Table of Content

"1    INTRODUCTION    27
1.1    OBJECTIVES OF STUDY    27
1.2    DEFINITION    27
1.2.1    HEAT PUMP MARKET, BY TYPE: INCLUSIONS AND EXCLUSIONS    28
1.2.2    HEAT PUMP MARKET, BY RATED CAPACITY: INCLUSIONS AND EXCLUSIONS    28
1.2.3    HEAT PUMP MARKET, BY END USER: INCLUSIONS AND EXCLUSIONS    28
1.3    MARKET SCOPE    29
1.3.1    MARKETS SEGMENTATION    29
1.3.2    REGIONS COVERED    29
1.3.3    YEARS CONSIDERED    30
1.4    CURRENCY    30
1.5    LIMITATIONS    30
1.6    STAKEHOLDERS    31
1.7    SUMMARY OF CHANGES    31
2    RESEARCH METHODOLOGY    32
2.1    RESEARCH DATA    32
FIGURE 1    HEAT PUMP MARKET: RESEARCH DESIGN    33
2.2    MARKET BREAKDOWN AND DATA TRIANGULATION    34
FIGURE 2    DATA TRIANGULATION METHODOLOGY    34
2.2.1    SECONDARY DATA    35
2.2.1.1    Key data from secondary sources    35
2.2.2    PRIMARY DATA    35
2.2.2.1    Key data from primary sources    36
2.2.2.2    Breakdown of primaries    36
2.3    MARKET SIZE ESTIMATION    37
2.3.1    BOTTOM-UP APPROACH    38
FIGURE 3    MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH    38
2.3.2    TOP-DOWN APPROACH    39
FIGURE 4    MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH    39
2.4    DEMAND SIDE METRICS    40
FIGURE 5    MAIN METRICS CONSIDERED FOR ANALYZING DEMAND FOR HEAT PUMPS    40
2.4.1    METRICS CONSIDERED TO ANALYZE DEMAND FOR HEAT PUMPS INCLUDE:    40
TABLE 1    YEAR-ON-YEAR SALES OF HEAT PUMPS ACROSS COUNTRIES IS KEY DETERMINING FACTOR FOR MARKET SIZE ESTIMATION    41
2.4.2    ASSUMPTIONS FOR DEMAND SIDE ANALYSIS    41
2.4.3    DEMAND SIDE ANALYSIS CALCULATION    41

2.5    SUPPLY SIDE ANALYSIS    42
FIGURE 6    KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF HEAT PUMPS    42
FIGURE 7    HEAT PUMP MARKET: SUPPLY SIDE ANALYSIS    43
2.5.1    CALCULATIONS FOR SUPPLY SIDE    43
2.5.2    ASSUMPTIONS FOR SUPPLY SIDE    43
FIGURE 8    COMPANY REVENUE ANALYSIS, 2020    44
2.6    FORECAST    44
3    EXECUTIVE SUMMARY    45
TABLE 2    HEAT PUMP MARKET SNAPSHOT    45
FIGURE 9    AIR-TO-AIR HEAT PUMP SEGMENT TO DOMINATE HEAT PUMP MARKET,
BY TYPE, DURING FORECAST PERIOD    46
FIGURE 10    UP TO 10 KW SEGMENT TO DOMINATE HEAT PUMP MARKET, BY RATED CAPACITY, DURING FORECAST PERIOD    46
FIGURE 11    R410A TO HOLD LARGEST SHARE OF HEAT PUMP MARKET, BY REFRIGERANT TYPE, DURING FORECAST PERIOD    47
FIGURE 12    RESIDENTIAL TO HOLD LARGEST SHARE OF HEAT PUMP MARKET, BY END USER, DURING FORECAST PERIOD    47
FIGURE 13    ASIA PACIFIC DOMINATED HEAT PUMP MARKET IN 2020    48
4    PREMIUM INSIGHTS    49
4.1    ATTRACTIVE OPPORTUNITIES IN HEAT PUMP MARKET    49
FIGURE 14    GOVERNMENT INITIATIVES TO INCREASE INSTALLATION OF HEAT PUMPS TO DRIVE GROWTH OF HEAT PUMP MARKET FROM 2021 TO 2026    49
4.2    HEAT PUMP MARKET, BY REGION    50
FIGURE 15    NORTH AMERICA TO WITNESS HIGHEST GROWTH IN GLOBAL HEAT PUMP MARKET DURING FORECAST PERIOD    50
4.3    HEAT PUMP MARKET, BY TYPE    50
FIGURE 16    AIR-TO-AIR HEAT PUMP SEGMENT DOMINATED HEAT PUMP MARKET IN 2020    50
4.4    HEAT PUMP MARKET, BY END USER    51
FIGURE 17    RESIDENTIAL SEGMENT DOMINATED HEAT PUMP MARKET IN 2020    51
4.5    HEAT PUMP MARKET, BY RATED CAPACITY    51
FIGURE 18    UP TO 10 KW SEGMENT DOMINATED HEAT PUMP MARKET IN 2020    51
4.6    HEAT PUMP MARKET, BY REFRIGERANT TYPE    52
FIGURE 19    R410A SEGMENT DOMINATED HEAT PUMP MARKET IN 2020    52
4.7    HEAT PUMP MARKET IN ASIA PACIFIC, BY END USER AND COUNTRY    52
FIGURE 20    RESIDENTIAL SEGMENT AND CHINA DOMINATED ASIA PACIFIC HEAT PUMP MARKET IN 2020    52
5    MARKET OVERVIEW    53
