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Heat Pumps Global Market Report 2021: COVID-19 Impact and Recovery to 2030

  • ID: 5323189
  • Report
  • May 2021
  • Region: Global
  • The Business Research Company

FEATURED COMPANIES

  • BDR Thermea Group
  • Danfoss
  • Glen Dimplex
  • Johnson Controls
  • Mayekawa
  • Panasonic
Heat Pumps Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global heat pumps market as it emerges from the COVID-19 shut down.



Reasons to Purchase
  • Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
  • Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market research findings.
  • Benchmark performance against key competitors.
  • Utilize the relationships between key data sets for superior strategizing.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Description:

Where is the largest and fastest growing market for the heat pumps ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Heat Pump market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider heat pumps market, and compares it with other markets.
  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
  • Market segmentations break down market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
  • The heat pumps market section of the report gives context. It compares the heat pumps market with other segments of the heat pumps market by size and growth, historic and forecast.
Scope

Markets Covered:

1) By Product Type: Air Source; Air-to-Air; Air-to-Water; Water Source; Ground Source2) By Rated Capacity: Up to 10 kW; 10–20 kW; 20–30 kW; Above 30 kW 3) By End User: Residential; Commercial; Industrial

Companies Mentioned: Daikin Industries Ltd.; Carrier; NIBE; Mitsubishi Electric Corporation; LG

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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Frequently Asked Questions about the Global Heat Pumps Market

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

The Global Heat Pumps Market was estimated to be valued at $116.6 billion in 2021.

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

The growth rate of the Global Heat Pumps Market is 8.1%, with an estimated value of $159.4 billion by 2025.

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

The Global Heat Pumps Market is estimated to be worth $159.4 billion by 2025.

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

Key companies in the Global Heat Pumps Market include Daikin Industries Ltd., Carrier, NIBE, Mitsubishi Electric Corporation, LG, Johnson Controls, Hitachi, Robert Bosch GmbH and Ingersoll Rand.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • BDR Thermea Group
  • Danfoss
  • Glen Dimplex
  • Johnson Controls
  • Mayekawa
  • Panasonic
1. Executive Summary

2. Heat Pumps Market Characteristics

3. Heat Pumps Market Trends and Strategies

4. Impact of COVID-19 on Heat Pumps

5. Heat Pumps Market Size and Growth
5.1. Global Heat Pumps Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Heat Pumps Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market

6. Heat Pumps Market Segmentation
6.1. Global Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
  • Air Source
  • Air-to-Air
  • Air-to-Water
  • Water Source
  • Ground Source
6.2. Global Heat Pumps Market, Segmentation by Rated Capacity, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
  • Up to 10 kW
10–20 kW
20–30 kW
  • Above 30 kW
6.3. Global Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
  • Residential
  • Commercial
  • Industrial
7. Heat Pumps Market Regional and Country Analysis
7.1. Global Heat Pumps Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Heat Pumps Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

8. Asia-Pacific Heat Pumps Market
8.1. Asia-Pacific Heat Pumps Market Overview
  • Region Information, Impact of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
8.3. Asia-Pacific Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

9. China Heat Pumps Market
9.1. China Heat Pumps Market Overview
9.2. China Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F,$ Billion
9.3. China Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F,$ Billion

10. India Heat Pumps Market
10.1. India Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
10.2. India Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

11. Japan Heat Pumps Market
11.1. Japan Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
11.2. Japan Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

12. Australia Heat Pumps Market
12.1. Australia Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
12.2. Australia Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

13. Indonesia Heat Pumps Market
13.1. Indonesia Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
13.2. Indonesia Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

14. South Korea Heat Pumps Market
14.1. South Korea Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
14.2. South Korea Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

15. Western Europe Heat Pumps Market
15.1. Western Europe Heat Pumps Market Overview
15.2. Western Europe Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
15.3. Western Europe Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

16. UK Heat Pumps Market
16.1. UK Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
16.2. UK Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

17. Germany Heat Pumps Market
17.1. Germany Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
17.2. Germany Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

18. France Heat Pumps Market
18.4. France Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
18.5. France Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

19. Eastern Europe Heat Pumps Market
19.1. Eastern Europe Heat Pumps Market Overview
19.2. Eastern Europe Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
19.3. Eastern Europe Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

20. Russia Heat Pumps Market
20.1. Russia Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
20.2. Russia Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

21. North America Heat Pumps Market
21.1. North America Heat Pumps Market Overview
21.2. North America Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
21.3. North America Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

22. USA Heat Pumps Market
22.1. USA Heat Pumps Market Overview
22.2. USA Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
22.3. USA Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

23. South America Heat Pumps Market
23.1. South America Heat Pumps Market Overview
23.2. South America Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
23.3. South America Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

24. Brazil Heat Pumps Market
24.1. Brazil Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
24.2. Brazil Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

25. Middle East Heat Pumps Market
25.1. Middle East Heat Pumps Market Overview
25.2. Middle East Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
25.3. Middle East Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

26. Africa Heat Pumps Market
26.1. Africa Heat Pumps Market Overview
26.2. Africa Heat Pumps Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
26.3. Africa Heat Pumps Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

