The global heat pump market by revenue is expected to grow at a CAGR of over 8% during the period 2019–2025.
The market for heat pumps witnessed reasonable growth in 2019 where over 50% of the contribution came from established markets of China, the US and Japan. Similarly, Scandinavian countries and Nordic regions accounted for the regions with high installation per 1000 households in 2019 making them as mature markets across the globe. Going forward, the global heat pump market is expected to witness sudden traction in demand during 2021 after the downfall of the market in 2020 owing to the COVID-19 pandemic.
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Heat Pump Market – Dynamics
Here are list of trends and drivers that are impacting the revenues and profitability in the global heat pump market:
- Growth in Green Buildings
- Preference for IoT Enabled Heat Pumps
- Growing Popularity of Dual Source Heat Pumps
- Need for Energy Efficiency and Sustainability
- Favorable Government Policies and Incentives
- Growth in District Heating
Heat Pump Market – Segmentation
This research report includes detailed market segmentation by product type, power source, application, and geography.
- The mandatory requirement for stable water body and reservoirs for the seamless operation of water source heat pumps is limiting the wide scale adoption of the product segment.
- As per the end usage pattern, the extensive usage of heat pump among the residential segment made the less than 10 kW segment to dominate market in 2019. Majority of the homes falling under the measurement of 3,500 sq. ft, these heat pumps are considered to be more ideal with affordable cost and installation.
- The residential end use segment was by far the largest market for heat pumps with extensive utilization of air source heat pumps. The rise in disposable income, growing urbanization levels and expansion of distribution networks to cater the domestic aftersales service have eventually led to the dominance across the geographies.
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–20kW
- Greater than 20 KW
Heat Pump Market by End-user
- Residential
- Commercial
- Industrial
Heat Pump Market – Geography
APAC dominated the heat pump market share in 2019. China and Japan were the largest contributors of the region and APAC is the fastest growing region in the global heat pump market. The growth is expected to be concentrated in economies such as India, Malaysia, Singapore, and Thailand whereas China is expected to sustain its dominance where commercial and industrial applications are the next big opportunity in the country. The attractive government subsidies and the stringent efforts taken towards improving the sustainability factor has contributed to the growth of heat pumps installation in China.
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
Heat Pump Market – Vendor Landscape
The global heat pumps market is fragmented where it is characterized by the presence of significant number of global and domestic vendors across the geographies. Global players like Carrier, Rheem Manufacturing, Midea, Daikin, Trane are trying to expand their markets through profitable partnerships and merger strategies whereas the domestic vendors are capitalizing with the product portfolio that best suits the domestic needs and wants.
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
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