Heat Pump Market

Global Heat Pump Market

Heat Pump Market- By Type, Capacity, Refrigerant Type, End User, and Region.

Market Synopsis:

The Global Heat Pump Market is valued at USD 56.78 Billion in the year 2022 and is forecasted to reach a value of USD 114.80 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.20% over the forecast period.

A Heat Pump is a refrigeration system with a mechanical-compression cycle that can be used to heat or cool an area. As a result, it is widely employed in space heating and cooling systems. It consists of two primary components: an indoor air handler and an outside unit that functions similarly to a central air conditioner but is known as a Heat Pump. As it flows between the interior and outside units, a compressor in the outdoor unit circulates refrigerant, which absorbs and releases heat. The main distinction between an air conditioner and a Heat Pump is that both technologies use comparable principles to cool the intended space, but Heat Pumps can also heat residential spaces, whilst air conditioners cannot.

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The many lockdown measures implemented by governments throughout the world to combat the spread of the COVID-19 virus have made obtaining the raw materials essential for production challenging. Furthermore, the pandemic has had an adverse influence on this business due to the suspension of residential and commercial building. However, the Heat Pump Market is expected to develop as demand for sustainable and clean energy grows in response to rising concerns about damaging GHG emissions. Low operating costs, strong security, and low maintenance are all important characteristics that contribute to the overall market share. These factors have resulted in an increase in product demand, particularly in commercial and residential settings, providing lucrative market prospects for global and domestic industry players.

Market Segmentation:

The Heat Pump Market is segmented on the basis of Type, Rated Capacity, Refrigerant Type, and End-User. On the basis of Type, the market is segmented into Air-to-Air heat pump, Air-to-Water heat pump, Water Source heat pump, Ground Source (Geothermal) Heat Pump and Hybrid heat pump. On the basis of Rated Capacity, the market is segmented into Up to 10 kW, 10 – 20 kW, 20 – 30 kW, and Above 30 kW. On the basis of Refrigerant Type, the market is segmented into R410A, R407C, R744, and Others. On the basis of End User, the market is segmented into Residential, Commercial, and Industrial.

Based on Type:

To heat a space, an air-to-air Heat Pump collects heat from the outside air and transports it straight inside the house via a fan system. Air-to-air heat pumps have been increasingly popular in recent years, and they currently account for the majority of total Heat Pump sales worldwide. Policy development, enhanced construction requirements that make heat pumps in new buildings more competitive, and increased air-conditioning demand are all factors that have boosted the adoption of air-to-air Heat Pump technology.

Based on Refrigerant Type:

The Heat Pump Market is divided into R410A, R407C, R744, and other refrigerant types. The R410A segment dominates the Heat Pump Market, followed by the R407C sector. The R410A refrigerant has the potential to improve system efficiency. Furthermore, using R410A to refill the system is less expensive. During the forecast period, the R410A refrigerant segment of the Heat Pump Market is likely to be driven by its low impact on the ozone layer.

Asia Pacific is Observed to be the Largest Share Holding Region in the Market

Asia Pacific is projected to acquire the largest market share with Japan, China, and India providing the most revenue with a share of 37.10%. Heat Pumps are being used not only for room heating and cooling, but also for refrigerators in the majority of Japanese households. Heat Pumps are now being used in water heaters, washing machines, and dryers, and their market share is growing rapidly as a result of their tremendous potential for energy savings and CO2 emissions reduction. Heat pumps are in high demand in all three sectors, including residential, commercial, and industrial, in China, which is one of the major marketplaces in Asia-Pacific and the world.

Moreover, the market prediction is being driven by increased construction activity in both commercial and residential structures. The growth of new commercial hubs, such as offices, educational institutions, and hospitality, will increase the market for these products. Furthermore, the implementation of energy efficiency initiatives, as well as increased research and development for technology upgrades to alleviate environmental challenges, are pushing the market size. Heat Pump systems have been deployed more quickly across the region as a result of significant economic transformation brought on by fast industrialization and commercialization.

Competitive Landscape:

Key players operating in the Global Heat Pump Market include- Samsung (South Korea), Denso Corporation (Japan), Midea Group (China), Panasonic Corporation (Japan), Mitsubishi Electric Corporation (Japan), Johnson Controls (Ireland), Daikin Industries Ltd. (Japan), Carrier (US), LG Electronics (South Korea), Trane Technologies (Ireland), GEA Group Aktiengesellschaft (Germany), Fujitsu General (Japan), Thermax Limited (India), Lennox International (US), Danfoss A/S (Denmark), Glen Dimplex (Ireland), Viessmann (Germany), Nibe (Sweden), Guangzhou Sprsun New Energy Technology Development Co. Ltd. (China), Rheem (US), Emerson Electric Co. (US) and others.

Segmentation of Heat Pump Market: