New York, NY, April 17, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Heat Pumps Market by Type (Air-to-Air and Air-to-Water) and by Application (Residential, Commercial, and Industrial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global heat pumps market was valued at USD 53.14 billion in 2018 and is expected to reach USD 98.39 billion by 2025, at a CAGR of 9.2% between 2019 and 2025.
A heat pump is a device used to pump or move heat from one place to another with the help of electricity. A heat pump comprises an expansion valve, a condenser, an evaporator, and a compressor. Heat pumps are considered to be an integral part of refrigeration systems.
Browse through 71 Tables & 21 Figures spread over 110 Pages and in-depth TOC on “Global Heat Pumps Market Share & Growth 2018: Industry Size, Segments, Trends, Analysis and Forecast 2025”.
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The global heat pumps market is projected to grow rapidly over the next few years, owing to growing urbanization in the developing countries across the globe. Heat pumps are largely used in the refrigeration equipment for residential and commercial applications. Moreover, the rising number of residential construction activities in emerging countries like China, India, Indonesia, and Brazil is further projected to enhance the application of heat pumps. Additionally, the use of heat pumps is increasing rapidly due to the regulations directed by the government toward energy efficiency. However, the cost required for the installation of these heat pumps is extremely high, which may negatively impact the market growth in the upcoming years. Nevertheless, the surging trend of integration of IoT with heat pumps is anticipated to offer new growth opportunities for the market in the future.
The global heat pumps market is segmented based on type, application, and The global heat pumps market is classified based on type and application. Based on type, the global heat pumps market includes air-to-air and air-to-water. The air-to-air segment is expected to dominate throughout the forecast time period, as an air-to-air heat pump requires limited space and is cost-effective in nature. Additionally, these heat pumps help in minimizing GHG emissions by up to 40%. Based on application, the market includes residential, commercial, and industrial. Residential segment is projected to grow at the highest growth rate in the next few years. The growing residential construction activities in the developing countries of the Asia Pacific and Latin America regions are increasing the application of heat pumps in the HVAC. The surging application of heat pumps in the commercial sector is also likely to propel the global heat pumps market growth. Additionally, the industrial segment is projected to grow significantly over the next few years.
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In 2018, the Asia Pacific region contributed the largest share to the global heat pumps market and is estimated to continue its dominance over the forecast period as well. The surging construction activities coupled with a rising population are projected to drive the Asia Pacific heat pumps market in the future. China, India, the Philippines, Indonesia, and Malaysia are the major consumers of heating and cooling systems, which, in turn, is projected to boost the application of heat pumps in this region. China is expected to dominate this regional market in the future, owing to the rising heat pumps demand in the industrial application.
Europe is estimated to be the second largest contributing region to the global heat pumps market in the years ahead, owing to the rising application of heat pumps in gas engines. Moreover, heating and cooling, which account for around 50% of Europe’s total energy consumption, are used in residential, commercial, and industrial sectors. Thus, the increasing demand for heat pumps for energy efficient equipment is likely to escalate this market’s growth in the upcoming years.
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The North American heat pumps market is likely to grow significantly over the assessment time period, due to the support of the government to encourage the adoption of heat pump units coupled with the rising concerns to control carbon footprint is. Moreover, in the U.S., the demand for water and space heating is increasing rapidly in the residential and commercial sectors. which, in turn, is expected to increase the adoption of heat pumps in these sectors.
The Latin American heat pumps market is projected to witness decent growth in the years ahead, owing to the rapid industrialization in the region. Brazil is estimated to be the largest regional consumer of heat pumps within the region, due to the emerging residential and industrial sectors. The Middle East and Africa is anticipated to grow moderately over the forecast time period, owing to the growing demand for heat pumps in various industries, such as oil and gas, and the rising application of heat pumps in the commercial sector.
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Some key manufacturers of global heat pumps market are Vaillant, Trane, Glen Dimplex, Stiebel Eltron, Green Planet Supply Technologies, Viessmann, Bosch Thermotechnology, Daikin, Modine, Carrier, Mitsubishi Electric, Nortek, Kensa Heat Pumps, Thermic Energy, and Solarbayer.
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This report segments the global heat pumps market into:
Global Heat Pumps Market: Type Analysis
- Air-to-Air
- Air-to-Water
Global Heat Pumps Market: Application Analysis
- Residential
- Commercial
- Industrial
Global Heat Pumps Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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