5.1    INTRODUCTION    53
5.2    COVID-19 HEALTH ASSESSMENT    53
FIGURE 21    COVID-19 GLOBAL PROPAGATION    54
FIGURE 22    COVID-19 PROPAGATION IN SELECTED COUNTRIES    54
5.3    COVID-19 ECONOMIC ASSESSMENT    55
FIGURE 23    COMPARISON OF GDP FOR SELECTED G20 COUNTRIES IN 2020    55
5.4    MARKET DYNAMICS    56
FIGURE 24    HEAT PUMP MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,  
AND CHALLENGES    56
5.4.1    DRIVERS    56
5.4.1.1    Contribution of heat pump technology to reduce carbon footprint    56
5.4.1.2    Government laws and subsidies to enhance energy efficiency    57
5.4.2    RESTRAINTS    57
5.4.2.1    Less awareness regarding advantages associated with heat pumps in emerging economies    57
5.4.3    OPPORTUNITIES    58
5.4.3.1    Increasing integration of Internet of Things (IoT) and other advanced technologies with heat pumps    58
5.4.3.2    Positive outlook toward use of geothermal energy    58
5.4.4    CHALLENGES    58
5.4.4.1    High initial installation costs    58
5.4.4.2    Impact of COVID-19 on heat pump market    59
5.5    A2L REFRIGERANT    59
5.6    HEAT PUMP REPLACING CONVENTIONAL HEATING METHODS    60
5.7    SUPPLY CHAIN ANALYSIS    60
FIGURE 25    HEAT PUMP MARKET: SUPPLY CHAIN ANALYSIS    60
TABLE 3    HEAT PUMP MARKET: SUPPLY CHAIN    61
5.7.1    RAW MATERIAL SUPPLIERS    61
5.7.2    ORIGINAL EQUIPMENT MANUFACTURERS (OEMS)    61
5.7.3    DISTRIBUTORS    61
5.7.4    END USERS    61
5.8    INNOVATIONS & PATENT REGISTRATION    62
5.9    TECHNOLOGY ANALYSIS    64
5.10    HEAT PUMP MARKET: REGULATIONS    64
5.11    PORTER’S FIVE FORCES ANALYSIS    65
FIGURE 26    HEAT PUMP MARKET: PORTER’S FIVE FORCES ANALYSIS    65
TABLE 4    HEAT PUMP MARKET: PORTER’S FIVE FORCES ANALYSIS    66
5.11.1    THREAT OF NEW ENTRANTS    66
5.11.2    BARGAINING POWER OF SUPPLIERS    66
5.11.3    BARGAINING POWER OF BUYERS    66
5.11.4    THREAT OF SUBSTITUTES    66
5.11.5    DEGREE OF COMPETITION    66
5.12    PRICING ANALYSIS    67
TABLE 5    AVERAGE UNIT COST OF HEAT PUMP, BY TYPE    67
5.13    CASE STUDY ANALYSIS    67
5.13.1    HIGH TEMPERATURE HEAT PUMP FOR 17TH CENTURY COTTAGE AT CORNWALL    67
5.14    TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES    67
5.14.1    REVENUE SHIFT AND NEW REVENUE POCKETS IN HEAT PUMP MARKET    67
FIGURE 27    REVENUE SHIFT OF HEAT PUMP PROVIDERS    68
5.15    MARKET MAP    69
FIGURE 28    HEAT PUMP: MARKET MAP    69
5.16    TRADE ANALYSIS    69
5.16.1    EXPORT SCENARIO    69
TABLE 6    EXPORT SCENARIO FOR HS CODE: 8418, BY COUNTRY, 2016–2020
(USD THOUSAND)    70
5.16.2    IMPORT SCENARIO    71
TABLE 7    IMPORT SCENARIO FOR HS CODE: 8418, BY COUNTRY, 2016–2020
(USD THOUSAND)    71
6    HEAT PUMP MARKET, BY TYPE    72
6.1    INTRODUCTION    73
FIGURE 29    HEAT PUMP MARKET, BY TYPE, 2020    73
TABLE 8    HEAT PUMP MARKET, BY TYPE, 2019–2026 (USD MILLION)    73
6.2    AIR-TO-AIR HEAT PUMP    73
6.2.1    LOW INSTALLATION COST ASSOCIATED WITH AIR-TO-AIR HEAT PUMPS IS FUELING THEIR DEMAND    73
TABLE 9    HEAT PUMP MARKET FOR AIR-TO-AIR HEAT PUMP, BY REGION,  
2019–2026 (USD MILLION)    74
6.3    AIR-TO-WATER HEAT PUMP    74
6.3.1    LOW EMISSION OF CO2 TO BE MAJOR FACTOR FUELING DEMAND FOR AIR-TO-WATER HEAT PUMPS    74
TABLE 10    HEAT PUMP MARKET FOR AIR-TO-WATER PUMP, BY REGION,
2019–2026 (USD MILLION)    74
6.4    WATER SOURCE HEAT PUMP    75
6.4.1    HIGH COEFFICIENT OF PERFORMANCE (COP) OF WATER SOURCE HEAT PUMPS TO BOOST MARKET GROWTH    75
TABLE 11    HEAT PUMP MARKET FOR WATER SOURCE HEAT PUMP, BY REGION,  
2019–2026 (USD MILLION)    75
