About Heat Pump
Heat pump, an electrical device that utilises heat from one place and transfers it to another place. Increasing consumer inclination towards better energy-efficient and environment-friendly products, a heat pump is predicted to gain huge demand in the upcoming years. Moreover, rapidly growing construction activities and stringent environmental regulations in both developing and developed economies for promoting renewable energy will boost the growth of the very market globally.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 8.4% |
Competition among existing players is due to the Heat Pump market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Heat Pump Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States and Japanese Manufacturers will contribute the maximum growth to Global Heat Pump 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.
Daikin (Japan) in, United Technologies (United States), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi Electric (Japan), Danfoss (Denmark) and Emerson Electric Co. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Carrier Corporation (United States), BDR Thermea Group (The Netherlands), Bryant Heating & Cooling Systems (United States) and Vaillant (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Heat Pump market by Type (Air-to-Air, Air-to-Water and Geothermal), Application (Residential, Commercial and Industrial) and Region.
On the basis of geography, the market of Heat Pump 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 Capacity Type, the sub-segment i.e. Up to 10 kW will boost the Heat Pump market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration of IoT with Heat Pumps by Key Manufacturers
Market Growth Drivers:
Significant Contribution of Heat Pumping Technology in the Reduction of CO2-Emissions and Various Countries Government Regulations for Surging Energy Efficiency and Favorable Incentives
Challenges:
Complexities in Retrofits of Heat Pump
Restraints:
High Installation Cost of Energy-Efficient Heat Pumps and Lack of Awareness Regarding Benefits of Heat Pumps in both Developing and Underdeveloped Countries
Opportunities:
Huge Investments in Commercial and Residential Sectors across the World and Increasing Consumers Inclination Toward the Use of Geothermal Energy
Market Leaders and their expansionary development strategies
In April 2023, Carrier Global Corporation, a Florida-based OEM that specializes in air-conditioning and commercial refrigeration, has announced its acquisition of German heat pump manufacturer Viessmann Climate Solutions (VCS) the largest segment of the Viessmann Group.
In September 2023, Carrier, a US-based heating solutions provider, has introduced a new line of high-temperature heat pumps with capacities ranging from 30 kW to 735 kW, with hydrofluoroolefins as a refrigerant.
"Due to the configuration as split systems, mini- and multi-splits are also defined as central air conditioners and heat pumps rather than room air conditioners. 10 CFR 430.2 Manufacturers have been required to comply with the U.S. Department of Energy (DOE) energy conservation standards for residential central air conditioners and heat pumps."
Key Target Audience
Heat Pump Manufacturers, Maintenance and Service Providers, Heat Pump Equipment & Component Manufacturers, Raw Material Suppliers, ENd Users and Others
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.