Heat Pump Market by Type (Air-to-Air, Air-to-Water, Water Source, Geothermal, Hybrid) Refrigerant (R410A, R407C, R744) Rated Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, >30 kW) End User (Residential, Commercial, Industrial) Region (2022-2026)
[197 Pages Report] The global heat pump market in terms of revenue was estimated to be worth $53.2 billion in 2021 and is poised to reach $83.5 billion by 2026, growing at a CAGR of 9.5% from 2021 to 2026. The factors driving the growth for heat pump market are the supportive government laws and subsidies to enhance energy efficiency.
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Heat Pump Market Dynamics
Driver: Contribution of heat pump technology to reduce carbon footprint
Energy is an essential power source in homes, hospitals, and schools, among others. However, its production and usage result in the emission of greenhouse gases in significant volumes. Thus, major economies across the globe are aiming to reduce their dependency on non-renewable energy sources and are gradually inclining toward renewable energy sources to restrict the emission of greenhouse gases.
The heat pump technology is a promising solution for lowering greenhouse gas emissions. Heat pumps through aerothermal and geothermal technologies offer an energy-efficient approach to space heating. The heat pump is often regarded as a sustainable technology when used in heating, ventilation, and air conditioning (HVAC) systems. In the residential, commercial, and industrial sectors, heat pumps are widely used for space heating, cooling, and heating water. Air and land have massive reserves of thermal energy. Heat pumps extract the ambient heat from the air and land at low temperatures and increase the temperature through energy input, mainly electricity. The heat pump is cable of extracting up to 77% of the energy from the air. Thus, the use of heat pump can bring down the fossil fuel consumption considerably when compared to alternate mediums of heat transfer, subsequently lowering the carbon footprint. This factor is increasing the number of heat pump installations across all sectors and driving market growth.
Restraint: Less awareness regarding advantages associated with heat pumps in emerging economies
The heat pump is technically complex equipment. The awareness regarding the energy efficiency, cost efficiency, and environmental benefits associated with heat pumps, as well as technical know-how, are limited among end users from developing and underdeveloped economies. This factor is expected to hamper their penetration rate in emerging economies.
According to a report published by the United Nations Environment Program, there is a lack of awareness among contractors regarding the International Organization for Standardization (ISO) standards for heat pumps. The ISO standards play a crucial role in the quality assurance and safety of the products or services offered. For instance, ISO 13612-2:2014 provides a calculation method under steady conditions that corresponds to one calculation step. The results of this calculation are incorporated in larger building models and take into account the influence of the external conditions. Thus, lack or limited awareness regarding the advantages of using heat pumps and related ISO standards is expected to restrain the market growth to an extent.
Opportunities: Increasing integration of Internet of Things (IoT) and other advanced technologies with heat pumps
Internet of Things (IoT)-based heat pumps enable real-time monitoring, predictive maintenance, and remote diagnostics of components. The Internet of Things (IoT)-based heat pumps consist of smart thermostats that help monitor environmental changes and communicate with their water heater equipment. End users from different sectors are increasingly adopting heat pumps. However, their designs and operations have remained unchanged. Automation and remote operations have been top priorities in developing next-generation heat pumps for ease of operations. Presently, heat pumps are equipped with LCDs and warning indicators to make them understandable. The major market players such as Panasonic and Samsung are focusing on integrating different technologies into their heat pumps to ensure ease of operations and maintenance. Research is also being conducted globally for incorporating machine learning and artificial intelligence in heat pumps to reduce electricity consumption and enhance efficiency. As an instance, the researchers at Swiss Federal Institute of Technology Lausanne (EPFL) are using AI to design a compressor, aiming to reduce electricity consumption by 25%. The team employed machine-learning methods to produce equations for heat pump design charts based on the outcome of 500,000 simulations. The heat pumps integrated with machine learning and artificial intelligence can study consumers’ usage patterns and analyze their operational time and duration, thereby eliminating the requirement of switching them on or off physically. These factors are expected to fuel the demand for heat pumps and create lucrative opportunities for the market players.