6.5    GROUND SOURCE (GEOTHERMAL) HEAT PUMP    75
6.5.1    HIGH EFFICIENCY ASSOCIATED WITH GEOTHERMAL PUMPS IS DRIVING THEIR DEMAND GLOBALLY    75
TABLE 12    HEAT PUMP MARKET FOR GROUND SOURCE (GEOTHERMAL) HEAT PUMP,
BY REGION, 2019–2026 (USD MILLION)    76
6.6    HYBRID HEAT PUMP    76
6.6.1    GROWING INCLINATION TOWARD USE OF RENEWABLE ENERGY SOURCES FOR HEATING TO DRIVE GROWTH OF HYBRID HEAT PUMP MARKET    76
TABLE 13    HEAT PUMP MARKET FOR HYBRID HEAT PUMP, BY REGION,
2019–2026 (USD MILLION)    76

7    HEAT PUMP MARKET, BY REFRIGERANT TYPE    77
7.1    INTRODUCTION    78
FIGURE 30    HEAT PUMP MARKET, BY REFRIGERANT TYPE, 2020    78
TABLE 14    HEAT PUMP MARKET, BY REFRIGERANT TYPE, 2019–2026 (USD MILLION)    78
7.2    R410A    78
7.2.1    R410A DOES NOT LEAD TO OZONE DEPLETION    78
TABLE 15    HEAT PUMP MARKET FOR R410A, BY REGION, 2019–2026 (USD MILLION)    79
7.3    R407C    79
7.3.1    R407C IS ENVIRONMENTALLY FRIENDLY REFRIGERANT    79
TABLE 16    HEAT PUMP MARKET FOR R407C, BY REGION, 2019–2026 (USD MILLION)    79
7.4    R744    80
7.4.1    HIGH VOLUMETRIC COOLING CAPACITY OF R744 IS FUELING ITS DEMAND GLOBALLY    80
TABLE 17    HEAT PUMP MARKET FOR R744, BY REGION, 2019–2026 (USD MILLION)    80
7.5    OTHERS    80
TABLE 18    HEAT PUMP MARKET FOR OTHERS, BY REGION, 2019–2026 (USD MILLION)    81
8    HEAT PUMP MARKET, BY RATED CAPACITY    82
8.1    INTRODUCTION    83
FIGURE 31    HEAT PUMP MARKET, BY RATED CAPACITY, 2020    83
TABLE 19    HEAT PUMP MARKET, BY RATED CAPACITY, 2019–2026 (USD MILLION)    83
8.2    UP TO 10 KW    83
8.2.1    SUITABILITY FOR SINGLE-FAMILY HOUSES TO DRIVE GROWTH OF HEAT PUMP MARKET FOR UP TO 10 KW RATED CAPACITY    83
TABLE 20    HEAT PUMP MARKET FOR UP TO 10 KW, BY REGION,
2019–2026 (USD MILLION)    84
8.3    10–20 KW    84
8.3.1    GROWING DEMAND FOR HEAT PUMPS WITH RATED CAPACITIES FROM
10–20 KW IN RESIDENTIAL SECTOR TO DRIVE MARKET GROWTH    84
TABLE 21    HEAT PUMP MARKET FOR 10–20 KW, BY REGION,
2019–2026 (USD MILLION)    85
8.4    20–30 KW    85
8.4.1    ABILITY OF HEAT PUMPS WITH 20–30 KW RATED CAPACITIES TO MEET HEATING DEMAND IN COMMERCIAL SECTOR TO DRIVE MARKET GROWTH    85
TABLE 22    HEAT PUMP MARKET FOR 20–30 KW, BY REGION,
2019–2026 (USD MILLION)    85
8.5    ABOVE 30 KW    86
8.5.1    GROWING ADOPTION OF HEAT PUMPS WITH ABOVE 30 KW RATED CAPACITIES IN INDUSTRIAL AND COMMERCIAL SECTORS TO DRIVE
MARKET GROWTH    86
TABLE 23    HEAT PUMP MARKET FOR ABOVE 30 KW, BY REGION,
2019–2026 (USD MILLION)    86

9    HEAT PUMP MARKET, BY END USER    87
9.1    INTRODUCTION    88
FIGURE 32    HEAT PUMP MARKET, BY END USER, 2020    88
TABLE 24    HEAT PUMP MARKET, BY END USER, 2019–2026 (USD MILLION)    88
9.2    RESIDENTIAL    89
9.2.1    INCREASING GOVERNMENT INITIATIVES TO ENHANCE ENERGY EFFICIENCY TO FUEL DEMAND FOR HEAT PUMPS    89
TABLE 25    HEAT PUMP MARKET FOR RESIDENTIAL, BY REGION,
2019–2026 (USD MILLION)    89
9.3    COMMERCIAL    90
9.3.1    HIGH TEMPERATURE HEATING REQUIREMENT IN COMMERCIAL SECTOR TO BOOST DEMAND FOR HEAT PUMPS    90
TABLE 26    HEAT PUMP MARKET FOR COMMERCIAL, BY REGION,
2019–2026 (USD MILLION)    90
9.4    INDUSTRIAL    91
9.4.1    INCREASING DEMAND FOR HEAT PUMPS IN INDUSTRIAL SECTOR DUE TO THEIR ENERGY EFFICIENCY FEATURE TO DRIVE MARKET GROWTH    91
TABLE 27    HEAT PUMP MARKET FOR INDUSTRIAL, BY REGION,
2019–2026 (USD MILLION)    91
10    HEAT PUMP MARKET, BY REGION    92
10.1    INTRODUCTION    93
FIGURE 33    REGIONAL SNAPSHOT: NORTH AMERICA MARKET TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD    93
