Heat Pump Market (By Rated Capacity: Up to 10 kW, 10–20 kW, 20–30 kW, Above 30 kW; By Type: Air-to-Air, Air-to-Water; By End-User: Residential, Commercial, Hospitality, Retail, Education, Commercial, Industrial, Food & Beverage, Paper & Pulp, Chemicals & Petrochemicals, Other Industrial Sector) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global heat pump market is anticipated to reach market size of around US$ 136 Bn by 2027 and is anticipated to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 – 2027.

Heat pump is a heating system that transfers energy from the heating source to the endpoint i.e. heat sink. Thermal pumps transfer thermal energy in the opposite direction by collecting heat from a cold room and transferring it into a cooler one. There are four major components in the common configuration of the heat pump they are condenser, valve extension, evaporating valve and compressor. The heat pump also has domestic uses including kitchen hot water, toilets, washing area, and others.

Market Insights

The increase in the construction and housing sector for multi-unit and single-unit is expected to raise demand for heat pumps over the forecast period. Increasing customer buying preference are expected to raise the profits of restaurants and other companies, which are expected to further increase demand for these commercially operated pumps. The other factors that are likely to drive the growth of global heat pumps market is due to increasing carbon emission lead to the usage of consumers to use renewable heat sources. The U.S. government provides other benefits when these pumps are installed. The government also provides direct benefits for its deployment that are expected to fuel demand for the product over the projected period. The market over the forecast period is expected to be propelled by increasing demand for energy-efficient goods. Rising energy consumption in the residential and industrial sectors is expected to improve energy-saving products and technologies, reducing operating costs and increasing energy savings.

Application of heat pump in residential sector accounts to hold the major market share in 2019. The cooling season and cooling solutions in hot days were motivated by climate change as a primary driving force in implementing heat pumps. Highly energy efficient heat pumps are used for the generation of power, cooling and hot water at dwellings. However, the use of a heat pump in the residential sector is driven additionally by favorable government policies and tax rebates on the installation of energy-saving equipment.

Report coverage

The market research study on “Heat Pump Market (By Rated Capacity: Up to 10 kW, 10–20 kW, 20–30 kW, Above 30 kW; By Type: Air-to-Air, Air-to-Water; By End-User: Residential, Commercial, Hospitality, Retail, Education, Commercial, Industrial, Food & Beverage, Paper & Pulp, Chemicals & Petrochemicals, Other Industrial Sector) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global heat pump market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global heat pump market are offering rated capacity, type, end-user, and major geographic regions. The heat pump market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.

Asia Pacific accounts to hold large market share of global heat pump market and is expected to flourish the market during forecast period. Owing to increasing usage of heat pumps in industrial production process, such as papermaking, textiles, pharmaceuticals, chemical industry, iron & steel and others. In 2019, North America was the second largest region and predicted to grow during the forecast period. In order to increase the market for technologically innovative and portable heating facilities for the home sector, gradual improvement for the U.S. construction industry and complementary repair & renovation activities is expected. The market for energy efficient goods in Europe is expected to be strong. The government supportive measures to reduce energy use are projected to improve pump production. The recovering construction industry is projected to lead to demand growth.

Key Players

Major players included in this report Panasonic, United Technologies, Daikin, NIBE, Ingersoll Rand, Midea, Dimplex, Viessmann, Stiebel Eltron, Vaillant, Mitsubishi, Danfoss, and others. Increasingly, such companies are implementing collaborations and acquisitions and product releases to develop and market new technology and products.

The global heat pump market is segmented as below:

Market Segmentation

Heat Pump Market By Rated Capacity

• Up to 10 kW
• 10–20 kW
• 20–30 kW
• Above 30 kW

Heat Pump Market By Type

• Air-to-Air
• Air-to-Water

Heat Pump Market By End-User

• Residential
• Commercial
• Hospitality
• Retail
• Education
• Commercial
• Industrial
• Food & Beverage
• Paper & Pulp
• Chemicals & Petrochemicals
• Other Industrial Sector

Heat Pump Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa