Global Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application (Residential {Single Family, Multi Family}, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Global Heat Pump Market size surpassed USD 48 billion in 2019 and annual units sold is anticipated to exceed 16 million units by 2026. Growing living standards along with the surging demand for compact and efficient heating technologies will drive the global market growth.
 

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A heat pump is a mechanical compression cycle refrigeration system, that supports reverse functionality & operation to either cool or heat a restricted space. A heat pump is comprised of two main components which includes an indoor air handler and an outdoor unit. The outdoor unit includes a compressor that circulates the refrigerant that absorbs & releases heat as it travels between the indoor & outdoor units.
 

High safety, less maintenance, and low operational costs are some of the key underlying features complimenting the market demand of these units when compared to the combustion-based heating systems. This in turn has increased the product demand across residential & commercial establishments, thereby providing lucrative business opportunities to the local & global market players.
 

The typical lifespan of a heat pump varies between 14 to 16 years, depending upon the weather across a geographic area and the periodicity of maintenance/service of a heat pump. The study features a detailed analysis of industry trends on a global scale segmented on a country & regional basis across residential, commercial & industrial applications. Moreover, the market forecasts & estimates are in line with data represented by authorities including the IGSHPA, EIA, DOE, government regulatory bodies and company press releases.
 

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Focus toward the installation of sustainable heating & cooling technologies augmenting the air source heat pump industry growth

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An air source heat pump functions by transferring the heat absorbed from outside air to an indoor space through the wet central heating system and provides hot water across homes, offices and other commercial establishments. An air source heat pump has the ability to provide heat at low temperatures when compared to conventional oil & gas boilers, which has accelerated the product penetration.
 

Low carbon footprint, long lifespan and minimal installation time are some of the eminent features favoring the market demand. Furthermore, it has been analyzed that these units in ideal conditions can offer thrice thermal energy than the electrical energy it consumes, resulting in an increased product demand and enhancing market outlook. In addition, significant investments toward the manufacturing of custom-designed heat pumps for reliable operation across regions with extreme climatic conditions will positively influence the air source heat pump market outlook over the forecast period.
 

Increasing awareness toward energy efficient heating systems propelling product demand across residential establishments

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Residential sector holds the dominant market share across the global heat pump industry. Increasing urbanization rate along with rising population has accelerated the demand of housing structures, thereby enhancing the market trends of these products. The ability to provide both heating & cooling with high efficiency will increase product deployment across the residential establishments, creating significant business growth potential for market players operating across the industry.
 

These systems have a high ratio of heat output to energy expressed as a coefficient of performance (COP). It has been analyzed that typical domestic heat pumps have a COP between 2 and 4.5, which means that under optimum conditions, a heat pump produces around 2 to 4.5 times as much heat as the electricity it consumes.
 

These pumps are gaining abundant market opportunities mainly across North America and Europe which witness extreme climatic conditions. Ease of installation and compact design are some the key underlying features which will boost the product installation over the forecast timeframe.
 

Overall economic growth will augment product installation across the Asia Pacific region

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Long term growth prospects impacted by demographics is anticipated to augment the Asia Pacific heat pump market demand. As of now the regional market share is mainly driven by the increasing construction activities across the residential and commercial sector. Development of new business centers (offices, hospitality, education institutes and SEZs) has appreciably stimulated the deployment of various energy efficient technologies in the region.
 

In addition, ongoing investments aimed to cope up with the environmental issues along with the introduction of energy efficiency plans by policymakers has further driven the regional market trends. Respective governments across the region have intruded renewable energy targets to meet the nationally announced reductions in carbon emissions, which will further enhance the business outlook.
 

Acquisitions and collaborations acting as the point of convergence of market leaders

The leading industry players are currently focusing on acquisition, collaboration, joint ventures and strategic partnership to gain the competitive edge in the industry. The business strategy on collaboration is devised to transform the overall business plan by driving the optimal productivity and performance. The industry is highly competitive with market leaders holding majority market share across the global heat pump industry. The prominent market players consist of Trane, Valliant Group, Viessmann, Bosch Thermotechnology, Glen Dimplex, Danfoss, Daikin, MODINE Manufacturing Company, Mitsubishi Electric Corporation, WOLF GmbH, amongst others.
 

Global heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Thousand Units, and ‘USD” from 2015 to 2026, for the following segments:

By Product

• Air source
• Ground source
• Water source

By Application

• Residential
  • Single Family
  • Multi Family
• Commercial
  • Educational Institutes
  • Healthcare
  • Retail
  • Logistics & Transportation
  • Offices
  • Hospitality
• Industrial

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Iran
  • Saudi Arabia
  • Turkey
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina