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Residential Heat Pump Market By Type, By Power Source: Global Opportunity Analysis and Industry Forecast, 2021-2030

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    Report

  • 210 Pages
  • June 2022
  • Region: Global
  • Allied Market Research
  • ID: 5671037
The global residential heat pump market was valued at $33,533.40 million in 2021, and is projected to reach $ 77,459.80 million by 2030, growing at a CAGR of 9.7% from 2022 to 2030.

Heat pumps at home are an alternative to furnaces and air conditioners. These pumps use electricity to transfer heat from a cold to a warm environment, thereby, chilling the cool space and warming the warm space. Because they transfer heat rather than generate it, residential heat pumps can efficiently regulate comfortable temperatures at home.

Heat pumps are classified into three categories based on ductwork, namely air-to-air, water-source, and geothermal heat pumps. They absorb heat from the air, water, or dirt outside the house and concentrate it for use within.

The residential heat pump market size is expected to grow due to the increasing importance of heat pump systems as a result of considerable reductions in carbon emissions and greenhouse gas emissions. Because heat pumps do not generate heat but rather transfer it, they help to reduce carbon emissions. Heat pumps use far less energy than traditional furnaces because heat transmission is more efficient than heat creation.

However, the market is expected to be restrained by the high installation cost of an entire heat pump system, which varies for different heat pumps for residential homes. Nevertheless, the residential heat pump market is expected to grow due to an increase in demand for renewable energy around the world as a result of population growth and fast urbanization and industrialization.

The global residential heat pump market is segmented on the basis of type and power source. By type, the market is classified as air source, water source, and geothermal. By power source, the market is classified electric powered and gas powered. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include Midea Group, Johnson Controls, Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.

Key Market Segments

By Type

  • Water Source
  • Geothermal
  • Air Source

By Power Source

  • Electric Powered
  • Gas Powered

By Region

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

Key Market Players

  • Midea Group Co., Ltd.
  • Johnson Controls International plc
  • Daikin Industries Ltd.
  • carrier corporation
  • Glen Dimplex Heating & Ventilation (GDHV)
  • NIBE Group
  • viessmann
  • Mitsubishi Electric Corporation
  • Danfoss
  • stiebel eltron ag
Frequently Asked Questions about the Global Residential Heat Pump Market

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

The Global Residential Heat Pump Market was estimated to be valued at $33533.4 million in 2021.

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

The growth rate of the Global Residential Heat Pump Market is 9.7%, with an estimated value of $77459.8 million by 2030.

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

The Global Residential Heat Pump Market is estimated to be worth $77459.8 million by 2030.

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

Key companies in the Global Residential Heat Pump Market include Midea Group Co. Ltd., Johnson Controls International plc, Daikin Industries Ltd., Carrier Corporation, Glen Dimplex Heating & Ventilation (Gdhv), Nibe Group, Viessmann, Mitsubishi Electric Corporation, Danfoss and Stiebel Eltron Ag.