27. Heat Pumps Market Competitive Landscape and Company Profiles
27.1. Heat Pumps Market Competitive Landscape
27.2. Heat Pumps Market Company Profiles
27.2.1. Daikin Industries Ltd.
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. Carrier
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. NIBE
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Mitsubishi Electric Corporation
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. LG
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance

29. Key Mergers and Acquisitions in the Heat Pumps Market

29. Heat Pumps Market Future Outlook and Potential Analysis

30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Research Inquiries
30.4. About the Publisher
30.5. Copyright and Disclaimer
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • BDR Thermea Group
  • Danfoss
  • Glen Dimplex
  • Johnson Controls
  • Mayekawa
  • Panasonic
Major players in the heat pumps market are Daikin Industries Ltd., Carrier, NIBE, Mitsubishi Electric Corporation, LG, Johnson Controls, Hitachi, Robert Bosch GmbH, Stiebel Eltron, and Ingersoll Rand.

The global heat pumps market is expected to grow from $111.62 billion in 2020 to $116.55 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $159.43 billion in 2025 at a CAGR of 8.1%.

The heat pumps market consists of sales of heat pumps by entities (organizations, sole traders, and partnerships) that produce heat pumps which move heat from a cool space to a warm space, making the cool space cooler and the warm space warmer. Only goods and services traded between entities or sold to end consumers are included.

Major companies operating in the heat pumps industry are focusing on developing new technology for cost-effective heating, which is likely to gain popularity in the heat pumps market. The heat pump manufacturers are developing new pump technology including contractor-friendly designs, higher efficiencies, and innovative two-stage compressors that run at lower speeds, consume less energy, and are cost-effective. For instance, in July 2020, Daikin Industries, Ltd. announced the launch of Daikin SmartSource, Dedicated Outdoor Air System (DOAS). It is a next-generation heat pump technology that allows efficient and cost-effective cooling and heating in all conditions achieves 49% higher efficiency than other heat pumps.

The heat pumps market covered in this report is segmented by product type into air source; air-to-air; air-to-water; water source; ground source. It is also segmented by rated capacity into up to 10 kw; 10–20 kw; 20–30 kw; above 30 kw and by end user into residential; commercial; industrial.

In March 2020, NIBE Industrier AB (NIBE Group), a Sweden-based provider of energy-efficient solutions for homes, acquired WATERKOTTE GmbH for an undisclosed amount. The acquisition of WATERKOTTE GmbH is expected to help NIBE Industrier AB to strengthen its position in the European heat pump market, especially in Germany. Furthermore, WATERKOTTE GmbH will also provide the company with access to handling large projects and heat pumps with higher capacity. WATERKOTTE GmbH is a German-based company engaged in manufacturing and selling advanced heat pumps and integrated sustainable energy solutions for single-family homes and commercial applications.

Government regulations and policies to improve energy efficiency are boosting the demand for renewable energy sources, thereby contributing to the growth of the heat pumps market. Heat pumps offer a low carbon footprint, minimal installation time, and reduce energy consumption in the household and industrial applications. Energy efficiency has tremendous potential to boost economic growth and reduce greenhouse gas emissions. The government of various countries is adopting energy conservation policies. For instance, the UK government formed an Energy Efficiency Office embracing various departments to monitor, coordinate, and develop energy conservation policies. Moreover, in the USA, all industries consuming more than one million GJ/A (100) are required to report their energy conservation and consumption efforts to the Department of Energy for seeking guidance on greater efficiency of energy use. Therefore, growing efforts to reduce energy usage is likely to propel the demand for energy-efficient products including heat pumps.

The coronavirus outbreak restricted the growth of the heat pumps market. The governments across the world imposed restrictions on the movement of people, resulting in supply chain disruptions. COVID-19 lockdowns forced many industries to shut down or operate with minimum capacity, hampering the revenues of various industries including the HVAC (heating, ventilation, and air conditioning) industry. For instance, Lennox International Inc., a US-based provider of climate control products for air conditioning, heating, ventilation, and refrigeration, depends heavily on a complex global supply chain. The company has manufacturing facilities in Georgia, Arkansas, Mississippi, and South Carolina, and the company’s network includes local and regional distribution stores and centers. The company is also engaged in selling products through contractors and dealers, therefore Covid-19 lockdown restrictions have impacted Lennox’s ability to deliver its products to the customers, thus restraining the market growth of the heat pumps during the period.
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Daikin Industries Ltd.
  • Carrier
  • NIBE
  • Mitsubishi Electric Corporation
  • LG
  • Johnson Controls
  • Hitachi
  • Robert Bosch GmbH
  • Stiebel Eltron
  • Ingersoll Rand
  • Glen Dimplex
  • The Viessmann Group
  • The Vaillant Group
  • Midea Group
  • Panasonic
  • Danfoss
  • United Technologies Corporation
  • WOLF
  • Flamingo Heat Pumps
  • Lennox
  • BDR Thermea Group
  • Mayekawa
  • Thermax Group
  • FUJITSU GENERAL
Note: Product cover images may vary from those shown

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