According to FMI’s recent study, the global heat pumps market was valued at around US$ 32 Bn in 2019 and is estimated to expand at a CAGR of 5% over the forecast period of 2020-2030, with a limited impact of the current pandemic situation on long-term growth forecasts. Increasing demand for tech-advanced cooling solutions with low carbon footprint, government initiatives to curb greenhouse gas emissions, and advancements in heating, ventilation, and air conditioning (HVAC) systems are factors contributing to the revenue pool of the global heat pumps market.
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Energy-efficiency and environment-friendliness continue to be buzz words that impact production and demand of heat pumps. However, given that construction, especially in the residential segment, is a key determinant for demand of heat pumps, the drop in construction activity in almost all countries due to the COVID-19 pandemic has severely hurt the market. Some countries witnessed a drop in construction activity as high as 80 percent in 2020 when compared to the previous year. As a result, previous growth estimates for the market have been thrown awry and key players in the market have been forced to recalibrate their strategies.
As the world attempts to fight the COVID-19 pandemic, it has led to delayed production across several heat pump production facilities in major coronavirus hit countries such as the US, China, and Germany, This is expected to dampen heat pump sales by around US$ 1 Bn in 2020. Moreover, the COVID-19 pandemic will significantly impact consumer behavior in the short term, with domestic shipments from China for air source heat pumps (ASHPs) registering drop of over one-third in January 2020.
The global heat pumps market will witness v-shaped recovery growth, owing to rising inclination towards innovative construction solutions, especially in countries such as India, China, and Mexico.
Key Takeaways from Heat Pumps Market Study
- Air-water heat pumps are finding immense use in domestic hot water, floor heating, and space heating/cooling applications.
- Heat pumps having flexible or twin-speed features to reduce energy consumption and improve overall efficiency throughout are likely to garner substantial traction over the forecast period.
- Demand for CO2 refrigerant heat pumps is expected to increase, given its excellent recyclability, low cost, and environment-friendly attributes.
- Hybrid heat pumps are likely to see significant rise in adoption, owing to their high efficiency, lower energy consumption, and cost effectiveness as compared to other heat pumps.
- Air-source heat pumps continue to grab huge attention of market players, owing to their low installation cost and high demand in North America and Western Europe.
“As the world moves towards sustainable and green energy solutions, heat pumps are expected to replace conventional heating systems rapidly in the near term. In addition, the ongoing coronavirus (COVID-19) spread can alter how companies organize their supply chains in the coming years, with more stress being layed on decentralization”.
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The global heat pumps market is segmented into six segments in detail to cover every aspect of the market and present complete market intelligence to the readers.
- Air-water Heat Pumps
- Air-air Heat Pumps
- Ground Source Heat Pumps
- Hybrid Heat Pumps
- Others (Gas Driven)
- Air-source Heat Pumps
- Ductless Mini-split Heat Pumps
- Geothermal Heat Pumps
- Absorption Heat Pumps
- North America
- Latin America
- Western Europe
- Eastern Europe
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The study provides vital insights of the competition landscape in the heat pumps market, along with various strategies adopted by prominent players. The global heat pumps market is fairly competitive, with manufacturers offering identical products. Some of the key manufactures in the heat pumps market are Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group, and Danfoss Group Global.