Heat Pump Market in Numbers
- The global heat pump market is estimated to be valued at ~US$ 47 Bn in 2019. The heat pumps industry remains influenced by continued improvements in electricity generation from renewable resources, and exploration on future heat pump implementations.
- The heat pumps market is projected to register ~12% CAGR through 2029. Adoption of eco-friendly alternatives to conventional heating appliances for arresting CO2 emissions continues to favor heat pump deployments.
- East Asia will continue to be the leading market for heat pumps, accounting for one-third shares, underpinned by the resurgent construction activities and infrastructure development in the region.
- Increasing implementation of stringent policies to restrict the release of greenhouse gases in the environment across the globe is likely to provide new growth opportunities for heat pump manufacturers.
For more insights into the heat pumps market, request for the report sample
Heat pump market has not only witnessed the provision of ecologically and economically feasible products, but also premium products with advanced features for critical commercial and industrial applications. Taking a cue, heat pump manufacturers are adapting to contemporary trends and developing high-end products to tap latent opportunities. The production of premium or advanced heat pumps tend to be limited, but represent a high market value. As a result, the heat pump market shows a high level of consolidation for high-end products.
Low-end products with standard features, on the other hand, continue to witness mass production and sales to cater growing demand from residential sector and small-scale industries. Therefore, the number of market players offering low-end products continues to surge, resulting into a stiff competition for global players in this highly fragmented marketplace.
Stakeholders in the heat pump market are continuously engaged in expanding their product portfolios through strategic collaboration and technology innovations. For instance, in 2019, Mayekawa Mfg. Co. Ltd. introduced a new refrigeration package – South Polar. It is a joint development between the company and Square Technology Group, a leading Chinese manufacturer of quick freezing machines. New product developments to satisfy customer demands for energy efficiency and environmental friendly products will also remain one of the key growth strategies of the market players.
For more intelligence on the competitive landscape of the heat pumps market, request for the report sample
Key Factors Shaping the Growth of Heat Pump Market
- Heat pumps continue to gain traction as a viable and ecological alternative to conventional heating equipment, owing to the efforts of several economies for progressing toward a low-carbon future, by using cleaner energy to run transportation, heating, cooling, and other applications.
- With 11 million units installed worldwide in 2018, heat pump technology has become a paramount among global heating equipment suppliers. Rapid climate changes have not only increased the heating needs for residential buildings, but also led the development of dual-source options in heat pumps for effective temperature regulations in both warm and cold climates.
- Significant growth in adoption of HVAC (heating, ventilation, and air conditioning) systems, on the back of changing climatic conditions, rapid urbanization, and demographic transformations, has also been complementing the demand for heat pumps.
- Shifting end user preference towards green technology, along with government regulations that promote energy efficiency, is expected to positively influence growth of heat pumps market.
- Once a niche technology for domestic heating and hot water supply, heat pumps are now expected to play a significant role in creating a low-carbon future. Manufacturers are leveraging latest technologies to make reliable advances in the areas of compressors, refrigerants, fan motors and coils.
For more information on growth influencers of the heat pump market, request for the report sample
Key Challenges Faced by the Heat Pump Market Players
- Higher initial installation costs of heat pumps have significantly restricted their mass adoption, particularly in price-sensitive countries. Several technical difficulties are associated with the installation of advanced units in existing infrastructures, which have added to reluctance of end users toward heat pumps.
- Lack of awareness regarding the changes in efficiency and cost of heating appliances is one the primary reasons why consumers fail to realize the potential benefits of heat pumps - a notable impediment to heat pump sales.
- Policies and strategies promoting the sales of heat pumps further continue to remain different and complex, as the benefits of these products vary between countries, individual sectors, and also over time.
Dual-source Options to Gain Momentum
Earlier models of heat pumps have not always been the most practical, as uneven patterns of global climate limit these products to be as proficient as their conventional counterparts. However, the emergence of dual-source heat pumps that draw heat either from air and ground has been the game changer in the recent past. These heat pumps are not only cost effective but also have higher efficiency than air-source units. Apart from maximizing efficiency and electrical savings of heat pumps, compact ‘plug and play’ design is being explored to appeal to housing and small commercial sectors.
The Fact.MR study on heat pump market offers industry-based intelligence and comprehensive insights into the current and future prospects of the market. To carry out a detailed analysis on the growth of heat pump market for the period, 2019-2029, a unique methodology and holistic approach have been adopted by the analysts.
An extensive primary and secondary research have been conducted to offer actionable insights that can arm the stakeholders with necessary facts and figures to take well-informed decisions. The report on heat pump market has also gone through various authentication processes to ensure the reliability and uniqueness of the information detailed in the report.
Request Methodology of this Report.
A new report published by Fact.MR report on heat pump market offers an extensive market forecast for the period, 2019-2029. Wide-ranging dynamics influencing the heat pump are identified and their degree of impact has been assessed and covered in the report. The report offers qualitative and quantitative analysis of the macro- and microeconomic factors impacting heat pump market growth. It also provides in-depth insights into the competitive landscape of heat pump market to assist the readers in implementing and devising well-informed decisions.