Table of Contents

CHAPTER 1: INTRODUCTION
1.1.Report description
1.2.Key market segments
1.3.Key benefits to the stakeholders
1.4.Research Methodology
1.4.1.Secondary research
1.4.2.Primary research
1.4.3.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.Top player positioning
3.5.Market dynamics
3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities
3.6.COVID-19 Impact Analysis on the market
3.7.Value Chain Analysis
3.8.Key Regulation Analysis
3.9.Patent Landscape
3.10.Regulatory Guidelines
3.11.Market Share Analysis
CHAPTER 4: RESIDENTIAL HEAT PUMP MARKET, BY TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Air Source
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market 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 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 analysis by country
CHAPTER 5: RESIDENTIAL HEAT PUMP MARKET, BY POWER SOURCE
5.1 Overview
5.1.1 Market size and forecast
5.2 Electric Powered
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Gas Powered
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
CHAPTER 6: RESIDENTIAL HEAT PUMP MARKET, BY REGION
6.1 Overview
6.1.1 Market size and forecast
6.2 North America
6.2.1 Key trends and opportunities
6.2.2 North America Market size and forecast, by Type
6.2.3 North America Market size and forecast, by Power Source
6.2.4 North America Market size and forecast, by country
6.2.4.1 U.S.
6.2.4.1.1 Market size and forecast, by Type
6.2.4.1.2 Market size and forecast, by Power Source
6.2.4.2 Canada
6.2.4.2.1 Market size and forecast, by Type
6.2.4.2.2 Market size and forecast, by Power Source
6.2.4.3 Mexico
6.2.4.3.1 Market size and forecast, by Type
6.2.4.3.2 Market size and forecast, by Power Source
6.3 Europe
6.3.1 Key trends and opportunities
6.3.2 Europe Market size and forecast, by Type
6.3.3 Europe Market size and forecast, by Power Source
6.3.4 Europe Market size and forecast, by country
6.3.4.1 Germany
6.3.4.1.1 Market size and forecast, by Type
6.3.4.1.2 Market size and forecast, by Power Source
6.3.4.2 U.K.
6.3.4.2.1 Market size and forecast, by Type
6.3.4.2.2 Market size and forecast, by Power Source
6.3.4.3 France
6.3.4.3.1 Market size and forecast, by Type
6.3.4.3.2 Market size and forecast, by Power Source
6.3.4.4 Spain
6.3.4.4.1 Market size and forecast, by Type
6.3.4.4.2 Market size and forecast, by Power Source
6.3.4.5 Italy
6.3.4.5.1 Market size and forecast, by Type
6.3.4.5.2 Market size and forecast, by Power Source
6.3.4.6 Rest of Europe
6.3.4.6.1 Market size and forecast, by Type
6.3.4.6.2 Market size and forecast, by Power Source
6.4 Asia-Pacific
6.4.1 Key trends and opportunities
6.4.2 Asia-Pacific Market size and forecast, by Type
6.4.3 Asia-Pacific Market size and forecast, by Power Source
6.4.4 Asia-Pacific Market size and forecast, by country
6.4.4.1 China
6.4.4.1.1 Market size and forecast, by Type
6.4.4.1.2 Market size and forecast, by Power Source
6.4.4.2 Japan
6.4.4.2.1 Market size and forecast, by Type
6.4.4.2.2 Market size and forecast, by Power Source
6.4.4.3 India
6.4.4.3.1 Market size and forecast, by Type
6.4.4.3.2 Market size and forecast, by Power Source
6.4.4.4 South Korea
6.4.4.4.1 Market size and forecast, by Type
6.4.4.4.2 Market size and forecast, by Power Source
6.4.4.5 Australia
6.4.4.5.1 Market size and forecast, by Type
6.4.4.5.2 Market size and forecast, by Power Source
6.4.4.6 Rest of Asia-Pacific
6.4.4.6.1 Market size and forecast, by Type
6.4.4.6.2 Market size and forecast, by Power Source
6.5 LAMEA
6.5.1 Key trends and opportunities
6.5.2 LAMEA Market size and forecast, by Type
6.5.3 LAMEA Market size and forecast, by Power Source
6.5.4 LAMEA Market size and forecast, by country
6.5.4.1 Brazil
6.5.4.1.1 Market size and forecast, by Type
6.5.4.1.2 Market size and forecast, by Power Source
6.5.4.2 Saudi Arabia
6.5.4.2.1 Market size and forecast, by Type
6.5.4.2.2 Market size and forecast, by Power Source
6.5.4.3 UAE
6.5.4.3.1 Market size and forecast, by Type
6.5.4.3.2 Market size and forecast, by Power Source
6.5.4.4 South Africa
6.5.4.4.1 Market size and forecast, by Type
6.5.4.4.2 Market size and forecast, by Power Source
6.5.4.5 Rest of LAMEA
6.5.4.5.1 Market size and forecast, by Type
