The latest market report published by Credence Research, Inc. “Heat Pumps Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the market for heat pumps was valued at US$ 50.25 billion in 2018 and is expected to grow at CAGR by 7.9% over the forecast period from 2019 to 2027.
Market Insights
Increased emission of greenhouse gases worldwide will enhance the heat pumps market
Increased greenhouse gas emissions and rising government energy efficiency regulations worldwide will increase the market demand for heat pumps over the forecast period 2019-2027. The increasing need for renewable energy sources, together with the rapid development of infrastructure, are other factors driving the market growth. The Asia Pacific dominates the global market for heat pumps backed by North America in 2018.
Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/heat-pumps-market
Rising CO2 concentrations in the atmosphere is another factor for market growth. According to a report by Our World in Data, the CO2 concentrations are now at the highest levels in over 8,00,000 years at 400ppm. Hence, to increase carbon emission the heat pumps are being used. Globally more than 36 Bn tons of CO2 emits per year and it is continuously increasing.
The growing need for energy-efficient heating solutions will boost the market growth. The rapid growth of urbanization & commercialization worldwide and a surge in demand for space heating are some other factors driving the market growth. Heat pumps have various benefits (such as low cost, less maintenance cost, long life span, and others) which are helping the market growth. Rapid technological advancements like IoT integration in heat pumps will also enhance the market growth in years to come.
Major heat pump manufacturers are inclined towards a new product launch strategy with advanced features such as IoT enabled heat pumps that will improve their market presence. Acquisitions, mergers, collaborations, and partnerships are some other major strategies adopted by the major players.
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Industrial Developments
• In November 2017, NIBE Industrier AB acquires Europe’s one of the largest water heater manufacturers Serbian TIKI Group. With the acquisition of the TIKI group, NIBE Industrier AB will strengthen its market position and increase its market presence in Europe.
Key Market Movements:
• The global heat pumps market is expanding at a CAGR of 7.9% for the projected period from 2019 to 2027
• The Asia Pacific dominates the heat pumps market owing to the rising industrial production processes in various industries (such as chemical, packaging, textiles, papermaking, and others) is the primary factor driving the market in the region. Growing infrastructural development in the region will also boost the market.
• Europe’s heat pumps market will show significant growth during the forecast period owing to favorable government regulations for energy consumption and recovering infrastructural development will boost the demand in the region.
• Based on technology, air source heat pumps dominate the market in 2019 owing to the wide application of these pumps in residential, commercial and industrial spaces. On the other hand, the ground source heat pump market is expected to show the fastest growth on account of their high-energy efficiency and stable temperature benefit.
• New product launch, acquisitions, collaborations, and mergers will be the key trend in the global heat pumps market during the forecast period.
• The Asia Pacific dominates the heat pumps market owing to the rising industrial production processes in various industries (such as chemical, packaging, textiles, papermaking, and others) is the primary factor driving the market in the region. Growing infrastructural development in the region will also boost the market.
• Europe’s heat pumps market will show significant growth during the forecast period owing to favorable government regulations for energy consumption and recovering infrastructural development will boost the demand in the region.
• Based on technology, air source heat pumps dominate the market in 2019 owing to the wide application of these pumps in residential, commercial and industrial spaces. On the other hand, the ground source heat pump market is expected to show the fastest growth on account of their high-energy efficiency and stable temperature benefit.
• New product launch, acquisitions, collaborations, and mergers will be the key trend in the global heat pumps market during the forecast period.
List of Companies Covered:
• United Technologies Corporation
• Daikin Industries, Ltd.
• NIBE Industrier AB
• The Viessmann Group
• Stiebel Eltron
• Ingersoll-Rand, Inc.
• Robert Bosch GmbH
• Vaillant Group
• The Danfoss Group
• Mitsubishi Electric Corporation
• Midea Group
• Panasonic Corporation
• Daikin Industries, Ltd.
• NIBE Industrier AB
• The Viessmann Group
• Stiebel Eltron
• Ingersoll-Rand, Inc.
• Robert Bosch GmbH
• Vaillant Group
• The Danfoss Group
• Mitsubishi Electric Corporation
• Midea Group
• Panasonic Corporation
Market Segmentation
By Technology Type
• Air Source
• Water Source
• Ground Source
• Hybrid
By End-user Type
• Residential
• Commercial
• Industrial
By Capacity Type
• Up to 10 KW
• 10-20 KW
• 20-30 KW
• Above 30 KW
By Geography Segment Type
- North America (the U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, Japan, India, Rest of Asia Pacific)
- Rest of the World (the Middle East & Africa, Latin America)
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