Future Market Insights (FMI) has assessed the Heat Pumps Market to expand by 3.6 percent year on year in 2022, resulting in a value of approximately US$ 33,156 Mn by the end of 2022.
Rising demand for technologically advanced cooling solutions with a low carbon footprint, government efforts to reduce greenhouse gas emissions, and advancements in heating, ventilation, and air conditioning (HVAC) systems are all contributing to the revenue pool of the heat pumps market.
During the health crisis, cooling and heating systems are critical to meeting consumers’ immediate needs, such as providing thermal comfort in hospitals and homes, preserving food and medicines, and keeping data centres operational. As a result, refrigeration and heat pumps are critical for consumers.
As the world fights the COVID-19 pandemic, production has been delayed at several heat pump manufacturing facilities in major coronavirus-affected countries such as the United States, China, and Germany. This is expected to reduce heat pump sales by around $1 billion in 2022.
Furthermore, the COVID-19 pandemic will have a significant short-term impact on consumer behaviour, with domestic shipments from China for air source heat pumps (ASHPs) dropping by more than one-third in January 2022.
The heat pumps market will experience v-shaped recovery growth as a result of the growing preference for innovative construction solutions, particularly in countries such as India, China, and Mexico.
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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 critical insights into the competitive landscape in the heat pumps market, as well as various strategies employed by key players. The market for heat pumps is fairly competitive, with manufacturers offering nearly identical products. Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group, and Danfoss Group Global are some of the leading manufacturers in the heat pump market.
Market participants are investing in R&D activities to develop new products that are more energy efficient, as well as in aftersales services.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centres in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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