6.5.4.5.2 Market size and forecast, by Power Source
CHAPTER 7: COMPANY LANDSCAPE
7.1. Introduction
7.2. Top winning strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Key developments
CHAPTER 8: COMPANY PROFILES
8.1 Midea Group Co., 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
8.1.6 Key strategic moves and developments
8.2 Johnson Controls International plc
8.2.1 Company overview
8.2.2 Company snapshot
8.2.3 Operating business segments
8.2.4 Product portfolio
8.2.5 Business performance
8.2.6 Key strategic moves and developments
8.3 Daikin Industries Ltd.
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
8.3.6 Key strategic moves and developments
8.4 carrier corporation
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 Glen Dimplex Heating & Ventilation (GDHV)
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 Group
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 viessmann
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
8.7.6 Key strategic moves and developments
8.8 Mitsubishi Electric Corporation
8.8.1 Company overview
8.8.2 Company snapshot
8.8.3 Operating business segments
8.8.4 Product portfolio
8.8.5 Business performance
8.8.6 Key strategic moves and developments
8.9 Danfoss
8.9.1 Company overview
8.9.2 Company snapshot
8.9.3 Operating business segments
8.9.4 Product portfolio
8.9.5 Business performance
8.9.6 Key strategic moves and developments
8.10 stiebel eltron ag
8.10.1 Company overview
8.10.2 Company snapshot
8.10.3 Operating business segments
8.10.4 Product portfolio
8.10.5 Business performance
8.10.6 Key strategic moves and developments
List of Tables
Table 1. Global Residential Heat Pump Market, by Type, 2021-2030,($Million)
Table 2. Residential Heat Pump Market Revenue, for Air Source, by Region , 2021-2030,($Million)
Table 3. Residential Heat Pump Market Air Source by Country, 2021-2030,($Million)
Table 4. Residential Heat Pump Market Revenue, for Water Source, by Region , 2021-2030,($Million)
Table 5. Residential Heat Pump Market Water Source by Country, 2021-2030,($Million)
Table 6. Residential Heat Pump Market Revenue, for Geothermal, by Region , 2021-2030,($Million)
Table 7. Residential Heat Pump Market Geothermal by Country, 2021-2030,($Million)
Table 8. Global Residential Heat Pump Market, by Power Source, 2021-2030,($Million)
Table 9. Residential Heat Pump Market Revenue, for Electric Powered, by Region , 2021-2030,($Million)
Table 10. Residential Heat Pump Market Electric Powered by Country, 2021-2030,($Million)
Table 11. Residential Heat Pump Market Revenue, for Gas Powered, by Region , 2021-2030,($Million)
Table 12. Residential Heat Pump Market Gas Powered by Country, 2021-2030,($Million)
Table 13. Residential Heat Pump Market, by Region, 2021-2030,($Million)
Table 14. North America Residential Heat Pump Market, by Type, 2021-2030,($Million)
Table 15. North America Residential Heat Pump Market, by Power Source, 2021-2030,($Million)
Table 16. North America Residential Heat Pump Market, by Country, 2021-2030,($Million)
Table 17. U.S. Residential Heat Pump Market by Type 2021-2030,($Million)
Table 18. U.S. Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 19. Canada Residential Heat Pump Market by Type 2021-2030,($Million)
Table 20. Canada Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 21. Mexico Residential Heat Pump Market by Type 2021-2030,($Million)
Table 22. Mexico Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 23. Europe Residential Heat Pump Market, by Type, 2021-2030,($Million)
Table 24. Europe Residential Heat Pump Market, by Power Source, 2021-2030,($Million)
Table 25. Europe Residential Heat Pump Market, by Country, 2021-2030,($Million)
Table 26. Germany Residential Heat Pump Market by Type 2021-2030,($Million)
Table 27. Germany Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 28. U.K. Residential Heat Pump Market by Type 2021-2030,($Million)
Table 29. U.K. Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 30. France Residential Heat Pump Market by Type 2021-2030,($Million)
Table 31. France Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 32. Spain Residential Heat Pump Market by Type 2021-2030,($Million)
