Heat Pump Market to Grow at a CAGR of 9.4% through 2028
Published | 29 April 2022
Global heat pump market is growing at a high CAGR because of the increasing demand for energy-efficient and sustainable equipment along with favorable government initiatives to boost the adoption of heat pumps in residential and commercial facilities…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global heat pump market was worth USD 53.3 billion in the year 2021 and is projected to grow at a CAGR of 9.40%, reaching revenues of around USD 99.7 billion by the end of 2028. The global heat pump market is gaining significant traction owing to rising demand for energy-efficient and sustainable equipment. For this purpose, heat pumps are emerging as efficient and low maintenance and operational cost devices for efficient energy management tools. Furthermore, favorable government initiatives to boost the adoption of heat pumps in residential and commercial facilities is also emerging as a major driving factor for the growth of the global heat pump market.
Increasing Installation for Heat Pump from Residential Sector is Driving Global Heat Pump Market
Heat pumps are gaining huge traction in the residential sector owing to their benefits of efficient energy management and cutting costs. More and more people are installing heat pumps into their homes for heating and cooling them. Heat pumps are capable of pulling heat from the cold outdoor and transferring it inside homes during cold days. It can also pull heat out of indoor air to cool homes during summers. Their popularity is also attributed to its low running cost and maintenance along with reduced carbon emissions, which is propelling the overall market growth.
Rising Demand for R407C Refrigerant Type is Propelling Global Heat Pump Market Growth
Based on refrigerant type, the global heat pump market is segmented into R410A, R407C, R744, and others. The R410A refrigerant type segment accounts for the largest market share. However, this refrigerant type is scheduled for elimination from all new systems in 2023 due to its being a global warming hazard. Therefore, refrigerant type R407C is projected to register the highest growth rate during the forecast period since it shows higher energy efficiency compared to other types.
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Global Heat Pump Market - By Rated Capacity
Based on rated capacity, the global heat pump market is segmented into up to 10 kw, up to 10 kw, 20–30 kw, and above 30 kw. The up to 10 kW rated capacity of heat pumps accounts for the largest market share owing to the prominent use in the residential spaces in single family houses. The increasing construction of residential spaces, especially in developing countries for economic development is emerging as the major driving factor for the growth of the up to 10 kW rated capacity heat pumps.
Global Heat Pump Market - Regional Insights
Geographically, the global heat pump market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the global heat pump market owing to the rising focus towards energy-efficient equipment along with favorable government benefits and tax rebates. Europe also holds a substantial market share owing to the government initiatives and partnerships with heat pump companies to boost the installation of this equipment in residential spaces. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
Impact of COVID-19 on Global Heat Pump Market
The global heat pump market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The manufacturing operations and supply chains of heat pumps were completely halted due to lockdown restrictions, due to which the heat pump manufacturing companies had to register huge losses. Furthermore, the demand for heat pumps declined several folds from residential and commercial facilities in the lockdown period. The obstruction of construction activities of new buildings and residential spaces is expected to influence the demand for heat pumps in the long term.
The leading market players of the global heat pump market are Trane Inc., Efficiency Maine, Midea Group, WOLF (Centrotec Sustainable AG), NIBE Group, Flamingo Heat Pumps, Panasonic Corporation, Viessmann Werke GmbH & Co KG, Mitsubishi Electric Corporation, Glen Dimplex Group, Daikin Industries, Ltd., Stiebel Eltron Gmbh & Co. Kg, Swegon Group AB, Earthlinked Technologies, Bryant Heating & Cooling Systems, Bosch Thermotechnology, Kensa Heat Pumps, OCHSNER Warmepumpen, Nortek Global HVAC, Carrier Corporation, and other prominent players.
The market is highly competitive and concentrated due to the presence of multinational corporations. However, several regional companies are also emerging and giving tough competition to the established players. The companies are constantly introducing new products as well as significantly investing in research and development activities for offering innovations. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global heat pump market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global heat pump market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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