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Heat Pump Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026

  • ID: 5118774
  • Report
  • April 2020
  • Region: Global
  • 222 Pages
  • Allied Analytics LLP

FEATURED COMPANIES

  • Glen Dimplex Group
  • Ingersoll Rand Plc
  • Melrose Industries PLC
  • NIBE Industrier AB
  • Panasonic Corporation
  • Stiebel Eltron
The global heat pump market was valued at $52.3 billion in 2018 and is projected to reach $94.6 billion by 2026, growing at a CAGR of 7.74% from 2019 to 2026.



A heat pump is a device that transfers heat energy from one source to another. It is used in both industrial and residential areas. It offers an energy-efficient alternative to furnaces and air conditioners. The heat pumps are used to transfer heat from a cool to a warm space that helps cool the interior temperature.

The global heat pump market is registering significant growth across the globe. The growth of this market is driven by increase in demand for household appliances such as refrigerators and air-conditioners. Furthermore, a rise in demand for keeping the house warm in the residential segment due to change in climate conditions fuels the demand for heat pumps. In addition, favorable government regulations to reduce CO2 emission are further complementing the adoption of heat pumps; thereby, contributing to the global market growth. On the other hand, the high cost of installing a heat pump device restraints the growth of this market. Advanced technologies such as dual-source heat pumps are expected to offer growth opportunities to the market. In addition, heat pumps have witnessed high demand for residential applications, which is further expected to offer lucrative growth opportunities to the global heat pump market.

The global heat pump market is segmented on the basis of type, application, and region. Based on type, the market is divided into air-to-air, water source, and geothermal. By application, the market is classified into residential, industrial, and commercial. Residential is the largest segment among all due to significant adoption of heat pumps or space heating, cooling, and other applications. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The players analyzed and profiled in the global heat pump market are Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG, Panasonic Corporation, and others. Since this market is highly competitive in nature, most of the manufacturers have been focusing on the production of energy-efficient heat pumps. Hence, the global market is anticipated to witness various product development activities during the forecast period.

KEY BENEFITS FOR STAKEHOLDERS
  • The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global heat pump market from 2018 to 2026 to determine the prevailing opportunities.
  • A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
  • Estimations and forecasts are based on factors impacting market growth, in terms of both value and volume.
  • Profiles of leading players operating in the market are provided to understand the global competitive scenario.
  • The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.

KEY MARKET SEGMENTS

By Type
  • Air-to-air
  • Water Source
  • Geothermal

By Application
  • Residential
  • Commercial
  • Industrial

By Region
  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • South Africa
  • LAMEA

KEY MARKET PLAYERS
  • Daikin Industries Ltd.
  • Glen Dimplex Group
  • Ingersoll Rand Plc
  • Melrose Industries PLC
  • Mitsubishi Electric Corporation
  • NIBE Industrier AB
  • Stiebel Eltron
  • Vaillant Group
  • Viessmann Werke GmbH & Co. KG
  • Panasonic Corporation
Frequently Asked Questions about the Global Heat Pump Market

What is the estimated value of the Global Heat Pump Market?

The Global Heat Pump Market was estimated to be valued at $52.3 billion in 2018.

What is the growth rate of the Global Heat Pump Market?

The growth rate of the Global Heat Pump Market is 7.7%, with an estimated value of $94.6 billion by 2026.

What is the forecasted size of the Global Heat Pump Market?

The Global Heat Pump Market is estimated to be worth $94.6 billion by 2026.

Who are the key companies in the Global Heat Pump Market?

Key companies in the Global Heat Pump Market include Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, Stiebel Eltron, Vaillant Group and Panasonic Corporation.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Glen Dimplex Group
  • Ingersoll Rand Plc
  • Melrose Industries PLC
  • NIBE Industrier AB
  • Panasonic Corporation
  • Stiebel Eltron

Chapter 1: Introduction
1.1. Report Description
1.2. Key Benefits for Stakeholders
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Secondary Research
1.4.2. Primary Research
1.5. Analyst Tools and Models
Chapter 2: Executive Summary
2.1. Key Findings of the Study
2.2. Cxo Perspective
Chapter 3: Market Overview
3.1. Market Definition and Scope
3.2. Key Findings
3.2.1. Top Investment Pockets
3.3. Porter’S Five Forces Analysis
3.4. Market Dynamics
3.4.1. Drivers
3.4.1.1. High Adoption in the Residential Sector
3.4.1.2. Contribution of Heat Pump Technology in Reducing Co2 Emission
3.4.2. Restraints
3.4.2.1. High Costs Associated With Heat Pumps
3.4.3. Opportunity
3.4.3.1. Increase in Popularity of Geothermal Heat Pump Technology
3.5. Parent Peer Market Overview
3.6. Patent Analysis (2015-2018)
3.6.1. Patent Analysis by Country
3.6.2. Patent Analysis by Applicant (2015-2018)
3.7. Impact of Government Rules and Regulations
3.7.1. Global Warming Solutions Act -2008
Chapter 4: Heat Pump Market, by Type
4.1. Overview
4.1.1. Market Size and Forecast
4.2. Air-To-Air
4.2.1. Key Market Trends, Growth Factors, and Opportunities
4.2.2. Market Size and Forecast, by Region
4.2.3. Market Share Analysis, by Country
4.3. Water Source
4.3.1. Key Market Trends, Growth Factors, and Opportunities
4.3.2. Market Size and Forecast, by Region
4.3.3. Market Share Analysis, by Country
4.4. Geothermal
4.4.1. Key Market Trends, Growth Factors, and Opportunities
4.4.2. Market Size and Forecast, by Region
4.4.3. Market Share Analysis, by Country
Chapter 5: Heat Pump Market, by Application
5.1. Overview
5.1.1. Market Size and Forecast
5.2. Residential
5.2.1. Key Market Trends, Growth Factors, and Opportunities
5.2.2. Market Size and Forecast, by Region
5.2.3. Market Share Analysis, by Country
5.3. Commercial
5.3.1. Key Market Trends, Growth Factors, and Opportunities
5.3.2. Market Size and Forecast, by Region
5.3.3. Market Share Analysis, by Country
5.4. Industrial
5.4.1. Key Market Trends, Growth Factors, and Opportunities
5.4.2. Market Size and Forecast, by Region
5.4.3. Market Share Analysis, by Country
Chapter 6: Heat Pump Market, by Region
6.1. Overview
6.1.1. Market Size and Forecast, by Region
6.2. North America
6.2.1. Key Market Trends, Growth Factors, and Opportunities
6.2.2. Market Size and Forecast, by Type
6.2.3. Market Size and Forecast, by Application
6.2.4. Market Size and Forecast by Country
6.2.5. U. S.
6.2.5.1. Market Size and Forecast, by Type
6.2.5.2. Market Size and Forecast, by Application
6.2.6. Canada
6.2.6.1. Market Size and Forecast, by Type
6.2.6.2. Market Size and Forecast, by Application
6.2.7. Mexico
6.2.7.1. Market Size and Forecast, by Type
6.2.7.2. Market Size and Forecast, by Application
6.3. Europe
6.3.1. Key Market Trends, Growth Factors, and Opportunities
6.3.2. Market Size and Forecast, by Type
6.3.3. Market Size and Forecast, by Application
6.3.4. Market Size and Forecast by Country
6.3.5. Germany
6.3.5.1. Market Size and Forecast, by Type
6.3.5.2. Market Size and Forecast, by Application
6.3.6. France
6.3.6.1. Market Size and Forecast, by Type
6.3.6.2. Market Size and Forecast, by Application
6.3.7. Italy
6.3.7.1. Market Size and Forecast, by Type
6.3.7.2. Market Size and Forecast, by Application
6.3.8. Spain
6.3.8.1. Market Size and Forecast, by Type
6.3.8.2. Market Size and Forecast, by Application
6.3.9. UK
6.3.9.1. Market Size and Forecast, by Type
6.3.9.2. Market Size and Forecast, by Application
6.3.10. Rest of Europe
6.3.10.1. Market Size and Forecast, by Type
6.3.10.2. Market Size and Forecast, by Application
6.4. Asia-Pacific
6.4.1. Asia-Pacific Was the Largest Market for Heat Pump Technology in 2018 and It is Expected to Exhibit the Highest CAGR of 8.1% During the Forecast Period. Countries Covered in this Region Include China, India, Japan, South Korea, Australia, and Others. Among All, China, Japan, and India Are the Major Revenue Generating Countries in 2018. Key Market Trends, Growth Factors, and Opportunities
6.4.2. Market Size and Forecast, by Type
