Market Scenario, Heat pump is a device which is used to transfer heat energy from one place to another. Heat pump consists of four major components, namely, condenser, expansion valve, evaporator, and compressor. The heat transfer medium circulated through these components is known as refrigerant. Heat pump mainly includes Heating, Ventilating, and Air conditioning (HVAC) devices that are used for space heating and space cooling. Reduction of primary energy demand and CO2-emissions devices is the major driver of the heat pump market. Increasing investments in construction and residential sectors would provide new growth markets for the suppliers of heat pumps., Government policies in many countries have continued to focus on the promotion of renewable and energy efficient heating and cooling technologies in the commercial, residential, and industrial sectors. According to the International Renewable Energy Agency (IRENA), carbon emission must decline to 9.5 gigatonnes (Gt) by 2050, in order to curb global warming to less than 2 degree Celsius above pre-industrial temperatures. To achieve this, there is a need for expansion of renewable energy and improving energy efficiency which would drive the heat pump market worldwide. , , The global heat pump market is projected to grow at a high rate during the forecast period, mainly due to the significant contribution of heat pumping technology in reduction of CO2 emission. Heat pumps offer an energy-efficient way to provide space heating through the aerothermal and geothermal technologies. Exhaust air, groundwater, and surface water (lake, river or pond) are other examples of commonly used heat sources. Many countries are concerned regarding the increase of energy–related CO2-emissions as a result of using fossil fuels for energy generation. However, carbon emission can be reduced by using heat pump systems. Countries across the globe are using heat pumping system to reduce energy consumption for instance, according to the Finnish Heat Pump Association, 62,000 pumps were sold in 2017, which is 3% more than 2016. Huge investments in heat pump have been made by home owners which would drive the heat pump market in Europe. , Global heat pump market has been segmented based on type, capacity, e

Market Scenario

Heat pump is a device which is used to transfer heat energy from one place to another. Heat pump consists of four major components, namely, condenser, expansion valve, evaporator, and compressor. The heat transfer medium circulated through these components is known as refrigerant. Heat pump mainly includes Heating, Ventilating, and Air conditioning (HVAC) devices that are used for space heating and space cooling. Reduction of primary energy demand and CO2-emissions devices is the major driver of the heat pump market. Increasing investments in construction and residential sectors would provide new growth markets for the suppliers of heat pumps.

Government policies in many countries have continued to focus on the promotion of renewable and energy efficient heating and cooling technologies in the commercial, residential, and industrial sectors. According to the International Renewable Energy Agency (IRENA), carbon emission must decline to 9.5 gigatonnes (Gt) by 2050, in order to curb global warming to less than 2 degree Celsius above pre-industrial temperatures. To achieve this, there is a need for expansion of renewable energy and improving energy efficiency which would drive the heat pump market worldwide.

The global heat pump market is projected to grow at a high rate during the forecast period, mainly due to the significant contribution of heat pumping technology in reduction of CO2 emission. Heat pumps offer an energy-efficient way to provide space heating through the aerothermal and geothermal technologies. Exhaust air, groundwater, and surface water (lake, river or pond) are other examples of commonly used heat sources. Many countries are concerned regarding the increase of energy–related CO2-emissions as a result of using fossil fuels for energy generation. However, carbon emission can be reduced by using heat pump systems. Countries across the globe are using heat pumping system to reduce energy consumption for instance, according to the Finnish Heat Pump Association, 62,000 pumps were sold in 2017, which is 3% more than 2016. Huge investments in heat pump have been made by home owners which would drive the heat pump market in Europe.

Global heat pump market has been segmented based on type, capacity, end-user, and region. Based on type, the market is classified into air to air, and air to water heat pumps. Air to air segment is leading the market and has the largest market share because it is cheaper comparatively and it has higher CoPs (Coefficient of Performance) compared to air to water heat pumps. The global heat pump market is further segmented based on end-user, including industrial., commercial, and residential. Residential sector is one of the leading end-users for heat pumps due to increase in urbanization which has led to the demand for smart buildings. Governments are relying on smart buildings to reduce CO2 emission along with lesser electricity consumption. Thus, the builders of these smart buildings are trying to install energy efficient devices such as heat pumps.

The global heat pump market is expected to grow at 11.08% CAGR during the forecast period.

Market Segmentation





Global Heat Pump Market

Global heat pump market is expected to witness substantial growth during the forecast period owing to growing investments in the residential and commercial sectors coupled with need to reduce carbon emissions. For instance, according to the Real Estate Developers’ Association of India (CREDAI), the real estate sector in India is projected to reach USD 180 billion by 2020 from USD 126 billion in 2015. Hence, this would increase the demand for heat pumps. Asia Pacific holds the largest share in the heat pump market due to increasing investments in the residential and commercial sectors in countries such as India and China, creating demand for the heat pump market. Additionally, the government in these countries are drawing up policies to ensure that energy-efficient equipment such as heat pumps are being installed in new buildings. Europe holds the second largest share in the heat pump market with investment in refurbishment of aging electrical infrastructure and growing focus on using energy efficient devices to reduce carbon emissions.

Key Players

The key players of global heat pump market are Midea (China), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Daikin (Japan), Danfoss (Denmark), and Hitachi (Japan).

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