Heat Pump Market by Type, Rated Capacity, End-User and Region - Global Forecast to 2023

  • ID: 4590694
  • Report
  • Region: Global
  • 134 Pages
  • Markets and Markets
1 of 6
The Heat Pump Market is Projected to Grow From an Estimated USD 54.34 Billion in 2018 to USD 94.42 Billion by 2023, at a CAGR of 11.68%, From 2018 to 2023

FEATURED COMPANIES

  • Daikin
  • Glen Dimplex
  • Midea Group
  • Nibe
  • Stiebel Eltron
  • Vaillant
  • MORE

“The heat pump market is projected to grow at a CAGR of 11.68%, from 2018 to 2023.”

The heat pump market is projected to grow from an estimated USD 54.34 billion in 2018 to USD 94.42 billion by 2023, at a CAGR of 11.68%, from 2018 to 2023. Increasing investments in the residential and commercial sectors are driving the market for heat pumps across the world. The lack of awareness about the heat pump technology and the higher installation cost are some of the restraining factors that can hamper the growth of the heat pump market.

“Residential segment is expected to grow at the fastest rate of the heat pump market, by end-user, during the forecast period.”

The residential segment of the global heat pump market is expected to grow at a fast pace during the forecast period. This can be attributed to rapid growth in industrialization and urbanization across the world. Increasing use of heat pumps across residential, commercial, and industrial end-use sectors would drive the market to grow at the fastest rate during the forecast period.

“Asia Pacific: The largest market for heat pumps.”

Asia Pacific is the largest market for heat pumps, followed by Europe and North America. The heat pump market would be mainly driven by the demand from the Chinese market, particularly from the air-to-water heat pump type. Growing air-to-air type heat pump demand in Italy, Spain, and France are likely to impact the heat pump market in Europe positively. Moreover, focus on developing new residential and commercial infrastructure, especially in the US and Canada would aid in increasing the demand for heat pumps in the North American region.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.

The distribution of primary interviews is as follows:

  • By Company Type: Tier 1 - 55%, Tier 2 - 25%, and Tier 3 - 20%
  • By Designation: C-Level - 20%, D-Level - 25%, Others - 55%
  • By Region: North America - 30%, Europe - 35%, Asia Pacific - 25%, Rest of the World - 10%

Note: The tier of the companies has been defined on the basis of their total revenue; as of 2017: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 = <USD 1 billion

The leading players in the heat pump market are Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).

Research Coverage:

The report provides a picture of the heat pump market across the Heating, Ventilation, and Air Conditioning (HVAC) industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as rated capacity, type, end-user, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

For this report, the market has been segmented on the basis of rated capacity, type, end-user, and region, with a focus on industry analysis (industry trends), market ranking analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the heat pump market, high-growth regions, and market drivers, restraints, and opportunities.

The report provides insights on the following pointers:

  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the heat pump market.
  • Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for heat pumps across regions.
  • Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global heat pump market.

Why Buy this Report?

  • The report identifies and addresses key markets for the deployment of heat pumps in various industries, which would help manufacturers review the growth in demand.
  • The report helps solutions providers understand the pulse of the market and provide insights into drivers, restraints, and challenges.
  • The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
READ MORE
Note: Product cover images may vary from those shown
2 of 6

FEATURED COMPANIES

  • Daikin
  • Glen Dimplex
  • Midea Group
  • Nibe
  • Stiebel Eltron
  • Vaillant
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Regional Scope
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Heat Pump Market
4.2 Market, By Rated Capacity
4.3 Market, By Type
4.4 Europe Market, By End-User & Country
4.5 Market Growth, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Significant Contribution of Heat Pumping Technology in Reduction of Co2-Emissions
5.2.1.2 Government Regulations for Increasing Energy Efficiency and Favorable Incentives
5.2.2 Restraints
5.2.2.1 High Installation Cost of Energy-Efficient Heat Pumps
5.2.2.2 Lack of Awareness Regarding Benefits of Heat Pumps in Developing and Underdeveloped Countries
5.2.3 Opportunities
5.2.3.1 Integration of IoT With Heat Pumps
5.2.3.2 Increasing Investments in Commercial and Residential Sectors
5.2.3.3 Positive Outlook Toward the Use of Geothermal Energy
5.2.4 Challenges
5.2.4.1 Complexities in Heat Pump Retrofits

