Asia-Pacific was estimated to be the largest heat pumps market in 2019 with China being the largest market contributing to a substantial percentage of the global revenue share. The attractive government subsidies and the stringent efforts taken towards improving the sustainability factor has contributed to the growth of heat pump installation in China. The consistent investment in district heating networks is influencing the market for high-capacity heat pumps in commercial and small industrial spaces. With more than 400 heating projects in line, the vendors can potentially convert this opportunity for adopting heat pumps over boilers. Going forward, the vendors can rely on smart district heating projects for viable growth scenarios. While the sales of air source heat pumps have attained maturity, implementation of newer technologies, and eco-friendly refrigerants in heat pumps of compact sizes can find suitable adoption. While the clean energy contribution is expected to reach over 70% by 2021, relying on geothermal sources for heating, ventilation, and air conditioning appliances is more prominent during the forecast period.
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However, the arrival of the COVID-19 pandemic has disrupted the flow of sales of heat pumps in Asia-Pacific. Major Asia-Pacific countries such as India, China, and Australia, among others have suffered economic losses, which resulted in the decline of the heat pumps industry in the region. However, these countries are expected to revive economically in the 2nd half of the year. Building and construction industries are gradually getting back to the pre-COVID levels. Hotels, restaurants, schools, and shopping malls will create a slow and steady demand for heat pumps in the region.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Asia-Pacific Heat Pumps Market Report Segment
By Product Type
- Air Source
- Water Source
- Ground Source
By Capacity
- <10KW
- 10KW-20KW
- >20W
By End-user
- Commercial
- Industrial
- Residential
Asia-Pacific Heat Pumps Market Report Segment
- China
- Japan
- India
- Rest of Asia-Pacific
The Report Covers
- Comprehensive research methodology of the Asia-Pacific heat pumps market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Asia-Pacific heat pumps market.
- Insights about market determinants that are stimulating the Asia-Pacific heat pumps market.
- Detailed and extensive market segments with the regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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