Global Heat Pump Market By Technology (Air Source, Water Source and Ground Source) By Application (Residential, Industrial and Commercial)
Special Offering: Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
Get in-depth analysis of the COVID-19 impact on the Heat Pump Market
Market Report Description
The Global Heat Pump Market size is expected to reach $102.5 billion by 2025, rising at a market growth of 8.6% CAGR during the forecast period. A rapid increase in the requirements for water and space heating in the countries of Europe, North America, and Asia-Pacific are expected to fuel demand for products in these regions. Energy-efficient heating systems are expected to receive popularity in the years ahead. Beneficial government projects are anticipated to provide the necessary support for the growth of the market. Further, the demand for heat pumps is predicted to see tremendous growth each year.
Global Heat Pump Market Size
Heat pumps move heat from one stage to the other in the important parts of the cooling and heating processes. These parts use the air available outside and inside a given space to perform these functions. Heat pumps absorb the outside heat when it becomes warm outside and serve as an air conditioner, reducing the heat from the buildings, and vice versa. Decline of primary energy demand and CO2 emission systems is the driving force of the heat pumps market. Extensive investments in the construction and residential sectors could provide significant growth opportunities for heat pump suppliers.
Global Heat Pump Market Share
Based on Technology, the market is segmented into Air Source, Water Source and Ground Source. Most popular type of heat pump is the air-source heat pump that transfers energy between the house and outside air. The latest heat pumps are designed to minimize the use of electricity for heating by nearly 50 percent. This is contradictory as compared to electric resistance heaters like furnaces and baseboard heaters. High-efficiency heat pumps dehumidify better than conventional central air conditioners. This leads to less use of energy and more comfort for cooling in summers. Based on Application, the market is segmented into Residential, Industrial and Commercial.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific evolved as the leading regional market and accounted for a major overall market share in 2018. Industrial production processes, like papermaking, chemical industry, textiles, iron & steel, pharmaceuticals, and others, require heat as the primary energy input. This is expected to drive the heat pump demand over the projected period. Developing residential and commercial construction activities are projected to have a positive impact on market growth in Asia Pacific's developing countries. Regional markets sustain their growth rate as major manufacturing destinations, like China and India, with leading players transferring their production facilities to these countries.
Heat Pump Market Cardinal Matrix
The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Based on the Analysis presented in the Cardinal matrix, United Technologies Corporation (Carrier Corporation), Robert Bosch GmbH (Bosch Thermotechnology Corporation), Panasonic Corporation, and Mitsubishi Electric Corporation are some of the forerunners in the Heat Pump Market. The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include United Technologies Corporation (Carrier Corporation), Daikin Industries Ltd., NIBE Industrier AB, Viessmann Group, Ingersoll-Rand PLC, Stiebel Eltron GmbH & Co. KG, Robert Bosch GmbH (Bosch Thermotechnology Corporation), Panasonic Corporation, Mitsubishi Electric Corporation and The Glen Dimplex Group.
Recent Strategies Deployed in Heat Pump Market
» Collaborations, Partnerships and Agreements:
- Apr-2019: Viessmann signed partnership agreement with KE KELIT in which KE KELIT will distribute the products of Viessmann; these products comprises of condensing gas and diesel boilers, controllers, and hot water heat pumps.
- Feb-2019: Panasonic collaborated with Systemair in order to develop integrated and sustainable solutions related to heating, cooling and ventilation for use in commercial and residential sectors.
- Aug-2018: Daikin came into partnership with DADANCO in order to complement its Air Handling Unit and Chiller portfolio.
- Jan-2018: Ingersoll-Rand signed an agreement with Mitsubishi Electric for establishing a joint venture for marketing, sales and distribution of ductless and VRF heating and air conditioning systems.
- Sep-2017: Stiebel signed partnership agreement with Denso in order to develop next-generation heating and cooling technology products jointly.
» Acquisition and Mergers:
- Feb-2019: Ingersoll-Rand took over Precision Flow Systems in order to strengthen its heating and cooling portfolio.
- Nov-2018: Daikin acquired Austrian cooling specialist AHT Group in order to expand its commercial refrigeration business.
- May-2018: Stiebel Eltron took over Thermia, a heat pump brand from Danfoss in order to expand its business in heating and cooling technologies.
- Mar-2018: NIBE announced the acquisition of Alfa Laval’s business for district heating/cooling systems and hot water systems for the commercial use and also enhance the climate solutions of NIBE.
- Jan-2018: Ingersoll-Rand acquired ICS Cool Energy in order to strengthening its cooling and heating business, Trane, to European market.
- Dec-2017: Daikin took over Zanotti in order to expand its market share in air conditioning and refrigeration.
- Dec-2017: Glen Dimplex acquired Real Flame in order to expand its business in heating and fireplace market.
