Heat Pump Market Size to Reach Revenues of over $92 Billion by 2025 - Arizton

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Sep 14, 2020, 10:00 ET

In-depth analysis and data-driven insights on the impact of COVID-19 included in this global heat pump market report.

CHICAGO, Sept. 14, 2020 /PRNewswire/ -- The global heat pump market size is expected to grow at a CAGR of around 8% during the period 2019−2025.

Key Highlights Offered in the Report:

1. By product type, air source segment dominated the market with a 70% share in 2019 and is expected to add over $6.5 billion during the forecast period.

2. By capacity, less than 10kW heat pumps were more significant, where the global installations are expected to reach 14 million units by 2025.

3. Driven by the concept of district heating, and supportive government regulations, the commercial end user segment is expected to grow over 8% during the forecast period.

4. With respect to penetration, the Nordic and Scandinavian countries are regarded as forerunners, where the European region accounted for around 18% of the revenue share.

5. The preference for green buildings, LEED certification systems, and high product awareness are driving market in APAC where China, Japan, and South Korea.

6. Eco-friendly refrigerants, IoT integration, and expansion of global footprint are some of the major competitive strategies pursued by the vendors in the heat pump market.

Key Offerings:

Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by product type, power source, application, and geography
Competitive Landscape – 5 key vendors and 22 other vendors

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Heat Pump Market – Segmentation

Geothermal or ground source heat pumps (GSHP) are proven to be the most sustainable method for heating and cooling mechanisms in the market. With energy output suitable for all types of applications, they are increasingly installed in residential, commercial, and industrial sectors.
The less than 10 kW segment dominates the market on account of the extensive usage of heat pumps in the residential segment. Majority of homes under 3,500 sq. ft consider these heat pumps as ideal with affordable cost and installation. APAC is the fastest-growing region for the segment owing to the concentration of underpenetrated and growing economies.
The residential end-user segment dominated the market in 2019 and is expected to remain significant during the forecast period. The rise in disposable income, the increased awareness of geothermal energies, the use of HVAC systems utilizing renewable resources, awareness of sustainability, and eco-friendliness are expected to drive the market in the residential sector.

Heat Pump Market by Product Type

Air Source
Air-to-air
Air-to-water
Water Source
Ground Source

Heat Pump Market by Capacity

Less than 10 KW (<10kW)
10kW–20kW
Greater than 20 KW (>20kW)

Heat Pump Market by End-user

Residential
Commercial
Industrial

Heat Pump Market – Dynamics

The concept of green buildings is gaining momentum across the globe where the benefits associated with respect to the environment is driving adoption. Addressing climatic change, creation of sustainable and thriving communities, and driving the growth of economy are some of the major factors enforcing the growth of this trend. While they are not only preferred for reducing the harmful impact on the environment, they are also capable of generating energy and increasing biodiversity. The defense on green buildings are also on the rise owing to the higher resale value of the building in future which is approximately 7%-10% higher than conventional buildings. The concept also aims to achieve high comfort and health to the occupants through the use of materials that are environment friendly.

Key Drivers and Trends fueling Market Growth:

Preference for IoT Enabled Heat Pumps
Growing Popularity of Dual Source Heat Pumps
Need for Energy Efficiency and Sustainability
Favorable Government Policies and Incentives

Heat Pump Market – Geography

Growth is expected from growing markets of India, Indonesia, Malaysia, and Thailand where low product awareness and high cost of installation were the major challenges for adoption till 2019. The attractive government subsidies and the stringent efforts taken towards improving the sustainability factor has contributed to the growth of heat pump installation in China. The consistent investment in district heating network is influencing the market for high capacity heat pumps in commercial and small industrial spaces. With more than 400 heating projects in line, the vendors can potentially convert this opportunity for adopting heat pumps over boilers. Going forward, the vendors can rely on smart district heating projects for viable growth scenarios. While the sales of air source heat pumps have attained maturity, implementation of newer technologies and eco-friendly refrigerants in heat pumps of compact sizes can find suitable adoption.

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Heat Pump Market by Geography

North America

US
Canada

Europe

Sweden
Germany
France
Italy
Spain

APAC

China
Japan
South Korea
Australia
India

Latin America

Brazil
Mexico

Middle East & Africa

South Africa
Saudi Arabia
UAE

Prominent Vendors

Daikin
Carrier
Trane
NIBE
Mitsubishi

Other Prominent Vendors

LG
Bellcross Industries
Hitachi
Stiebel Eltron
Ingersoll Rand
Glen Dimplex
The Viessmann Group
The Vaillant Group
Midea Group
Panasonic
Danfoss
Robert Bosch GmbH
WOLF
Flamingo Heat Pumps
Lennox
BDR Thermea Group
Mayekawa
Thermax Group
GEA
Rheem Manufacturing Company
Ascler
FUJITSU GENERAL
Johnson Controls

Explore our industrial machinery profile to know more about the industry.

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SOURCE Arizton Advisory & Intelligence