The "Heat Pump Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
The global heat pump market was valued at $52.3 billion in 2018 and is projected to reach $94.6 billion by 2026, growing at a CAGR of 7.74% from 2019 to 2026.
A heat pump is a device that transfers heat energy from one source to another. It is used in both industrial and residential areas. It offers an energy-efficient alternative to furnaces and air conditioners. The heat pumps are used to transfer heat from a cool to a warm space that helps cool the interior temperature.
The global heat pump market is registering significant growth across the globe. The growth of this market is driven by increase in demand for household appliances such as refrigerators and air-conditioners. Furthermore, a rise in demand for keeping the house warm in the residential segment due to change in climate conditions fuels the demand for heat pumps. In addition, favorable government regulations to reduce CO2 emission are further complementing the adoption of heat pumps; thereby, contributing to the global market growth.
On the other hand, the high cost of installing a heat pump device restraints the growth of this market. Advanced technologies such as dual-source heat pumps are expected to offer growth opportunities to the market. In addition, heat pumps have witnessed high demand for residential applications, which is further expected to offer lucrative growth opportunities to the global heat pump market.
The global heat pump market is segmented on the basis of type, application, and region. Based on type, the market is divided into air-to-air, water source, and geothermal. By application, the market is classified into residential, industrial, and commercial. Residential is the largest segment among all due to significant adoption of heat pumps or space heating, cooling, and other applications. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global heat pump market from 2018 to 2026 to determine the prevailing opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- Estimations and forecasts are based on factors impacting market growth, in terms of both value and volume.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.
- Based on type, the air-to-air segment emerged as the global leader by acquiring a 78% market share in 2018. Superior energy efficiency, its use as a legitimate space heating alternative in colder regions, and cost-competitive use are the factors that drive their use across the globe.
- Based on application, the residential segment acquired more than 75% market share in 2018 in response to increase in need for economical and energy-efficient space heating, cooling, and sanitary hot water.
- Asia-Pacific emerged as the global leader in the global heat pump market with around 40% market share in 2018. This is attributed to high adoption of a heat pump as an alternative to fuel-based heating methods, growth in residential spaces and resulting demand for heating products, and favorable government regulation.
- Stringent regulatory outlook to reduce CO2 emission as well as efforts to monitor these reduced emission activities is expected to offer promising growth opportunities to heat pump technology during the forecast period.
- Although heat pump are cost-competitive in nature, high installation costs associated with them significantly increase its cost and is expected to restrain the growth of this market.
- High Adoption in the Residential Sector
- Contribution of Heat Pump Technology in Reducing Co2 Emission
- High Costs Associated With Heat Pumps
- Increase in Popularity of Geothermal Heat Pump Technology
Key Market Players
- Daikin Industries Ltd.
- Glen Dimplex Group
- Ingersoll Rand Plc
- Melrose Industries PLC
- Mitsubishi Electric Corporation
- NIBE Industrier AB
- Stiebel Eltron
- Vaillant Group
- Viessmann Werke GmbH & Co. KG
- Panasonic Corporation
For more information about this report visit https://www.researchandmarkets.com/r/gj1p13
Laura Wood, Senior Press Manager
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