6.4.3. Market Size and Forecast, by Application
6.4.4. Market Size and Forecast by Country
6.4.5. China
6.4.5.1. Market Size and Forecast, by Type
6.4.5.2. Market Size and Forecast, by Application
6.4.6. Japan
6.4.6.1. Market Size and Forecast, by Type
6.4.6.2. Market Size and Forecast, by Application
6.4.7. India
6.4.7.1. Market Size and Forecast, by Type
6.4.7.2. Market Size and Forecast, by Application
6.4.8. South Korea
6.4.8.1. Market Size and Forecast, by Type
6.4.8.2. Market Size and Forecast, by Application
6.4.9. Australia
6.4.9.1. Market Size and Forecast, by Type
6.4.9.2. Market Size and Forecast, by Application
6.4.10. Rest of Asia-Pacific
6.4.10.1. Market Size and Forecast, by Type
6.4.10.2. Market Size and Forecast, by Application
6.5. LAMEA
6.5.1. Key Market Trends, Growth Factors, and Opportunities
6.5.2. Market Size and Forecast, by Type
6.5.3. Market Size and Forecast, by Application
6.5.4. Market Size and Forecast, by Country
6.5.5. Brazil
6.5.5.1. Market Size and Forecast, by Type
6.5.5.2. Market Size and Forecast, by Application
6.5.6. Saudi Arabia
6.5.6.1. Market Size and Forecast, by Type
6.5.6.2. Market Size and Forecast, by Application
6.5.7. South Africa
6.5.7.1. Market Size and Forecast, by Type
6.5.7.2. Market Size and Forecast, by Application
6.5.8. Rest of LAMEA
6.5.8.1. Market Size and Forecast, by Type
6.5.8.2. Market Size and Forecast, by Application
Chapter 7: Competitive Landscape
7.1. Introduction
7.1.1. Market Player Positioning, 2018
7.2. Top Winning Strategies
7.2.1. Top Winning Strategies, by Year
7.2.2. Top Winning Strategies, by Development
7.2.3. Top Winning Strategies, by Company
7.3. Product Mapping of Top 10 Player
7.4. Competitive Heatmap
7.5. Key Developments
7.5.1. New Product Launches
7.5.2. Agreement
7.5.3. Acquisition
7.5.4. Joint Venture
7.5.5. Partnership
Chapter 8: Company Profiles:
8.1. Daikin Industries, Ltd.
8.1.1. Company Overview
8.1.2. Company Snapshot
8.1.3. Operating Business Segments
8.1.4. Product Portfolio
8.1.5. Business Performance
8.2. Glen Dimplex Group
8.2.1. Company Overview
8.2.2. Company Snapshot
8.2.3. Product Portfolio
8.3. Ingersoll Rand, plc.
8.3.1. Company Overview
8.3.2. Company Snapshot
8.3.3. Operating Business Segments
8.3.4. Product Portfolio
8.3.5. Business Performance
8.4. Melrose Industries plc.
8.4.1. Company Overview
8.4.2. Company Snapshot
8.4.3. Operating Business Segments
8.4.4. Product Portfolio
8.4.5. Business Performance
8.4.6. Key Strategic Moves and Developments
8.5. Mitsubishi Electric Corporation
8.5.1. Company Overview
8.5.2. Company Snapshot
8.5.3. Operating Business Segments
8.5.4. Product Portfolio
8.5.5. Business Performance
8.5.6. Key Strategic Moves and Developments
8.6. Nibe Industrier Ab
8.6.1. Company Overview
8.6.2. Company Snapshot
8.6.3. Operating Business Segments
8.6.4. Product Portfolio
8.6.5. Business Performance
8.6.6. Key Strategic Moves and Developments
8.7. Panasonic Corporation
8.7.1. Company Overview
8.7.2. Company Snapshot
8.7.3. Operating Business Segments
8.7.4. Product Portfolio
8.7.5. Business Performance
8.8. Stiebel Eltron
8.8.1. Company Overview
8.8.2. Company Snapshot
8.8.3. Product Portfolio
8.8.4. Key Strategic Moves and Developments
8.9. Vaillant Group
8.9.1. Company Overview
8.9.2. Company Snapshot
8.9.3. Product Portfolio
8.9.4. Key Strategic Moves and Developments
8.10. Viessmann Werke GmbH & Co. Kg
8.10.1. Company Overview
8.10.2. Company Snapshot
8.10.3. Product Portfolio
8.10.4. Key Strategic Moves and Developments
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Glen Dimplex Group
  • Ingersoll Rand Plc
  • Melrose Industries PLC
  • NIBE Industrier AB
  • Panasonic Corporation
  • Stiebel Eltron
According to the report titled, 'Heat Pump Market by Type, Application, and Region: Opportunity Analysis and Industry Forecast, 2019-2026', the global heat pump market size was valued at $55.2 billion in 2018 and is projected to reach $99.6 billion by 2026, growing at a CAGR of 7.74% from 2019 to 2026.