6 Heat Pump Market, By Type
6.1 Introduction
6.2 Air to Air
6.3 Air to Water

7 Heat Pump Market, By Rated Capacity
7.1 Introduction
7.2 Up to 10 kW
7.3 10-20 kW
7.4 20-30 kW
7.5 Above 30 kW

8 Heat Pump Market, By End User
8.1 Introduction
8.2 Residential
8.3 Commercial
8.4 Industrial

9 Heat Pump Market, By Region
9.1 Introduction
9.2 Asia Pacific
9.2.1 China
9.2.2 India
9.2.3 Japan
9.2.4 South Korea
9.2.5 Australia
9.2.6 Rest of Asia Pacific
9.3 Europe
9.3.1 Italy
9.3.2 Spain
9.3.3 France
9.3.4 Portugal
9.3.5 Sweden
9.3.6 Netherlands
9.3.7 Finland
9.3.8 Germany
9.3.9 Rest of Europe
9.4 North America
9.4.1 U.S.
9.4.2 Canada
9.4.3 Mexico
9.5 Rest of the World
9.5.1 Middle East
9.5.2 South America
9.5.3 Africa

10 Competitive Landscape
10.1 Overview
10.2 Ranking of Players and Market Structure
10.3 Competitive Scenario
10.3.1 Merger and Acquisition
10.3.2 Contracts & Agreement
10.3.3 New Product Launch
10.3.4 Investments and Expansions
10.3.5 Others

11 Company Profiles
11.1 Competitive Benchmarking
11.2 Midea Group
11.3 United Technologies
11.4 Daikin
11.5 Nibe
11.6 Ingersoll-Rand
11.7 Glen Dimplex
11.8 Stiebel Eltron
11.9 Viessmann
11.10 Panasonic
11.11 Mitsubishi
11.12 Vaillant
11.13 Danfoss

12 Appendix
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Additional List of Key Players
12.3.1 Hitachi
12.3.2 Nortek
12.3.3 Gree
12.3.4 Coleman
12.3.5 Emerson
12.3.6 LG
12.3.7 Fujitsu General
12.3.8 Lennox
12.3.9 Electrolux
12.3.10 Bosch
12.3.11 Haier
12.3.12 York
12.3.13 Toshiba
12.4 Knowledge Store: Subscription Portal
12.5 Introducing RT: Real-Time Market Intelligence
12.6 Available Customizations
12.7 Related Reports
12.8 Author Details

List of Tables
Table 1 Heat Pump Market Snapshot
Table 2 Latest Global Policy/Incentives
Table 3 Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 4 Air to Air: Market, By Region, 2016-2023 (USD Million)
Table 5 Air to Water: Market, By Region, 2016-2023 (USD Million)
Table 6 Heat Pump Market Size, By Rated Capacity, 2016-2023 (USD Million)
Table 7 Up to 10 kW: Market, By Region, 2016-2023 (USD Million)
Table 8 10-20 kW: Market, By Region, 2016-2023 (USD Million)
Table 9 20-30 kW: Market, By Region, 2016-2023 (USD Million)
Table 10 Above 30 kW: Market, By Region, 2016-2023 (USD Million)
Table 11 Heat Pump Market Size, By End-User, 2016-2023 (USD Million)
Table 12 Residential: Market, By Region, 2016-2023 (USD Million)
Table 13 Commercial: Market, By Region, 2016-2023 (USD Million)
Table 14 Commercial: Market, By Sub-Sector, 2016-2023 (USD Million)
Table 15 Industrial: Heat Pump Market Size, By Region, 2016-2023 (USD Million)
Table 16 Industrial: Market, By Sub-Sector, 2016-2023 (USD Million)
Table 17 Market Size, By Region, 2016-2023 (USD Million)
Table 18 Asia Pacific: Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 19 Asia Pacific: Market Size, By End-User, 2016-2023 (USD Million)
Table 20 Asia Pacific: Market Size for Commercial, By Sub End-User, 2016-2023 (USD Million)
Table 21 Asia Pacific: Market Size for Industrial, By Sub End-User, 2016-2023 (USD Million)
Table 22 Asia Pacific: Heat Pump Market Size, By Rated Capacity, 2016-2023 (USD Million)
Table 23 Asia Pacific: Market Size, By Country, 2016-2023 (USD Million)
Table 24 China: Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 25 India: Market Size, By Type, 2016-2023 (USD Million)
Table 26 Japan: Market Size, By Type, 2016-2023 (USD Million)
Table 27 South Korea: Market Size, By Type, 2016-2023 (USD Million)
Table 28 Australia: Market Size, By Type, 2016-2023 (USD Million)
Table 29 Rest of Asia Pacific: Market Size, By Type, 2016-2023 (USD Million)
Table 30 Europe: Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 31 Europe: Market Size, By End-User, 2016-2023 (USD Million)
Table 32 Europe: Market Size for Commercial, By Sub End-User, 2016-2023 (USD Million)
Table 33 Europe: Market Size for Industrial, By Sub End-User, 2016-2023 (USD Million)
Table 34 Europe: Market Size, By Rated Capacity, 2016-2023 (USD Million)
Table 35 Europe: Market Size, By Country, 2016-2023 (USD Million)
Table 36 Italy: Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 37 Spain: Market Size, By Type, 2016-2023 (USD Million)
Table 38 France: Market Size, By Type, 2016-2023 (USD Million)
Table 39 Portugal: Market Size, By Type, 2016-2023 (USD Million)
Table 40 Sweden: Market Size, By Type, 2016-2023 (USD Million)
Table 41 Netherlands: Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 42 Finland: Market Size, By Type, 2016-2023 (USD Million)
Table 43 Germany: Market Size, By Type, 2016-2023 (USD Million)
Table 44 Rest of Europe: Market Size, By Type, 2016-2023 (USD Million)
Table 45 North America: Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 46 North America: Market Size, By End-User, 2016-2023 (USD Million)
Table 47 North America: Market Size for Commercial, By Sub End-User, 2016-2023 (USD Million)
Table 48 North America: Market Size for Industrial, By Sub End-User, 2016-2023 (USD Million)
Table 49 North America: Market Size, By Rated Capacity, 2016-2023 (USD Million)
Table 50 North America: Market Size, By Country, 2016-2023 (USD Million)
Table 51 US: Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 52 Canada: Market Size, By Type, 2016-2023 (USD Million)
Table 53 Mexico: Market Size, By Type, 2016-2023 (USD Million)
Table 54 Rest of the World: Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 55 Rest of the World: Market Size, By End-User, 2016-2023 (USD Million)
Table 56 Rest of the World: Market Size for Commercial, By Sub End-User, 2016-2023 (USD Million)
Table 57 Rest of the World: Market Size for Industrial, By Sub End-User, 2016-2023 (USD Million)
Table 58 Rest of the World: Market Size, By Rated Capacity, 2016-2023 (USD Million)
Table 59 Rest of the World: Market Size, By Region, 2016-2023 (USD Million)
Table 60 Middle East: Heat Pump Market Size, By Type, 2016-2023 (USD Million)
Table 61 South America: Market Size, By Type, 2016-2023 (USD Million)
Table 62 Africa: Market Size, By Type, 2016-2023 (USD Million)
Table 63 Nibe Was the Most Active Player in the Market Between 2014 and 2017
Table 64 Merger and Acquisition, 2015-2017
Table 65 Contract & Agreement, 2015-2017
Table 66 New Product Launch, 2014-2017
Table 67 Investments and Expansions, 2015-2017
Table 68 Others, 2015-2017

