According to FMI, in the Asia Pacific region, heat pumps will dominate the market for, followed by North America. By the end of 2030, it is anticipated that APAC and North America will hold a combined revenue share of 73.9 percent of the global market.
According to Future Market Insights (FMI), by the end of 2022, the heat pump market will have grown by 3.6 percent annually, reaching a value of about US$ 33,156 Mn.
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The initial reduction of energy consumption and carbon emissions from such devices is recognised as a key market driver for heat pumps. Greater residential and construction investment will open up new markets for heat pump suppliers. Between 2022 and 2030, the market is anticipated to grow at a significant rate (CAGR) of 5.4 percent.
Over the forecast period, the market for heat pumps in China is anticipated to grow at a CAGR of roughly 6.7%. One of the biggest markets in the Asia-Pacific region, China, has a significant demand for heat pumps across all three market segments—commercial, residential, and industrial. Heat pumps are frequently employed in China because they can effectively heat a building using sustainable energy. By 2030, the nation’s GDP is projected to be at $21,011.7 million USD.
In the midst of the health crisis, cooling and heating systems are essential to meeting customers’ immediate needs, including maintaining data centres’ operations, conserving food and medicine, and ensuring thermal comfort in homes and hospitals. In accordance with this, consumers require refrigeration and heat pumps.
While the globe works to contain the COVID-19 pandemic, output at numerous heat pump manufacturing plants has been delayed in major coronavirus-affected nations like the US, China, and Germany. This is predicted to reduce heat pump sales by about US$ 1 billion 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.
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“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”.
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.
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