Heat pump is a mechanical-compression cycle refrigeration system that can be reversed to either heat or cool desired space. It has main fourcomponents, which include condenser, expansion valve, evaporator, and compressor. When heat is transferred through these four components it is knownas refrigerant. Heat pumps are mainly used in heating, ventilation, and air conditioning (HVAC) applications, but are different from furnace and air conditioners.

The global heat pump market is registering extensive growth across the globe as the heat pump is gaining popularity as a substitute to the traditional combustion-based heating methods. Heat pump offers space heating and cooling operationsat a relatively lower price and also emits relatively lower CO2 gas as compared to traditional methods. As a result, increase inefforts to reduce CO2 emission and decarbonization is mainly driving the growth of heat pump market. For geographies with moderate heating and cooling needs, heat pumps offer an energy-efficient alternative to furnaces and air-conditioners. This is possible because of less electricity consumption by heat pumps that have a proven track record of being cost-competitive. Therefore, growth in demand for refrigerant in household applications fuelthe scope of utilization to a heat pump that ultimately contributes to the global market growth. The high cost of installation associated with heat pumps is anticipated tohamperthe global market growth.

Asia-Pacific is the prominent consumer of the heat pump market where demand for heat pumps has seen a sudden rise in 2009 as Energy Conservation Law (ECL) was amended and residential & commercial sectors were added as targets in 2009.

Based on type, the air-to-air segment accounted for the largest heat pump market share of around 75% in 2018 and is anticipated to be the largest market during the forecast period. As compared to electric resistance heating, i.e., furnaces and baseboard heaters, air-to-air heat pumps save 50% energy and that is why they are known to be energy efficient.

Based on application, the residential application segment dominated the global market in 2018. Residential buildings and housing spaces represent the need for space heating and cooling due to climate changes. This provides a scope of utilization for heat pumps in the residential sector and make it a prominent application segment over others.

The players analyzed and profiled in the global heat pump market include Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG, Panasonic Corporation, and others.

Key Findings Of The Study:

Based on type, the air-to-air segment emerged as the global leader by acquiring a 78% market share in 2018. Superior energy efficiency, its use as a legitimate space heating alternative in colder regions, and cost-competitive use are the factors that drive their use across the globe.
Based on application, the residential segment acquired more than 75% market share in 2018 in response to increase inneed for economical and energy-efficient space heating, cooling, and sanitary hot water.
Asia-Pacific emerged as the global leader in the global heat pump market with around 40% market share in 2018. This is attributed to high adoption of a heat pump as an alternative to fuel-based heating methods, growth inresidential spaces and resulting demand for heating products, and favorable government regulation.
Stringent regulatory outlook to reduce CO2 emission as well as efforts to monitor these reduced emissionactivities is expected to offer promising growth opportunities to heat pump technology during the forecast period.
Although heat pump are cost-competitive in nature, high installation costs associated with them significantly increaseits cost and is expected to restrain the growth of this market.
Note: Product cover images may vary from those shown
  • Glen Dimplex Group
  • Ingersoll Rand Plc
  • Melrose Industries PLC
  • Mitsubishi Electric Corporation
  • NIBE Industrier AB
  • Stiebel Eltron
  • Vaillant Group
  • Viessmann Werke GmbH & Co. KG
  • Panasonic Corporation
Note: Product cover images may vary from those shown

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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