Challenges: High initial installation costs
Heat pumps are widely used in the residential, commercial, and industrial sectors as they help in increasing energy efficiency, reducing energy costs, and lowering carbon emissions. The demand for air-source heat pumps is high as they are less expensive and efficient to offer heating services to homes and small commercial buildings. Geothermal heat pumps are typically costlier to install; however, they are more efficient and can cater to large buildings. High-density polyethylene pipes are needed to be installed underground for geothermal heat pumps, which takes at least 3 days for a team of specialists.
The installation cost of heat pump equipment for residential, commercial, and industrial applications depends on numerous factors. For instance, in the residential application, the installation cost of all the types of heat pumps depends on the size of the house, additional ductwork, type of equipment, and British Thermal Unit (BTU) value of the equipment. It also depends on the complexity, type, brand, and size of the heat pump.
Market Interconnection
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The Water source type segment is expected to be the largest segment of the heat pump market, by type, during the forecast period
The market, by type, is segmented into air-to-air heat pumps, air-to-water heat pumps, water source heat pumps, ground source (geothermal) heat pumps, and hybrid heat pumps. Water source heat pump are the fastest-growing segment of the heat pump industry, by heat pump type. Their high operating efficiency with respect to other heat pumps will be main driving factor for the market. Water source heat pump extracts thermal energy from water and turns it to heat. The main advantage asssosciated with water source heat pump is that they can operate on water having low temperature than air temperature.
The R410A refrigerant type segment is expected to be the largest segment of the heat pump market, by refrigerant type, during the forecast period
The market, by refrigerant type, is segmented into R410A, R407C, R744, and others. The R410A segment holds the largest share in the market, followed by R407C. The R410A refrigerant can boost the system efficiency rating. Furthermore, refilling the system using R410A is less expensive. The minimum effect on the ozone layer is expected to drive the R410A refrigerant segment of the heat pump market during the forecast period.
The up to 10 kW is expected to be the largest contributor to the heat pump market, by rated capacity, during the forecast period
The market, by rated capacity, is segmented into up to 10 kW, 10–20 kW, 20–30 kW, and above 30 kW. The up to 10 kW rated capacity segment accounted for a 47.5% share of the market in 2020. The major advantages, suitability for single-family residential houses is expected to drive the up to 10 kW segment, which consequently increases the demand for heat pump market during the forecast period.
The residential segment is expected to be the fastest-growing market, by end user, during the forecast period
The market, by end user, is segmented into residential, commercial, and industrial. The residential segment accounted for the largest share of 71.3% of the market in 2020. Government initiatives to enhance energy efficiency in the residential sector is expected to drive the residential segment during the forecast period. For instance, The federal tax credit for new residential ground source heat pumps was recently extended through the end of 2022 in the United States.
Asia Pacific is expected to dominate the global heat pump market
The Asia Pacific region is estimated to be the largest market for the heat pump market, followed by North America. The growth of the North American heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.
Key Market Players
The major players in the heat pump market are SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan), and Mitsubishi Electric Corporation (Japan). Between 2017 and 2021, the companies adopted growth strategies such as contracts & agreements, investments & expansions, partnerships, collaborations, alliances & joint ventures to capture a larger share of the market.
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Report Coverage |
Details |
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Market size: |
USD 53.2 billion in 2021 to USD 83.5 billion by 2026 |
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Growth Rate: |
9.5% |
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Largest Market: |
Asia Pacific |
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Market Dynamics: |
Drivers, Restraints, Opportunities & Challenges |
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Forecast Period: |
2021-2026 |
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Forecast Units: |
Value (USD Billion) |
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Report Coverage: |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered: |
Type, Rated Capacity, Refrigerant Type, End User, and Region |
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Geographies Covered: |
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa |
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Report Highlights:
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Updated financial information / product portfolio of players |
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Key Market Opportunities: |
Increasing integration of Internet of Things (IoT) and other advanced technologies with heat pumps |
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Key Market Drivers: |
Contribution of heat pump technology to reduce carbon footprint |
This research report categorizes the heat pumps market by type, rated capacity, refrigerant type, end user, and region.
