SEATTLE--(BUSINESS WIRE)--Heat pumps are a smart, efficient and versatile way to heat and cool homes and commercial spaces. In winter a heat pump absorbs heat from the outside air and distributes it throughout the house. These pumps are used in heating and cooling of buildings and vehicles, water heating, district heating, and industrial heating. Integrated high-temperature heat pumps and thermal storage tanks for combined heating and cooling help in accelerating decarbonization of industrial processes.
The global heat pump market is estimated to account for US$ 13,990.4 Mn in terms of value by the end of 2027
Market Drivers:
Growing residential sector is expected to propel growth of the global heat pump market over the forecast period. For instance, according to the U.S. Census Bureau, in February 2020, there were 1,464,000, building permits, 1,599,000 housing starts, and 1,316,000, housing completions in the U.S.
Moreover, increasing urban population is also expected to aid in growth of the global heat pump market. For instance, according to the World Bank, the urban population in China increased from 49.22% in 2010 to 60.3% in 2019.
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Market Opportunities
Increasing demand for heat pumps is expected to offer lucrative growth opportunities for players in the global heat pump market. For instance, in April 2021, Daikin Manufacturing Germany GmbH announced to ramp up the production of heat pumps at its heat pump manufacturing facility in Güglingen, Germany, with the addition of a new production line. The company plans to produce approximately 20,000 units by end of 2021 to meet growing EU demand.
Moreover, increasing awareness regarding heat pumps is also expected to aid in growth of the market. For instance, in April 2021, Bradford White Water Heaters announced a new campaign to inform contractors and distributors in the Pacific Northwest about the advantages of energy-efficient heat pump water heaters.
Market Trends
Increasing funding for R&D in and adoption of heat pump technology is expected to propel growth of the global heat pump market over the forecast period. For instance, in March 2021, Purdue University’s Center for High Performance Buildings received a US$ 1.25 million grant from the US Department of Energy to develop a novel electrochemical heat pump technology. In April 2021, New York state and its utilities announced to fund a US$ 700 million program to support EE and building electrification, mainly through heat pump technologies.
Increasing carbon emission is also expected to aid in growth of the global heat pump market. For instance, according to Energy Statistical Yearbook 2019, in 2018, carbon dioxide emissions in the U.S. increased by 3.1% compared to that in 2017.
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Competitive Landscape:
Major players operating in the global heat pump market include, Daikin Manufacturing Germany GmbH, Viessmann Group, NIBE Group, Siemens Energy, Danfoss Group Global, Stiebel Eltron Group, Mitsubishi Electric Corporation, Centrica plc, United Technologies Corporation, Bradford White Water Heaters, Panasonic Corporation, Glen Dimplex Group, and The Bosch Group.
Major players operating in the global heat pump market are focused on utilizing waste heat and electricity from renewables for district heating networks. For instance, in March 2021, Siemens Energy partnered with Vattenfall Wärme Berlin AG, a German energy provider, to demonstrate and trial a new large-scale, high-temperature heat pump in Berlin under the Qwark³ (Quartiers-Wärme-Kraft-Kälte-Kopplung or coupling of district heating, power and cooling) project.
Major players operating in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in April 2021, Centrica plc partnered with Sanctuary Housing Association, a housing association based in the U.K. to rollout heat pumps in 600 homes.
Market Segmentation:
On the basis of type:
- Air-Water Heat Pump
- Air-Air Water Pump
- Ground Source Heat Pump
- Hybrid Heat Pump
On the basis of power source:
- Electric
- Others (Gas Driven)
On the basis of end user:
- Residential
- Industrial
- Commercial
On the basis of refrigerants:
- HFC
- CO2
- Ammonia
- Hydrocarbon
- Others
On the basis of region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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