A heat pump is a mechanical device that transmits thermal energy from a source to a thermal reservoir. Heat pumps transfer heat energy in the opposite direction of spontaneous heat transfer by absorbing heat from cold space and releasing it a warmer one. Refrigerator and air conditioner are the most commonly known heat pumps. Refrigerator and air conditioner work only on cooling cycle, whereas heat pumps can operate on fully reversible cooling cycle. Increasing demand for eco-friendly and technologically advanced devices in heating and cooling applications is expected to boost the demand for heat pumps. Growing demand for eco-friendly devices worldwide is directly proportional to the global heat pumps demand, as heat pumps are very useful in reducing CO2 emission.
Market Dynamics
Heat pumps require low operation and maintenance cost, which is the major factor boosting its demand. Moreover, growing demand for heat pumps for residential application and significant contribution of heat pump technology in reducing carbon emissions is a major factor that is expected to boost the growth of heat pump market globally. Significant growth of construction industry combined with growing implementation of strict regulatory policies by governments, especially in China, South Korea, Japan, and the U.S. are expected to boost the demand for heat pumps for residential application. Moreover, subsidies on purchase of heat pumps provided by the government, tax credit schemes and increasing use of energy are expected to boost the market.
Key features of the study:
- This report provides an in-depth analysis of global heat pump market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022 to 2030), considering 2021 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading market players
- It profiles leading players in the global heat pump market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
- Companies covered as a part of this study include Daikin Industries Limited, Viessmann Group, NIBE Group, Danfoss Group Global, Stiebel Eltron Group, Mitsubishi Electric Corporation, United Technologies Corporation, Panasonic Corporation, Glen Dimplex Group, The Bosch Group
- Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics
- The global heat pump market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global heat pump market
Detailed Segmentation
- Global Heat Pump Market, By Type:
- Air-water Heat Pump
- Air-air Heat Pump
- Ground Source Heat Pump
- Hybrid Heat Pump
- Global Heat Pump Market, By Power Source:
- Electric
- Others (Gas Driven)
- Global Heat Pump Market, By End User:
- Residential
- Industrial
- Commercial
- Global Heat Pump Market, By Refrigerants:
- HFC
- CO2
- Ammonia
- Hydrocarbon
- Others
- Global Heat Pump Market, By Region:
- North America
- Europe
- By Country:
- Germany
- Italy
- U.K.
- France
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
- By Region:
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- Company Profiles
- Daikin Industries Limited *
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/ Updates
- Viessmann Group
- NIBE Group
- Danfoss Group Global
- Stiebel Eltron Group
- Mitsubishi Electric Corporation
- United Technologies Corporation
- Panasonic Corporation
- Glen Dimplex Group
- The Bosch Group
“*” marked represents similar segmentation in other categories in the respective section.
Segmentation - Heat Pump Market
