Heat Pump Market Size is Expected to Surpass USD 139.4 Bn By 2030

Tokyo, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The heat pump market growth is expanding at a CAGR of 7.9% between 2022 to 2030. The demand for the heat pump is significantly growing across the residential, commercial, and industrial sectors for the applications in heating and cooling. The shifting focus towards the adoption of sustainable and green energy is driving the demand for the heat pump across the globe. Moreover, surge in the government initiatives to encourage the adoption of renewable energy sources and reduce carbon footprint is positively impacting the market.

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The rising investments of the manufacturers in the research and development and integrating the advanced technologies like artificial intelligence and internet of things in the heat pump is expected to further boost the demand for heat pumps across the globe.

The government offers tax rebates, incentives, and credits to boost the adoption of the clean and green energy sources in various applications. This is a major factor that may propel the demand. Moreover, the rising popularity of the dual source technology that can effectively and efficiently provide the heating and cooling application is gaining immense traction across the globe.

Key Insights

• By technology, the global air source technology segment has held 81% of the market share in 2021 and growing at a CAGR of 7%.
• The ground source technology is expected to reach at a CAGR of 9.1% from 2022 to 2030.
• The industrial segment is growing at a CAGR 7.9% over the forecast period.
• The Asia Pacific region has contributed revenue share of 46% in 2021.
• Europe is growing at a CAGR of 8.7% over the forecast period.
  
  

Regional Snapshot

Asia Pacific led the global heat pump market in 2022. Asia Pacific is the home to world's largest population and the rapidly surging investments towards the development of infrastructure and rapid urbanization are the major factors that are expected to boost the demand for heat pumps in the region. Furthermore, the presence of huge industries in the region is significantly propelling the demand for the heat pumps in the region. Asia-pacific attracts huge FDIs from the top MNCs owing to the presence of cheap factors of production and favorable government policies. Countries like China has become the manufacturing hub of the world. Furthermore, the higher presence of commercial buildings in the region is expected to boost the adoption of heat pump in the forthcoming years.

Europe is expected to witness fastest growth rate during the forecast period. This growth is attributable to the strict government regulations related to the adoption of sustainable products and renewable energy sources. The European government significantly focuses on sustainability and reducing the carbon emission to control greenhouse gases and create a sustainable environment for future. This is a major factor behind the rising adoption of the sustainable and eco-friendly heat pumps across Europe. Furthermore, the cold climatic conditions in the European nations is fueling the demand for heat pumps for heating application in residential sector. The increased demand for cost efficient and eco-friendly heating and cooling solutions in industries and commercial sector in Europe is resulting in the burgeoning demand for the heat pumps.

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Scope of the Report

Market Dynamics

Driver

Rising focus towards sustainability

The non-renewable energy sources results in the production of greenhouse gases that cause global warming. The deteriorating environmental conditions and climate change issues are the major factors that are shifting the focus towards the adoption of the sustainable products for heating and cooling solutions. Therefore, the demand for the heat pumps is expected to grow significantly across the industrial and residential sector owing to the rising awareness regarding environment protection and renewable energy sources.

Restraint

Less awareness in developing nations

There is a lack of awareness regarding the benefits of the heat pumps in the developing nations. The developing nations are witnessing a rapid industrialization and urbanization and the lack of awareness regarding the social and environmental benefits of the heat pumps may adversely impact the global heat pump market during the forecast period.

Opportunity

Introduction of advanced technologies

The heat pump industry is witnessing the integration of advanced technologies like internet of things. The IoT technology is expected to allow the remote operation of the heat pumps and will allow the monitoring of the environmental condition. The surging demand for the automated and advanced digital technologies is expected to offer growth aspects to the manufacturers and foster the growth of the market.

Challenge

High capital investment

The costs associated with the acquisition of the advanced heat pumps is high. The financial limitations of the residential consumers in the developing and the underdeveloped economies may restrict the growth of the global heat pump market in the forthcoming years. The installation and maintenance involves a considerable costs.

Report Highlights

• The ground source technology is expected to exhibit the highest CAGR during the forecast period. The ground source segment is gaining traction owing to its capability to supply stable and consistent heating and cooling without being affected with the outside temperature. Further, the low operational costs and easy maintenance with low carbon emission are the major features that are expected to drive its demand across the globe.
• Based on the application, the residential sector accounted for about 80% of the market share in 2022. The increased demand for the heat pumps across the North America and European nations has boosted the growth of this segment. The cold weather has significantly boosted the demand for the heat pumps in the households of the developed economies.

Recent Developments

• In January 2022, Johnson Controls acquired FogHorn to provide industrial and commercial IoT solutions in the heat pumps.
  
  

Market Segmentation

By Technology

• Water Source
• Air Source
• Ground Source
• Hybrid Heat Pump

By Application

• Industrial
• Commercial
  • Educational Institutes
  • Healthcare
  • Retail
  • Logistics & Transportation
  • Offices
  • Hospitality
• Residential
  • Single Family
  • Multi Family
    
    

By Rated Capacity

• Up to 10 kW
• 10 – 20 kW
• 20 – 30 kW
• Above 30 kW

By Refrigerant

• R410A
• R407C
• R744
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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