Chapter 1 - Executive Summary
The report commences with an executive summary that provides various key aspects and nuances in the heat pump market including demand-supply side trends, view-points of analysts, key market characteristics, and opportunity assessment.
Chapter 2 - Market Overview
Current landscape of the heat pump market has been assessed and briefly introduced in this chapter followed by a concrete definition of the targeted product – heat pump. Different segments identified in the global market of heat pump have been represented in the form of a taxonomy table.
Chapter 3 - Key Market Trends
The chapter focuses on recent trends shaping current outlook of the global heat pump market. Some of the trends include preferences for green technology and expansion of construction industry.
Chapter 4 - Market Background
A background of the market is detailed in the chapter lined with different sections explaining the global outlook of HVAC system industry and construction sector. The chapter also details PESTLE analysis, Porter’s five forces analysis, macroeconomic factors, forecast factors, value analysis, and market dynamics.
Chapter 5 - Heat Pump Market – Key Indicators Assessment
This chapter of the report focuses on analysis of climatic conditions in different geographies including Europe, North America, Latin America, MEA, APEJ, and Japan.
Chapter 6 - Global Heat Pump Market - Pricing Analysis
The chapter offers a global pricing analysis of the heat pump market including average price of each product and average pricing breakup. The average price of all the product types has also been analyzed across different geographical regions.
Chapter 7 – Global Market Analysis & Forecast
The chapter provides historical market value (2014-2018) along with present and future market value projections (2019-2029). Absolute dollar opportunity analysis and Y-o-Y growth trend analysis have also been featured in the chapter.
Chapter 8 – Global Market Analysis & Forecast, By Type
This chapter focuses on the segment-wise analysis of heat pump market based on material type. On the basis of material type, the heat pump market has been segmented into air source, water source, and ground source heat pumps.
Chapter 9 – Global Market Analysis & Forecast, By Application
In this chapter, the report offers a comprehensive segmental analysis of heat pump market based on application including residential, commercial and industrial.
Chapter 10 – Global Market Analysis & Forecast, By Rated Capacity
Based on rated capacity, the heat pump market is segmented into up to 10 kW, 10-20 kW, 20-30 kW, and above 30 kW.
Chapter 11 – Global Market Analysis & Forecast, By Region
The chapter covers an exclusive analysis and forecast of heat pump market for the historical period (2014-2018) and the forecast period (2019-2029). The report has categorized heat pump market into four key segments which include type, application, rated capacity, and region. It also includes revenue, market share, and Y-o-Y growth comparison of all these segments.
Chapter 12 - North America Market Analysis and Forecast
The chapter provides the important opportunities and challenges in the heat pump market in North America. It also offers key insights into the market scenario in North American countries.
Chapter 13 - Latin America Market Analysis and Forecast
The chapter offers an accurate forecast of the heat pump market in Latin America, and provides in-depth insights of regional market. Key countries assessed in the heat pump market in Latin America include Argentina, Brazil, and rest of Latin America.
Chapter 14 - Europe Market Analysis and Forecast
The chapter covers an comprehensive insights into the factors influencing the growth of heat pump market in Europe. It also includes market share analysis on the basis of country, type, application, and rated capacity.
Chapter 15 - East Asia Market Analysis and Forecast
In this chapter, the report focuses on the novel developments and opportunities in the East Asia heat pump market. Comprehensive insights into market performance in different countries across the region are also provided in the chapter.
Chapter 16 - South Asia Market Analysis and Forecast
The chapter provides drivers, recent trends, and challenges of the heat pump market in South Asia. Analysis of all the important countries in the region along with present and future scenario of the heat pump market in these countries have been provided.
Chapter 17 - Oceania Market Analysis and Forecast
The chapter focuses on key factors impacting the development of the heat pump market in Oceania. Pricing analysis, market value proportion analysis, and detailed insights into performance of all market segments in the region have been included in this chapter.
Chapter 18 - Middle East & Africa Market Analysis and Forecast
The chapter offers extensive insights into the heat pump market in the Middle East & Africa (MEA) including dynamics, recent trends, opportunities, and challenges in the region. It also offers present scenario of the heat pump market in various countries across MEA.
Chapter 19 - Emerging Countries Market Analysis and Forecast
In this chapter, the report focuses on various factors influencing the growth of the heat pump market in emerging countries such as China, India, and Mexico. Market share analysis and all-inclusive insights on performance of all important market segments in these countries have been provided in this chapter.
Chapter 20 - Market Structure Analysis
Under the chapter, the report offers a dashboard view of the market share analysis of leading players in heat pump market, along with structural analysis.
Chapter 21 - Company Profiles
The chapter covers a detailed analysis on the competitive landscape of the heat pump market. It offers company description, product offerings, key financials, strategies, and regional presence of each key player in the heat pump market.
Fact.MR offers custom research services that help clients to get specific research solutions
We are committed towards customer satisfaction and quality service.