Heat Pump Market

Heat Pump Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Type (Air-To-Air Heat Pump, Air-To-Water Heat Pump, Water Source Heat Pump, Ground Source (Geothermal) Heat Pump, Hybrid Heat Pump), By Refrigerant Type (R410A, R407C, R744, Others), By Rated Capacity (Up To 10 Kw, Up To 10 Kw, 20–30 Kw, Above 30 Kw), By End User (Residential, Commercial, Industrial), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)

Published Date: April 2022
Report ID: BWC22137
Available Format: PDF
Page: 191

Report Overview

Global heat pump market is gaining traction owing to rising focus towards energy efficiency for cost reduction and energy conservation along with favorable government initiatives and subsidies on its components and adoption...

Global Heat Pump Market- Industry Trends & Forecast Report 2028

The global heat pump market was worth USD 53.3 billion in 2021 and is further projected to reach USD 99.7 billion by the year 2028, growing at a CAGR of 9.40% during the forecast period. The market is gaining traction owing to various factors such as rising focus towards energy efficiency for cost reduction and energy conservation along with favorable government initiatives and subsidies on its components and adoption. Furthermore, increasing construction of residential and commercial facilities is also driving the growth of the market.

Heat Pump Market

Global Heat Pump - Overview

A heat pump is a system that has the primary purpose of transferring thermal energy between spaces. Some of the most common types of heat pumps used are air source heat pumps, ground-source heat pumps, water source heat pumps, and exhaust air heat pumps. These devices are emerging as an energy-efficient alternative for air conditioners since it is capable of transferring 3 to 6 kWh of thermal energy into a building with 1 kWh of electricity.

Global Heat Pump Market Forecast and Trends

Growth Drivers

Rising Demand for Energy-Efficient Equipment

The rising focus and demand for energy-efficient devices are emerging as the major driving factor for the growth of the global heat pumps market. Heat pumps are considered to offer better energy efficiency than other cooling or heating equipment such as air conditioners. According to the Energy Efficiency Council, heat pumps installed in residential spaces can deliver heat at 600% efficiency, compared to the gas heaters at 50% to 90%. This is anticipated to propel the demand for heat pumps in the forecast period.

Favorable Government Initiatives to Boost Heat Pump Installation

The governments of several countries are taking various initiatives to boost the adoption of heat pumps in residential and commercial facilities such as funding their installation and offering subsidies. Canada, for instance, is providing up to USD 5000 for upgrades (including certain heat pumps) from the year 2022. The United Kingdom too is following suit and is taxing the heat pumps at the reduced rate of 5% instead of the usual level of VAT of 20% for most other products.

Restraints

High Installation Cost of Heat Pumps

The initial cost of heat pump installation is extremely high and acts as a huge restraining factor for the growth of the global heat pump market. The average cost of heat pump installation may range between USD 4,900 and USD 12,500, which includes the cost of components, labor, and other variable costs. The labor cost of installation is also extremely high since the consumers need to hire an HVAC contractor.

Impact of COVID-19 on Global Heat Pump Market

The global heat pump market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The manufacturing operations and supply chains of heat pumps were completely halted due to lockdown restrictions, due to which the heat pump manufacturing companies had to register huge losses. Furthermore, the demand for heat pumps declined several folds from residential and commercial facilities in the lockdown period. The obstruction of construction activities of new buildings and residential spaces is expected to influence the demand for heat pumps in the long term.

Global Heat Pump Market - By Type

Based on type, the global heat pump market is segmented into air-to-air heat pump, air-to-water heat pump, water source heat pump, ground-source (geothermal) heat pump, and hybrid heat pump. The air-to-air heat pump segment accounts for the largest market share owing to its extremely high efficiency, with its seasonal efficiency rating (SCOP) reaching 3.0-4.0, meaning that for every 1 kW of electricity 3 to 4 kW of heat is generated, according to GreenMatch UK.

Global Heat Pump Market - By End-User

Based on end-user, the global heat pump market is segmented into residential, commercial, and industrial. The residential segment accounts for the largest market share. The growth of this segment is mainly attributed to the government initiatives and investments towards boosting the installation of heat pumps. For instance, the European Union ministers have announced grants of 5,000 euros to allow people to install home heat pumps and other low-carbon boiler replacements as part of the wider heat and buildings strategy.

Global Heat Pump Market - Regional Insights

Geographically, the global heat pump market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the global heat pump market owing to the rising focus towards energy-efficient equipment along with favorable government benefits and tax rebates. Europe also holds a substantial market share owing to the government initiatives and partnerships with heat pump companies to boost the installation of this equipment in residential spaces. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.