List of Figures
Figure 1 Heat Pump Market: Research Design
Figure 2 Bottom-Up Approach
Figure 3 Data Triangulation
Figure 4 Assumptions
Figure 5 Heat Pump Market, By Rated Capacity, 2018-2023 (USD Billion)
Figure 6 The Residential Segment is Expected to Dominate the Market During the Forecast Period
Figure 7 Market, By Region, 2018-2023 (USD Billion)
Figure 8 Asia Pacific Held A Major Share of the Market in 2017
Figure 9 The Up to 10 kW Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 10 The Air to Air Segment is Expected to Dominate the Market, 2023
Figure 11 Italy Held the Largest Market Share in 2017
Figure 12 China is Expected to Be the Fastest-Growing Market for Heat Pump During the Forecast Period
Figure 13 Market Dynamics for the Market
Figure 14 Air to Air Segment is Expected to Dominate the Market, By Type, in 2017
Figure 15 Up to 10 kW Segment is Expected to Dominate the Market, By Rated Capacity, in 2017
Figure 16 Residential Segment is Expected to Dominate the Market in 2017
Figure 17 Regional CAGR Snapshot (2017): the Asia Pacific Region is Emerging as A New Hotspot for the Market
Figure 18 Asia Pacific: the Fastest Growing Market, 2018- 2023
Figure 19 Asia Pacific: Market Overview
Figure 20 Europe: Market Overview
Figure 21 Key Developments in the Market, 2014-2018
Figure 22 Players Held 60% Share of the Market in 2017
Figure 23 Midea: Company Snapshot
Figure 24 UTC: Company Snapshot
Figure 25 Daikin: Company Snapshot
Figure 26 Nibe: Company Snapshot
Figure 27 Ingersoll-Rand: Company Snapshot
Figure 28 Panasonic: Company Snapshot
Figure 29 Mitsubishi: Company Snapshot
Figure 30 Danfoss: Company Snapshot

Note: Product cover images may vary from those shown
3 of 6

Loading
LOADING...

4 of 6
5 of 6
  • Daikin
  • Danfoss
  • Glen Dimplex
  • Ingersoll-Rand
  • Midea Group
  • Mitsubishi
  • Nibe
  • Panasonic
  • Stiebel Eltron
  • United Technologies
  • Vaillant
  • Viessmann
Note: Product cover images may vary from those shown
6 of 6
Note: Product cover images may vary from those shown
Adroll
adroll