According to Future Market Insights (FMI), by the end of 2022, the market for heat pumps would have grown by 3.6% annually, totaling roughly US$ 33,156 Million. At a CAGR of 4.3%, the market is anticipated to reach US$ 50.714 Million by 2032.
The initial reduction in energy use and carbon emissions from such devices is recognized as a fundamental commercial driver for heat pumps.
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Amidst the global 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 Bn in 2020. 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 2020.
The global 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 TAXONOMY
The global heat pumps market is segmented into six segments in detail to cover every aspect of the market and present complete market intelligence to the readers.
Type
- Air-water Heat Pumps
- Air-air Heat Pumps
- Ground Source Heat Pumps
- Hybrid Heat Pumps
Power Source
- Electric
- Others (Gas Driven)
End User
- Residential
- Commercial
- Industrial
Refrigerants
- HFC
- CO2
- Ammonia
- Hydrocarbon
- Others
System Type
- Air-source Heat Pumps
- Ductless Mini-split Heat Pumps
- Geothermal Heat Pumps
- Absorption Heat Pumps
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
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About Future Market Insights (FMI)
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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