The heat pump market is expected to register a CAGR of 27% during the forecast period (2021 - 2026)

- The increasing need to curb the dependence on fossil fuels and to look for an energy-efficient alternative to furnaces and air conditioners are expected to drive the demand for the heat pumps over the forecast period.

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As heat pumps move heat rather than generate heat, heat pumps can provide equivalent space conditioning at as little as one-quarter of the cost of operating conventional heating or cooling appliances.
- Various initiatives by the government such as the Domestic RHI and the Non-Domestic RHI by the government of the United Kingdom is a financial incentive scheme set up to encourage the installation and usage of renewable heating technologies in existing homes. Such initiatives are expected to fuel market growth over the forecast period.
- The increasing disposable income in the hands of the people and the growing awareness has resulted in heat pumps getting increasingly adopted in the residential, commercial as well as industrial sectors. For instance, according to the Air Conditioning, Heating, and Refrigeration Institute (AHRI) in 2018, The United States had 2.94 million air-source heat pump shipments.
- In June 2019, the government of Maine signed a bill that aims at doubling the number of heat pump installations in Maine to 20,000 annually, and to 100,000 in total, by 2025.
- Also according to the European heat Pump Association in May 2019, heat pumps are heating slightly less than 10% of all buildings. This presents the heat pump providers with a lucrative opportunity to tap the untapped market thereby boosting the market growth over the forecast period.
- However, the high installation cost of heat pumps is one of the factors that could hinder the market growth over the forecast period.

Key Market Trends
Residential Heat Pumps are Expected to Hold major Market Share

- The Air-source heat pumps have been used for many years in nearly all parts of the United States, but not in the areas that face extended periods of subfreezing temperatures. However due to technological advancements t now offers a legitimate space heating alternative in colder regions. Such instances are expected to boost the adoption in the region over the forecast period.
- For instance, the Association of Home Appliance Manufacturers estimated that the total unit shipments of air-source heat pumps in the U.S. would increase from 2.43 million in 2016 to 2.82 million in 2019.
- The increasing initiatives by the government and the related authorities to curb the consumption of fossil fuels for heating and cooling of homes is expected to fuel the adoption of the heat pumps in the residential sector over the forecast period.
- For instance, in March 2019, according to the renewableenergyhub.co.uk the government announced its plans to ban fossil fuel heating in all new homes to be built after 2025 thereby opening doors for low carbon heating. As 85% of all the heating systems operating are gas boilers and about 1.5m million gas boilers are being installed in the UK each year.
- In June 2019, PHNIX released two heavyweight R32 Inverter EVI house heating heat pumps in Europe such as 6 kW and 10 kW units respectively. With a 6 kW unit being able to meet the basic heating needs of a 200m2 house. Such instances are expected to boost market growth over the forecast period.

North America is Expected to the Largest Share

- Some of the prominent players in the market are entering into strategic partnerships, mergers & acquisitions that has enabled them to further the technology and expand their market footprint.
- In June 2018, Residential Geothermal Startup Dandelion announced that it had entered into a strategic partnership with American Heating And Cooling in a move that would increase its installation capacity in Eastern New York State. Dandelion’s production partner AAON is able to produce 180 heat pumps per day. In a move that provides American Heating and Cooling end-to-end management of sales, installation, and service of the Dandelion Home Geothermal System over its operational life.
- Efficiency Maine the United States headquartered company in 2019 stated that it had installed more than 30,000 high-efficiency ductless heat pumps in Maine homes and businesses over the past five years. It also stated that it offers rebates for high-efficiency ductless heat pumps for residential and commercial customers. Such instances are expected to boost the adoption of the heat pumps in the region over the forecast period.

Competitive Landscape
The competitive rivalry in the heat pump market is high owing to the presence of some major players such as Mitsubishi Electric, Daikin, Panasonic amongst others. Their ability to continually innovate their offerings has enabled them to gain a competitive advantage over other players in the market. Through research & development activities, mergers & acquisitions these players have been able to expand their market footprint.

- March 2019 - Wolf GmbH, a Bavarian manufacturer of heating and air handling systems, launched its first propane (R290) heat pump. In a move that would allow the company to enable the user to curb their dependence on HFCs.

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