Table 33. Spain Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 34. Italy Residential Heat Pump Market by Type 2021-2030,($Million)
Table 35. Italy Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 36. Rest of Europe Residential Heat Pump Market by Type 2021-2030,($Million)
Table 37. Rest of Europe Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 38. Asia-Pacific Residential Heat Pump Market, by Type, 2021-2030,($Million)
Table 39. Asia-Pacific Residential Heat Pump Market, by Power Source, 2021-2030,($Million)
Table 40. Asia-Pacific Residential Heat Pump Market, by Country, 2021-2030,($Million)
Table 41. China Residential Heat Pump Market by Type 2021-2030,($Million)
Table 42. China Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 43. Japan Residential Heat Pump Market by Type 2021-2030,($Million)
Table 44. Japan Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 45. India Residential Heat Pump Market by Type 2021-2030,($Million)
Table 46. India Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 47. South Korea Residential Heat Pump Market by Type 2021-2030,($Million)
Table 48. South Korea Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 49. Australia Residential Heat Pump Market by Type 2021-2030,($Million)
Table 50. Australia Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 51. Rest of Asia-Pacific Residential Heat Pump Market by Type 2021-2030,($Million)
Table 52. Rest of Asia-Pacific Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 53. LAMEA Residential Heat Pump Market, by Type, 2021-2030,($Million)
Table 54. LAMEA Residential Heat Pump Market, by Power Source, 2021-2030,($Million)
Table 55. LAMEA Residential Heat Pump Market, by Country, 2021-2030,($Million)
Table 56. Brazil Residential Heat Pump Market by Type 2021-2030,($Million)
Table 57. Brazil Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 58. Saudi Arabia Residential Heat Pump Market by Type 2021-2030,($Million)
Table 59. Saudi Arabia Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 60. UAE Residential Heat Pump Market by Type 2021-2030,($Million)
Table 61. UAE Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 62. South Africa Residential Heat Pump Market by Type 2021-2030,($Million)
Table 63. South Africa Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 64. Rest of LAMEA Residential Heat Pump Market by Type 2021-2030,($Million)
Table 65. Rest of LAMEA Residential Heat Pump Market by Power Source 2021-2030,($Million)
Table 66. Midea Group Co., Ltd.: Company Snapshot
Table 67. Midea Group Co., Ltd.: Operating Segments
Table 68. Midea Group Co., Ltd.: Product Portfolio
Table 69. Midea Group Co., Ltd.: Net Sales
Table 70. Midea Group Co., Ltd.: Key Stratergies
Table 71. Johnson Controls International plc: Company Snapshot
Table 72. Johnson Controls International plc: Operating Segments
Table 73. Johnson Controls International plc: Product Portfolio
Table 74. Johnson Controls International plc: Net Sales
Table 75. Johnson Controls International plc: Key Stratergies
Table 76. Daikin Industries Ltd.: Company Snapshot
Table 77. Daikin Industries Ltd.: Operating Segments
Table 78. Daikin Industries Ltd.: Product Portfolio
Table 79. Daikin Industries Ltd.: Net Sales
Table 80. Daikin Industries Ltd.: Key Stratergies
Table 81. Carrier Corporation: Company Snapshot
Table 82. Carrier Corporation: Operating Segments
Table 83. Carrier Corporation: Product Portfolio
Table 84. Carrier Corporation: Net Sales
Table 85. Carrier Corporation: Key Stratergies
Table 86. Glen Dimplex Heating & Ventilation (Gdhv): Company Snapshot
Table 87. Glen Dimplex Heating & Ventilation (Gdhv): Operating Segments
Table 88. Glen Dimplex Heating & Ventilation (Gdhv): Product Portfolio
Table 89. Glen Dimplex Heating & Ventilation (Gdhv): Net Sales
Table 90. Glen Dimplex Heating & Ventilation (Gdhv): Key Stratergies
Table 91. Nibe Group: Company Snapshot
Table 92. Nibe Group: Operating Segments
Table 93. Nibe Group: Product Portfolio
Table 94. Nibe Group: Net Sales
Table 95. Nibe Group: Key Stratergies
Table 96. Viessmann: Company Snapshot
Table 97. Viessmann: Operating Segments
Table 98. Viessmann: Product Portfolio
Table 99. Viessmann: Net Sales
Table 100. Viessmann: Key Stratergies
