Future Market Insights (FMI) forecasts that the market for heat pumps Research will increase by 3.6% annually in 2022, reaching a value of roughly US$ 33,156 Million by the year’s end. With a CAGR of 4.3%, the market is anticipated to reach US$ 50.714 Million by 2032.
According to Future Market Insights (FMI), by the end of 2022, the heat pump market will have grown by 3.6 percent annually, reaching a value of about US$ 33,156 Million.
It is acknowledged that one of the main market drivers for heat pumps is the initial decrease in energy usage and carbon emissions from such equipment. Increased residential and development spending will expand the markets available to heat pump manufacturers. The market is projected to expand significantly (CAGR: 5.4%) between 2022 and 2030.
Over the forecast period, the market for heat pumps in China is anticipated to grow at a CAGR of roughly 6.7%. One of the biggest markets in the Asia-Pacific region, China, has a significant demand for heat pumps across all three market segments—commercial, residential, and industrial. Heat pumps are frequently employed in China because they can effectively heat a building using sustainable energy. The nation is anticipated to attain a worth of approximately US$50.714 Million by 2032
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Amidst the health crisis, cooling as well as heating systems are critical to fulfil the immediate needs of consumers, such as providing thermal comfort in hospitals and homes, preserving food and medicines, and keeping data centers running. In line with this, refrigeration and heat pumps are essential for consumers.
As the world attempts to fight the COVID-19 pandemic, it has led to delayed production across several heat pump production facilities in major coronavirus hit countries such as the US, China, and Germany, This is expected to dampen heat pump sales by around US$ 1 Billion in 2022.
Moreover, the COVID-19 pandemic will significantly impact consumer behavior in the short term, with domestic shipments from China for air source heat pumps (ASHPs) registering drop of over one-third in January 2022.
The heat pumps market will witness v-shaped recovery growth, owing to rising inclination towards innovative construction solutions, especially in countries such as India, China, and Mexico.
Key Takeaways from Heat Pumps Market Study
- Air-water heat pumps are finding immense use in domestic hot water, floor heating, and space heating/cooling applications.
- Heat pumps having flexible or twin-speed features to reduce energy consumption and improve overall efficiency throughout are likely to garner substantial traction over the forecast period.
- Demand for CO2 refrigerant heat pumps is expected to increase, given its excellent recyclability, low cost, and environment-friendly attributes.
- Hybrid heat pumps are likely to see significant rise in adoption, owing to their high efficiency, lower energy consumption, and cost effectiveness as compared to other heat pumps.
- Air-source heat pumps continue to grab huge attention of market players, owing to their low installation cost and high demand in North America and Western Europe.
“As the world moves towards sustainable and green energy solutions, heat pumps are expected to replace conventional heating systems rapidly in the near term. In addition, the ongoing coronavirus (COVID-19) spread can alter how companies organize their supply chains in the coming years, with more stress being layed on decentralization”.
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Heat Pumps Market : Competitive Landscape
The study provides vital insights of the competition landscape in the heat pumps market, along with various strategies adopted by prominent players. The heat pumps market is fairly competitive, with manufacturers offering identical products. Some of the key manufactures in the heat pumps market are Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group, and Danfoss Group Global.
Market participants are investing in R&D activities to develop new products with better energy efficiency, and are also focusing on providing aftersales services.
Heat Pumps Market by Category
By Product Type:
- Air-water heat pump
- Air-air heat pump
- Ground Source heat pump
- Hybrid heat pump
By End Users:
- Residential
- Commercial
- Industrial
By Power Source:
- Electric
- Others(Gas Driven)
By Refrigerants:
- HFC
- CO2
- Ammonia
- Hydrocarbon
- Others
By System Type:
- Air-source heat pumps
- Ductless mini-split heat pumps
- Geothermal heat pumps
- Absorption heat pumps
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- MEA
- Japan
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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