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Heat Pump Market Growth, Trends, Analysis and Forecast 2023

Heat Pump Market Analysis

Heat pump is a device which is used to transfer heat by circulating a substance called a refrigerant through a cycle of condensation. Heat pumps extract the outside heat when it is warm outside and act like an air conditioner, thereby removing the heat from buildings, and vice versa. Heat pumps are used in residential and commercial sectors for heating and cooling the space. It is also used in industrial sector for larger loads like data centers due to its high efficiency. With the rising energy cost, the demand for heat pump would increase during the forecast period. The global heat pump market is estimated to expand at ~11.08% CAGR during the forecast period.

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Industry Highlights

The growing demand for heat pump market is attributed to the contribution of heating technology  in reduction of CO2 emissions and government regulations for increasing energy efficiency. Governments across the globe are focusing on increasing the renewable share in the total power generation. Thus, renewable heating and cooling technology has been provided through financial incentives in the form of grants, loans, rebates or tax incentives aimed at increasing deployment, and in some cases, incentivizing further technological development. However, one of the major restraints for the global heat pump market is lack of awareness regarding benefits of heat pumps in developing countries.

Leading Players

The key players of the global heat pump market are Midea (China), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Daikin (Japan), Danfoss (Denmark), and Hitachi (Japan).

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Segmental Overview

The heat pump market has been segmented based on capacity into Up to 10 kW, 10-20 kW, 20-30 kW, and Above 30 kW. Among these types, up to 10 kW rated capacity segment is the fastest growing segment in the heat pump market due to its wide application in residential and commercial sector. This is attributed to the growing investment in smart buildings and need for energy efficient devices to reduce the carbon emission and reduce energy consumption.

Regional Outlook

Region wise, Asia Pacific held the largest market share of the global heat pump market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to increasing population and rapid industrialization leading to increasing demand for energy efficient equipment. Imposition of stringent construction regulations particularly in countries such as China, Japan and South Korea is driving the industrial demand. Moreover, government promotions for heat pumps uses over conventional warming equipment has also encouraged the demand for heat pumps.

Scope of the Report

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global heat pump market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis

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