The Asia-Pacific heat pumps market is estimated to witness a strong CAGR of 8.7% during the forecast period (2020-2026). Asia-Pacific is set to be the dominant and influential economy across the globe. It consists of powerful nations such as Japan, China, India, South Korea, and Australia. The growth in the Asia-Pacific economy was estimated at 6% in 2019, however, the COVID-19 pandemic has severely damaged the economies of nearly all the countries in the region. In the longer run, these countries are expected to gain momentum economically, which will have a positive impact on the heat pumps industry in Asia-Pacific. More than 10 million heat pumps are expected to be installed in the Asia-Pacific region by the end of 2025.
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To reduce the CO2 emissions by 26% in 2030 and 80% by 2050, the market for heat pumps is well developed in Asian countries, specifically Japan, where lower GWP refrigerants are always preferred. While the temperature in the country ranges between -2 degrees Celsius and 32 degrees Celsius, the vendors can design heat pumps that can accordingly perform well in specific climatic conditions. Further, the lifestyle, demography, and weather conditions are also favoring the growth of the heat pumps market in the region.
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Market Coverage
- The market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered- Product Type, Capacity, and End-User
- Countries Covered- China, Japan, India, and Rest of Asia-Pacific
- Competitive Landscape- Daikin Industries, Ltd.; Hitachi Air Conditioning Co.; LG Electronics, Inc.; and Mitsubishi Electric Corp.
Asia-Pacific Heat Pumps Market Report Segment
By Product Type
- Air Source
- Water Source
- Ground Source
By Capacity
- <10KW
- 10KW-20KW
- >20W
By End-user
- Commercial
- Industrial
- Residential
Asia-Pacific Heat Pumps Market Report Segment
- China
- Japan
- India
Rest of Asia-Pacific
Company Profiles
- Danfoss A/S
- Daikin Industries, Ltd.
- Fujitsu General, Ltd.
- Hitachi Air Conditioning Co.
- Johnson Controls International plc
- LG Electronics, Inc.
- Mayekawa Mfg. Co., Ltd.
- Midea Group
- Mitsubishi Electric Corp.
- Panasonic Corp.
- StiebelEltron Group
- Thermax, Ltd.
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