Heat Pump Market Research Report and Growth Analysis 2022 by Type (Air to Air, Air to Water), Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, Above 30 kW), End-User (Industrial, Commercial, Residential), and Region – Forecast till 2030
The global heat pump market was expected to grow to USD 118.4 billion with a CAGR of 11.37% during the forecast period. The growth opportunities are increased because of the adoption of ductless pumps in renovation projects. Due to the lockdown restrictions in COVID-19 pandemic, market growth was hindered. The factors which are responsible for the expansion of the size of the market was the replacement of conventional fuel-based heating methods with heat pump technology and the use of that technology for residential purpose.
Key Players
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The growth of the global heat pump market was increased by the reformation in the purchasing patterns of customers. There was a rise in the size of the market by developing the infrastructure of the electric vehicles in the market. The heat pump market was driven by the increase in industrial and urbanization that will encourage equipment that is energy efficient. In the heat pump industry, growth opportunities are provided by investing the amount of money in the construction and residential sectors.
The rules and regulations of the government give priority to the promotion of renewable and energy-efficient heating and cooling technologies. The opportunities for the global heat pump market are increased by the expansion of renewable energy which improves the efficiency of the energy. The industrial landscape was promoted because of the favorable initiatives with the declining component rates that create the chances for manufacturers. The major challenge for the global heat pump market was there was no use of more than 10kW of power for running the heat pump.
One of the major challenges was also that the heat pump was cheap in rate which was easy to install and cost-effective. The major factor for the growth of the heat pump market industry was the installation of heat pumps. A high amount of money was required for the maintenance in the degradation of the growth of the heat pump market. The size of the market was hampered by the constant changes in the climatic conditions and requirement of heating and cooling needs in the industrial and residential sectors.
The air to air has the largest market share globally. The residential segment was the dominant segment because of its usage in heat pumps, cooling, space heating, and many other applications. North America has the largest market share.
Report Scope:
Report Metrics |
Details |
Market Size |
USD 118.4 Billion |
CAGR |
11.37% CAGR (2022-2030) |
Base Year |
2021 |
Forecast Period |
2022-2030 |
Historical Data |
2019 & 2020 |
Forecast Units |
Value (USD Million) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Market Segmentation
The global heat pump market was segmented based on type, capacity, and end user.
Based on type, the global heat pump market was divided into Air to Water and Air to Air.
Based on capacity, the global heat pump market was divided into Upto 10 KW, 10-20 KW, 20-30 KW, and Above 30 KW.
Based on end-user, the global heat pump market was divided into residential, industrial, and commercial.
Regional Classification
The global heat pump market was spread in the following regions – Asia-Pacific, Europe, North America, and the Rest of the World.
TABLE OF CONTENTS
2.1. MARKET DEFINITION
2.2. SCOPE OF THE STUDY
2.3. MARKET STRUCTURE
3.1. PRIMARY RESEARCH
3.2. SECONDARY RESEARCH
3.3. MARKET SIZE ESTIMATION
3.4. FORECAST MODEL
3.5. LIST OF ASSUMPTIONS
4.1. DRIVERS
4.1.1. GOVERNMENT REGULATIONS FOR INCREASING ENERGY EFFICIENCY
4.1.2. RAPID INDUSTRIALIZATION AND INCREASING POPULATION WOULD ENCOURAGE ENERGY EFFICIENT EQUIPMENT
4.2. RESTRAINTS
4.2.1. LACK OF AWARENESS REGARDING BENEFITS OF HEAT PUMPS IN DEVELOPING COUNTRIES
4.3. OPPORTUNITIES
4.3.1. INCREASING INVESTMENTS IN COMMERCIAL AND RESIDENTIAL SECTOR
4.4. PORTER’S FIVE FORCES ANALYSIS
4.4.1. THREAT OF NEW ENTRANTS
4.4.2. BARGAINING POWER OF BUYERS
4.4.3. BARGAINING POWER OF SUPPLIERS
4.4.4. THREAT OF SUBSTITUTES
4.4.5. INTENSITY OF RIVALRY
…Continued.
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