Heat Pumps Market - Forecasts from 2018 to 2023

The heat pumps market was valued at US$74.408 billion in 2017 and is projected to reach US$103.939 billion in 2023 growing at a CAGR of 5.73% during the forecast period. Heat pumps are designed to move heat from colder place to warm, with the help of electricity. Regions where heating and cooling needs are moderate, these pumps are efficient alternatives to furnaces and air conditioners. The growth of this market is majorly attributed to rapid urbanization and industrialization in many regions across the globe. As the number of commercial, residential and industrial establishments continues to grow, the demand for efficient heating solutions will continue to be driven significantly, thus boosting the growth of heat pumps market. Increasing focus of market players towards improving the efficiency of heat pumps is attracting substantial investments into research and development. Innovation, as a result of R&D, is bringing a good range of advanced heat pumps into the market, thus fuelling their adoption by players across industries. Shifting focus towards sustainability is further fuelling the adoption of these pumps by customers, thus augmenting the growth of this market.

Segmentation:

Heat Pumps market has been segmented on the basis of type, end users, and geography. Under different types; Air Source Heat Pumps, Ground Source Heat Pumps, Water Source Heat Pumps, Exhaust Air System among Others have been covered. Residential, commercial and industrial are the major end users type, which has been covered as a part of this report.

Important regions for vendors in terms of market size are covered through detailed geographical segmentation and country level forecasts. Geographical regions covered as a part of this section are North America, South America, Europe, Middle East and Africa, and Asia Pacific regions.

Research Methodology

This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.

Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study has been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the heat pumps value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.

Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the market.
Major industry players profiled as part of the report are Enertech Group, Bosch, Panasonic, Danfoss, Carrier, and Viessmann Group among others.

Segmentation:

The heat pumps market is segmented by type, end user and geography.

By Type
Air Source Heat Pumps
Water Source Heat Pumps
Ground Source (Geothermal) Heat Pumps
Hybrid Heat Pumps

By End User
Residential
Commercial
Industrial

By Geography
North America

• United States


• Canada

South America

• Brazil


• Argentina

Europe

• UK


• Germany


• France


• Italy

Middle East and Africa

• Saudi Arabia


• UAE


• Israel

Asia Pacific

• Japan


• China


• India


• Australia