Heat Pump Market to Garner $99.6 Billion by 2026, at 7.74% Growth Rate

The global heat pumps market size was estimated at $ 55.2 billion in 2018 and is projected to reach $ 99.6 billion by 2026, growing at a CAGR of 7.74% from 2019 to 2026 to heat or cool desired space. It consists of four main components including the condenser, expansion valve, evaporator and compressor. When heat is transferred through these four components, it is referred to as refrigerant. Heat pumps are primarily used in heating, ventilation, and air conditioning (HVAC) systems, but they are different from furnace and air conditioning systems.

The global heat pump market is growing rapidly around the world as the heat pump becomes increasingly popular as a replacement for traditional combustion-based heating methods. The heat pump provides space heating and cooling at a relatively lower cost and also emits relatively less CO2 gas compared to traditional methods. As a result, increasing efforts to reduce CO2 emissions and decarbonize are mainly driving the growth of the heat pump market.

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For regions with moderate heating and cooling requirements, heat pumps offer an energy-efficient alternative to ovens and air conditioning systems. This is made possible by the lower power consumption of the demonstrably competitive heat pumps. Therefore, the increasing demand for refrigerants in household applications increases the application range of a heat pump, which ultimately contributes to global market growth. The high installation costs associated with heat pumps are expected to inhibit global market growth.

The Asia-Pacific region is the prominent consumer of the heat pump market, where the demand for heat pumps suddenly increased in 2009 when the Energy Saving Law (ECL) was amended and the residential and commercial sector was added as targets in 2009.

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In terms of type, the air-to-air segment had the largest market share of heat pumps with around 75% in 2018 and is expected to be the largest market in the forecast period. Compared to electrical resistance heating, ie stoves and baseboard heating, air-to-air heat pumps save 50% energy and are therefore known to be energy-efficient.

Based on the application, the residential application segment dominated the world market in 2018. Residential buildings and living spaces represent the need for space heating and cooling due to climate change. This offers an application range for heat pumps in the living area and makes them an outstanding application segment over others.

The analyzed and profiled players in the global heat pump market include Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG, Panasonic Corporation and others.

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COVID-19 scenario

  • The outbreak has shutdown production factories and, as a result, there is an interruption in the production cycle. The supply chain is also affected accordingly.
  • With the lockdown in effect, demand from the commercial sector will certainly be reduced. With governments and health researchers suggesting that central air conditioning helps the spread of the coronavirus, there would certainly be a sharp drop in the production line.
  • However, no threat to window air conditioners has yet been predicted. However, disruptions in the supply chain can create an obstacle for residents looking to install new systems.

Tags: heat pump

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Contact information:

David Correa

5933 NE Win Sivers Drive

# 205, Portland, OR 97220

United States

Toll Free (USA / Canada):

+ 1-800-792-5285, + 1-503-894-6022, + 1-503-446-1141

United Kingdom: + 44-845-528-1300

Hong Kong: + 852-301-84916

India (Pune): + 91-20-66346060

Fax: + 1-855-550-5975

[email protected]

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