Heat Pump Market Highlights
A heat pump is a device which is able to transfer heat from one place to another and consists of four major components, namely, condenser, compressor, evaporator, and expansion valve. They are extensively used in buildings for heating, ventilating, and air conditioning (HVAC) applications.
The expansion of the renewables is a key driving force behind the increasing popularity of heat pumps. Heat pumps run on electricity rather than fossil fuels due and align with global renewable energy targets. With the rise in residential construction across the globe, a growing number of builders, as well as house owners, are showcasing increased interest in heat pumps. Moreover, the proliferation of green buildings has contributed significantly to the growth of the market. Green buildings are focused on energy conservation and leaving minimal effects on the environment, and thus, heat pumps are widely used in green buildings.
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Severe climate change in recent years has increased the need for HVAC in buildings. Moreover, the governments in multiple countries have undertaken concrete steps towards CO2 emission reduction, energy conservation, and the use of green technology. Heat pumps have significant implications in the reduction of CO2 emissions which has advocated the growth of the heat pump market.
Continued efforts by manufacturers in heat-pump technology including contractor-friendly designs, higher efficiencies, and innovative extras like two-stage compressors have further induced heavy demand within the market. Technological advancements in heat pumps are leading to the development of heat pumps which can perform in more aggressive outdoor environments.
Conversely, lack of awareness among contractors, engineers, and other end users and the high initial cost of installation are factors that might inhibit the growth of the market. Additionally, incorporating heat pumps in existing structures present technical difficulties which remain a challenge for market growth.
The global heat pump market has been segmented based on type, capacity, and end-user.
By type, the heat pump market has been segmented into air to air, and air to water heat pumps. The air to air is the dominant segment. It is comparatively cheaper and has higher CoPs (Coefficient of Performance) compared to air to water heat pumps.
By end-user, the heat pump market has been segmented into industrial, commercial, and residential. The residential segment is the market. Fast-track urbanization has led to increased demand for smart buildings which incorporate heat pumps for achieving higher energy efficiency.
By region, the heat pump market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The Asia Pacific accounts for the maximum share of the global heat pump market. Government policies necessitating the use of energy efficient equipment along with new construction of both residential and commercial structures is boosting the growth of the market. China is a key contributor to the APAC market.
Europe is the second largest market for heat pump. Favorable government regulations, along with incentives, drive the market in Europe. Increased focus on renewables energy is also driving the market since the majority of the total renewable energy in Europe is produced through this technology. Moreover, the usage of heat pumps has grown in the region for the achievement of 2050 climate targets.
Midea (China), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Daikin (Japan), Danfoss (Denmark), and Hitachi (Japan) are the major players operating in the heat pump market.
May 2019 – A. O. Smith, a manufacturer of both residential and commercial water heaters and boilers, launched its Commercial Heat Pump Water Heater (CHP-120). The heat pump has the highest efficiency and has 50% more storage capacity as compared to any other heat pump available in the market. It is ideally suitable for light commercial applications such as schools, restaurants, retail buildings and is Energy Star qualified.
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