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Heat Pump Market - Global Outlook and Forecast 2020-2025

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    Report

  • 331 Pages
  • September 2020
  • Region: Global
  • Arizton
  • ID: 5145417
UP TO OFF until Jun 30th 2024
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In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Heat Pump Market Report

The global heat pump market by revenue is expected to grow at a CAGR of over 8% during the period 2019-2025.

The global heat pump market size by revenues will cross over $92 billion by 2025, growing at a CAGR of 8% during the forecast period. The industry is expected to grow more than 1.6X times in terms of revenue during the forecast period. The market witnessed reasonable growth in 2019 where over 50% of the contribution came from established markets such as China, the US, and Japan. The global heat pump market is expected to witness sudden traction in demand in 2021 after the downfall of the market in 2020 owing to the COVID-19 pandemic. The market growth was sluggish in Q1 and Q2 of 2020 owing to the entire disruption in the supply chain. The majority of manufacturers operated with limited resources and a workforce that highly affected the market.

The district heating concept, which is increasingly favored in recent times, is expected to make the use of heat pumps as a major source. Heat is also expected to be generated from geothermal and biomass solutions. Rebate systems in several European countries have played a major role in large-scale adoption. The growth of green buildings and strong building conduct codes are other supporting factors that can stimulate the growth of heat pumps during the period 2020-2025.

The following factors are likely to contribute to the growth of the heat pump market during the forecast period:
  • Growth in Green Buildings
  • Preference for IoT Enabled Heat Pumps
  • Increased Popularity of Dual Source Heat Pumps
  • Need for Energy Efficiency and Sustainability

The study considers the present scenario of the medical gowns market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.

Global Heat Pump Market Segmentation

The global heat pump market research report includes a detailed segmentation by product type, power source, application, and geography. Air source heat pumps were the dominant segment in 2019 and constituted over 70% of the total market share. The major factor driving the installation of these pumps is high-energy efficiency, which is proven to save a minimum of 3,000 kWh per year than other conventional methods. Another major factor driving growth is the increasing adoption of ductless pumps in renovation projects. As the majority of air source heat pumps are designed to accommodate and run through the energies obtained from solar or wind energy, the product is considered as an ideal choice for achieving 100% sustainability for the welfare of the environment. The segment constitutes air-to-air and air-to-water pumps, which are likely to scale new heights in revenue during the forecast period.

The less than 10 kW segment dominates the market on account of the extensive usage of heat pumps in the residential segment. Majority of homes under 3,500 sq. ft consider these heat pumps as ideal with affordable cost and installation. APAC is the fastest-growing region for the segment owing to the concentration of underpenetrated and growing economies. North America is also expected to ship 3.35million units of

The 10-20 kW segment by revenue is expected to pose an absolute growth of 62% during the forecast period. In terms of shipment, Europe and North America are likely to grow at promising CAGRs during the forecast period. China, the US, and GCC countries are likely to emerge major countries on account of increased commercial construction activities. The increased preference for high-capacity heat pumps for space cooling in hot and humid regions of the Middle East & Africa is expected to generate high revenue during the forecast period for the segment.

The residential end-user segment dominated the market in 2019 and is expected to remain significant during the forecast period. The rise in disposable income, the increased awareness of geothermal energies, the use of HVAC systems utilizing renewable resources, awareness of sustainability, and eco-friendliness are expected to drive the market in the residential sector. With established markets in Europe, North America, and a few major countries in the APAC region, the residential segment constitutes more than 65% for the less than 10 kW heat pump market.

