Selbyville, Delaware, May 24, 2021 (GLOBE NEWSWIRE) -- As per the collective opinions of seasoned experts and researchers, worldwide heat pumps market size, valued USD 5.5 billion in 2019, is projected to expand at an appreciable CAGR of 9.5% over the forecast period 2020-2027. Rising number of construction activities for buildings and single-unit and multi-unit housing across the globe is fueling the industry growth.
The research literature presents an exhaustive analysis of major regional contributors, namely, North America, Europe, Asia Pacific, and Latin America. It also highlights the industry size, shares, production value & volume, and projected CAGRs, along with quantitative and qualitative data of the other sub-markets, including product terrain and end user landscape. Lastly, a detailed analysis of the changing competitive dynamics followed by a granular assessment of supply chain is provided for a holistic understanding of this domain.
For the record, the UK government has developed several schemes, such as Domestic Renewable Heat Incentive (RHI) and Non-Domestic RHI, to promote the adoption of green heating technology in existing households. Likewise, as per the state statue of 2019, Maine is eyeing to deploy 100,00 heat pumps within 5 years. Hence, such government initiatives are the expected to enhance the overall heat pumps market remuneration scope in the upcoming years. However, the installation continue to remain a major growth barrier for the industry.
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End-user scope overview:
Global heat pumps market end user scope spans across commercial, industrial and intuitional sectors, among which, the foremost segment is set to record strong gains in the upcoming years. Changing customer purchasing patterns are projected to drive the sales in restaurant and other commercial establishment sales, which will increasingly strengthen the demand for heat pumps in such settings.
Geographical outlook:
North America, Latin America, Europe, and Asia Pacific are the prime regional contributors to the overall heat pumps market value. Among these, North America currently accounts for majority industry share and will likely witness strong growth through 2027, attributable to a slew of factors such as favorable regulations, government tax credit benefits, and climatic conditions in the region. In fact, U.S. is experiencing an increased demand for air-to-air heat pumps, reaching an annual shipment total of 3.1 million in 2019 from 2.3 million in 2015, as cited by the International Energy Agency (IEA).
Meanwhile, Asia Pacific market is set to garner tremendous gains over the forecast timespan, largely driven government initiatives aimed at adoption of sustainable and eco-friendly energy sources.
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Global Heat Pumps Market Type Sub-Segments (Revenue, USD Billion, 2017-2027)
- Water Source
- Air Source
- Geothermal (Ground) Source
Global Heat Pumps Market End-Use Sub-Segments (Revenue, USD Billion, 2017-2027)
- Commercial
- Industrial
- Institutional
Global Heat Pumps Market Geographical Segmentation (Revenue, USD Billion, 2017-2027)
North America
- United States
- Canada
Europe
- United Kingdom
- France
- Germany
- Italy
- Spain
- Rest of Europe
Asia Pacific
- India
- China
- Australia
- Japan
- South Korea
- Rest of APACC
Latin America
- Mexico
- Brazil
Rest of the World
Global Heat Pumps Market Competitive Dashboard (Revenue, USD Billion, 2017-2027)
- Flamingo Heat Pumps
- Viessmann Werke GmbH & Co. KG
- Glen Dimplex Group
- Stibel Electron GmbH & Co. KG
- Daikin Industries Ltd.
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Nibe Group
- Midea Group
- Trane Technologies Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Heat Pumps Market, by Region, 2018-2027 (USD Billion)
1.2.2. Heat Pumps Market, by Type, 2018-2027 (USD Billion)
1.2.3. Heat Pumps Market, by End use industry, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Heat Pumps Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Heat Pumps Market Dynamics
3.1. Heat Pumps Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.1.1. Increasing demand for energy efficient solutions
3.1.1.2. Increasing government initiatives to curb carbon emission
3.1.2. Market Restraint
3.1.2.1. High installation cost of heat pumps
3.1.3. Market Opportunities
3.1.3.1. Increasing investments in commercial and residential sectors
Chapter 4. Global Heat Pumps Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Heat Pumps Market, by Type
5.1. Market Snapshot
5.2. Global Heat Pumps Market by Type, Performance - Potential Analysis
5.3. Global Heat Pumps Market Estimates & Forecasts by Type 2017-2027 (USD Billion)
5.4. Heat Pumps Market, Sub Segment Analysis
5.4.1. Air Source
5.4.2. Water Source
5.4.3. Geothermal (Ground) Source
Chapter 6. Global Heat Pumps Market, by End use Industry
6.1. Market Snapshot
6.2. Global Heat Pumps Market by end use industry, Performance - Potential Analysis
6.3. Global Heat Pumps Market Estimates & Forecasts by end use industry 2017-2027 (USD Billion)
6.4. Heat Pumps Market, Sub Segment Analysis
6.4.1. Industrial
6.4.2. Commercial
6.4.3. Institutional
Chapter 7. Global Heat Pumps Market, Regional Analysis
Related Report:
Global Heat Pump Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Global Heat Pump Market size will surpass 16 million units by 2026. Rising environmental concerns coupled with adoption of energy efficient heating technologies is positively influencing the deployment for these units. Ongoing focus toward installation of cost effective & reliable heating technologies across the residential and commercial establishments will drive the global heat pump market. In addition, ongoing urbanization along with rising consumer awareness toward energy optimization will encourage the product adoption over available counterparts. Favourable regulatory initiatives coupled with the declining component prices will create lucrative business opportunities for manufacturers, thereby enhancing the overall industry landscape.
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