Dublin, July 15, 2020 (GLOBE NEWSWIRE) -- The "Heat Pump Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
The global heat pump market was valued at $52.3 billion in 2018 and is projected to reach $94.6 billion by 2026, growing at a CAGR of 7.74% from 2019 to 2026.
A heat pump is a device that transfers heat energy from one source to another. It is used in both industrial and residential areas. It offers an energy-efficient alternative to furnaces and air conditioners. The heat pumps are used to transfer heat from a cool to a warm space that helps cool the interior temperature.
The global heat pump market is registering significant growth across the globe. The growth of this market is driven by increase in demand for household appliances such as refrigerators and air-conditioners. Furthermore, a rise in demand for keeping the house warm in the residential segment due to change in climate conditions fuels the demand for heat pumps. In addition, favorable government regulations to reduce CO2 emission are further complementing the adoption of heat pumps; thereby, contributing to the global market growth. On the other hand, the high cost of installing a heat pump device restraints the growth of this market. Advanced technologies such as dual-source heat pumps are expected to offer growth opportunities to the market. In addition, heat pumps have witnessed high demand for residential applications, which is further expected to offer lucrative growth opportunities to the global heat pump market.
The global heat pump market is segmented on the basis of type, application, and region. Based on type, the market is divided into air-to-air, water source, and geothermal. By application, the market is classified into residential, industrial, and commercial. Residential is the largest segment among all due to significant adoption of heat pumps or space heating, cooling, and other applications. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The players analyzed and profiled in the global heat pump market are Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG, Panasonic Corporation, and others. Since this market is highly competitive in nature, most of the manufacturers have been focusing on the production of energy-efficient heat pumps. Hence, the global market is anticipated to witness various product development activities during the forecast period.
- The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global heat pump market from 2018 to 2026 to determine the prevailing opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- Estimations and forecasts are based on factors impacting market growth, in terms of both value and volume.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.
Key Market Players
- Daikin Industries Ltd.
- Glen Dimplex Group
- Ingersoll Rand Plc
- Melrose Industries PLC
- Mitsubishi Electric Corporation
- NIBE Industrier AB
- Stiebel Eltron
- Vaillant Group
- Viessmann Werke GmbH & Co. KG
- Panasonic Corporation
- Based on type, the air-to-air segment emerged as the global leader by acquiring a 78% market share in 2018. Superior energy efficiency, its use as a legitimate space heating alternative in colder regions, and cost-competitive use are the factors that drive their use across the globe.
- Based on application, the residential segment acquired more than 75% market share in 2018 in response to increase inneed for economical and energy-efficient space heating, cooling, and sanitary hot water.
- Asia-Pacific emerged as the global leader in the global heat pump market with around 40% market share in 2018. This is attributed to high adoption of a heat pump as an alternative to fuel-based heating methods, growth inresidential spaces and resulting demand for heating products, and favorable government regulation.
- Stringent regulatory outlook to reduce CO2 emission as well as efforts to monitor these reduced emissionactivities is expected to offer promising growth opportunities to heat pump technology during the forecast period.
- Although heat pump are cost-competitive in nature, high installation costs associated with them significantly increaseits cost and is expected to restrain the growth of this market.
Key Topics Covered:
Chapter 1: Introduction
1.1. Report Description
1.2. Key Benefits for Stakeholders
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Secondary Research
1.4.2. Primary Research
1.5. Analyst Tools and Models
Chapter 2: Executive Summary
2.1. Key Findings of the Study
2.2. Cxo Perspective
Chapter 3: Market Overview
3.1. Market Definition and Scope
3.2. Key Findings
3.2.1. Top Investment Pockets
3.3. Porter'S Five Forces Analysis
3.4. Market Dynamics
18.104.22.168. High Adoption in the Residential Sector
22.214.171.124. Contribution of Heat Pump Technology in Reducing Co2 Emission
126.96.36.199. High Costs Associated With Heat Pumps
188.8.131.52. Increase in Popularity of Geothermal Heat Pump Technology
3.5. Parent Peer Market Overview
3.6. Patent Analysis (2015-2018)
3.6.1. Patent Analysis by Country
3.6.2. Patent Analysis by Applicant (2015-2018)
3.7. Impact of Government Rules and Regulations
3.7.1. Global Warming Solutions Act -2008
Chapter 4: Heat Pump Market, by Type
4.1.1. Market Size and Forecast
4.2.1. Key Market Trends, Growth Factors, and Opportunities
4.2.2. Market Size and Forecast, by Region
4.2.3. Market Share Analysis, by Country
4.3. Water Source
4.3.1. Key Market Trends, Growth Factors, and Opportunities
4.3.2. Market Size and Forecast, by Region
4.3.3. Market Share Analysis, by Country
4.4.1. Key Market Trends, Growth Factors, and Opportunities
4.4.2. Market Size and Forecast, by Region
4.4.3. Market Share Analysis, by Country
Chapter 5: Heat Pump Market, by Application
5.1.1. Market Size and Forecast
5.2.1. Key Market Trends, Growth Factors, and Opportunities
5.2.2. Market Size and Forecast, by Region
5.2.3. Market Share Analysis, by Country
5.3.1. Key Market Trends, Growth Factors, and Opportunities
5.3.2. Market Size and Forecast, by Region
5.3.3. Market Share Analysis, by Country
5.4.1. Key Market Trends, Growth Factors, and Opportunities
5.4.2. Market Size and Forecast, by Region
5.4.3. Market Share Analysis, by Country
Chapter 6: Heat Pump Market, by Region
6.1.1. Market Size and Forecast, by Region
6.2. North America
Chapter 7: Competitive Landscape
7.1.1. Market Player Positioning, 2018
7.2. Top Winning Strategies
7.2.1. Top Winning Strategies, by Year
7.2.2. Top Winning Strategies, by Development
7.2.3. Top Winning Strategies, by Company
7.3. Product Mapping of Top 10 Player
7.4. Competitive Heatmap
7.5. Key Developments
7.5.1. New Product Launches
7.5.4. Joint Venture
Chapter 8: Company Profiles:
8.1. Daikin Industries, Ltd.
8.1.1. Company Overview
8.1.2. Company Snapshot
8.1.3. Operating Business Segments
8.1.4. Product Portfolio
8.1.5. Business Performance
8.2. Glen Dimplex Group
8.3. Ingersoll Rand, plc.
8.4. Melrose Industries plc.
8.5. Mitsubishi Electric Corporation
8.6. Nibe Industrier Ab
8.7. Panasonic Corporation
8.8. Stiebel Eltron
8.9. Vaillant Group
8.10. Viessmann Werke GmbH & Co. Kg
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