FIGURE 34    HEAT PUMP MARKET SHARE, BY REGION, 2020    93
TABLE 28    HEAT PUMP MARKET VOLUME, BY REGION, 2019–2026 (MILLION UNITS)    94
TABLE 29    HEAT PUMP MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)    94
10.2    ASIA PACIFIC    94
FIGURE 35    ASIA PACIFIC: REGIONAL SNAPSHOT    95
10.2.1    BY TYPE    96
TABLE 30    HEAT PUMP MARKET IN ASIA PACIFIC, BY TYPE, 2019–2026 (USD MILLION)    96
10.2.2    BY REFRIGERANT TYPE    96
TABLE 31    HEAT PUMP MARKET IN ASIA PACIFIC, BY REFRIGERANT TYPE,  
2019–2026 (USD MILLION)    96
10.2.3    BY RATED CAPACITY    97
TABLE 32    HEAT PUMP MARKET IN ASIA PACIFIC, BY RATED CAPACITY,
2019–2026 (USD MILLION)    97
TABLE 33    HEAT PUMP MARKET FOR UP TO 10 KW IN ASIA PACIFIC, BY COUNTRY,  2019–2026 (USD MILLION)    97
TABLE 34    HEAT PUMP MARKET FOR 10 – 20 KW IN ASIA PACIFIC, BY COUNTRY,  
2019–2026 (USD MILLION)    97
TABLE 35    HEAT PUMP MARKET FOR 20 – 30 KW IN ASIA PACIFIC, BY COUNTRY,  
2019–2026 (USD MILLION)    98
TABLE 36    HEAT PUMP MARKET FOR ABOVE 30 KW IN ASIA PACIFIC, BY COUNTRY,  2019–2026 (USD MILLION)    98
10.2.4    BY END USER    98
TABLE 37    HEAT PUMP MARKET IN ASIA PACIFIC, BY END USER,
2019–2026 (USD MILLION)    98
TABLE 38    HEAT PUMP MARKET FOR RESIDENTIAL IN ASIA PACIFIC, BY COUNTRY,  2019–2026 (USD MILLION)    99
TABLE 39    HEAT PUMP MARKET FOR COMMERCIAL IN ASIA PACIFIC, BY COUNTRY,  2019–2026 (USD MILLION)    99
TABLE 40    HEAT PUMP MARKET FOR INDUSTRIAL IN ASIA PACIFIC, BY COUNTRY,  
2019–2026 (USD MILLION)    99
10.2.5    BY COUNTRY    100
TABLE 41    HEAT PUMP MARKET IN ASIA PACIFIC, BY COUNTRY,
2019–2026 (USD MILLION))    100
10.2.5.1    China    100
10.2.5.1.1    Growing urban population and initiatives to minimize pollution to fuel demand for heat pumps in China    100
TABLE 42    HEAT PUMP MARKET IN CHINA, BY RATED CAPACITY,
2019–2026 (USD MILLION)    101
TABLE 43    HEAT PUMP MARKET IN CHINA, BY END USER, 2019–2026 (USD MILLION)    101
10.2.5.2    India    101
10.2.5.2.1    Government initiatives for increasing use of renewables to drive market growth in India    101
TABLE 44    HEAT PUMP MARKET IN INDIA, BY RATED CAPACITY, 2019–2026 (USD MILLION)    102
TABLE 45    HEAT PUMP MARKET IN INDIA, BY END USER, 2019–2026 (USD MILLION)    102
10.2.5.3    Japan    102
10.2.5.3.1    Energy conservation initiatives by government and technological advancements to drive market growth
in Japan    102
TABLE 46    HEAT PUMP MARKET IN JAPAN, BY RATED CAPACITY,
2019–2026 (USD MILLION)    103
TABLE 47    HEAT PUMP MARKET IN JAPAN, BY END USER, 2019–2026 (USD MILLION)    103
10.2.5.4    South Korea    103
10.2.5.4.1    Growing demand for energy-efficient heating technology to drive market growth    103
TABLE 48    HEAT PUMP MARKET IN SOUTH KOREA, BY RATED CAPACITY,
2019–2026 (USD MILLION)    104
TABLE 49    HEAT PUMP MARKET IN SOUTH KOREA, BY END USER,
2019–2026 (USD MILLION)    104
10.2.5.5    Australia    104
10.2.5.5.1    Favorable environmental conditions and expanding renewable sector are expected to drive market growth    104
TABLE 50    HEAT PUMP MARKET IN AUSTRALIA, BY RATED CAPACITY,
2019–2026 (USD MILLION)    105
TABLE 51    HEAT PUMP MARKET IN AUSTRALIA, BY END USER,
2019–2026 (USD MILLION)    105
10.2.5.6    Rest of Asia Pacific    105
TABLE 52    HEAT PUMP MARKET IN REST OF ASIA PACIFIC, BY RATED CAPACITY,  
2019–2026 (USD MILLION)    106
TABLE 53    HEAT PUMP MARKET IN REST OF ASIA PACIFIC, BY END USER,  
2019–2026 (USD MILLION)    106
10.3    NORTH AMERICA    106
FIGURE 36    NORTH AMERICA: REGIONAL SNAPSHOT    107
