New York, April 04, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Heat Pump Market size is expected to be worth around USD 151.3 Billion by 2032 from USD 66.5 Billion in 2022, growing at a CAGR of 8.8% during the forecast period from 2023 to 2032.
A device used to convert heat energy to a thermal reservoir is known as a heat pump. Transformation of heat from a cold body to a hot body at the expense of mechanical energy can be carried out with the help of heat pumps. Demand for space heating and cooling solutions in commercial and residential housing is expected to drive this industry growth.
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Key Takeaway:
- By Technology, the Air source segment generated a revenue share of 78% in 2022.
- By Application, the Residential application segment has dominated the market and has generated a revenue share of 80% in 2022.
- In 2022, Asia Pacific dominated the market with the highest revenue share of 47.2%.
- North America will grow at the highest CAGR during the forecast period from 2023-2032.
There are various types of heat pumps, like water-source heat pumps, air-source heat pumps, ground-source heat pumps, solar-assisted heat pumps, absorption heat pumps, and Exhaust Air pumps. These air pumps are used for residential, commercial, and industrial applications. The residential area covers the largest revenue share.
Factors affecting the growth of the Heat Pump industry
Several factors can affect the growth of the Heat Pump industry. Some of these factors include:
- Air source technology: Air source technology is a convenient source of hot water, with an assurance of a low carbon footprint, easy installation process, cost-effective and low maintenance. Air source heat pumps move heat between two heat exchangers.
- Use of heat pump by residential sector: High demand from the residential sector due adaptive feature of heat pumps which can provide a heating solution in winter and a cooling solution in the summer, is driving the market growth.
- Energy-efficient technology of heat pumps: Heat pump technology is energy efficient and helps reduce greenhouse gasses.
- Artificial intelligence in modern heat pump: The integration of the Internet of Things (IoT) and cutting-edge technologies like artificial intelligence in modern heat pump solutions aims to automate these pumps, making them even more energy-efficient and capable of maintaining ambient conditions without user intervention.
- COVID-19 Impact: The lockdown has affected the assembling offices of heat pumps. Coronavirus Affected Practically all Ventures by Disturbing the Production Network.
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Top Trends in Global Heat Pump Market
The combination of novel advancements like computerized reasoning and the internet of things (IoT) in heat pump innovation is supposed to offer various learning experiences to the market players soon. Artificial intelligence in modern heat pump solutions aims to automate these pumps, making them even more energy-efficient and capable of maintaining ambient conditions without user intervention.
The rise of double source innovation in a heat pump is supposed to help the interest. The double-source creation can draw heat from both the ground and air sources. The double source innovation uses the useful source and hence offers cost-adequacy contrasted with different advances.
Affordable cost and energy efficiency are the two major advantages of heat pumps that encourage their worldwide interest. The rising government drives as motivating forces, refunds, and tax reductions to advance supportability and the reception of perfect and green warming and cooling arrangements are supposed to fundamentally affect the worldwide heat pump market's development.
Market Growth
In the residential, industrial, and commercial sectors, heat pumps are used on large scale for cooling, space heating, and water heating, driving the market growth. As industrialization continues to accelerate, the need for heat pumps in various industries, such as heating, refrigeration, storage, and process heat/steam applications, has increased. Middle Eastern nations particularly need cooling solutions, while North American and European construction and residential sectors are experiencing rapid expansion.
Regional Analysis
In 2022, the Asia Pacific region emerged as the dominant market, accounting for 47.2% of total revenues. This growth can be attributed to several key factors, including an increasing demand for energy-efficient heating solutions in residential and commercial buildings and growing awareness regarding climate change impacts and greenhouse gas emissions. North America's residential demand is growing due to increased energy-saving technology and government programs to reduce emissions and promote clean heating and cooling solutions. The major factor affecting residential market size is population growth and the increase in household units.
Competitive Landscape
The global heat pump market is composed of both local as well as multinational manufacturers, making the industry more competitive. The manufacturers use different strategies like enhancing product performance and price, developing new products, and portfolio expansion strategies through investments, mergers, and acquisitions to compete with the market. In addition, several key players are now focusing on different marketing strategies, such as spreading awareness about greenhouse gases and renewable energy sources, which is boosting the target products' growth.
Recent Developments of the Heat Pump Market
- The California Energy Commission (CEC) implemented new building energy efficiency regulations in January of 2023, requiring electric heat pumps for water and air in new residential construction.
