Heat Pumps Market By Technology Type (Air Source, Water Source, Ground Source, Hybrid), By End-User (Residential, Commercial, Industrial), By Capacity (Up to 10 KW, 10-20 KW, 20-30 KW, Above 30 KW) - Growth, Future Prospects, and Competitive Analysis, 2019 - 2027
Key Market Insights
“Rising government regulations for CO2 emissions will boost the market demand globally”
The global heat pumps 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 contracts with Cheniere Energy for 25 years to purchase 1.2 Mn tons LNG annually. With this contract, China is planning to manage its greenhouse gas emissions as natural gas emits 50-60 percent less carbon while the combustion process. Rising housing and construction industry for multi-unit & single-unit dwellings will enhance the heat pumps 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 market growth. Rising awareness for cost & energy-efficient heat pumps will also boost market growth. As a consequence of the above-mentioned factors, the market will show significant growth throughout the forecast period.
End-user Analysis
“Boom in the residential industry will spur revenue growth”
In 2018, the residential segment dominates the global heat pumps market. The residential segment contributed to 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. Tax rebates and government policies offered on the installation of energy-saving products will also help the segment growth. Less maintenance cost, low running cost, carbon emission, long-life span, and others are some of the benefits of 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 process and others due to which the segment will show the fastest growth. The growing use of heat pumps in various industries includes 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 Asia Pacific”
In 2018, Asia Pacific dominates the global heat pumps market. Asia Pacific accounted for nearly 40% of the global market revenue share in 2018. Asia Pacific is the largest CO2 emitter with more than 40% contribution to the 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 costs nearly US$ 200 Bn every year to the Indian economy. Hence, to decrease the cost and effect of CO2 emissions the demand for heat pumps is increasing in Asia Pacific.
Further, rising industrial production processes in Asia Pacific include chemical, pharmaceuticals, iron & steel, textiles, papermaking and others will also drive the demand in the region. The growth of commercial and residential sectors in the region will also enhance the market growth in the Asia Pacific region. Therefore, Asia Pacific region will continue its dominance in the global heat pumps market in years to come.
New product launch with advanced features, acquisitions and mergers will be the key strategy
Product launch 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 their 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.
Market Segmentation
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2017-2027 |
| Base Year | 2018 |
| Forecast Period | 2019-2027 |
| Historical Year | 2017 |
| Unit | USD Billion |
| Segmentation |
Technology Type (2017–2027; US$ Bn) |
|
End-user (2017–2027; US$ Bn) |
|
|
Capacity (2017–2027; US$ Bn) |
|
|
Geography (2017–2027; US$ Bn) |
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the overall heat pumps market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the heat pumps market and valuable opportunities for emerging players?
- Which segment accounts for the fastest CAGR during the forecast period?
- What are the drivers of the heat pumps market?
- Are low and middle-income economies investing in the heat pumps market?
- Notable developments going on in the heat pumps market.
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
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
* Here we are using HP as a short form of Heat Pumps
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
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)
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