The global residential heat pumps market size is expected to reach USD 17.6 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.5% over the forecast period. Rising spending on construction of new environmental friendly buildings in order to cut down the greenhouse gas emissions is expected to be a key driver for the market. In addition, consumers are increasingly adopting these eco-friendly, cost-effective, and sustainable HVAC solutions on account of their shifting inclination towards renovation, along with introduction of technologically advanced HVAC infrastructure in home.
Energy produced around the globe is primarily used for heating and cooling in buildings around the globe. The governments have been focusing on reducing the burden of carbon footprints across the globe, which leads to climate change, by eliminating the wide use of fossil fuels in generating energy and other related purposes. In addition, they are framing stringent policies and regulations for cutting down the greenhouse gas emissions through various initiatives such as offering incentives for installing heat pumps in the houses.
For instance, the governments of various countries including U.S., Japan, Australia, and some European countries are providing subsidies for installation of heat pumps in order to cut down the carbon footprints. Moreover, it helps encouraging and promoting the consumers to adopt renewable energy for heating and cooling.
The air to air technology segment held the largest share of more than 60.0% in 2018 owing to its less requirement of energy, along with higher output. Air sourced heat pumps can usually deliver around three times more heat energy than the amount of electricity they consume. For instance, in June 2017, Stiebel Eltron, introduced its one of its popular WPL air source heat pumps in a plug and play version. This pump has various qualities such as modern compact design and active cooling.
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Asia Pacific was the largest market for residential heat pump, accounting for more than 40.0% share of the global revenue in 2018. The growth is attributed to increasing step towards adoption of clean energy by the governments of various countries including China, Japan, and South Korea. Additionally, growing middle-income population in developing countries including China and India has been playing a crucial role in increasing the spending on new residential structures, which, in turn, will promote the utility of various residential heat pumps over the next few years.
Residential Heat Pump Market Report Highlights
• By technology, water source residential heat pumps are expected to expand at a CAGR of 11.5% from 2019 to 2025
• Europe is expected to be the fastest growing market, expanding at a CAGR of 12.2% for 2019 to 2025 as a result of increasing awareness regarding global warming in key countries including Germany, U.K., and France
• Key players in residential heat pumps market include Daikin Industries, Ltd., Emerson Electric Co., Carrier Corporation, Vaillant Group, Mitsubishi Electric Corporation, Robert Bosch LLC, Trane, Viessmann Limited, Nortek Global HVAC LLC, and GLEN DIMPLEX GROUP.
• Product innovation is expected to remain a key strategy among the industry participants.
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Residential Heat Pump Market Segmentation
Grand View Research has segmented the global residential heat pumps market on the basis of technology, power source, and region:
Residential Heat Pumps Technology Outlook (Revenue, USD Million, 2015 – 2025)
• Air to Air
• Water Source
Residential Heat Pumps Power Source Outlook (Revenue, USD Million, 2015 – 2025)
• Electric Powered
• Gas Powered
Residential Heat Pumps Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• The U.S.
• Asia Pacific
• South Korea
• Central and South America
• Middle East & Africa
• Saudi Arabia
List of Key Players of Residential Heat Pump Market
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Carrier Corporation
• Vaillant Group.
• Mitsubishi Electric Corporation.
• Robert Bosch LLC
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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