10.3.1    BY TYPE    107
TABLE 54    HEAT PUMP MARKET IN NORTH AMERICA, BY TYPE,
2019–2026 (USD MILLION)    107
10.3.2    BY REFRIGERANT TYPE    108
TABLE 55    HEAT PUMP MARKET IN NORTH AMERICA, BY REFRIGERANT TYPE,  
2019–2026 (USD MILLION)    108
10.3.3    BY RATED CAPACITY    108
TABLE 56    HEAT PUMP MARKET IN NORTH AMERICA, BY RATED CAPACITY,  
2019–2026 (USD MILLION)    108
TABLE 57    HEAT PUMP MARKET FOR UP TO 10 KW IN NORTH AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    108
TABLE 58    HEAT PUMP MARKET FOR 10 – 20 KW IN NORTH AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    109
TABLE 59    HEAT PUMP MARKET FOR 20 – 30 KW IN NORTH AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    109
TABLE 60    HEAT PUMP MARKET FOR ABOVE 30 KW IN NORTH AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    109
10.3.4    BY END USER    109
TABLE 61    HEAT PUMP MARKET IN NORTH AMERICA, BY END USER,
2019–2026 (USD MILLION)    109
TABLE 62    HEAT PUMP MARKET FOR RESIDENTIAL IN NORTH AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    110
TABLE 63    HEAT PUMP MARKET FOR COMMERCIAL IN NORTH AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    110
TABLE 64    HEAT PUMP MARKET FOR INDUSTRIAL IN NORTH AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    110
10.3.5    BY COUNTRY    110
TABLE 65    HEAT PUMP MARKET IN NORTH AMERICA, BY COUNTRY,
2019–2026 (USD MILLION)    110
10.3.5.1    US    111
10.3.5.1.1    Increasing demand for energy-efficient water heating systems in residential and commercial sectors to drive US market growth    111
TABLE 66    HEAT PUMP MARKET IN US, BY RATED CAPACITY, 2019–2026 (USD MILLION)    111
TABLE 67    HEAT PUMP MARKET IN US, BY END USER, 2019–2026 (USD MILLION)    111
10.3.5.2    Canada    112
10.3.5.2.1    Government regulations and policies to reduce pollution to fuel demand for heat pumps in Canada    112
TABLE 68    HEAT PUMP MARKET IN CANADA, BY RATED CAPACITY,
2019–2026 (USD MILLION)    112
TABLE 69    HEAT PUMP MARKET IN CANADA, BY END USER, 2019–2026 (USD MILLION)    112

10.4    EUROPE    113
10.4.1    BY TYPE    113
TABLE 70    HEAT PUMP MARKET IN EUROPE, BY TYPE, 2019–2026 (USD MILLION)    113
10.4.2    BY REFRIGERANT TYPE    113
TABLE 71    HEAT PUMP MARKET IN EUROPE, BY REFRIGERANT TYPE,
2019–2026 (USD MILLION)    113
10.4.3    BY RATED CAPACITY    114
TABLE 72    HEAT PUMP MARKET IN EUROPE, BY RATED CAPACITY,
2019–2026 (USD MILLION)    114
TABLE 73    HEAT PUMP MARKET FOR UP TO 10 KW IN EUROPE, BY COUNTRY,  
2019–2026 (USD MILLION)    114
TABLE 74    HEAT PUMP MARKET FOR 10 – 20 KW IN EUROPE, BY COUNTRY,  
2019–2026 (USD MILLION)    114
TABLE 75    HEAT PUMP MARKET FOR 20 - 30 KW IN EUROPE, BY COUNTRY,  
2019–2026 (USD MILLION)    115
TABLE 76    HEAT PUMP MARKET FOR ABOVE 30 KW IN EUROPE, BY COUNTRY,  
2019–2026 (USD MILLION)    115
10.4.4    BY END USER    115
TABLE 77    HEAT PUMP MARKET IN EUROPE, BY END USER, 2019–2026 (USD MILLION)    115
TABLE 78    HEAT PUMP MARKET FOR RESIDENTIAL IN EUROPE, BY COUNTRY,  
2019–2026 (USD MILLION)    116
TABLE 79    HEAT PUMP MARKET FOR COMMERCIAL IN EUROPE, BY COUNTRY,
2019–2026 (USD MILLION)    116
TABLE 80    HEAT PUMP MARKET FOR INDUSTRIAL IN EUROPE, BY COUNTRY,  
2019–2026 (USD MILLION)    116
10.4.5    BY COUNTRY    117
TABLE 81    HEAT PUMP MARKET IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION))    117
10.4.5.1    France    117
10.4.5.1.1    Rising demand for energy-efficient heating systems to boost growth of French heat pump market    117
TABLE 82    HEAT PUMP MARKET IN FRANCE, BY RATED CAPACITY,
