Luton, Bedfordshire, United Kingdom, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Heat Pump Market.
The global heat pump market is expected to be worth USD 109.95 billion by 2029, up from USD 48.58 billion in 2020, with a CAGR of 9.5 %.
A heat pump is a mechanical-compression cycle refrigeration system that may be reversed to heat or cool a specific room. As a result, it's widely employed in space heating and cooling applications. It is made up of two primary components: an indoor air handler and an external device that is comparable to a central air conditioner but is referred to as a heat pump. Continued advancements in power generation from renewable heating and cooling technology, as well as research towards future heat pump implementations, continue to have an impact on the heat pump sector.
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The supportive government policies and subsidies to improve energy efficiency are driving the expansion of the heat pump market. Increased implementation of strict rules to limit greenhouse gas emissions in the environment around the world is projected to create new growth prospects for heat pump manufacturers. Furthermore, the replacement of traditional fuel-based heating techniques with heat pump technology, followed by the use of the technology for residential purposes, has contributed to the market's growth. The heat pump global market is expected to rise due to changes in customer purchasing behaviours. Continued advancements in power generation from renewable heating and cooling technology, as well as research towards future heat pump implementations, continue to have an impact on the heat pump sector. Adoption of eco-friendly alternatives to traditional heating appliances to reduce CO2 emissions and a growing desire for IoT integration with heat pumps continue to drive heat pump system sales.
Recent Developments in the Heat Pump Market
In May 2022 - Bosch will invest an additional 300 million euros in the heat-pump business by mid-decade and is expecting the market to grow by 15 to 20 percent annually until 2025. The supplier of technology and services aims to grow twice as fast as the market.
In January 2022 - Johnson Controls has acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.
Heat Pump Market Dynamics
Growth Factors
Significant rise in the adoption of HVAC (heating, ventilation, and air conditioning) systems has complemented the demand for energy-efficient heat pumps, owing to changing climatic conditions, rapid urbanisation, and demographic transformations.
The market for heat pumps is being driven by the development of low GWP alternative refrigerants in heat pumps, energy-efficient heat pump installations, and demand for air source heat pumps.
Market Opportunities
Internet of Things (IoT)-based heat pumps enable real-time monitoring, predictive maintenance, and remote diagnostics of components. The Internet of Things (IoT)-based heat pumps consist of smart thermostats that help monitor environmental changes and communicate with their water heater equipment. End users from different sectors are increasingly adopting heat pumps. However, their designs and operations have remained unchanged. Automation and remote operations have been top priorities in developing next-generation heat pumps for ease of operations. Presently, heat pumps are equipped with LCDs and warning indicators to make them understandable. The major market players such as Panasonic and Samsung are focusing on integrating different technologies into their heat pumps to ensure ease of operations and maintenance.
Challenges
Heat pumps are widely utilised in the residential, commercial, and industrial sectors to improve energy efficiency, minimise energy costs, and reduce carbon emissions. Heat pumps are in increasing demand because they are less expensive and more efficient at providing heating services to households and small commercial buildings. Geothermal heat pumps are normally more expensive to construct, but they are more efficient and can serve huge buildings. Underground installation of high-density polyethylene pipes for geothermal heat pumps takes at least three days for a team of specialists.
Report Scope
| Report Attributes and Details | |
| Forecast Period | 2022 to 2029 |
| Historical Data Available for | 2017 to 2021 |
| Growth Rate | 9.5% |
| Analysis Duration | 7 Years |
| No. of Pages | 120 |
| No. of Figures & Tables | 116 & 26 |
| Regions Covered | 5 |
| Company Analysis | >10 |
| Geographies Covered |
|
| Country Scope | US, Canada, Mexico, Japan, South Korea, India, Australia, ASEAN and Rest of APAC, UK, Germany, France, Italy, Spain, Russia, and Rest of Europe, Brazil, Argentina and Rest of South America, Turkey, UAE, Saudi Arabia, South Africa, and the Rest of MEA |
| Is customization available? | Yes, report can be customized according to clients' needs. |
Heat Pump Market Regional Scope
Asia Pacific - Asia Pacific region dominates the heat pump market due to high usage of heat pumps in various industrial production processes, such as pharmaceuticals, textiles, chemical industry, papermaking and others which require heat as the primary energy input. The Asia Pacific region will dominate the heat pump market by the end of 2029, APAC is expected to have a combined revenue share of 46% of the worldwide market.
North America - The growth of the North American heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.
Read Our Heat Pump Market Report Summary –
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Important Players in the Market
- Midea Group
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Denso Corporation
- Samsung
- Lg Electronics
- Lennox International
- Fujitsu General
- Daikin Industries, Ltd
- Carrier Global
Why should you invest in this report? Here are some of the advantages of purchasing the report.
Helps you With Budgeting - You can alter your budget to stay ahead of your competitors because our report contains a thorough competitor study.
Enable Planning - This report provides an analysis of regional demand, a forecast overview, and historical market performance to help you plan effectively.
Detailed competitive landscape - This report helps you understand your competitor by answering questions like:
1) What Competitors Do That Doesn’t Work
2) What to Do That Works
3) Where Your Competitors Are Engaged
4) Your Competitors’ Level of Investment and more.
Market Entry Strategies - The research will assist you in determining when to enter the market in order to minimise business losses.
Management of and clients - Learn how to handle and manage clients by acquiring this expertise.
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Heat Pump Market
