Global heat pump market is expected to grow at an estimated CAGR of over 7% from 2015 to 2022. The growth can be attributed to increased need for renewable energy sources along with extensive government support in the form of subsidies and other monetary benefits.
Residential sector contributes maximum towards heating activities in Europe and North America. Rapid climate changes have also increased heating needs for residential buildings. Recent trend followed in these regions is to install heat pumps for residential heating.
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Increasing awareness regarding green house gas emission from conventional heating activities is expected to enhance the market over the forecast period. Depleting conventional energy resources along with increasing pollution level due to use of these resources has forced governments to focus on conventional energy and power solutions.
Growing construction industry along with strict guidelines and requirements by government is expected to fuel the global heat pump market over next seven years. High operating capacity and low operating cost makes them economic as well as eco-friendly substitute for conventional heating appliances.
The market is expected to be driven by growing demand for eco-friendly and technologically advanced devices. Shift in trend towards green technology is expected to augment the product demand over the forecast period. Increasing energy demand, depleting oil & gas resources, legislative support, and higher investments are some of the major factors driving the product demand.
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Lack of consumer awareness along with higher initial installment costs are expected to restrain the market growth over the period. Technical difficulty in installing these units in existing infrastructures is also a major restraint for the overall growth. Lack of government support in some regions is also a key factor restraining the demand.
The market can be segmented on the basis of technology as gas driven, CO2 and hybrid heat pumps. CO2 pumps are expected to witness remarkable growth rate on account of increasing awareness regarding environmental hazards of greenhouse gas emission.
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