Heat Pumps Market

Rising government regulations for CO2 emissions will boost the market demand globally.

The global heat pump market is rising proficiently, anticipated to grow at a CAGR of 7.9% throughout the estimated period from 2019 to 2027, starting from US$ 50.25 Bn in 2018.

Increased government regulations and support for co2 emissions in the form of incentives, subsidies, and others will drive the market for heat pumps. For instance, in 2018, China National Petroleum Corporation contracted with Cheniere Energy for 25 years to purchase 1.2 Mn tons of LNG annually. With this contract, China plans to manage its greenhouse gas emissions as natural gas emits 50-60 percent less carbon during combustion. In addition, the rising housing and construction industry for multi-unit & single-unit dwellings will enhance the heat pump market growth.

Growing renewable heat sources and energy-efficient heating solutions will also drive market growth in years to come. Increased penetration of heat pumps in the residential and commercial sectors will also enhance the market growth. Rising awareness for cost & energy-efficient heat pumps will also boost the market growth. As a consequence of the above-mentioned factors, the market will show significant growth throughout the forecast period.

Market Synopsis

End-user Analysis

Boom in the residential industry will spur revenue growth.

In 2018, the residential segment dominated the global heat pump market. The residential segment contributed over 70% of the world’s revenue share in the same year. On account of the high energy efficiency of the pumps, heat pumps are being used for cooling, sanitary hit water application, and space heating at homes. Furthermore, tax rebates and government policies on installing energy-saving products will also help the segment’s growth. In addition, less maintenance cost, low running cost, carbon emission, long life span, and others are some of the benefits of the heat pumps market owing to which the segment will grow significantly. Thus, the segment will continue its dominance in the years to come.

Rising industrial sector will enhance the market growth.

The rapid growth of the industrial sector worldwide will enhance the heat pumps market, and the industrial segment will show the fastest growth during the forecast period. According to a recent report, the industrial sector is growing with around 1.5% growth in 2019. Rising demand for waste heat recovery pumps will drive the growth of the industrial sector in years to come. Heat pumps are used for various industrial processes such as dehumidification, water heating or cooling, distillation, evaporation, etc. As a result, the segment will show the fastest growth. In addition, the growing use of heat pumps in various industries, including chemical, petroleum, food & beverage, and others, will also enhance the segment growth.

Regional Analysis

Growing CO2 emissions and increased industrial sector will boost the market in the Asia Pacific.

In 2018, Asia Pacific dominated the global heat pump market. The Asia Pacific accounted for nearly 40% of the global market revenue share in 2018. Asia Pacific is the largest CO2 emitter, contributing more than 40% to global CO2 emission. China is the largest CO2 emitter in the world, with more than 9,056.8 metric tons of CO2 emission. Similarly, India is the 4th largest CO2 emitter with more than 2076.8 metric tons of CO2 emissions. According to a recent study, carbon dioxide emissions cost nearly US$ 200 Bn annually to the Indian economy. Hence, to decrease the cost and effect of CO2 emissions, the demand for heat pumps is increasing in the Asia Pacific.

Further, rising industrial production processes in the Asia Pacific, including chemicals, pharmaceuticals, iron & steel, textiles, papermaking, and others, will also drive the demand in the region. In addition, the growth of commercial and residential sectors in the region will also enhance the market growth in the Asia Pacific region. Therefore, the Asia Pacific region will continue its global heat pump market dominance.

New product launch with advanced features, acquisitions, and mergers will be the key strategy.

Product launches with advanced features such as IoT enabled and mergers & acquisitions will be the key strategy followed by market players to enhance their market presence.

Key Industry Development:

• In April 2018, Stiebel Eltron acquired Denmark based Danfoss Varmepumpar AB. This acquisition will help Stiebel Eltron to enhance its geographic presence in Nordic countries.
• In December 2018, Daikin Industries, Ltd. launched a heat pump cassette in South Africa. The heat pump cassette will deliver high energy efficiency along with less carbon footprint.

List of Companies Covered:

• United Technologies Corporation
• Daikin Industries, Ltd.
• NIBE Industrier AB
• The Viessmann Group
• Stiebel Eltron
• Ingersoll-Rand, Inc.
• Robert Bosch GmbH
• Vaillant Group
• The Danfoss Group
• Mitsubishi Electric Corporation
• Midea Group
• Panasonic Corporation

Historical & Forecast Period

This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.

Segmentation Technology Type (2017–2027; US$ Bn)

• Air Source
• Water Source
• Ground Source
• Hybrid

 End-user (2017–2027; US$ Bn)

• Residential
• Commercial
• Industrial

 Capacity (2017–2027; US$ Bn)

• Up to 10 KW
• 10-20 KW
• 20-30 KW
• Above 30 KW

 Geography (2017–2027; US$ Bn)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Italy
  • U.K.
  • Russia
  • Rest of Europe
• Asia-Pacific
  • India
  • China
  • Japan
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to better understand the overall heat pump market. The global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.