Competitive Landscape

The leading market players of the global heat pump market are Trane Inc., Efficiency Maine, Midea Group, WOLF (Centrotec Sustainable AG), NIBE Group, Flamingo Heat Pumps, Panasonic Corporation, Viessmann Werke GmbH & Co KG, Mitsubishi Electric Corporation, Glen Dimplex Group, Daikin Industries, Ltd., Stiebel Eltron Gmbh & Co. Kg, Swegon Group AB, Earthlinked Technologies, Bryant Heating & Cooling Systems, Bosch Thermotechnology, Kensa Heat Pumps, OCHSNER Warmepumpen, Nortek Global HVAC, Carrier Corporation, and other prominent players.

The market is highly competitive and concentrated due to the presence of multinational corporations. However, several regional companies are also emerging and giving tough competition to the established players. The companies are constantly introducing new products as well as significantly investing in research and development activities for offering innovations. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Development

In February 2022, Lennox Industries, a US-based HVAC products company, announced the launch of the Dave Lennox Signature Collection model SL25xPV heat pump at the National Association of Home Builders (NAHB) International Builders’ Show.
In February 2022, Clean Energy Technologies, Inc., announced its strategic partnership with Enertime to offer a wider range of heat recovery solutions including heat pumps in North America.

Scope of the Report

Attributes	Details
Years Considered	Historical data – 2018-2021
	Base Year – 2021
	Forecast – 2022 – 2028
Facts Covered	Revenue in USD Billion
Market Coverage	U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation	By Type, By Refrigerant Type, By Rated Capacity, By End User, By Region
Key Players	Trane Inc., Efficiency Maine, Midea Group, WOLF (Centrotec Sustainable AG), NIBE Group, Flamingo Heat Pumps, Panasonic Corporation, Viessmann Werke GmbH & Co KG, Mitsubishi Electric Corporation, Glen Dimplex Group, Daikin Industries, Ltd., Stiebel Eltron Gmbh & Co. Kg, Swegon Group AB, Earthlinked Technologies, Bryant Heating & Cooling Systems, Bosch Thermotechnology, Kensa Heat Pumps, OCHSNER Warmepumpen, Nortek Global HVAC, Carrier Corporation, and other prominent players.

By Type

Air-To-Air Heat Pump
Air-To-Water Heat Pump
Water Source Heat Pump
Ground Source (Geothermal) Heat Pump
Hybrid Heat Pump

By Refrigerant Type

R410A
R407C
R744
Others

By Rated Capacity

Up To 10 Kw
Up To 10 Kw
20–30 Kw
Above 30 Kw

By End User

Residential
Commercial
Industrial

By Region

North America
Europe
Asia-Pacific (APAC)
Latin America (LATAM)
Middle East & Africa (MEA)

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumption & Limitation
Executive Summary
Global Heat Pump Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
  2. Restraints
  3. Opportunities
  4. Challenges
3. Technological Advancement/Recent Development
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Global Heat Pump Market Overview
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
    1. Air-to-Air
    2. Air-to-Water
    3. Water Source
    4. Geothermal
    5. Hybrid
  2. By Refrigerant
    1. R410A
    2. R407C
    3. R744
  3. By Rated Capacity
    1. Up to 10 kW
    2. 10-20 kW
    3. 20-30 kW
    4. >30 kW
  4. By End User
    1. Residential
    2. Commercial
    3. Industrial
  5. By Region
    1. North America
    2. Europe
    3. The Asia Pacific
    4. Latin America
    5. The Middle East and Africa
North America Heat Pump Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Refrigerant
  3. By Rated Capacity
  4. By End User
  5. By Application
  6. By Country
    1. United States
    2. Canada
Europe Heat Pump Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Refrigerant
  3. By Rated Capacity
  4. By End User
  5. By Country
    1. Germany
    2. United Kingdom
    3. Italy
    4. France
    5. Spain
    6. Rest of Europe
Asia-Pacific Heat Pump Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Refrigerant
  3. By Rated Capacity
  4. By End User
  5. By Country
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of Asia Pacific
Latin America Heat Pump Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Refrigerant
  3. By Rated Capacity
  4. By End User
  5. By Country
    1. Brazil
    2. Mexico
    3. Rest of Latin America
Middle East & Africa Heat Pump Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Refrigerant
  3. By Rated Capacity
  4. By End User
  5. By Country
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Rest of Middle East & Africa
Competitive Landscape
1. List of Key Players and Their Offerings
2. Market Share Analysis, 2021
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Development (Merger, Acquisition, Partnership.)
Impact of Covid-19 on Global Heat Pump Industry
Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
1. SAMSUNG
2. DENSO CORPORATION
3. Midea Group
4. Panasonic Corporation
5. Mitsubishi Electric Corporation
6. Johnson Controls
7. DAIKIN INDUSTRIES, Ltd.
8. Carrier
9. LG Electronics
10. Trane Technologies
11. GEA Group Aktiengesellschaft
12. FUJITSU GENERAL
13. Thermax Limited
14. Lennox International
15. Danfoss A/S
16. GLEN DIMPLEX
17. Other prominent players

Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List Of Figures

Figure 1 Global Heat Pump Segmentation

Figure 2 Global Heat Pump Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2021

Figure 4 Global Heat Pump Market Size, By Value (USD Million), 2018-2028

Figure 5 Global Heat Pump Market Share, By Type, By Value, 2018-2028

Figure 6 Global Heat Pump Market Share, By Refrigerant, By Value, 2018-2028

Figure 7 Global Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028

Figure 8 Global Heat Pump Market Share, By End-User, By Value, 2018-2028

Figure 9 Global Heat Pump Market Share, By Region, By Value, 2018-2028

Figure 10 North America Heat Pump Market Size, By Value (USD Million), 2018-2028

Figure 11 North America Heat Pump Market Share, By Type, By Value, 2018-2028

Figure 12 North America Heat Pump Market Share, By Refrigerant, By Value, 2018-2028

Figure 13 North America Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028

Figure 14 North America Heat Pump Market Share, By End-User, By Value, 2018-2028

Figure 15 North America Heat Pump Market Share, By Country, By Value, 2018-2028

Figure 16 Europe Heat Pump Market Size, By Value (USD Million), 2018-2028

Figure 17 Europe Heat Pump Market Share, By Type, By Value, 2018-2028

Figure 18 Europe Heat Pump Market Share, By Refrigerant, By Value, 2018-2028

Figure 19 Europe Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028

Figure 20 Europe Heat Pump Market Share, By End-User, By Value, 2018-2028

Figure 21 Europe Heat Pump Market Share, By Country, By Value, 2018-2028

Figure 22 Asia-Pacific Heat Pump Market Size, By Value (USD Million), 2018-2028

Figure 23 Asia-Pacific Heat Pump Market Share, By Type, By Value, 2018-2028

Figure 24 Asia-Pacific Heat Pump Market Share, By Refrigerant, By Value, 2018-2028

Figure 25 Asia-Pacific Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028

Figure 26 Asia-Pacific Heat Pump Market Share, By End-User, By Value, 2018-2028

Figure 27 Asia-Pacific Heat Pump Market Share, By Country, By Value, 2018-2028

Figure 28 Latin America Heat Pump Market Size, By Value (USD Million), 2018-2028

Figure 29 Latin America Heat Pump Market Share, By Type, By Value, 2018-2028

Figure 30 Latin America Heat Pump Market Share, By Refrigerant, By Value, 2018-2028

Figure 31 Latin America Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028

Figure 32 Latin America Heat Pump Market Share, By End-User, By Value, 2018-2028

Figure 33 Latin America Heat Pump Market Share, By Country, By Value, 2018-2028

Figure 34 Middle East & Africa Heat Pump Market Size, By Value (USD Million), 2018-2028

Figure 35 Middle East & Africa Heat Pump Market Share, By Type, By Value, 2018-2028

Figure 36 Middle East & Africa Heat Pump Market Share, By Refrigerant, By Value, 2018-2028

Figure 37 Middle East & Africa Heat Pump Market Share, By Rated Capacity, By Value, 2018-2028

Figure 38 Middle East & Africa Heat Pump Market Share, By End-User, By Value, 2018-2028

Figure 39 Middle East & Africa Heat Pump Market Share, By Country, By Value, 2018-2028

List Of Tables

Table 1 Global Heat Pump Market Size, By Type, By Value, 2018-2028

Table 2 Global Heat Pump Market Size, By Refrigerant, By Value, 2018-2028

Table 3 Global Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028

Table 4 Global Heat Pump Market Size, By End-User, By Value, 2018-2028

Table 5 Global Heat Pump Market Size, By Region, By Value, 2018-2028

Table 6 North America Heat Pump Market Size, By Type, By Value, 2018-2028

Table 7 North America Heat Pump Market Size, By Refrigerant, By Value, 2018-2028

Table 8 North America Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028

Table 9 North America Heat Pump Market Size, By End-User, By Value, 2018-2028

Table 10 North America Heat Pump Market Size, By Country, By Value, 2018-2028

Table 11 Europe Heat Pump Market Size, By Type, By Value, 2018-2028

Table 12 Europe Heat Pump Market Size, By Refrigerant, By Value, 2018-2028

Table 13 Europe Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028

Table 14 Europe Heat Pump Market Size, By End-User, By Value, 2018-2028

Table 15 Europe Heat Pump Market Size, By Country, By Value, 2018-2028

Table 16 Asia-Pacific Heat Pump Market Size, By Type, By Value, 2018-2028

Table 17 Asia-Pacific Heat Pump Market Size, By Refrigerant, By Value, 2018-2028

Table 18 Asia-Pacific Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028

Table 19 Asia-Pacific Heat Pump Market Size, By End-User, By Value, 2018-2028

Table 20 Asia-Pacific Heat Pump Market Size, By Country, By Value, 2018-2028

Table 21 Latin America Heat Pump Market Size, By Type, By Value, 2018-2028

Table 22 Latin America Heat Pump Market Size, By Refrigerant, By Value, 2018-2028