On the basis of by type, the heat pumps market has been segmented as follows:
- Air-to-Air heat pump
- Air-to-Water heat pump
- Water Source heat pump
- Ground Source (Geothermal) heat pump
- Hybrid heat pump
On the basis of by rated capacity, the heat pumps market has been segmented as follows:
- Up to 10 kW
- 10 – 20 kW
- 20 – 30 kW
- Above 30 kW
On the basis of by refrigerant type, the heat pumps market has been segmented as follows:
- R410A
- R407C
- R744
- Others
On the basis of by end user, the heat pumps market has been segmented as follows:
- Residential
- Commercial
- Industrial
On the basis of region, the heat pumps market has been segmented as follows:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Recent Developments
- In January 2022, Johnson Controls has acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.
- In Oc 2021, Carrier Global acquired Nlyte Software, a leader in data center infrastructure management (DCIM) software. The development will add automated solutions to the HVAC business segment.
- In June 2021, DENSO and NTT Data announced the completion of a joint verification test to improve mobility experiences by leveraging data on vehicle and human flows. The test aims to improve mobility experiences and services, as well as to assist businesses in attracting potential clients with the changing consumer behavior.
- In September 2021, Carrier China, a part of Carrier Global, collaborated with Huadian Corporation for providing centrifugal chillers, which will be installed at Guangzhou Wanbo Central Energy Station, in China.
Frequently Asked Questions (FAQ):
What is the Growth of Heat Pump Market?
The global heat pump market is expected to grow at a CAGR of 9.5% during the forecast period, from an estimated USD 53.2 billion in 2021 to USD 83.5 billion by 2026.
What is the major drivers for the heat pump market?
The factors driving the growth for heat pump market are the Contribution of heat pump technology to reduce carbon footprint and the Government laws and subsidies to enhance energy efficiency.
Which is the fastest-growing region during the forecasted period in heat pump market?
North America region is expected to grow at the highest CAGR during the forecast period, driven mainly by activities in US and Canada.
Which is the fastest-growing segment, by end user during the forecasted period in heat pump market?
The residential end user segment is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. .
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 27)
1.1 OBJECTIVES OF STUDY
1.2 DEFINITION
1.2.1 HEAT PUMP MARKET, BY TYPE: INCLUSIONS AND EXCLUSIONS
1.2.2 MARKET, BY RATED CAPACITY: INCLUSIONS AND EXCLUSIONS
1.2.3 MARKET, BY END USER: INCLUSIONS AND EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 MARKETS SEGMENTATION
