Global Heat Pump Market Analysis
As per the analysis of market Research Future (MRFR), the global heat pump market is optimistic for continued market growth due to a combination of various factors. MRFR has projected a CAGR of 11.08% in the heat pump market over the forecast period of 2018-2023.
A heat pump refers to a device used for transferring heat energy from one place to another. Heat pumps consists of four primary components such as condenser, evaporator, expansion valve, and compressor. A heat transfer medium circulated through these components is known as a refrigerant. A heat pump has various applications in heating, ventilation, and air conditioning (HVAC) devices that are used for space cooling or space heating. Further, a reduction in the demand for conventional energy and upscaling stringency towards the CO2 emissions devices is one of the primary drivers of the global heat pump market.
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The increased development of various building structures has promoted the heat pump market. The necessity to reduce carbon emissions due to rising global warning concerns is motivating innovation the market for heat pumps. Additionally, the advances in aerothermal and geothermal technologies are further promoting the expansion of the heat pump market.
Further, government policies introduced in various countries are raising their focus on the promotion of renewable, sustainable energy-efficient heating and cooling technologies in varied applications such as commercial, residential, and industrial sectors. The International Renewable Energy Agency (IRENA) has lately stated that the carbon emissions must decline by 9.5 gigatonnes by 2050 for curbing global warming to less than 2 degrees above pre-industrial temperatures. For achieving this, there is a necessity for the expansion of renewable energy and improving energy efficiency driving the global heat pump market all over the world.
The segmentation evaluation of the heat pump market globally has been carried out on the basis of end-user, capacity, type, and region.
Based on the type, the heat pump market is segmented into air to air heat pumps and air to water heat pumps.
Based on the capacity, the heat pump market is segmented into 20-30 kW, 10-20 kW, Up to 10 kW, and Above 30 kW.
On the basis of end-users, the market for heat pumps is segmented into residential, commercial and industrial.
The regions counted in the heat pump market globally are Europe, North America, Asia Pacific, and the rest of the world.
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.
Some noteworthy players functioning in the global heat pump market include Midea (China), Glen Dimplex (Ireland), Danfoss (Denmark), Ingersoll Rand (Ireland), Stiebel Eltron (Germany), Daikin (Japan), Panasonic (Japan), and Hitachi (Japan).
October 2019: PSEG Long Island recently announced its expansion of refunds for an effectively new type of cooling and heating system termed air-source heat pumps as a part of an initiative for the reduction of greenhouse emissions, in favor of the new state regulations.
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