Table 101. Mitsubishi Electric Corporation: Company Snapshot
Table 102. Mitsubishi Electric Corporation: Operating Segments
Table 103. Mitsubishi Electric Corporation: Product Portfolio
Table 104. Mitsubishi Electric Corporation: Net Sales
Table 105. Mitsubishi Electric Corporation: Key Stratergies
Table 106. Danfoss: Company Snapshot
Table 107. Danfoss: Operating Segments
Table 108. Danfoss: Product Portfolio
Table 109. Danfoss: Net Sales
Table 110. Danfoss: Key Stratergies
Table 111. Stiebel Eltron Ag: Company Snapshot
Table 112. Stiebel Eltron Ag: Operating Segments
Table 113. Stiebel Eltron Ag: Product Portfolio
Table 114. Stiebel Eltron Ag: Net Sales
Table 115. Stiebel Eltron Ag: Key Stratergies
List of Figures
Figure 1. Residential Heat Pump Market Segmentation
Figure 2. Residential Heat Pump Market,2021-2030
Figure 3. Residential Heat Pump Market,2021-2030
Figure 4. Top Investment Pockets, by Region
Figure 5. Porter Five-1
Figure 6. Porter Five-2
Figure 7. Porter Five-3
Figure 8. Porter Five-4
Figure 9. Porter Five-5
Figure 10. Top Player Positioning
Figure 11. Residential Heat Pump Market:Drivers, Restraints and Opportunities
Figure 12. Value Chain Analysis
Figure 13. Key Regulation Analysis
Figure 14. Patent Analysis by Company
Figure 15. Patent Analysis by Country
Figure 16. Regulatory Guidelines
Figure 17. Market Share Analysis
Figure 18. Residential Heat Pump Market,By Type,2021(%)
Figure 19. Comparative Share Analysis of Air Source Residential Heat Pump Market,2021-2030(%)
Figure 20. Comparative Share Analysis of Water Source Residential Heat Pump Market,2021-2030(%)
Figure 21. Comparative Share Analysis of Geothermal Residential Heat Pump Market,2021-2030(%)
Figure 22. Residential Heat Pump Market,By Power Source,2021(%)
Figure 23. Comparative Share Analysis of Electric Powered Residential Heat Pump Market,2021-2030(%)
Figure 24. Comparative Share Analysis of Gas Powered Residential Heat Pump Market,2021-2030(%)
Figure 25. Residential Heat Pump Market by Region,2021
Figure 26. U.S. Residential Heat Pump Market,2021-2030($Million)
Figure 27. Canada Residential Heat Pump Market,2021-2030($Million)
Figure 28. Mexico Residential Heat Pump Market,2021-2030($Million)
Figure 29. Germany Residential Heat Pump Market,2021-2030($Million)
Figure 30. U.K. Residential Heat Pump Market,2021-2030($Million)
Figure 31. France Residential Heat Pump Market,2021-2030($Million)
Figure 32. Spain Residential Heat Pump Market,2021-2030($Million)
Figure 33. Italy Residential Heat Pump Market,2021-2030($Million)
Figure 34. Rest of Europe Residential Heat Pump Market,2021-2030($Million)
Figure 35. China Residential Heat Pump Market,2021-2030($Million)
Figure 36. Japan Residential Heat Pump Market,2021-2030($Million)
Figure 37. India Residential Heat Pump Market,2021-2030($Million)
Figure 38. South Korea Residential Heat Pump Market,2021-2030($Million)
Figure 39. Australia Residential Heat Pump Market,2021-2030($Million)
Figure 40. Rest of Asia-Pacific Residential Heat Pump Market,2021-2030($Million)
Figure 41. Brazil Residential Heat Pump Market,2021-2030($Million)
Figure 42. Saudi Arabia Residential Heat Pump Market,2021-2030($Million)
Figure 43. Uae Residential Heat Pump Market,2021-2030($Million)
Figure 44. South Africa Residential Heat Pump Market,2021-2030($Million)
Figure 45. Rest of LAMEA Residential Heat Pump Market,2021-2030($Million)
Figure 46. Top Winning Strategies, by Year
Figure 47. Top Winning Strategies, by Development
Figure 48. Top Winning Strategies, by Company
Figure 49. Product Mapping of Top 10 Players
Figure 50. Competitive Dashboard
Figure 51. Competitive Heatmap of Top 10 Key Players
Figure 52. Midea Group Co. Ltd..: Net Sales ,($Million)
Figure 53. Johnson Controls International PLC.: Net Sales ,($Million)
Figure 54. Daikin Industries Ltd..: Net Sales ,($Million)
Figure 55. Carrier Corporation.: Net Sales ,($Million)
Figure 56. Glen Dimplex Heating & Ventilation (Gdhv).: Net Sales ,($Million)
Figure 57. Nibe Group.: Net Sales ,($Million)
Figure 58. Viessmann.: Net Sales ,($Million)
Figure 59. Mitsubishi Electric Corporation.: Net Sales ,($Million)
Figure 60. Danfoss.: Net Sales ,($Million)
Figure 61. Stiebel Eltron AG.: Net Sales ,($Million)

