New York, USA, Nov. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global residential heat pump market is anticipated to generate a revenue of $62,388.0 million by 2028, growing rapidly at a CAGR of 10.3% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
- Drivers: Increasing inclination towards convenient, versatile, sustainable, and energy-efficient systems among people across the globe are expected to drive the growth of the market during the forecast period. In addition, stringent government restrictions to cut down carbon emissions and adopt an energy-efficient system is further expected to bolster the growth of the market during the forecast period.
- Restraints: Various environmental complexities involved in the installation of residential heat pumps is expected to impede the growth of the market during the forecast period.
- Opportunities: Persistent technological innovation in heat pumps and prevalence of IOT for residential heat pumps are expected to create ample opportunities for the growth of the residential heat pump market.
Segments of the Market
The report has divided the residential heat pump market into various segments based on type, power source and region.
Type: Air Source Sub-segment to be Most Profitable
The air source sub-segment is expected to be generate a revenue of $42,747.7 million during the forecast period. Air source heat pumps significantly cut down the energy bills due to the regulated use of electricity and low maintenance. This factor is expected to accelerate the growth of the residential heat pump market sub-segment during the forecast period.
Power Source: Electric-Powered Sub-segment to be Most Lucrative
The electric-powered sub-segment is expected to generate a revenue of $45,453.0 million during the forecast period. An electric powered residential heat pump system is cost-effective and abstains from toxic emissions due to combustible gases, keeping the indoor clean and healthy. This factor is expected to bolster the growth of the sub-segment during the forecast period.
Region: Asia-Pacific Region Expected to Dominate the Market
The Asia-Pacific region is expected to grow exponentially with a CAGR of 11.0% during the forecast period. Severe government restrictions on the carbon emissions, owing to the high population in this region is expected to dominate the market. In addition, presence of prominent players of the market in this region is expected to bolster the growth of the regional residential heat pump market.
Impact of COVID-19 on the Market
The outbreak of COVID-19 has had an adverse impact on the growth of the global residential heat pump market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns led to the closure of manufacturing units of heat pumps in order to curb the spread of the virus during the pandemic. Stringent travel restrictions imposed by the government made it difficult for companies to procure raw materials for the production of heat pumps. Thus, the pandemic has had a negative impact on the market.
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Prominent Key Players of the Residential Heat Pump Market Include -
- Daikin
- Midea Group
- Danfoss
- Mitsubishi Electric Corporation
- Viessmann
- NIBE
- Johnson Controls
- Stiebel Eltron
- Carrier Corporation
- Glen Dimplex
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in June 2020, RSK Group, a leading integrated environmental, engineering and technical services business, acquired Ground Heat Installations Ltd, one of the UK’s largest providers of ground source heat pumps, in order to maximize RSK’s capabilities to increase its services and expand internationally.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Porter’s Five Forces Analysis for the Global Residential Heat Pump Market
- Bargaining Power of Suppliers: Majority of the residential heat pump companies need different raw material suppliers for purchase of goods such as condenser, evaporator, expansion valve, and others. Hence, the suppliers are at dominant position and can use their negotiating power to grab profits from the residential heat pump manufacturing companies.
Thus, the bargaining power of suppliers is high. - Bargaining Power of Buyers: In this market, the concentration of buyers is high as adoption of heat pumps to achieve carbon neutrality goals and to promote the use of clean energy sources is rising rapidly.
Thus, buyer’s bargaining power is moderate. - Threat of New Entrants: The threat of new entrants is low as huge capital investment is required for setting up heat pump manufacturing unit as well as the manufacturers have to adhere to the government norms and development policies.
Thus, the threat of the new entrants is low. - Threat of Substitutes: The presence of alternatives such as air conditioners, boilers, and furnaces that are cheaper in terms of price and installation is estimated to hamper the residential heat pump market growth. However, various countries such as U.S., Germany, France, China have implemented various incentives for the purchase of heat pumps to reduce the cost.
Thus, the threat of substitutes is moderate. - Competitive Rivalry in the Market: The residential heat pump market players are focusing on investments and business expansion strategies to attract large number of customers. In addition, large number of local manufacturers and emerging global players are entering the market.
Therefore, competitive rivalry in the market is high.
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