The Global Heat Pump Market was valued at US$ 9,050.77 Million in 2021 and is expected to surpass US$ 18,787.2 Million by 2030, registering a CAGR of 8.6% during the forecast period (2022-2030), according to the Global Heat Pump Market Report,  by Type (Air-water Heat Pump, Air-air Heat Pump, Ground Source Heat Pump, Hybrid Heat Pump),  by Power Source (Electric, Others (Gas Driven)), by End User (Residential, Industrial, Commercial), by Refrigerants (HFC, CO2, Ammonia, Hydrocarbon, Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.

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. On the basis of product, the global heat pump market is segmented into ground source heat pump (GSHP), air-air heat pump (AAHP), hybrid heat pump, and air-water heat pump (AWHP). On the basis of end user, the market is segmented into commercial, residential, and industrial sector.

Low costs concerning operations and maintenance are expected to drive growth the global heat pump market during the forecast pump. Heat pumps require low operation and maintenance cost, which is the major factor boosting its demand. According to Coherent Market Insights’ analysis, heat pumps can reduce electricity consumption for heating and cooling applications by around 50% as compared to electric resistance heating. Moreover, it uses 75% of renewable energy, which in turn minimizes operational cost for heat pumps. Heat pumps also require very minimal maintenance, which increases its adoption. Furthermore, heat pumps have an average lifespan of around 15-20 years. Therefore, these factors are expected to drive the market growth in the near future.

Key Developments

  • In July 2022, Daikin Industries, Ltd., a manufacturer of air conditioners and refrigerants established a heat pump heating factory in Poland. This plant is established to meet the rising demand of heat pumps in the Europe region.

Global Heat Pump Market- Impact of Coronavirus (Covid-19) Pandemic:

The covid-19 pandemic has immensely damaged the global economy. The global heat pump market faced many challenges during the pandemic. The stringent lockdown imposed by the government of various countries disrupted the business logistics and supply chain operations. Due to this the global heat pump market also witnessed supply chain disruptions and hence the global heat pump market witnessed slow growth during the pandemic.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/heat-pump-market-2167

Browse 150 market data tables* and 90 figures* on “Global Heat Pump Market - forecast to 2030”

Key Trends and Analysis of the Global Heat Pump Market:

  • Asia Pacific held a dominant position in the global heat pump market in the year 2021. This growth of market is attributed to development of residential and commercial buildings sector in countries such as India, China, Japan, and others. Demand for apartments at the individual level is rising tremendously, corporate sector is expanding drastically. Hence, the demand for heat pumps in the residential ad corporate sector has increased on a large scale as heat pumps are required for heating as well as cooling purposes. Hence, the heat pump market is expected to grow significantly in the Asia Pacific region in the forecast period.
  • North America is expected to witness significant growth in the heat pump market, owing to rising awareness among people to curb the dependence on fossil fuels and move towards more energy efficient alternatives. The advantages of using heat pump is they reduce the carbon emission which helps in reducing the environment damage caused by carbon emissions. Other advantages include less maintenance, low cost, and being eligible for the domestic renewable heat incentive (RHI) scheme.
  • Major players operating in the global heat pump market 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

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