Executive Summary

According to the report, titled, “Residential Heat Pump Market," the residential heat pump market was valued at $33.5 billion in 2021, and is estimated to reach $77.5 billion by 2030, growing at a CAGR of 9.7% from 2022 to 2030.

Residential heat pumps are widely installed in residential zones for maintaining warm and cool temperature in homes. These are an energy and environment efficient and a popular alternative to air conditioners and furnaces.

The global residential heat pump industry is segmented on the basis of type and power source. By type, the market is classified as air source, water source, and geothermal. By power source, the market is classified into electric powered and gas powered. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include Midea Group, Johnson Controls, Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.

The report focuses on the global residential heat pump market analysis and the major products & applications, where residential heat pumps are used, and roles of different key players that shape the market. Also, the report focuses on the overall demand and residential heat pump market share in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices and residential heat pump market trends are studied comprehensively.

IMPACT OF COVID-19 ON THE GLOBAL RESIDENTIAL HEAT PUMP MARKET

  • Residential heat pumps are commonly used to warm the interior of homes. However, due to the lockdown and severe controls implemented as a result of the COVID-19 pandemic, heat pump production plants have suffered a significant reduction in 2020, owing to a reduced workforce and a disturbed supply chain.
  • COVID-19 hampered different industrial activities and disrupted the supply chain, affecting practically all industries. Due to a lack of workers, most businesses have shut down. As a result of COVID-19's influence, the global residential heat pump market forecast has seen a significant drop.
  • According to the United Nations Industrial Development Organization (UNIDO), 30.0%-70.0% of pre-COVID-19 workforce of various industries, such as electrical and other third-party vendors, migrated to their hometowns due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in the residential heat pump market growth during the forecast period.

Key Findings of the Study

  • On the basis of type, the air source segment dominated the global residential heat pump market in 2021 and is projected to be the fastest-growing segment during the forecast period.
  • On the basis of power source, the electric powered segment dominated the global residential heat pump market in 2021 and is also projected to be the fastest-growing segment during the forecast period.
  • On the basis of region, Asia-Pacific market is projected to grow fast during the forecast period.

Companies Mentioned

  • Midea Group Co. Ltd.
  • Johnson Controls International plc
  • Daikin Industries Ltd.
  • Carrier Corporation
  • Glen Dimplex Heating & Ventilation (Gdhv)
  • Nibe Group
  • Viessmann
  • Mitsubishi Electric Corporation
  • Danfoss
  • Stiebel Eltron Ag

Methodology

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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