A heat pump is a heating, ventilation, and air conditioning device, which is considered an alternative to conventional heating methods that transfer heat energy from the source of heat for space and water heating. It also uses a similar refrigeration type cycle used by the air conditioner to provide a cooling mechanism for residential, commercial, and industrial applications. Thus, heat pumps offer dual function by extracting heat from the source to release them either inside or outside the home, based on the season. Despite the high initial investment, the preference for heat pumps is increasing owing to their high energy efficiency, climate-friendly operation, and comparatively low operating costs. The global heat pump market is anticipated to grow at a CAGR of 7.8% during the forecast period. They are available in air, water, and ground source types, ranging from low to high capacities depending on the end-user application.
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The impact of the COVID-19 pandemic in early 2020 affected the market for heat pumps heavily where the entire supply chain was affected. The curfew and lockdown procedures implemented across major economies of Asia-Pacific, Europe, and the US greatly affected the market, thereby affecting the new and replacement demands in the regions. As the countries which are estimated to be the major end-users for heat pumps were suffering from economic downfall, trade activities and shipping were also limited which created a gap in the overall value chain process. Only certain production houses were able to perform with the high level of restrictions in man force and production capacity.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Heat Pumps Market by Product Type
- Air Source
- Water Source
- Ground Source
Heat Pumps Market by Capacity
- <10KW
- 10KW-20KW
- >20W
Heat Pumps Market by End-User
- Commercial
- Industrial
- Residential
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- ASCLER
- BDR Thermea Group
- Carrier Corp.
- Daikin Industries, Ltd.
- Danfoss A/S
- Fujitsu General, Ltd.
- Glen Dimplex Deutschland GmbH
- GEA Group Aktiengesellschaft
- Hitachi Air Conditioning Co.
- Johnson Controls International plc
- Lennox International, Inc.
- LG Electronics, Inc.
- Mayekawa Mfg. Co., Ltd.
- Midea Group
- Mitsubishi Electric Corp.
- NIBE Industrier AB
- Panasonic Corp.
- Rheem Manufacturing Co.
- Robert Bosch GmbH
- Stiebel Eltron Group
- The Vaillant Group
- The Viessmann Group
- Thermax, Ltd.
- Trane Technologies Company, LLC
- WOLF GmbH
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the Heat Pumps market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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