Segmentation by Product Type
  • Air Source
  • Air-to-air
  • Air-to-water
  • Water Source
  • Ground Source
Segmentation by Capacity
  • Less than 10 KW (< 10kW)
  • 10kW¬-20kW
  • Greater than 20 KW (>20kW)
Segmentation by End-user
  • Residential
  • Commercial
  • Industrial

INSIGHTS BY GEOGRAPHY

APAC was estimated to be the largest market for heat pumps in 2019 with China being the largest market contributing over 21% to the global revenue share. Japan closely follows China, which is expected to pose an absolute growth of 67% in terms of unit shipments. The growth is expected from India, Indonesia, Malaysia, and Thailand, where low product awareness and high cost of installation are major challenges for adoption. With the objective of reducing CO2 emissions by 26% in 2030 and 80% by 2050, the market for heat pumps is well developed in Japan where lower GWP refrigerants are always preferred. While the temperature in the country ranges between -2 and 32 Celsius, vendors can design heat pumps that can accordingly perform well in specific climatic conditions. Further lifestyle, demography, and weather conditions are also favoring the growth of the heat pumps market in the country. The successful implementation of air-to-water heat pumps in large commercial spaces such as Australia has encouraged the adoption of high-capacity devices that are above 10 kW. Heat pumps have also replaced most conventional boilers in the country, thereby contributing to the overall revenue of the market.

Segmentation by Geography
  • North America
  • US
  • Canada
  • Europe
  • Sweden
  • Germany
  • France
  • Italy
  • Spain
  • APAC
  • China
  • Japan
  • South Korea
  • Australia
  • India
  • Latin America
  • Brazil
  • Mexico
  • Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

INSIGHTS BY VENDORS

The global heat pump market is fragmented as it is characterized by the presence of a significant number of global and domestic heat pump manufacturers across geographies. Global players such as Carrier, Rheem Manufacturing, Midea, Daikin, and Trane are expanding their markets through profitable partnerships and merger strategies. Domestic vendors are capitalizing on the product portfolio that best suits domestic needs. However, being a technology-oriented product, the scope of differentiation lies with sophistication and deployment of advanced features such as energy efficiency, COP, eco-friendly refrigerant, installation costs, and services that help vendors to stay competitive in the market.

Prominent Vendors
  • Daikin
  • Carrier
  • Trane
  • NIBE
  • Mitsubishi

Other Prominent Vendors
  • LG
  • Bellcross Industries
  • Hitachi
  • Stiebel Eltron
  • Ingersoll Rand
  • Glen Dimplex
  • The Viessmann Group
  • The Vaillant Group
  • Midea Group
  • Panasonic
  • Danfoss
  • Robert Bosch GmbH
  • WOLF
  • Flamingo Heat Pumps
  • Lennox
  • BDR Thermea Group
  • Mayekawa
  • Thermax Group
  • GEA
  • Rheem Manufacturing Company
  • Ascler
  • FUJITSU GENERAL
  • Johnson Controls

KEY QUESTIONS ANSWERED

1. What is the heat pump market size and growth rate during the forecast period?
2. What are the factors impacting the growth of the heat pump market shares?
3. What are the drivers, trends, and restraints in the heat pump market?
4. Who are the leading vendors in the heat pump market, and what are their market shares?
5. What is the impact of the COVID-19 pandemic on the heat pump market shares?

Table of Contents

1 Research Methodology2 Research Objectives3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of The Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Covid-19 Impact
8 Market Opportunities & Trends
8.1 Growth In Green Buildings
8.2 Preference For Iot Enabled Heat Pumps
8.3 Growing Popularity Of Dual Source Heat Pumps
9 Market Growth Enablers
9.1 Need For Energy Efficiency And Sustainability
9.2 Favorable Government Policies And Incentives
9.3 Growth In District Heating
10 Market Restraints
10.1 High Installation And Upfront Costs
10.2 Low Awareness In Growing Economies
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis
12 Product Type
12.1 Market Snapshot & Growth Engine (Revenue)
12.2 Market Snapshot & Growth Engine (Unit Shipments)
12.3 Market Overview
12.4 Air Source
12.5 Air-To-Air Heat Pump
12.6 Air-To-Water Heat Pump
12.7 Ground Source
12.8 Water Source
13 Capacity
13.1 Market Snapshot & Growth Engine (Revenue)
13.2 Market Snapshot & Growth Engine (Unit Shipments)
13.3 Market Overview
13.4 < 10KW
13.5 10KW - 20KW
13.6 > 20KW
14 End-User
14.1 Market Snapshot & Growth Engine (Revenue)
14.2 Market Snapshot & Growth Engine (Unit Shipments)
14.3 Market Overview
14.4 Residential
14.5 Commercial
14.6 Industrial
15 Geography
15.1 Market Snapshot & Growth Engine (Revenue)
15.2 Market Snapshot & Growth Engine (Unit Shipments)
15.3 Geographic Overview
16 APAC
16.1 Market Overview
16.2 Market Size & Forecast (Revenue & Unit Shipments)
16.3 Product Type
16.4 Capacity
16.5 End-User
16.6 Key Countries (Revenue & Shipments)
16.8 China
16.9 Japan
16.10 South Korea
16.11 Australia
16.12 India
17 North America
17.1 Market Overview
17.2 Market Size & Forecast (Revenue & Unit Shipments)
17.3 Product Type
17.4 Capacity
17.5 End User
17.6 Key Countries (Revenue & Shipments)
17.8 US
17.9 Canada
18 Europe
18.1 Market Overview
18.2 Market Size & Forecast (Revenue & Unit Shipments)
18.3 Product Type
18.4 Capacity
18.5 End User
18.6 Key Countries (Revenue & Shipments)
18.8 France
18.9 Italy
18.10 Spain
18.11 Sweden
18.12 Germany
19 Latin America
19.1 Market Overview
19.2 Market Size & Forecast (Revenue & Unit Shipments)
19.3 Product Type
19.4 Capacity
19.5 End-User
19.6 Key Countries (Revenue & Shipments)
19.8 Brazil
19.9 Mexico
20 Middle East & Africa
20.1 Market Overview
20.2 Market Size & Forecast (Revenue & Unit Shipments)
20.3 Product Type
20.4 Capacity
20.5 End User
20.6 Key Countries (Revenue & Shipments)
20.8 South Africa
20.9 Saudi Arabia
20.10 UAE
21 Competitive Landscape
21.1 Competition Overview
22 Key Company Profiles
22.1 Daikin
22.2 Carrier
22.3 Trane
22.4 Nibe
22.5 Mitsubishi
23 Other Prominent Vendors
23.1 LG
23.2 Hitachi
23.3 Stiebel Eltron
23.4 Ingersoll Rand
23.5 Glen Dimplex
23.6 The Viessmann Group
23.7 The Vaillant Group
23.8 Midea Group
23.9 Panasonic
23.10 Danfoss
23.11 Robert Bosch Gmbh
23.12 Wolf
23.13 Flamingo Heat Pumps
23.14 Lennox
23.15 BDR Thermea Group
23.16 Mayekawa
23.17 Thermax Group
23.18 GEA
23.19 Rheem Manufacturing Company
23.20 Ascler
23.21 Fujitsu General
23.22 Johnson Controls
24 Report Summary
24.1 Key Takeaways
24.2 Strategic Recommendations
25 Quantitative Summary
25.1 Product Type
25.2 Capacity
25.3 END-USER
25.4 Market By Geography
25.5 APAC
25.6 North America
25.7 Europe
25.8 Latin America
25.9 Middle East & Africa
26 Appendix
26.1 Abbreviations

Companies Mentioned

  • Daikin
  • Carrier
  • Trane
  • NIBE
  • Mitsubishi
  • LG
  • Bellcross Industries
  • Hitachi
  • Stiebel Eltron
  • Ingersoll Rand
  • Glen Dimplex
  • The Viessmann Group
  • The Vaillant Group
  • Midea Group
  • Panasonic
  • Danfoss
  • Robert Bosch GmbH
  • WOLF
  • Flamingo Heat Pumps
  • Lennox
  • BDR Thermea Group
  • Mayekawa
  • Thermax Group
  • GEA
  • Rheem Manufacturing Company
  • Ascler
  • FUJITSU GENERAL
  • Johnson Controls

Methodology


Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.

Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.



 

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