According to Future Market Insights (FMI), the heat pump market will grow by 3.6% per year in 2022, reaching a value of approximately US$ 33,156 Million by the end of the year. The market is expected to reach US$ 50.714 Million by 2032 at a CAGR of 4.3%.
The initial reduction in energy consumption and carbon emissions from such devices is acknowledged as a major market driver for heat pumps. Increased residential and construction investment will provide heat pump suppliers with new markets. In terms of value, the market is expected to grow at a significant rate (CAGR) of 5.4% between 2022 and 2030.
According to FMI, Asia Pacific will dominate the heat pump market, followed by North America. APAC and North America are expected to have a combined revenue share of 73.9% of the global market by the end of 2032.
FMI provides an analysis of half-yearly comparisons as well as significant information about the market’s expansion prospects for heat pumps. Construction industry growth and increased enforcement of strict new building regulations by governments around the world, particularly in the United States, China, Japan, Europe, and South Korea, are expected to have a significant impact on demand for heat pumps for residential applications.
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FMI analysis shows the difference between the BPS values seen in the heat pump market in H1 2022 and the outlook for H1 2022 The forecast shows a decrease of 17 units. Additionally, the market is anticipated to increase by 89 BPS in H1 2022 compared to H1 2021.
As consumers demand more technologically advanced and environmentally friendly heating and cooling equipment, the market for heat pumps is expected to grow. Particularly helpful for lowering carbon intensity are heat pumps. They can assist in reducing the amount of electricity used for cooling and heating applications by half when compared to conventional electric resistance heating appliances.
Heat pumps’ initial reduction in energy consumption and carbon emissions from various devices is acknowledged as one of their main commercial benefits. Greater residential and construction spending will expand the markets available to heat pump manufacturers.
The demand for CO2 refrigerant heat pumps is rising.
From 2022 to 2030, CO2 Refrigerant Heat Pumps are anticipated to create a $2,731 Mn absolute dollar opportunity. These CO2 refrigeration heat pumps are increasingly in demand due to their simplicity of use, low cost, and green attributes. Currently, China, Japan, and other Asian markets offer CO2 refrigerator heat pumps. When compared to ground-source heat pumps, which are used for domestic water heating, air-source heat pumps have lower overall installation costs, making them a popular choice for CO2 refrigerators.
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The market for heat pumps in the United States
The North American U.S. heat pump market is anticipated to grow by volume by 2.1% in 2022. Because of various factors, including weather, the ease of obtaining resources, the advantages of receiving government tax credits, and regulations, the supply of heat pumps has gradually increased in the North American region, particularly in the United States. By the end of 2022, the US market will have generated US revenues totalling $6,816.0 Mn, according to the study.
Why is the demand for heat pumps growing in Japan
Japan is anticipated to grow at a CAGR of 4.6% between 2022 and 2030. The heat pump technology uses air temperature and renewable heat output to convert heat to renewable heat with minimal power consumption. Japan tries to promote this technology because it has so many benefits. For heat pumps, Japan is regarded as a developed country. In the past ten years, more than 35,000 water heating system units have been released onto the market. By 2030, the nation’s GDP is projected to be $3,475.4 million USD.
Competitive Landscape
Several key manufacturers of Heat Pumps supplies are also focusing on developing new technology-driven in higher quantities to capitalize on existing opportunities in the market. Through mergers & acquisitions, and research & development activities, these players have been able to expand their market footprint. Emergence of various manufacturers has also been witnessed in this space.
For Instance,
– In 2022, Viessmann Group has taken a majority stake in Pacifica Home Services Ltd. (PHS), simultaneously backing the re-investment of the Management team. PHS is a specialist in both the installation and maintenance of integrated HVAC solutions with a further specialization in heat pumps.
– In 2020, Glen Dimplex Group launch a new M Flex air-to-water heat pump which is available in two versions, either with six to nine or with nine to 16 kW heat output. Both the outdoor and the indoor units have a compact and space-saving design. The design features reassuringly high-quality materials, clearly accentuated surfaces and excellent workmanship.
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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
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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