The global heat pumps market is estimated to record a substantial CAGR of 7.8% during the forecast period (2024-2031). With the demand for meeting zero energy emissions by 2050, the HVAC industry is witnessing a rapid phase lift where COP and SEER ratings are being increased to meet modern requirements. The heat pump associations of various regions are working in full swing to develop policies and frameworks that can eventually lead to higher penetration of heat pumps within a decade. As relying on electricity can be more favorable than other sources like coal and gas, cleaner power generation through solar and hydrothermal electricity coupled with heat pumps are considered the next big opportunity in the HVAC industry.
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The global heat pumps market suffered a slowdown on account of the COVID-19 crisis as most of the economic activities were halted in 2020, especially during Q1 and Q2 2020. The pandemic has enforced corporates, building owners, and project designers to re-assess the costs associated with operational items including lighting, electricity, waste management, energy efficiency, utility bills, air quality, cooling requirements, and much more. As a result of the assessment, the evolution and transmission of buildings into a sustainable hub for optimized well-being for employees and owners is expected which can lead to better adoption of products like heat pumps in the coming years. The upcoming project designs might be also more flexible, climate-friendly, and efficient.
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Market Coverage
- Segment Covered- by Product Type, Capacity and End-user
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global 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
Company Profiles
- ASCLER
- BDR Thermea Group
- Carrier Corp.
- Daikin Industries, Ltd.
- Danfoss A/S
- Fujitsu General, Ltd.
- Glen Dimplex Deutschland GmbH
- GEA Group Aktiengesellschaft
- Hitachi Air Conditioning Co.
- Johnson Controls International plc
- Lennox International, Inc.
- LG Electronics, Inc.
- Mayekawa Mfg. Co., Ltd.
- Midea Group
- Mitsubishi Electric Corp.
- NIBE Industrier AB
- Panasonic Corp.
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