2019–2026 (USD MILLION)    117
TABLE 83    HEAT PUMP MARKET IN FRANCE, BY END USER, 2019–2026 (USD MILLION)    118
10.4.5.2    Italy    118
10.4.5.2.1    Government-led schemes to increase installation of heat pumps to boost market growth in Italy    118
TABLE 84    HEAT PUMP MARKET IN ITALY, BY RATED CAPACITY,
2019–2026 (USD MILLION)    118
TABLE 85    HEAT PUMP MARKET IN ITALY, BY END USER, 2019–2026 (USD MILLION)    119
10.4.5.3    Spain    119
10.4.5.3.1    Energy conservation initiatives by government and technological advancements to drive growth of Spain market    119
TABLE 86    HEAT PUMP MARKET IN SPAIN, BY RATED CAPACITY,
2019–2026 (USD MILLION)    119
TABLE 87    HEAT PUMP MARKET IN SPAIN, BY END USER, 2019–2026 (USD MILLION)    120

10.4.5.4    UK    120
10.4.5.4.1    Growth of residential sector and rising demand for renewable heat generation are driving market growth    120
TABLE 88    HEAT PUMP MARKET IN UK, BY RATED CAPACITY, 2019–2026 (USD MILLION)    120
TABLE 89    HEAT PUMP MARKET IN UK, BY END USER, 2019–2026 (USD MILLION)    121
10.4.5.5    Rest of Europe    121
TABLE 90    HEAT PUMP MARKET IN REST OF EUROPE, BY RATED CAPACITY,  
2019–2026 (USD MILLION)    121
TABLE 91    HEAT PUMP MARKET IN REST OF EUROPE, BY END USER,
2019–2026 (USD MILLION)    121
10.5    MIDDLE EAST & AFRICA    122
10.5.1    BY TYPE    122
TABLE 92    HEAT PUMP MARKET IN MIDDLE EAST & AFRICA, BY TYPE,
2019–2026 (USD MILLION)    122
10.5.2    BY REFRIGERANT TYPE    122
TABLE 93    HEAT PUMP MARKET IN MIDDLE EAST & AFRICA, BY REFRIGERANT TYPE,  2019–2026 (USD MILLION)    122
10.5.3    BY RATED CAPACITY    123
TABLE 94    HEAT PUMP MARKET IN MIDDLE EAST & AFRICA, BY RATED CAPACITY,  2019–2026 (USD MILLION)    123
TABLE 95    HEAT PUMP MARKET FOR UP TO 10 KW IN MIDDLE EAST & AFRICA,
BY COUNTRY,  2019–2026 (USD MILLION)    123
TABLE 96    HEAT PUMP MARKET FOR 10 – 20 KW IN MIDDLE EAST & AFRICA,
BY COUNTRY,  2019–2026 (USD MILLION)    123
TABLE 97    HEAT PUMP MARKET FOR 20 – 30 KW IN MIDDLE EAST & AFRICA,
BY COUNTRY,  2019–2026 (USD MILLION)    124
TABLE 98    HEAT PUMP MARKET FOR ABOVE 30 KW IN MIDDLE EAST & AFRICA,
BY COUNTRY,  2019–2026 (USD MILLION)    124
10.5.4    BY END USER    124
TABLE 99    HEAT PUMP MARKET IN MIDDLE EAST & AFRICA, BY END USER,  
2019–2026 (USD MILLION)    124
TABLE 100    HEAT PUMP MARKET FOR RESIDENTIAL IN MIDDLE EAST & AFRICA,
BY COUNTRY,  2019–2026 (USD MILLION)    125
TABLE 101    HEAT PUMP MARKET FOR COMMERCIAL IN MIDDLE EAST & AFRICA,
BY COUNTRY,  2019–2026 (USD MILLION)    125
TABLE 102    HEAT PUMP MARKET FOR INDUSTRIAL IN MIDDLE EAST & AFRICA,
 BY COUNTRY,  2019–2026 (USD MILLION)    125
10.5.5    BY COUNTRY    126
TABLE 103    HEAT PUMP MARKET IN MIDDLE EAST & AFRICA, BY COUNTRY,  
2019–2026 (USD MILLION)    126
10.5.5.1    Saudi Arabia    126
10.5.5.1.1    Rising investments in industrial sector to fuel growth of heat pumps market in Saudi Arabia    126
TABLE 104    HEAT PUMP MARKET IN SAUDI ARABIA, BY RATED CAPACITY,
2019–2026 (USD MILLION)    126
TABLE 105    HEAT PUMP MARKET IN SAUDI ARABIA, BY END USER,
2019–2026 (USD MILLION)    127
10.5.5.2    South Africa    127
10.5.5.2.1    Increasing investments in different projects to drive demand for heat pumps in South Africa    127
TABLE 106    HEAT PUMP MARKET IN SOUTH AFRICA, BY RATED CAPACITY,
2019–2026 (USD MILLION)    127
TABLE 107    HEAT PUMP MARKET IN SOUTH AFRICA, BY END USER,
2019–2026 (USD MILLION)    128
10.5.5.3    Rest of Middle East & Africa    128
