Heat Pumps Market (CAGR of 7.9%): Future Prospects, Size and Driver and Forecast to 2027

The heat pumps market was valued at US$ 50.25 Bn in 2018 and expected to grow at a CAGR of 7.9% during the forecast period from 2019 to 2027.

Market Insights

Increased emission of greenhouse gases worldwide will enhance the heat pumps market

Increased emission of greenhouse gases and rising government regulations for energy efficiency worldwide will enhance the demand for heat pumps market throughout the forecast period from 2019-2027. Increasing need for renewable energy sources along with rapid infrastructural development are some another factors driving the market growth. In 2018, Asia Pacific dominates the global heat pumps market backed by North America.

Rising CO2 concentrations in the atmosphere is another factor for the market growth. According to a report by Our World in Data, the CO2 concentrations are now at the highest levels in over 8,00,000 years at 400ppm. Hence, to increase carbon emission the heat pumps are being used. Globally more than 36 Bn tons of CO2 emits per year and it is continuously increasing.

Growing need for energy-efficient heating solutions will boost the market growth. Rapid growth of urbanization & commercialization worldwide and surge in demand for space heating are some other factors driving the market growth. Heat pumps have various benefits (such as low cost, less maintenance cost, long life span, and others) which is helping the market growth. Rapid technological advancements like IoT integration in heat pumps will also enhance the market growth in years to come.

Major heat pumps manufacturers are inclined towards new product launch strategy with advanced features such as IoT enabled heat pumps that will improve their market presence. Acquisitions, mergers, collaborations and partnerships are some other major strategies adopted by the major players.

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Industrial Developments

  • In November 2017, NIBE Industrier AB acquires Europe’s one of the largest water heater manufacturers Serbian TIKI Group. With the acquisition of TIKI group, NIBE Industrier AB will strengthen their market position and increase its market presence in Europe.

Key Market Movements:

  • The global heat pumps market is expanding at a CAGR of 7.9% for the projected period from 2019 to 2027
    • Asia Pacific dominates the heat pumps market owing to rising industrial production process in various industries (such as chemical, packaging, textiles, papermaking, and others) is the primary factor driving the market in the region. Growing infrastructural development in the region will also boost the market.
    • Europe heat pumps market will show significant growth during the forecast period owing to favorable government regulations for energy consumption and recovering infrastructural development will boost the demand in the region.
    • Based on technology, air source heat pumps dominates the market in 2019 owing to wide application of these pumps in residential, commercial and industrial spaces. On the other hand, the ground source heat pump market is expected to show fastest growth on account of their high-energy efficiency and stable temperature benefit.
    • New product launch, acquisitions, collaborations and mergers will be the key trend in the global heat pumps market during the forecast period.

List of Companies Covered:

  • United Technologies Corporation
    • Daikin Industries, Ltd.
    • NIBE Industrier AB
    • The Viessmann Group
    • Stiebel Eltron
    • Ingersoll-Rand, Inc.
    • Robert Bosch GmbH
    • Vaillant Group
    • The Danfoss Group
    • Mitsubishi Electric Corporation
    • Midea Group
    • Panasonic Corporation

Key questions answered in this report

  • What are the current market trends and dynamics in the heat pumps market and valuable opportunities for emerging players?
  • Which segment accounts for the fastest CAGR during the forecast period?
  • What are the drivers of the heat pumps market?
  • Are low and middle-income economies investing in the heat pumps market?
  • Notable developments going on in the heat pumps market.
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

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  1. Preface
    1.1. Report Description
    1.1.1. Purpose of the Report
    1.1.2. Target Audience
    1.1.3. USP and Key Offerings
    1.2. Research Scope
    1.3. Research Methodology
    1.3.1. Phase I – Secondary Research
    1.3.2. Phase II – Primary Research
    1.3.3. Phase III – Expert Panel Review
    1.3.4. Approach Adopted Top-Down Approach Bottom-Up Approach
    1.3.5. Assumptions
    1.4. Market Segmentation
  2. Executive Summary
    2.1. Market Snapshot: Global Heat Pumps (HP) Market
    2.2. Global HP Market, by Technology Type, 2018 (US$ Bn)
    2.3. Global HP Market, by End-user, 2018 (US$ Bn)
    2.4. Global HP Market, by Capacity, 2018 (US$ Bn)
    2.5. Global HP Market, by Geography, 2018 (US$ Bn)
  3. Market Dynamics
    3.1. Introduction
    3.1.1. Global HP Market Value, 2017-2027, (US$ Bn)
    3.2. Market Dynamics
    3.2.1. Market Drivers
    3.2.2. Market Restraints
    3.3. Attractive Investment Proposition, by Geography, 2018
    3.4. Market Positioning of Key Players, 2018
    3.4.1. Major Strategies Adopted by Key Players
  4. Global Heat Pumps (HP) Market, by Technology Type , 2017-2027 (US$ Bn)
    4.1. Overview
    4.2. Air Source
    4.3. Water Source
    4.4. Ground Source
    4.5. Hybrid
  5. Global Heat Pumps (HP) Market, by End-user, 2017-2027 (US$ Bn)
    5.1. Overview
    5.2. Residential
    5.3. Commercial
    5.4. Industrial
  6. Global Heat Pumps (HP) Market, by Capacity, 2017-2027 (US$ Bn)
    6.1. Overview
    6.2. Up to 10 KW
    6.3. 10-20 KW
    6.4. 20-30 KW
    6.5. Above 30 KW
  7. North America Heat Pumps (HP) Market Analysis, 2017-2027 (US$ Bn)
    7.1. Overview
    7.1.1. North America HP Market Value and Growth, 2017-2027, (US$ Bn)
    7.2. North America HP Market Value, By Technology Type, 2017-2027 (US$ Bn)
    7.2.1. Market Analysis
    7.3. North America HP Market Value, By End-user, 2017-2027 (US$ Bn)
    7.3.1. Market Analysis
    7.4. North America HP Market Value, By Capacity, 2017-2027 (US$ Bn)
    7.4.1. Market Analysis
    7.5. North America HP Market Value, By Region/Country, 2017-2027 (US$ Bn)
    7.5.1. Market Analysis
    7.5.2. U.S.
    7.5.3. Rest of North America
  8. Europe Heat Pumps (HP) Market Analysis, 2017-2027 (US$ Bn)
  9. Asia Pacific Heat Pumps (HP) Market Analysis, 2017-2027 (US$ Bn)
  10. Rest of the World Heat Pumps (HP) Market Analysis, 2017-2027 (US$ Bn)
  11. Company Profiles

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DoC: https://issuu.com/robsonspot/docs/heat_pumps_market.docx

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