“The heat pump market is projected to grow at a CAGR of 11.68%, from 2018 to 2023.”
The heat pump market is projected to grow from an estimated USD 54.34 billion in 2018 to USD 94.42 billion by 2023, at a CAGR of 11.68%, from 2018 to 2023. Increasing investments in the residential and commercial sectors are driving the market for heat pumps across the world. The lack of awareness about the heat pump technology and the higher installation cost are some of the restraining factors that can hamper the growth of the heat pump market.
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“Residential segment is expected to grow at the fastest rate of the heat pump market, by end-user, during the forecast period.”
The residential segment of the global heat pump market is expected to grow at a fast pace during the forecast period. This can be attributed to rapid growth in industrialization and urbanization across the world. Increasing use of heat pumps across residential, commercial, and industrial end-use sectors would drive the market to grow at the fastest rate during the forecast period.
“Asia Pacific: The largest market for heat pumps.”
Asia Pacific is the largest market for heat pumps, followed by Europe and North America. The heat pump market would be mainly driven by the demand from the Chinese market, particularly from the air-to-water heat pump type. Growing air-to-air type heat pump demand in Italy, Spain, and France are likely to impact the heat pump market in Europe positively. Moreover, focus on developing new residential and commercial infrastructure, especially in the US and Canada would aid in increasing the demand for heat pumps in the North American region.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
By Designation: C-Level – 20%, D-Level – 25%, Others – 55%
By Region: North America – 30%, Europe – 35%, Asia Pacific – 25%, Rest of the World – 10%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2017: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The leading players in the heat pump market are Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).
Global Heat Pump Vrf System Industry Market Research Report
The Heat Pump Vrf System market revenue was xx.xx Million USD in 2013, grew to xx.xx Million USD in 2017, and will reach xx.xx Million USD in 2023, with a CAGR of x.x% during 2018-2023. Based on the Heat Pump Vrf System industrial chain, this report mainly elaborate the definition, types, applications and major players of Heat Pump Vrf System market in details. Deep analysis about market status (2013-2018), enterprise competition pattern, advantages and disadvantages of enterprise Products, industry development trends (2018-2023), regional industrial layout characteristics and macroeconomic policies, industrial policy has also be included. From raw materials to downstream buyers of this industry will be analyzed scientifically, the feature of product circulation and sales channel will be presented as well. In a word, this report will help you to establish a panorama of industrial development and characteristics of the Heat Pump Vrf System market.
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