The market is expected to reach US$ 50.714 Mn by 2032, at a CAGR of 4.3%. The Heat pumps market to grow 3.6% year on year in 2022, reaching a value of approximately US$ 33,156 Mn by 2022 end. Heat pumps can effectively use clean energy for heating, so they have been widely used in China. The country is expected to reach a value of about US$ 21,011.7 Mn by 2032.
The reduction of initial energy demand and carbon emissions from such devices has been identified as a key driver of the heat pump market. Increased investment in the construction and residential sectors will provide heat pump suppliers with new growth markets. The market is anticipated to witness a considerable value CAGR of 5.4% during the period of 2022 and 2030.
Amidst the health crisis, cooling as well as heating systems are critical to fulfil the immediate needs of consumers, such as providing thermal comfort in hospitals and homes, preserving food and medicines, and keeping data centers running. In line with this, refrigeration and heat pumps are essential for consumers.
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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 behavior in the short term, with domestic shipments from China for air source heat pumps (ASHPs) registering drop of over one-third in January 2022.
The 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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Heat Pumps Market : Competitive Landscape
The study provides vital insights of the competition 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 key manufactures 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.
Heat Pumps Market by Category
By Product Type:
- Air-water heat pump
- Air-air heat pump
- Ground Source heat pump
- Hybrid heat pump
By End Users:
- Residential
- Commercial
- Industrial
By Power Source:
- Electric
- Others(Gas Driven)
By Refrigerants:
- HFC
- CO2
- Ammonia
- Hydrocarbon
- Others
By System Type:
- Air-source heat pumps
- Ductless mini-split heat pumps
- Geothermal heat pumps
- Absorption heat pumps
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- MEA
- Japan
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