TABLE 108    HEAT PUMP MARKET IN REST OF MIDDLE EAST & AFRICA, BY RATED CAPACITY,  2019–2026 (USD MILLION)    128
TABLE 109    HEAT PUMP MARKET IN REST OF MIDDLE EAST & AFRICA, BY END USER,  2019–2026 (USD MILLION)    129
10.6    LATIN AMERICA    129
10.6.1    BY TYPE    129
TABLE 110    HEAT PUMP MARKET IN LATIN AMERICA, BY TYPE,
2019–2026 (USD MILLION)    129
10.6.2    BY REFRIGERANT TYPE    130
TABLE 111    HEAT PUMP MARKET IN LATIN AMERICA, BY REFRIGERANT TYPE,  
2019–2026 (USD MILLION)    130
10.6.3    BY RATED CAPACITY    130
TABLE 112    HEAT PUMP MARKET IN LATIN AMERICA, BY RATED CAPACITY,  
2019–2026 (USD MILLION)    130
TABLE 113    HEAT PUMP MARKET FOR UP TO 10 KW IN LATIN AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    130
TABLE 114    HEAT PUMP MARKET FOR 10 - 20 KW IN LATIN AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    131
TABLE 115    HEAT PUMP MARKET FOR 20 - 30 KW IN LATIN AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    131
TABLE 116    HEAT PUMP MARKET FOR ABOVE 30 KW IN LATIN AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    131
10.6.4    BY END USER    132
TABLE 117    HEAT PUMP MARKET IN LATIN AMERICA, BY END USER,
2019–2026 (USD MILLION)    132
TABLE 118    HEAT PUMP MARKET FOR RESIDENTIAL IN LATIN AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    132
TABLE 119    HEAT PUMP MARKET FOR COMMERCIAL IN LATIN AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    132
TABLE 120    HEAT PUMP MARKET FOR INDUSTRIAL IN LATIN AMERICA, BY COUNTRY,  2019–2026 (USD MILLION)    133
10.6.5    BY COUNTRY    133
TABLE 121    HEAT PUMP MARKET IN LATIN AMERICA, BY COUNTRY,
2019–2026 (USD MILLION))    133
10.6.5.1    Mexico    133
10.6.5.1.1    Energy-saving initiatives to drive demand for heat pumps
 in Mexico    133
TABLE 122    HEAT PUMP MARKET IN MEXICO, BY RATED CAPACITY,
2019–2026 (USD MILLION)    134
TABLE 123    HEAT PUMP MARKET IN MEXICO, BY END USER, 2019–2026 (USD MILLION)    134
10.6.5.2    Brazil    134
10.6.5.2.1    Transition toward renewable power generation to fuel growth of Brazilian market    134
TABLE 124    HEAT PUMP MARKET IN BRAZIL, BY RATED CAPACITY,
2019–2026 (USD MILLION)    135
TABLE 125    HEAT PUMP MARKET IN BRAZIL, BY END USER, 2019–2026 (USD MILLION)    135
10.6.5.3    Rest of Latin America    135
TABLE 126    HEAT PUMP MARKET IN REST OF LATIN AMERICA, BY RATED CAPACITY,  2019–2026 (USD MILLION)    136
TABLE 127    HEAT PUMP MARKET IN REST OF LATIN AMERICA, BY END USER,  
2019–2026 (USD MILLION)    136
11    COMPETITIVE LANDSCAPE    137
11.1    OVERVIEW    137
FIGURE 37    KEY DEVELOPMENTS IN HEAT PUMP MARKET, 2017–2021    137
11.2    SHARE ANALYSIS OF KEY PLAYERS, 2020    138
TABLE 128    HEAT PUMP MARKET: DEGREE OF COMPETITION    138
FIGURE 38    SHARE ANALYSIS OF TOP PLAYERS IN HEAT PUMP MARKET, 2020    139
11.3    MARKET EVALUATION FRAMEWORK    140
TABLE 129    MARKET EVALUATION FRAMEWORK, 2017–2021    140
11.4    SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS    141
FIGURE 39    TOP PLAYERS DOMINATED MARKET IN LAST 5 YEARS    141
11.5    RECENT DEVELOPMENTS    142
11.5.1    DEALS    142
11.5.1.1    Heat Pump Market: Deals, 2017–2021    142
11.5.2    OTHERS    143
11.5.2.1    Heat Pump Market: Others,2017–2021    143
11.6    COMPETITIVE LEADERSHIP MAPPING    143
11.6.1    STAR    143
11.6.2    EMERGING LEADER    143
11.6.3    PERVASIVE    143
11.6.4    PARTICIPANT    144
FIGURE 40    HEAT PUMP MARKET: COMPETITIVE LEADERSHIP MAPPING, 2020    144
TABLE 130    COMPANY REGION FOOTPRINT    145
12    COMPANY PROFILES    146
12.1    KEY COMPANIES    146
(Business overview, Products offered, Recent Developments, MNM view)*    
12.1.1    MIDEA GROUP    146
TABLE 131    MIDEA GROUP: BUSINESS OVERVIEW    146
FIGURE 41    MIDEA GROUP: COMPANY SNAPSHOT    147
TABLE 132    MIDEA GROUP: DEALS    148
TABLE 133    MIDEA GROUP: PRODUCT LAUNCHES    148
12.1.2    PANASONIC CORPORATION    150
TABLE 134    PANASONIC CORPORATION: BUSINESS OVERVIEW    150
FIGURE 42    PANASONIC CORPORATION: COMPANY SNAPSHOT    151
TABLE 135    PANASONIC CORPORATION: DEALS    152
TABLE 136    PANASONIC CORPORATION: PRODUCT LAUNCHES    152
TABLE 137    PANASONIC CORPORATION: OTHERS    153
12.1.3    MITSUBISHI ELECTRIC CORPORATION    154
TABLE 138    MITSUBISHI ELECTRIC CORPORATION: BUSINESS OVERVIEW    154
FIGURE 43    MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT    155
TABLE 139    MITSUBISHI ELECTRIC CORPORATION: DEALS    156
TABLE 140    MITSUBISHI ELECTRIC CORPORATION.: PRODUCT LAUNCHES    156
12.1.4    DENSO CORPORATION    158
TABLE 141    DENSO CORPORATION: BUSINESS OVERVIEW    158
FIGURE 44    DENSO CORPORATION: COMPANY SNAPSHOT    159
TABLE 142    DENSO CORPORATION: DEALS    160
12.1.5    SAMSUNG    161
TABLE 143    SAMSUNG: BUSINESS OVERVIEW    161
FIGURE 45    SAMSUNG: COMPANY SNAPSHOT    162
TABLE 144    SAMSUNG: DEALS    163
TABLE 145    SAMSUNG: PRODUCT LAUNCHES    163
12.1.6    LG ELECTRONICS    164
TABLE 146    LG ELECTRONICS: BUSINESS OVERVIEW    164
FIGURE 46    LG ELECTRONICS: COMPANY SNAPSHOT    165
TABLE 147    LG ELECTRONICS: PRODUCT LAUNCHES    166
12.1.7    LENNOX INTERNATIONAL    167
TABLE 148    LENNOX INTERNATIONAL: BUSINESS OVERVIEW    167
FIGURE 47    LENNOX INTERNATIONAL: COMPANY SNAPSHOT    168
12.1.8    FUJITSU GENERAL    169
TABLE 149    FUJITSU GENERAL: BUSINESS OVERVIEW    169
FIGURE 48    FUJITSU GENERAL: COMPANY SNAPSHOT    169
TABLE 150    FUJITSU GENERAL: DEALS    170
12.1.9    DAIKIN INDUSTRIES, LTD.    171
TABLE 151    DAIKIN INDUSTRIES, LTD.: BUSINESS OVERVIEW    171
FIGURE 49    DAIKIN INDUSTRIES, LTD.: COMPANY SNAPSHOT    172
TABLE 152    DAIKIN INDUSTRIES, LTD.: PRODUCT LAUNCHES    173
12.1.10    CARRIER GLOBAL    174
TABLE 153    CARRIER GLOBAL: BUSINESS OVERVIEW    174
FIGURE 50    CARRIER GLOBAL: COMPANY SNAPSHOT    175
TABLE 154    CARRIER GLOBAL: DEALS    176
12.1.11    JOHNSON CONTROLS    177
TABLE 155    JOHNSON CONTROLS: BUSINESS OVERVIEW    177
FIGURE 51    JOHNSON CONTROLS: COMPANY SNAPSHOT    178
TABLE 156    JOHNSON CONTROLS: DEALS    178
12.1.12    TRANE TECHNOLOGIES    179
TABLE 157    TRANE TECHNOLOGIES: BUSINESS OVERVIEW    179
FIGURE 52    TRANE TECHNOLOGIES: COMPANY SNAPSHOT    179
12.1.13    THERMAX LIMITED    181
TABLE 158    THERMAX LIMITED: BUSINESS OVERVIEW    181
FIGURE 53    THERMAX LIMITED: COMPANY SNAPSHOT    182
12.1.14    GEA GROUP AKTIENGESELLSCHAFT    183
TABLE 159    GEA GROUP AKTIENGESELLSCHAFT: BUSINESS OVERVIEW    183
FIGURE 54    GEA GROUP AKTIENGESELLSCHAFT: COMPANY SNAPSHOT    184
12.1.15    DANFOSS A/S    185
TABLE 160    DANFOSS: BUSINESS OVERVIEW    185
12.2    OTHER PLAYERS    186
12.2.1    GLEN DIMPLEX GROUP    186
12.2.2    VIESSMANN    186
12.2.3    NIBE    187
12.2.4    GUANGZHOU SPRSUN NEW ENERGY TECHNOLOGY DEVELOPMENT    187
12.2.5    RHEEM    188
12.2.6    EMERSON ELECTRIC CO.    188
*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
13    APPENDIX    189
13.1    INSIGHTS OF INDUSTRY EXPERTS    189
13.2    DISCUSSION GUIDE    190
13.3    KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL    194
13.4    AVAILABLE CUSTOMIZATIONS    196
13.5    RELATED REPORTS    196
13.6    AUTHOR DETAILS    197"