Table 23 Latin America Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028

Table 24 Latin America Heat Pump Market Size, By End-User, By Value, 2018-2028

Table 25 Latin America Heat Pump Market Size, By Country, By Value, 2018-2028

Table 26 Middle East & Africa Heat Pump Market Size, By Type, By Value, 2018-2028

Table 27 Middle East & Africa Heat Pump Market Size, By Refrigerant, By Value, 2018-2028

Table 28 Middle East & Africa Heat Pump Market Size, By Rated Capacity, By Value, 2018-2028

Table 29 Middle East & Africa Heat Pump Market Size, By End-User, By Value, 2018-2028

Table 30 Middle East & Africa Heat Pump Market Size, By Country, By Value, 2018-2028

Table 31 SAMSUNG Company Overview

Table 32 SAMSUNG Financial Overview

Table 33 DENSO CORPORATION Company Overview

Table 34 DENSO CORPORATION Financial Overview

Table 35 Panasonic Corporation Company Overview

Table 36 Panasonic Corporation Financial Overview

Table 37 Mitsubishi Electric Corporation Company Overview

Table 38 Mitsubishi Electric Corporation Financial Overview

Table 39 DAIKIN INDUSTRIES, Ltd. Company Overview

Table 40 DAIKIN INDUSTRIES, Ltd. Financial Overview

Table 41 LG Electronics Company Overview

Table 42 LG Electronics Financial Overview

Table 43 Trane Technologies Company Overview

Table 44 Trane Technologies Financial Overview

Table 45 GEA Group Aktiengesellschaft Company Overview

Table 46 GEA Group Aktiengesellschaft Financial Overview

Table 47 FUJITSU GENERAL Company Overview

Table 48 FUJITSU GENERAL Financial Overview

Table 49 Thermax Limited Company Overview

Table 50 Thermax Limited Financial Overview

Table 51 Lennox International Company Overview

Table 52 Lennox International Financial Overview

Table 53 Danfoss A/S Company Overview

Table 54 Danfoss A/S Financial Overview

Table 55 GLEN DIMPLEX Company Overview

Table 56 GLEN DIMPLEX Financial Overview

Market Segmentation

By Type

Air-To-Air Heat Pump
Air-To-Water Heat Pump
Water Source Heat Pump
Ground Source (Geothermal) Heat Pump
Hybrid Heat Pump

By Refrigerant Type

R410A
R407C
R744
Others

By Rated Capacity

Up To 10 Kw
Up To 10 Kw
20–30 Kw
Above 30 Kw

By End User

Residential
Commercial
Industrial

By Region

North America
Europe
Asia-Pacific (APAC)
Latin America (LATAM)
Middle East & Africa (MEA)

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Frequently Asked Questions (FAQs):

1. What is the current size of the global heat pump market?

Ans: The global heat pump market reached USD 53.3 billion in 2021.

2. What are the major factors driving the growth of the global heat pump market?

Ans: The major factors driving the growth of the global heat pump market are rising demand for energy-efficient equipment and favorable government initiatives to boost heat pump installation.

3. Who are the key players in the global heat pump market?

Ans: The key players in the global heat pump market are: Trane Inc., Efficiency Maine, Midea Group, WOLF (Centrotec Sustainable AG), NIBE Group, Flamingo Heat Pumps, Panasonic Corporation, Viessmann Werke GmbH & Co KG, Mitsubishi Electric Corporation, Glen Dimplex Group, Daikin Industries, Ltd., Stiebel Eltron Gmbh & Co. Kg, Swegon Group AB, Earthlinked Technologies, Bryant Heating & Cooling Systems, Bosch Thermotechnology, Kensa Heat Pumps, OCHSNER Warmepumpen, Nortek Global HVAC, Carrier Corporation, and other prominent players.

4. Which end-user segment accounted for the largest share in the global heat pump market?

Ans: The residential segment accounted for the largest share in the global heat pump market.

5. Which is the dominant region in the global heat pump market?

Ans: North America has the largest share in the global heat pump market.

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Heat Pump Market

Report Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

1. What is the current size of the global heat pump market?

2. What are the major factors driving the growth of the global heat pump market?

3. Who are the key players in the global heat pump market?

4. Which end-user segment accounted for the largest share in the global heat pump market?

5. Which is the dominant region in the global heat pump market?

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