Heat Pump Market: Current Analysis and Forecast (2021-2027)

Heat Pump Market: Current Analysis and Forecast (2021-2027)

The Global Heat Pump is valued at 58 bn in 2021 and is expected to grow at a CAGR of around 8% during the forecast period (2021-2027). The Heat Pump market demand is increasing at propelling rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are positively accentuating its market size are as increasing need to curb dependence on fossil fuels and look for an energy-efficient alternative to furnaces and air conditioners are expected to drive the demand for heat pumps over the forecast period. In addition, growing environmental concerns and permissive regulatory policies, are positively influencing the market size of heat pumps. For instance: Domestic RHI and the Non-Domestic RHI, by the government of the United Kingdom is a financial incentive scheme set up to encourage the installation and usage of renewable heating technologies in existing homes. Such initiatives are expected to fuel market growth over the forecast period.

Also, several key manufacturers of Heat Pumps supplies are also focusing on developing new technology-driven in higher quantities to capitalize on existing opportunities in the market. For instance: In 2022, Viessmann Group has taken a majority stake in Pacifica Home Services Ltd. (PHS), simultaneously backing the re-investment of the Management team. PHS is a specialist in both the installation and maintenance of integrated HVAC solutions with a further specialization in heat pumps. Daikin Industries, Ltd., Glen Dimplex Group, Ingersoll Rand, Plc., Melrose Industries PLC., Mitsubishi Electric Corporation, NIBE Industrier AB, Panasonic Corporation, Stiebel Eltron, Vaillant Group,Viessmann Werke GmbH & Co. KG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst System, air-to-air segment holds the major share”

Based on the system, the heat pump market is categorized into air-to-air, air-to-water, electric, and geothermal heat pumps. The air-to-air heat pump segment caters to a considerable share of the heat pump market and is expected to witness high growth during the forecasted period. Several factors have raised the popularity of air-to-air heat pump technologies, including policy development, upgraded construction standards that make heat pumps in new buildings more competitive, and growing air-conditioning demand.
"Amongst capacity, up to 10 KW segment holds the major share”

Based on capacity, the heat pump market is segmented into up to 10 KW, 10-20 KW, 20-30 KW, and heat pumps above 30 KW. The up to 10 KW segment caters to a considerable share of the heat pump market and is expected to witness high growth during the forecasted period. The rising adoption of heat pumps in single-family residential houses owing to their suitability and extensive energy performance.
"Amongst end-user, residential segment holds the major share”

Based on end-user, the heat pump market is segmented into residential, commercial, and industrial. The residential segment caters to a considerable share of the heat pump market and is expected to witness high growth during the forecasted period. Changing climatic conditions is the key factor that fuels the adoption of heat pumps to provide heating solutions in cooler seasons and cooling solutions on hot days. Heat pumps are highly energy-efficient and are used for space heating, cooling, and sanitary hot water generation uses at homes. Therefore, favourable government regulations along with tax rebates offered on installing energy-saving products further fuel the adoption of heat pumps in the residential sector.
"Asia Pacific represents one of the extensive market shares of global Heat Pump Market”

For a better understanding of the market dynamics of global drilling waste management. The Asia Pacific acquired an extensive market share in the heat pump market and is expected to grow at an extensive rate predominantly due to the growing demand for energy-efficient heating solutions in the residential and commercial industries coupled with the rising awareness about climate change and greenhouse gas emission.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.