About Heat Pump Systems
Heat Pump is a machine that releases heat from one or more sources of low temperatures to high temperature sources. The pump uses refrigerant to absorb heat and vaporises, then it releases where refrigerant condenses. It is efficient and reduces the cost of energy and is efficient for heating and cooling systems. Additionally, it reduces the greenhouse effect as the heat pump do not burn fuel. Since it keeps the energy costs low it can helps in the cost management. Also, there is a high demand in the market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 10.3% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Heat Pump Systems market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Player name, Mitsubishi Electric Corporation (Japan), Thermax (India), Daikin industries, ltd. (Japan), Danfoss (Denmark), LG (South Korea), Daikin Industries Ltd. (Japan), Panasonic Corporation (Japan), Glen Dimplex (Ireland), Carrier Corporation. (United States) and Stiebel Eltron (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Modine (United States), Kensa Heat Pumps (United Kingdom), Trane (Ireland) and Vaillant (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Heat Pump Systems market by Type (Air to Air, Air to water, Water to Water and Water to air), Application (Residential and Commercial) and Region.
On the basis of geography, the market of Heat Pump Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End User, the sub-segment i.e. Restaurants will boost the Heat Pump Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Heat Pumps in Various Industries
Market Growth Drivers:
Low Energy Cost and Minimal Maintenance and Upsurge of Application in Commercial Sector
Challenges:
Slow Recovery of New Constructions can hamper the Growth and Lack of Investments in Renovations
Restraints:
High Initial Costs Associated with the Heat Pumps and Increasing Electricity Cost can hamper the Growth of the Market
Opportunities:
Rising Industrialisation in Developing Countries and Growing Demand for Heat Pumps as an Energy Efficient Equipment
Market Leaders and their expansionary development strategies
On October 26, 2023, Carrier, a major HVAC manufacturer, announced a strategic partnership with Google Nest to integrate its smart thermostats with Carrier's heat pump systems, aiming to improve energy efficiency and user control.
On November 15, 2023, Daikin Industries, a global leader in heat pumps, signed a memorandum of understanding with Mitsubishi Heavy Industries to collaborate on research and development of next-generation CO2 heat pumps for commercial and industrial applications.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.