1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation

2. Executive Summary
2.1. Market Snapshot: Global Heat Pumps (HP) Market
2.2. Global HP Market, by Technology Type, 2018 (US$ Bn)
2.3. Global HP Market, by End-user, 2018 (US$ Bn)
2.4. Global HP Market, by Capacity, 2018 (US$ Bn)
2.5. Global HP Market, by Geography, 2018 (US$ Bn)

3. Market Dynamics
3.1. Introduction
3.1.1. Global HP Market Value, 2017-2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players

4. Global Heat Pumps (HP) Market, by Technology Type , 2017-2027 (US$ Bn)
4.1. Overview
4.2. Air Source
4.3. Water Source
4.4. Ground Source
4.5. Hybrid

5. Global Heat Pumps (HP) Market, by End-user, 2017-2027 (US$ Bn)
5.1. Overview
5.2. Residential
5.3. Commercial
5.4. Industrial

6. Global Heat Pumps (HP) Market, by Capacity, 2017-2027 (US$ Bn)
6.1. Overview
6.2. Up to 10 KW
6.3. 10-20 KW
6.4. 20-30 KW
6.5. Above 30 KW

7. North America Heat Pumps (HP) Market Analysis, 2017-2027 (US$ Bn)
7.1. Overview
7.1.1. North America HP Market Value and Growth, 2017-2027, (US$ Bn)
7.2. North America HP Market Value, By Technology Type, 2017-2027 (US$ Bn)
7.2.1. Market Analysis
7.3. North America HP Market Value, By End-user, 2017-2027 (US$ Bn)
7.3.1. Market Analysis
7.4. North America HP Market Value, By Capacity, 2017-2027 (US$ Bn)
7.4.1. Market Analysis
7.5. North America HP Market Value, By Region/Country, 2017-2027 (US$ Bn)
7.5.1. Market Analysis
7.5.2. U.S.
7.5.3. Rest of North America

8. Europe Heat Pumps (HP) Market Analysis, 2017-2027 (US$ Bn)
8.1. Overview
8.1.1. Europe HP Market Value and Growth, 2017-2027, (US$ Bn)
8.2. Europe HP Market Value, By Technology Type, 2017-2027 (US$ Bn)
8.2.1. Market Analysis
8.3. Europe HP Market Value, By End-user, 2017-2027 (US$ Bn)
8.3.1. Market Analysis
8.4. Europe HP Market Value, By Capacity, 2017-2027 (US$ Bn)
8.4.1. Market Analysis
8.5. Europe HP Market Value, By Region/Country, 2017-2027 (US$ Bn)
8.5.1. Market Analysis
8.5.2. U.K.
8.5.3. Germany
8.5.4. France
8.5.5. Rest of Europe

9. Asia Pacific Heat Pumps (HP) Market Analysis, 2017-2027 (US$ Bn)
9.1. Overview
9.1.1. Asia Pacific HP Market Value and Growth, 2017-2027, (US$ Bn)
9.2. Asia Pacific HP Market Value, By Technology Type, 2017-2027 (US$ Bn)
9.2.1. Market Analysis
9.3. Asia Pacific HP Market Value, By End-user, 2017-2027 (US$ Bn)
9.3.1. Market Analysis
9.4. Asia Pacific HP Market Value, By Capacity, 2017-2027 (US$ Bn)
9.4.1. Market Analysis
9.5. Asia Pacific HP Market Value, By Region/Country, 2017-2027 (US$ Bn)
9.5.1. Market Analysis
9.5.2. Japan
9.5.3. China
9.5.4. India
9.5.5. Rest of Asia Pacific

10. Rest of the World Heat Pumps (HP) Market Analysis, 2017-2027 (US$ Bn)
10.1. Overview
10.1.1. Rest of the World HP Market Value and Growth, 2017-2027, (US$ Bn)
10.2. Rest of the World HP Market Value, By Technology Type, 2017-2027 (US$ Bn)
10.2.1. Market Analysis
10.3. Rest of the World HP Market Value, By End-user, 2017-2027 (US$ Bn)
10.3.1. Market Analysis
10.4. Rest of the World HP Market Value, By Capacity, 2017-2027 (US$ Bn)
10.4.1. Market Analysis
10.5. Rest of the World HP Market Value, By Region, 2017-2027 (US$ Bn)
10.5.1. Market Analysis
10.5.2. Middle East & Africa
10.5.3. Latin America

11. Company Profiles
11.1. United Technologies Corporation
11.2. Daikin Industries, Ltd.
11.3. NIBE Industrier AB
11.4. The Viessmann Group
11.5. Stiebel Eltron
11.6. Ingersoll-Rand, Inc.
11.7. Robert Bosch GmbH
11.8. Vaillant Group
11.9. The Danfoss Group
11.10. Mitsubishi Electric Corporation
11.11. Midea Group
11.12. Panasonic Corporation