- In April of 2022, Daikin pledged its support for affordable, secure, and sustainable energy with its REPowEU initiative, which aims to increase the heat pump market from 10 million to 30 million units by 2030.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 66.5 Billion |
| Market Size (2032) | USD 151.3 Billion |
| CAGR (from 2023 to 2032) | 8.8% |
| Asia Pacific Revenue Share | 47.2% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Energy-efficient technology of heat pumps is boosting the market growth. Energy is an essential power source in hospitals, homes, schools, and others. Production of energy releases emission of greenhouse gases on a large scale. Heat pump technology is energy efficient and helps reduce greenhouse gasses. In addition, growing government programs to promote sustainability and clean and green heating and cooling solutions are anticipated to expand the market growth. Another factor driving the market growth is air source technology which is a convenient source of hot water, with an assurance of low carbon footprint, easy installation process, cost-effective and low maintenance, thus widely used in residential areas.
Market Restraints
High maintenance costs associated with heat pumps are expected to decrease the market growth. In developing and underdeveloped economies, a lack of awareness about the cost efficiency, energy efficiency, and environmental benefits associated with heat pumps is restraining market growth. Moreover, contractors are unaware of the ISO standards for heat pumps since heat pumps are technically complex equipment.
Market Opportunities
The introduction of cutting-edge technologies like artificial intelligence in modern heat pump solutions targets to automate these pumps, making them even more energy-efficient and capable of maintaining surrounding conditions without user intervention. Such advancements are expected to drive growth in the heat pump market over the coming years. Market growth is expected to be influenced by respective government rebates, incentive programs, corporate tax credits, personal and corporate taxes, and clean heating and cooling initiatives. The internet of things (IoT) in heat pump innovation is supposed to offer various learning experiences to the market players soon.
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Report Segmentation of the Heat Pump Market
Technology Insight
Based on technology heat pump market can be segmented into the water source, air source, ground source, solar-assisted, absorption, and exhaust Air pump. Air source technology dominated the market in 2022 with the highest revenue share of 78%. Air source technology is a convenient source of hot water, with an assurance of a low carbon footprint, easy installation process, cost-effective and low maintenance. Air source heat pumps basically move heat between two heat exchangers.
The ground source segment is expected to grow at the highest CAGR during the forecast period. A ground-source heat pump is used to carry the heat exchange fluid from the groundwater. This heat pump can be used in cooling buildings by transferring heat from hot areas into the soil. The water source's working mechanism is quite similar to a ground source except for releasing heat from the water body instead of the ground. Water source technology utilizes energy stored in-ground or seawater.
Application Insight
The market can be segmented into three types Based on application- Residential, Commercial, and Industrial segment. The residential segment dominated the market in 2022 with the highest revenue share of 80%. High demand from the residential sector due to the adoptive feature of heat pumps which can provide heating solutions in winter and cooling solutions in summer, is driving the market growth. Due to its energy efficiency technique, climatic changes and government initiatives also fuel the need for heat pumps in the residential sector. Heat pumps are used for large-scale space heating, cooling, and sanitary hot water generation in residential areas.
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Market Segmentation
By Technology
- Water Source
- Air Source
- Ground Source
- Solar-assisted
- Absorption
- Exhaust Air
By Application
- Residential
- Commercial
- Industrial
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players
- Carrier Corporation
- Glen Dimplex Group
- Daikin Industries, Ltd.
- Midea Group
- Melrose Industries PLC
- Denso Corporation
- Mitsubishi Electric Corporation
- Stiebel Eltron
- Panasonic Corporation
- Ingersoll Rand Plc.
- BDR Thermea Group
- Lennox International
- Hitachi Ltd.
- LG Electronics
- Vaillant Group
- Other Key Players
Related Reports:
- Air Source Heat Pumps Market is expected to grow at a CAGR of roughly 6.5% over the next ten years and will reach USD 96.54 Bn in 2032, from USD 51.43 Bn in 2022.
- Heavy Duty Heat Pump Маrkеt Overview The global heavy-duty heat pump market is projected to reach USD 598.92 Mn by 2031 at a CAGR of 2.9%, from USD 450 Mn in 2021.
- Heating equipment market was valued at USD 35.4 billion in 2021 and is expected that this market will grow at a 5.6% CAGR, between 2023 and 2032.
- Advanced HVAC Control Market size is expected to be worth around USD 41.47 Billion by 2032 from USD 17.2 Billion in 2022, growing at a CAGR of 9.2%.
- District Heating and Cooling Market is expected to grow at a CAGR 6.5% over the next ten years, and will reach at USD 524.66 Bn in 2032, from USD 279.5 Bn in 2022.
- Low Voltage Thermostat Market Size Is Expected To Reach US$ 5023.09 Mn By 2032 From US$ 1090.2 Mn In 2021, Growing At a Cagr Of 18.5%.
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