ROCKVILLE, Md., Feb. 23, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Fact.MR report, global heat pump market is anticipated to reach a valuation of US$ 2 Bn by 2031, expanding at a steady CAGR of 9% across the assessment period of 2021 to 2031.
Demand for air source heat pumps is set to increase at a CAGR of 7% across the assessment period of 2021 to 2031.
Energy-Efficient And Sustainable Heating Technologies Increases The Adoption Of Heat Pumps
Heat pumps continue to gain traction as a viable and ecological alternative to conventional heating equipment, owing to the efforts of several economies for progressing towards a low-carbon future by using cleaner energy to run transportation, heating, cooling, and other applications. Rapid climate changes have not only increased the heating needs for residential buildings but also led to the development of dual-source options in heat pumps for effective temperature regulations in both, warm and cold climates.
A wave of energy-efficient and sustainable heating technologies hitting the residential as well as commercial and industrial sectors has led to notable rise in the adoption of heat pumps. As energy-efficient products continue to play an important role in reducing greenhouse gas (GHG) emissions and regulating the amount of electricity consumed by the residential and commercial sectors, it is highly likely that heat pump sales will remain highly influenced by their sustainability quotient.
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What is the estimated global demand for Air Source Heat Pump over the forecast period?
Sales of air source heat pumps are expected to increase by 2.2X over the forecast period.
The air source heat pump (ASHP) uses electricity to absorb heat from the surrounding air and provide hot water up to 90 degrees Celsius. The ambient becomes cooler as heat is extracted from the ambient air. As a result, the demand for both hot water and chilly air fuels the expansion of air source heat pumps.
In comparison with water source and ground source heat pumps, the air source variants will continue to account for higher market shares.
Key Segments Covered in Heat Pump Industry Research
- Product Type
- Air Source Heat Pumps
- Water Source Heat Pumps
- Ground Source Heat Pumps
- System Type
- Air-to-Air Heat Pumps
- Air-to-Water Heat Pumps
- Electric Heat Pumps
- Geothermal Heat Pumps
- Rated Capacity
- Heat Pump Up to 10 kW
- 10–20 kW Heat Pump
- 20–30 kW Heat Pump
- Heat Pump Above 30 kW
- Application
- Use of Heat Pumps in Residential sector
- Use of Heat Pumps in Commercial Sector
- Use of Heat Pumps in Hospitality Sector
- Use of Heat Pumps in Retail Sector
- Use of Heat Pumps in Education Sector
- Use of Heat Pumps in Industrial Sector
- Use of Heat Pumps in Food & Beverage Sector
- Use of Heat Pumps in Paper & Pulp Sector
- Use of Heat Pumps in Chemicals & Petrochemicals Sector
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Key Takeaways from Market Study
- Global heat pump market to top US$ 140 Bn by 2031.
- Air source heat pumps projected to reach around US$ 80 Bn by 2031.
- Water source heat pumps projected to record above 6% CAGR over the next 10 years.
- Ground source heat pumps expected to reach valuation of US$ 20 Bn by 2031.
- Market in East Asia holds share of more than 50%.
- Market in Japan to record 5% CAGR over forecast period of 2021- 2031.
“With brisk expansion of the construction industry, coupled with rising frequency of innovations in HVAC (heating, ventilation, and air conditioning) systems, heat pump technology has become paramount among global heating equipment suppliers,” says a Fact.MR analyst.
Market Competition
Low-end products with standard features continue to witness mass production and sales to cater growing demand from the residential sector and small-scale industries. Therefore, the number of market players offering low-end products continues to surge, resulting in stiff competition for global players in this highly fragmented marketplace.
Stakeholders in the heat pump market are continuously engaged in expanding their product portfolios through strategic collaborations and technology innovations.
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Key Companies Operating in the Heat Pump Market
- Trane Inc.
- Midea Group
- NIBE Group
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Daikin Industries, Ltd.
- Glen Dimplex Group
- Viessmann Werke GmbH & Co KG
- Flamingo Heat Pumps
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