Heat Pumps Market Projected reaching a value of about US$ 50,714 Mn by 2030 end: FMI

Increasing demand for tech-advanced cooling solutions with a 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 heat pumps market.

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Amidst the health crisis, cooling as well as heating systems are critical to fulfilling the immediate needs of consumers, such as providing thermal comfort in hospitals and homes, preserving food and medicines, and keeping data centres running. In line with this, refrigeration and heat pumps are essential for consumers.

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 2022.

Moreover, the COVID-19 pandemic will significantly impact consumer behaviour in the short term, with domestic shipments from China for air source heat pumps (ASHPs) registering a drop of over one-third in January 2022.

The heat pumps market will witness v-shaped recovery growth, owing to the 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 their excellent recyclability, low cost, and environment-friendly attributes.
• Hybrid heat pumps are likely to see a 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 the 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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Heat Pumps Market: Competitive Landscape

The study provides vital insights into the competitive landscape in the heat pumps market, along with various strategies adopted by prominent players. The heat pumps market is fairly competitive, with manufacturers offering identical products. Some of the keys manufacturers in the heat pumps market are Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group, and Danfoss Group Global.

Market participants are investing in R&D activities to develop new products with better energy efficiency, and are also focusing on providing aftersales services.