The market for heat pumps is expected to reach US$ 58.7 billion by 2033, having been valued US$ 34.3 billion in 2023. The predicted compound annual growth rate (CAGR) for the global market is 5% for the projection period. with the present pandemic situation having little bearing on projections for long-term growth. Government attempts to reduce greenhouse gas emissions, rising demand for technologically advanced cooling solutions with low carbon footprints, and improvements in HVAC systems all contribute to the revenue stream of the worldwide heat pumps market.
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.
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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 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”.
Key Players in the Heat Pump Market
- Viessmann Group
- Danfoss Group Global
- United Technologies Corporation
- Stiebel Eltron Group
- Glen Dimplex Group
- The Bosch Group
- Mitsubishi Electric Corporation
- Panasonic Corporation
- NIBE Group
- Daikin Industries Limited
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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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