23.1 Company Overview
- 13.23.2 Financial Overview
- 13.23.3 Products Offered
- 13.23.4 Key Developments
- 13.23.5 Swot Analysis
- 13.23.6 Key Strategy
- 13.24 Data Citations
- List Of Tables table 1 Qfd Modeling For Market Share Assessment 39
- Table 2 Canada Heat Pump Market Size, By Type, 2018-2032 (Usd Million)
- Table 3 Canada Heat Pump Market Size, By Technology, 2018-2032 (Usd Million)
- Table 4 Canada Heat Pump Market, By Refrigerant Type, 2018-2032 (Usd Million)
- Table 5 Canada Heat Pump Market Size, By Capacity Kw/Ton, 2018-2032 (Usd Million)
- Table 6 Canada Heat Pump Market Size, By End Use, 2018-2032 (Usd Million)
- Table 7 Competition Dashboard: Uhmwpe Market
- Table 8 Leading Players In Terms Of The Number Of Developments In The Heat Pump Market
- Table 9 New Product Launch
- Table 10 Acquisition
- Table 11 Collaboration
- Table 12 Recognition
- Table 13 Capacity Expansion
- Table 14 Carrier Corporation: Products Offered
- Table 15 Lennox International Inc.: Products Offered
- Table 16 Lennox International Inc.: Key Developments
- Table 17 Johnson Controls: Products Offered
- Table 18 Johnson Controls: Key Developments
- Table 19 Nordic Heat Pumps: Products Offered
- Table 20 Mitsubishi Electric: Products Offered
- Table 21 Mitsubishi Electric: Key Developments
- Table 22 Trane: Products Offered
- Table 23 Daikin Industries Ltd.: Products Offered
- Table 24 Daikin Industries Ltd.: Key Developments
- Table 25 Midea Group: Products Offered
- Table 26 Midea Group: Key Developments
- Table 27 Fujitsu General: Products Offered
- Table 28 Rheem: Products Offered
- Table 29 Transom: Products Offered
- Table 30 Nibe Group: Products Offered
- Table 31 Budzar Industries Llc.: Products Offered
- Table 32 Aermec: Products Offered
- Table 33 Napoleon Heating & Cooling: Products Offered
- Table 34 Novair Heat Pumps Inc.: Products Offered
- Table 35 Panasonic Canada Inc.: Products Offered
- Table 36 Arctic Heat Pumps: Products Offered
- Table 37 Senville: Products Offered
- Table 38 Bosch Thermotechnology Corp: Products Offered
- Table 39 U.S. Boiler Company, Llc.: Products Offered
- Table 40 Gree Canada: Products Offered
- Table 41 Climatemaster: Products Offered
- List Of Figures
- Figure 1 Canada Heat Pump Market Snapshot
- Figure 2 Canada Heat Pump Market: Structure
- Figure 3 Canada Heat Pump Market: Market Growth Factor Analysis (2018-2032)
- Figure 4 Greenhouse Gas Emissions, Canada, 2018 To 2022 (In Megatonnes Of Carbon Dioxide Equivalent)
- Figure 5 Driver Impact Analysis (2024-2032)
- Figure 6 Restraint Impact Analysis (2024-2032)
- Figure 7 Value Of New Construction In Canada, 2018-2023 (In Billion Canadian Dollars)
- Figure 8 Clean Technology Project Trends In Canada In 2022 (In Number Of Projects)
- Figure 9 Supply Chain: Canada Heat Pump Market
- Figure 10 Porter's Five Forces Analysis Of The Canada Heat Pump Market
- Figure 11 Pestel Analysis
- Figure 12 Canada Heat Pump Market, By Type, 2023 (% Share)
- Figure 13 Canada Heat Pump Market, By Technology, 2023 (% Share)
- Figure 14 Canada Heat Pump Market, By Refrigerant Type, 2023 (% Share)
- Figure 15 Canada Heat Pump Market, By Capacity Kw/Ton, 2023 (% Share)
- Figure 16 Canada Heat Pump Market, By End Use, 2023 (% Share)
- Figure 17 Canada Heat Pump Market Share Analysis, 2023 (%)
- Figure 18 Benchmarking Of Major Competitors
- Figure 19 Comparative Analysis: Key Players Financial, 2023
- Figure 20 Carrier Corporation: Financial Overview Snapshot
- Figure 21 Carrier Corporation.: Swot Analysis
- Figure 22 Lennox International Inc.: Financial Overview Snapshot
- Figure 23 Lennox International Inc.: Swot Analysis
- Figure 24 Johnson Controls: Financial Overview Snapshot
- Figure 25 Johnson Controls: Swot Analysis
- Figure 26 Nordic Heat Pumps: Swot Analysis
- Figure 27 Mitsubishi Electric: Financial Overview Snapshot
- Figure 28 Mitsubishi Electric: Swot Analysis
- Figure 29 Trane: Swot Analysis
- Figure 30 Daikin Industries Ltd.: Financial Overview Snapshot
- Figure 31 Daikin Industries Ltd.: Swot Analysis
- Figure 32 Midea Group: Financial Overview Snapshot
- Figure 33 Midea Group: Swot Analysis
- Figure 34 Fujitsu General: Swot Analysis
- Figure 35 Rheem: Swot Analysis
- Figure 36 Transom: Swot Analysis
- Figure 37 Nibe Group: Swot Analysis
- Figure 38 Budzar Industries Llc.: Swot Analysis
- Figure 39 Aermec: Swot Analysis
- Figure 40 Napoleon Heating & Cooling: Swot Analysis
- Figure 41 Novair Heat Pumps Inc.: Swot Analysis
- Figure 42 Panasonic Canada Inc.: Swot Analysis
- Figure 43 Arctic Heat Pumps: Swot Analysis
- Figure 44 Senville: Swot Analysis
- Figure 45 Bosch Thermotechnology Corp: Swot Analysis
- Figure 46 U.S. Boiler Company, Llc.: Swot Analysis
- Figure 47 Gree Canada: Swot Analysis
- Figure 48 Climatemaster: Swot Analysis
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