- Sep-2017: Panasonic took over UNION RHAC TECNOLOGIA (UR), a Brazilian air conditioning engineering company in order to enhance its business capabilities in HVAC solutions.
- Jun-2017: Bosch announced the acquisition of MTA SpA for becoming the complete supplier of air conditioning and heating solutions.
» Product Launches:
- Aug-2019: Bosch Thermotechnology, a unit of Robert Bosch launched Inverter Ducted Package (IDP) air-source heat pump system for streamlined residential or light commercial use.
- Aug-2019: Mitsubishi Electric launched GWP refrigerant R32, an air-cooled heat pump chiller in Japan which has the cooling capacity of 180kW.
- Jul-2019: Carrier, a UTC company launched AquaSnap® 61WG monobloc water-to-water heat pump which has the heating capacity of 29kW to 235kW at the water conditions of 30/35 degrees Celsius and 26kW to 200kW at water conditions of 55/65 degrees Celsius for use in commercial applications.
- May-2019: Bosch Thermotechnology, a unit of Robert Bosch introduced Inverter Ducted Packaged Unit, Inverter Ducted Split 2.0, and Minisplit 2.0, three new products for broadening its air-conditioning portfolio which delivers superior efficiency.
- Apr-2019: Stiebel Eltron announced the launch of GWP refrigerant R454C heat pump which has high flow temperatures and delivers better performance.
- Mar-2019: Panasonic introduced GWP R32 refrigerant, Aquarea J Generation of air-to-water heat pump; it has the highest energy class and low temperature operations.
- Mar-2019: Glen Dimplex launched Zeroth Energy System which replaces the conventional high temperature systems.
- Feb-2019: Viessmann introduced the Vitocal 200-A and Vitocal 222-A, two new air source heat pumps in order to boast innovative noise-reduction technology and delivering high energy efficiency.
- Feb-2019: Ingersoll-Rand launched Oxbox™, a new line of affordable, durable residential heating, ventilation and air conditioning (HVAC) equipment. The portfolio of Oxbox comprises of heat pumps, packaged units and furnaces, air conditioning units, air handlers, and coils.
- Jan-2019: Daikin introduced its first R-32 hydronic hybrid heat pump in order to deliver environmentally friendly solution for energy saving homeowners.
- Dec-2018: Trane, a Ingersoll-Rand company released Genyue5+, fifth generation full DC inverter VRF system which delivers greater efficiency and low energy consumption for commercial applications, educational institutions, retail industries, hospitality sector, and healthcare sector.
- Oct-2018: Viessmann released GWP HFO 1234ze, heat pump for commercial and industrial applications which delivers high flow temperatures upto 90C.
- Sep-2018: Daikin announced the launch of new air-to-water monobloc heat pump which combines all the features of cooling and heating into one single unit and provides high capacity at low ambient temperatures.
- Jun-2018: Carrier, a UTC company introduced new Infinity 20 Air Conditioner with Greenspeed intelligence; the temperature control of these systems have the capacity to adjust the heating and cooling demands of the homes in order to save energy.
- Jun-2018: Ingersoll-Rand Company, Trane launched XV19, a new low-profile variable speed heat pump for residential buildings. It has maximum operating sound levels and 2 to 5 tons capacities.
- May-2018: Carrier, a UTC company released new 16 SEER/13 EER air conditioners which has the range of 1.5 to 5 ton and has 86% of nominal cooling capacity.
- Mar-2018: Mitsubishi introduced new 1:1 Ducted Air Handler (SVZ) for outdoor units which is easy to install, energy efficient and easy to use.
- Jan-2018: Daikin introduced R32, lower GWP refrigerant in air-to-water domestic heat pump which is suitable for use in underfloor heating systems and radiators.
- Oct-2018: Panasonic started the production of its residential air to water heat pump production at Panasonic AVC Networks Czech, s.r.o. (PAVCCZ) in Pilsen, Czech Republic for the expansion of its business to Europe.
- Nov-2015: Daikin expanded its reach to Japan by opening a new facility in Settsu City in order to broaden its air conditioning, inverters, heat pumps, and refrigerants product portfolio.
- Jun-2015: NIBE opened a new facility in Bristol in order to provide training related to NIBE’s air and ground source heat pumps as well as its pellet-fired biomass boilers.
Scope of the Heat Pump Market Analysis
- Air Source
- Water Source
- Ground Source
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- United Technologies Corporation (Carrier Corporation)
- Daikin Industries Ltd.
- NIBE Industrier AB
- Viessmann Group
- Ingersoll-Rand PLC
- Stiebel Eltron GmbH & Co. KG
- Robert Bosch GmbH (Bosch Thermotechnology Corporation)
- Panasonic Corporation
- Mitsubishi Electric Corporation
- The Glen Dimplex Group
Unique Offerings from KBV Research
- Exhaustive coverage
- Highest number of market tables and figures
- Subscription based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free