1.3.2 REGIONS COVERED
1.3.3 YEARS CONSIDERED
1.4 CURRENCY
1.5 LIMITATIONS
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 32)
2.1 RESEARCH DATA
FIGURE 1 HEAT PUMP MARKET: RESEARCH DESIGN
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 2 DATA TRIANGULATION METHODOLOGY
2.2.1 SECONDARY DATA
2.2.1.1 Key data from secondary sources
2.2.2 PRIMARY DATA
2.2.2.1 Key data from primary sources
2.2.2.2 Breakdown of primaries
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
2.4 DEMAND SIDE METRICS
FIGURE 5 MAIN METRICS CONSIDERED FOR ANALYZING DEMAND FOR HEAT PUMPS
2.4.1 METRICS CONSIDERED TO ANALYZE DEMAND FOR HEAT PUMPS INCLUDE:
TABLE 1 YEAR-ON-YEAR SALES OF HEAT PUMPS ACROSS COUNTRIES IS KEY DETERMINING FACTOR FOR MARKET SIZE ESTIMATION
2.4.2 ASSUMPTIONS FOR DEMAND SIDE ANALYSIS
2.4.3 DEMAND SIDE ANALYSIS CALCULATION
2.5 SUPPLY SIDE ANALYSIS
FIGURE 6 KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF HEAT PUMPS
FIGURE 7 HEAT PUMP MARKET: SUPPLY SIDE ANALYSIS
2.5.1 CALCULATIONS FOR SUPPLY SIDE
2.5.2 ASSUMPTIONS FOR SUPPLY SIDE
FIGURE 8 COMPANY REVENUE ANALYSIS, 2020
2.6 FORECAST
3 EXECUTIVE SUMMARY (Page No. - 45)
TABLE 2 HEAT PUMP MARKET SNAPSHOT
FIGURE 9 AIR-TO-AIR HEAT PUMP SEGMENT TO DOMINATE MARKET, BY TYPE, DURING FORECAST PERIOD
FIGURE 10 UP TO 10 KW SEGMENT TO DOMINATE MARKET, BY RATED CAPACITY, DURING FORECAST PERIOD
FIGURE 11 R410A TO HOLD LARGEST SHARE OF MARKET, BY REFRIGERANT TYPE, DURING FORECAST PERIOD
FIGURE 12 RESIDENTIAL TO HOLD LARGEST SHARE OF MARKET, BY END USER, DURING FORECAST PERIOD
FIGURE 13 ASIA PACIFIC DOMINATED MARKET IN 2020
4 PREMIUM INSIGHTS (Page No. - 49)
4.1 ATTRACTIVE OPPORTUNITIES IN HEAT PUMP MARKET
FIGURE 14 GOVERNMENT INITIATIVES TO INCREASE INSTALLATION OF HEAT PUMPS TO DRIVE GROWTH OF MARKET FROM 2021 TO 2026
4.2 MARKET, BY REGION
FIGURE 15 NORTH AMERICA TO WITNESS HIGHEST GROWTH IN GLOBAL MARKET DURING FORECAST PERIOD
4.3 MARKET, BY TYPE
FIGURE 16 AIR-TO-AIR HEAT PUMP SEGMENT DOMINATED MARKET IN 2020
4.4 MARKET, BY END USER
FIGURE 17 RESIDENTIAL SEGMENT DOMINATED MARKET IN 2020
4.5 MARKET, BY RATED CAPACITY
FIGURE 18 UP TO 10 KW SEGMENT DOMINATED MARKET IN 2020
4.6 MARKET, BY REFRIGERANT TYPE
FIGURE 19 R410A SEGMENT DOMINATED MARKET IN 2020
4.7 MARKET IN ASIA PACIFIC, BY END USER AND COUNTRY
FIGURE 20 RESIDENTIAL SEGMENT AND CHINA DOMINATED ASIA PACIFIC MARKET IN 2020
5 MARKET OVERVIEW (Page No. - 53)
5.1 INTRODUCTION
5.2 COVID-19 HEALTH ASSESSMENT
FIGURE 21 COVID-19 GLOBAL PROPAGATION
FIGURE 22 COVID-19 PROPAGATION IN SELECTED COUNTRIES
5.3 COVID-19 ECONOMIC ASSESSMENT
FIGURE 23 COMPARISON OF GDP FOR SELECTED G20 COUNTRIES IN 2020
5.4 MARKET DYNAMICS
FIGURE 24 HEAT PUMP MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.4.1 DRIVERS
5.4.1.1 Contribution of heat pump technology to reduce carbon footprint
