The global Heat Pump Market is projected to reach a market size of USD 94.42 billion by 2023 from an estimated USD 54.34 billion in 2018, growing at a CAGR of 11.68% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for heat pumps, followed by Europe. This trend is expected to continue until 2023. The heat pump market is set to witness growth because of increased investments in the residential and commercial sectors, infrastructure developments, and ability to reduce carbon emissions.
Heat pumps transfer heat from one point to another in the vital parts of cooling and heating processes, which use the air available outside and inside a particular space to perform these functions. The heat pumps extract the outside heat when it is warm outside and act like an air conditioner, thereby removing the heat from buildings, and vice versa. 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.
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The residential segment is expected to generate significant demand for heat pumps
The increase in urbanization has led to the demand for smart buildings. These buildings require efficient heat pumps, leading to the growth of the heat pump market. Smart buildings are not only green/sustainable but are also intelligent; these buildings are equipped with advanced technologies, which include heat pumps. Heat pumps provide a comfortable and standard living environment. Governments are relying on smart buildings, which ensure a lower carbon footprint, 40% reduction in the usage of water, and less electricity consumption. Thus, developers and owners of buildings are trying to meet energy-efficiency guidelines using equipment such as heat pumps.
Asia Pacific is expected to be the largest market for heat pump
In this report, the heat pump market has been analyzed concerning 4 regions, namely, Asia Pacific, Europe, North America, and Rest of the World (RoW). The governments in these countries are drawing up policies to ensure that energy-efficient equipment such as heat pumps are being installed in new buildings, which is expected to drive the market for heat pumps. The demand from China would lead the market in Asia Pacific. Growing investments in the residential and commercial sectors of the Chinese market is creating a huge demand for the heat pump market. Rising government regulations and policies for increasing energy efficiency and favorable incentives, a significant contribution of heat pumping technology in the reduction of CO2 emissions, implementation of large industrial and commercial projects, and refurbishment of the aging infrastructure in Asia Pacific & Europe would continue to create demand for the heat pump market.
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The global Heat Pump Market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the market include Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).