According to Marketsandmarkets report, the heat pump market is expected to grow from an estimated USD 54.34 billion in 2018 to USD 94.42 billion by 2023 at a CAGR of 11.68 per cent during the forecast period. The market is set to witness growth because of increased investments in the residential and commercial sectors, infrastructure developments, and ability to reduce carbon emissions.
Up to 10 kW rated capacity heat pumps are expected to hold a large share of the total market in 2018. This dominance is attributed to its large-scale application in the residential and commercial sectors and growing investments in those sectors.
The increase in urbanisation has led to the demand for smart buildings. These buildings require efficient heat pumps, leading to the growth of the heat pump market. Smart buildings are not only green or sustainable but are also intelligent; these buildings are equipped with advanced technologies, which include heat pumps. Heat pumps provide a comfortable and standard living environment. Governments are relying on smart buildings, which ensure a lower carbon footprint, 40 per cent reduction in the usage of water, and less electricity consumption. Thus, developers and owners of buildings are trying to meet energy-efficiency guidelines using equipment such as heat pumps.
In this report, the heat pump market has been analysed concerning four regions, namely, Asia Pacific, Europe, North America, and Rest of the World (RoW). The governments in these countries are drawing up policies to ensure that energy-efficient equipment such as heat pumps are being installed in new buildings, which are expected to drive the market for heat pumps. The demand from China would lead the market in Asia Pacific. Growing investments in the residential and commercial sectors of the Chinese market is creating a huge demand for the heat pump market. Rising government regulations and policies for increasing energy efficiency and favorable incentives, a significant contribution of heat pumping technology in the reduction of CO2 emissions, implementation of large industrial and commercial projects, and refurbishment of the aging infrastructure in Asia Pacific and Europe would continue to create demand for the heat pump market.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the heat pump market such as Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).