List of Figures

FIG. 1 Global Heat Pumps (HP) Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global HP Market Segmentation
FIG. 4 Global HP Market, by Technology Type, 2018 (US$ Bn)
FIG. 5 Global HP Market, by End-user, 2018 (US$ Bn)
FIG. 6 Global HP Market, by Capacity, 2018 (US$ Bn)
FIG. 7 Global HP Market, by Geography, 2018 (US$ Bn)
FIG. 8 Attractive Investment Proposition, by Geography, 2018
FIG. 9 Global Market Positioning of Key HP Market Manufacturers, 2018
FIG. 10 Global HP Market Value Contribution, By Technology Type, 2018 & 2027 (Value %)
FIG. 11 Global HP Market, by Air Source, Value, 2017–2027 (US$ Bn)
FIG. 12 Global HP Market, by Water Source, Value, 2017–2027 (US$ Bn)
FIG. 13 Global HP Market, by Ground Source, Value, 2017–2027 (US$ Bn)
FIG. 14 Global HP Market, by Hybrid, Value, 2017–2027 (US$ Bn)
FIG. 15 Global HP Market Value Contribution, By End-user, 2018 & 2027 (Value %)
FIG. 16 Global HP Market, by Residential, Value, 2017–2027 (US$ Bn)
FIG. 17 Global HP Market, by Commercial, Value, 2017–2027 (US$ Bn)
FIG. 18 Global HP Market, by Industrial, 2017–2027 (US$ Bn)
FIG. 19 Global HP Market Value Contribution, By Capacity, 2018 & 2027 (Value %)
FIG. 20 Global HP Market, by Up to 10KW, Value, 2017–2027 (US$ Bn)
FIG. 21 Global HP Market, by 10-20 KW, Value, 2017–2027 (US$ Bn)
FIG. 22 Global HP Market, by 20-30 KW, 2017–2027 (US$ Bn)
FIG. 23 Global HP Market, by Above 30 KW, 2017–2027 (US$ Bn)
FIG. 24 U.S. HP Market, 2017–2027 (US$ Bn)
FIG. 25 Canada HP Market, 2017–2027 (US$ Bn)
FIG. 26 U.K. HP Market, 2017–2027 (US$ Bn)
FIG. 27 Germany HP Market, 2017–2027 (US$ Bn)
FIG. 28 France HP Market, 2017–2027 (US$ Bn)
FIG. 29 Italy HP Market, 2017–2027 (US$ Bn)
FIG. 30 Rest of Europe HP Market, 2017–2027 (US$ Bn)
FIG. 31 Japan HP Market, 2017–2027 (US$ Bn)
FIG. 32 China HP Market, 2017–2027 (US$ Bn)
FIG. 33 India HP Market, 2017–2027 (US$ Bn)
FIG. 34 Rest of Asia Pacific HP Market, 2017–2027 (US$ Bn)
FIG. 35 Middle East & Africa HP Market, 2017–2027 (US$ Bn)
FIG. 36 Latin America HP Market, 2017–2027 (US$ Bn)

List of Tables

TABLE 1 Market Snapshot: Global Heat Pumps (HP) Market
TABLE 2 Global HP Market, by Technology Type, 2017–2027 (US$ Bn)
TABLE 3 Global HP Market, by End-user, 2017–2027 (US$ Bn)
TABLE 4 Global HP Market, by Capacity, 2017–2027 (US$ Bn)
TABLE 5 Global HP Market, by Geography, 2017–2027 (US$ Bn)
TABLE 6 North America HP Market, by Technology Type, 2017–2027 (US$ Bn)
TABLE 7 North America HP Market, by End-user, 2017–2027 (US$ Bn)
TABLE 8 North America HP Market, by End-user, 2017–2027 (US$ Bn)
TABLE 9 North America HP Market, by Country, 2017–2027 (US$ Bn)
TABLE 10 Europe HP Market, by Technology Type, 2017–2027 (US$ Bn)
TABLE 11 Europe HP Market, by End-user, 2017–2027 (US$ Bn)
TABLE 12 Global HP Market, by Capacity, 2017–2027 (US$ Bn)
TABLE 13 Europe HP Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 14 Asia Pacific HP Market, by Technology Type, 2017–2027 (US$ Bn)
TABLE 15 Asia Pacific HP Market, by End-user, 2017–2027 (US$ Bn)
TABLE 16 Asia Pacific HP Market, by End-user, 2017–2027 (US$ Bn)
TABLE 17 Asia Pacific HP Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 18 RoW HP Market, by Technology Type, 2017–2027 (US$ Bn)
TABLE 19 RoW HP Market, by End-user, 2017–2027 (US$ Bn)
TABLE 20 RoW HP Market, by End-user, 2017–2027 (US$ Bn)
TABLE 21 RoW HP Market, by Country/Region, 2017–2027 (US$ Bn)
TABLE 22 United Technologies Corporation: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 23 Daikin Industries Ltd.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 24 NIBE Industries AB: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 25 The Viessmann Group: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 26 Steibel Eltron: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 27 Ingersoll-Rand, Inc.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 28 Robert Bosch GmbH: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 29 Vaillant Group: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 30 The Danfoss Group: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 31 Mitsubishi Electric Corporation: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 32 Midea Group: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments
TABLE 33 Panasonic Corporation: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments