New York, US, Dec. 02, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Heat Pump Market Research Report: Information by Type, Capacity, End-User and Region – Forecast till 2030”, the global heat pump market will touch USD 118.4 billion at an 11.37% CAGR by 2030.
Heat Pump Market Growth Drivers
The increased need for cost-effective and energy-efficient space heating & cooling applications in commercial and residential housing will boost market growth in the forecast period.
Host of Benefits to offer Robust Opportunities
The host of benefits that heat pumps offer will give lucrative opportunities for this market in the forecast period. These benefits include longer lifespan, low carbon footprint, economical operations, and low maintenance needs.
Heat Pump Market Key Players
Eminent industry players profiled in the global heat pump market report includes,
- Midea (China)
- Ingersoll Rand (Ireland)
- Glen Dimplex (Ireland)
- Stiebel Eltron (Germany)
- Panasonic (Japan)
- Daikin (Japan)
- Danfoss (Denmark)
- Hitachi (Japan)
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Heat Pump Market Restraints and Challenges
High Installation Cost to act as Market Restraint
The high installation cost of heat pump devices, technical difficulties related to the installation of advanced units in the existing infrastructures, and lack of awareness about the changes in efficiency may act as market restraints over the forecast period.
COVID-19 Analysis
Due to lockdowns imposed in numerous nations around the world, the COVID-19 pandemic had a negative effect on the supply and demand of heat pump systems. As a result of the pandemic-induced disruptions, manufacturers faced new difficulties as consumers became less confident about their purchasing decisions due to financial instability and economic downturns. Due to a halt in industrial and construction activities, the demand for these solutions also significantly decreased. The market demand will be favored despite new initiatives to accelerate the adoption and utilization of renewable energy systems.
Heat Pump Market Scope:
| Report Metrics | Details |
| Heat Pump Market Size by 2030 | USD 118.4 billion |
| CAGR during 2022-2030 | 11.37% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increasing investments in commercial and residential sector |
| Key Market Drivers | Government regulations for increasing energy efficiency Rapid industrialization and increasing population would encourage energy efficient equipment |
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Heat Pump Market Segmentation
The global heat pump market is bifurcated based on end user, capacity, and type.
By type, the air to air segment will lead this market in the forecast period for its immensely high efficiency.
By capacity, up to 10 kW will domineer the market over the forecast period.
By end user, residential will spearhead this market in the assessment period for the investments and initiatives made by the government to install heat pumps.
Heat Pump Market Regional Analysis
North America to Head Heat Pump Market
In terms of market share for heat pumps, the North American region is accountable for a sizable part and is likely to grow through 2027. Air-to-air heat pumps are becoming highly popular in the US; their market value increased from 2.3 million in 2015 to 3.1 million in 2018. The US and Canada are both part of North America. The rise in demand in North America has been significantly influenced by rising consumer demand for energy-efficient systems, government initiatives to promote emission reduction, & clean heating & cooling systems to adopt clean & sustainable technology.
Additionally, the rise in household units and population growth will accelerate the expansion of the residential market. The size of the North American heat pump market is anticipated to grow by about 4% between 2022 and 2030. The area is anticipated to draw sizable investments in product development and become a hub for heat pump businesses.
The demand for sustainable heating and cooling solutions has increased due to rapid urbanization and industrialization. New initiatives are being launched to support the development of HVAC technologies in order to address the effects of severe weather conditions in nations like the U.S. and Canada. During the forecast period, North America is anticipated to experience the heat pump market's fastest growth. The demand for heat pumps in the residential and commercial sectors of North America is increasing, and this growth is attributed to various government programs, corporate policies, and individual tax credits, incentive plans, and clean heating and cooling initiatives.
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APAC to Have Admirable Growth in Heat Pump Market
With regards to market share, the Asia-Pacific region is expected to grab a sizable portion, while Japan, China, & India contribute a sizable portion of the heat pump market revenue. As per the heat pump global market outlook, it was noted that heat pumps in Japan are used in refrigerators and for space heating and cooling in a variety of residential settings.
The APAC region is predicted to have the fastest market growth during the forecast period. This is largely because of the region's rapidly growing population and industrialization, which is driving up demand for energy-efficient machinery. The industrial demand is being driven by the implementation of strict construction regulations, particularly in nations like China, Japan, & South Korea. The use of heat pumps over more traditional heating systems has also been promoted by the government, which has increased demand for them. Due to several factors, including the growing demand for energy-efficient heating solutions in the residential and commercial sectors as well as the growing awareness of climate change & greenhouse gas emissions, the Asia-Pacific region, where Japan, China, & India are the prominent revenue contributing countries, domineered the market & accounted for a revenue share of 46.9% in 2021. One of the trends seen in Japan is the widespread use of heat pumps for refrigerators and also space heating & cooling in residential buildings.
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In recent years, heat pumps have also been used in water heaters, washers, and dryers. As a result of their high potential for energy savings and CO2 emission reduction, heat pumps' market share is rapidly growing. One of the biggest markets in the Asia-Pacific and the world, China, is able to sustain a high demand for heat pumps across all three market segments, including residential, commercial, & industrial.
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