Heat Pumps Market 2020-2026

Global Heat Pumps Market Size, Share & Trends Analysis Report by Product Type (Air Source, Water Source, and Ground Source), by Capacity (< 10KW, 10KW-20KW, >20KW), and by End-User (Commercial, Industrial, and Residential) Forecast Period (2020-2026).

The heat pumps market is anticipated to grow at a substantial CAGR during the forecast period. The demand for sustainable and eco-friendly devices is rising as the reality of climate crisis and the consequences of the environmental damage on the ecosystem have turned into a major threat in the past few years. By leveraging technology, efforts are taken by non-profit organizations, government, and major consumer appliances vendors to reduce the emission level of greenhouse gases in the environment by developing more climate-friendly solutions in the market. Thus, heat pumps are considered as one significant strategy for substantial and immediate carbon savings compared to the other modes of heating systems available at present. Heat decarbonization is a major priority where economies are striving to implement a wide-scale adoption of appliances with lower carbon emissions.

The onset of the COVID-19 pandemic has affected the sales of heat pumps, all across the globe. However, the economy is expected to revive during the latter half of 2020 which is expected to encourage the vendors to cater to the needs and compensate the losses to a considerable level that incurred during Q1 and Q2. As the construction and renovation activities continue to get normal, the new building codes can essentially replace the conventional forms of heating with heat pumps. The wide-scale operations of schools, hotels, restaurants, hospitals, and shopping malls can create a sudden surge in demand for heat pumps with eco-friendly refrigerant and IoT in the long run which is earlier than expected as going forward hygiene and sophistication can be a priority in commercial spaces and public gatherings.

The global heat pumps market is segmented based on product type, capacity, and end-user. Based on product type, the heat pumps market is segmented into air source, water source, and ground source. Based on capacity, the heat pumps market is segmented into < 10KW, 10KW-20KW, >20KW. Based on end-user, the market is classified into commercial, industrial, and residential. The rise in the home improvement industry, which is considered a major spending area among millennial parents, can substantially promote the residential end-user segment, in turn accelerating the market for heat pumps during the forecast period.

Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific is leading the market in terms of both, market value share and growth rate, followed by North America. Over the past few decades, emerging economies in Asia-Pacific that are witnessing high economic growth, markets with potentially high consumption, and those with increasing industrial and manufacturing competitiveness have started to challenge their developed counterparts in global manufacturing. China will lead the Asia-Pacific market, followed by Japan, and in terms of growth rate, India is estimated to lead the Asia-Pacific market.

The global heat pumps market is highly competitive with a significant number of global and regional vendors. Carrier Corp., Daikin Industries, Ltd.; Danfoss A/S, Hitachi Air Conditioning Company, Johnson Controls International plc, LG Electronics, Inc., NIBE Industrier AB, Panasonic Corp., and Robert Bosch GmbH, are some of the market leaders for heat pumps.

Research Methodology

The market study of the global heat pumps market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. the team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. the analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to the reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation:

1. Global Heat Pumps Market Research and Analysis by Product Type
2. Global Heat Pumps Market Research and Analysis by Capacity
3. Global Heat Pumps Market Research and Analysis by End-User

The Report Covers:

• Comprehensive research methodology of the global heat pumps market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global heat pumps market.
• Insights about market determinants that are stimulating the global heat pumps market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.