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Global Heat Pumps Market Report (2021 to 2030) - COVID-19 Impact and Recovery

·8-min read

Dublin, Sept. 17, 2021 (GLOBE NEWSWIRE) -- The "Heat Pumps Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global heat pumps market as it emerges from the COVID-19 shut down.

The global heat pumps market is expected to grow from $111.62 billion in 2020 to $116.55 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $159.43 billion in 2025 at a CAGR of 8.1%.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.

  • Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.

  • Create regional and country strategies on the basis of local data and analysis.

  • Identify growth segments for investment.

  • Outperform competitors using forecast data and the drivers and trends shaping the market.

  • Understand customers based on the latest market research findings.

  • Benchmark performance against key competitors.

  • Utilize the relationships between key data sets for superior strategizing.

  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis

Where is the largest and fastest growing market for the heat pumps ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Heat Pump market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider heat pumps market, and compares it with other markets.

  • The market characteristics section of the report defines and explains the market.

  • The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.

  • Market segmentations break down market into sub markets.

  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.

  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.

  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

  • The heat pumps market section of the report gives context. It compares the heat pumps market with other segments of the heat pumps market by size and growth, historic and forecast.

Major players in the heat pumps market are Daikin Industries Ltd., Carrier, NIBE, Mitsubishi Electric Corporation, LG, Johnson Controls, Hitachi, Robert Bosch GmbH, Stiebel Eltron, and Ingersoll Rand.

The heat pumps market consists of sales of heat pumps by entities (organizations, sole traders, and partnerships) that produce heat pumps which move heat from a cool space to a warm space, making the cool space cooler and the warm space warmer. Only goods and services traded between entities or sold to end consumers are included.

Major companies operating in the heat pumps industry are focusing on developing new technology for cost-effective heating, which is likely to gain popularity in the heat pumps market. The heat pump manufacturers are developing new pump technology including contractor-friendly designs, higher efficiencies, and innovative two-stage compressors that run at lower speeds, consume less energy, and are cost-effective. For instance, in July 2020, Daikin Industries, Ltd. announced the launch of Daikin SmartSource, Dedicated Outdoor Air System (DOAS). It is a next-generation heat pump technology that allows efficient and cost-effective cooling and heating in all conditions achieves 49% higher efficiency than other heat pumps.

The heat pumps market covered in this report is segmented by product type into air source; air-to-air; air-to-water; water source; ground source. It is also segmented by rated capacity into up to 10 kw; 10-20 kw; 20-30 kw; above 30 kw and by end user into residential; commercial; industrial.

In March 2020, NIBE Industrier AB (NIBE Group), a Sweden-based provider of energy-efficient solutions for homes, acquired WATERKOTTE GmbH for an undisclosed amount. The acquisition of WATERKOTTE GmbH is expected to help NIBE Industrier AB to strengthen its position in the European heat pump market, especially in Germany. Furthermore, WATERKOTTE GmbH will also provide the company with access to handling large projects and heat pumps with higher capacity. WATERKOTTE GmbH is a German-based company engaged in manufacturing and selling advanced heat pumps and integrated sustainable energy solutions for single-family homes and commercial applications.

Government regulations and policies to improve energy efficiency are boosting the demand for renewable energy sources, thereby contributing to the growth of the heat pumps market. Heat pumps offer a low carbon footprint, minimal installation time, and reduce energy consumption in the household and industrial applications. Energy efficiency has tremendous potential to boost economic growth and reduce greenhouse gas emissions. The government of various countries is adopting energy conservation policies. For instance, the UK government formed an Energy Efficiency Office embracing various departments to monitor, coordinate, and develop energy conservation policies. Moreover, in the USA, all industries consuming more than one million GJ/A (100) are required to report their energy conservation and consumption efforts to the Department of Energy for seeking guidance on greater efficiency of energy use. Therefore, growing efforts to reduce energy usage is likely to propel the demand for energy-efficient products including heat pumps.

The coronavirus outbreak restricted the growth of the heat pumps market. The governments across the world imposed restrictions on the movement of people, resulting in supply chain disruptions. COVID-19 lockdowns forced many industries to shut down or operate with minimum capacity, hampering the revenues of various industries including the HVAC (heating, ventilation, and air conditioning) industry. For instance, Lennox International Inc., a US-based provider of climate control products for air conditioning, heating, ventilation, and refrigeration, depends heavily on a complex global supply chain. The company has manufacturing facilities in Georgia, Arkansas, Mississippi, and South Carolina, and the company's network includes local and regional distribution stores and centers. The company is also engaged in selling products through contractors and dealers, therefore Covid-19 lockdown restrictions have impacted Lennox's ability to deliver its products to the customers, thus restraining the market growth of the heat pumps during the period.

Key Topics Covered:

1. Executive Summary

2. Heat Pumps Market Characteristics

3. Heat Pumps Market Trends and Strategies

4. Impact of COVID-19 on Heat Pumps

5. Heat Pumps Market Size and Growth
5.1. Global Heat Pumps Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Heat Pumps Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market

6. Heat Pumps Market Segmentation

7. Heat Pumps Market Regional and Country Analysis
7.1. Global Heat Pumps Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Heat Pumps Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

8. Asia-Pacific Heat Pumps Market

9. China Heat Pumps Market

10. India Heat Pumps Market

11. Japan Heat Pumps Market

12. Australia Heat Pumps Market

13. Indonesia Heat Pumps Market

14. South Korea Heat Pumps Market

15. Western Europe Heat Pumps Market

16. UK Heat Pumps Market

17. Germany Heat Pumps Market

18. France Heat Pumps Market

19. Eastern Europe Heat Pumps Market

20. Russia Heat Pumps Market

21. North America Heat Pumps Market

22. USA Heat Pumps Market

23. South America Heat Pumps Market

24. Brazil Heat Pumps Market

25. Middle East Heat Pumps Market

26. Africa Heat Pumps Market

27. Heat Pumps Market Competitive Landscape and Company Profiles
27.1. Heat Pumps Market Competitive Landscape
27.2. Heat Pumps Market Company Profiles
27.2.1. Daikin Industries Ltd. Overview Products and Services Strategy Financial Performance
27.2.2. Carrier Overview Products and Services Strategy Financial Performance
27.2.3. NIBE Overview Products and Services Strategy Financial Performance
27.2.4. Mitsubishi Electric Corporation Overview Products and Services Strategy Financial Performance
27.2.5. LG Overview Products and Services Strategy Financial Performance

29. Key Mergers and Acquisitions in the Heat Pumps Market

29. Heat Pumps Market Future Outlook and Potential Analysis

30. Appendix

For more information about this report visit

CONTACT: CONTACT: Laura Wood, Senior Press Manager For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

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