The heat pump market is projected to grow from an estimated USD 54.34 billion in 2018 to USD 94.42 billion by 2023, at a CAGR of 11.68%, from 2018 to 2023. Increasing investments in the residential and commercial sectors are driving the market for heat pumps across the world. The lack of awareness about the heat pump technology and the higher installation cost are some of the restraining factors that can hamper the growth of the heat pump market.
“Residential segment is expected to grow at the fastest rate of the heat pump market, by end-user, during the forecast period.”
The residential segment of the global heat pump market is expected to grow at a fast pace during the forecast period. This can be attributed to rapid growth in industrialization and urbanization across the world. Increasing use of heat pumps across residential, commercial, and industrial end-use sectors would drive the market to grow at the fastest rate during the forecast period.
“Asia Pacific: The largest market for heat pumps.”
Asia Pacific is the largest market for heat pumps, followed by Europe and North America. The heat pump market would be mainly driven by the demand from the Chinese market, particularly from the air-to-water heat pump type. Growing air-to-air type heat pump demand in Italy, Spain, and France are likely to impact the heat pump market in Europe positively. Moreover, focus on developing new residential and commercial infrastructure, especially in the US and Canada would aid in increasing the demand for heat pumps in the North American region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1 - 55%, Tier 2 - 25%, and Tier 3 - 20%
- By Designation: C-Level - 20%, D-Level - 25%, Others - 55%
- By Region: North America - 30%, Europe - 35%, Asia Pacific - 25%, Rest of the World – 10%
The leading players in the heat pump market are Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).
The report provides a picture of the heat pump market across the Heating, Ventilation, and Air Conditioning (HVAC) industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as rated capacity, type, end-user, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
For this report, the market has been segmented on the basis of rated capacity, type, end-user, and region, with a focus on industry analysis (industry trends), market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the heat pump market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the heat pump market.
- Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for heat pumps across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global heat pump market.
1. The report identifies and addresses key markets for the deployment of heat pumps in various industries, which would help manufacturers review the growth in demand.
2. The report helps solutions providers understand the pulse of the market and provide insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.