5.4.1.2 Government laws and subsidies to enhance energy efficiency
5.4.2 RESTRAINTS
5.4.2.1 Less awareness regarding advantages associated with heat pumps in emerging economies
5.4.3 OPPORTUNITIES
5.4.3.1 Increasing integration of Internet of Things (IoT) and other advanced technologies with heat pumps
5.4.3.2 Positive outlook toward use of geothermal energy
5.4.4 CHALLENGES
5.4.4.1 High initial installation costs
5.4.4.2 Impact of COVID-19 on heat pump market
5.5 A2L REFRIGERANT
5.6 HEAT PUMP REPLACING CONVENTIONAL HEATING METHODS
5.7 SUPPLY CHAIN ANALYSIS
FIGURE 25 HEAT PUMP MARKET: SUPPLY CHAIN ANALYSIS
TABLE 3 MARKET: SUPPLY CHAIN
5.7.1 RAW MATERIAL SUPPLIERS
5.7.2 ORIGINAL EQUIPMENT MANUFACTURERS (OEMS)
5.7.3 DISTRIBUTORS
5.7.4 END USERS
5.8 INNOVATIONS & PATENT REGISTRATION
5.9 TECHNOLOGY ANALYSIS
5.10 MARKET: REGULATIONS
5.11 PORTER’S FIVE FORCES ANALYSIS
FIGURE 26 HEAT PUMP MARKET: PORTER’S FIVE FORCES ANALYSIS
TABLE 4 MARKET: PORTER’S FIVE FORCES ANALYSIS
5.11.1 THREAT OF NEW ENTRANTS
5.11.2 BARGAINING POWER OF SUPPLIERS
5.11.3 BARGAINING POWER OF BUYERS
5.11.4 THREAT OF SUBSTITUTES
5.11.5 DEGREE OF COMPETITION
5.12 PRICING ANALYSIS
TABLE 5 AVERAGE UNIT COST OF HEAT PUMP, BY TYPE
5.13 CASE STUDY ANALYSIS
5.13.1 HIGH TEMPERATURE HEAT PUMP FOR 17TH CENTURY COTTAGE AT CORNWALL
5.14 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
5.14.1 REVENUE SHIFT AND NEW REVENUE POCKETS IN HEAT PUMP MARKET
FIGURE 27 REVENUE SHIFT OF HEAT PUMP PROVIDERS
5.15 MARKET MAP
FIGURE 28 HEAT PUMP: MARKET MAP
5.16 TRADE ANALYSIS
5.16.1 EXPORT SCENARIO
TABLE 6 EXPORT SCENARIO FOR HS CODE: 8418, BY COUNTRY, 2016–2020 (USD THOUSAND)
5.16.2 IMPORT SCENARIO
TABLE 7 IMPORT SCENARIO FOR HS CODE: 8418, BY COUNTRY, 2016–2020 (USD THOUSAND)
6 HEAT PUMP MARKET, BY TYPE (Page No. - 72)
6.1 INTRODUCTION
FIGURE 29 HEAT PUMP MARKET, BY TYPE, 2020
TABLE 8 MARKET, BY TYPE, 2019–2026 (USD MILLION)
6.2 AIR-TO-AIR HEAT PUMP
6.2.1 LOW INSTALLATION COST ASSOCIATED WITH AIR-TO-AIR HEAT PUMPS IS FUELING THEIR DEMAND
TABLE 9 MARKET FOR AIR-TO-AIR HEAT PUMP, BY REGION, 2019–2026 (USD MILLION)
6.3 AIR-TO-WATER HEAT PUMP
6.3.1 LOW EMISSION OF CO2 TO BE MAJOR FACTOR FUELING DEMAND FOR AIR-TO-WATER HEAT PUMPS
TABLE 10 MARKET FOR AIR-TO-WATER PUMP, BY REGION, 2019–2026 (USD MILLION)
6.4 WATER SOURCE HEAT PUMP
6.4.1 HIGH COEFFICIENT OF PERFORMANCE (COP) OF WATER SOURCE HEAT PUMPS TO BOOST MARKET GROWTH
TABLE 11 MARKET FOR WATER SOURCE HEAT PUMP, BY REGION, 2019–2026 (USD MILLION)
6.5 GROUND SOURCE (GEOTHERMAL) HEAT PUMP
6.5.1 HIGH EFFICIENCY ASSOCIATED WITH GEOTHERMAL PUMPS IS DRIVING THEIR DEMAND GLOBALLY
TABLE 12 MARKET FOR GROUND SOURCE (GEOTHERMAL) HEAT PUMP, BY REGION, 2019–2026 (USD MILLION)
6.6 HYBRID HEAT PUMP
6.6.1 GROWING INCLINATION TOWARD USE OF RENEWABLE ENERGY SOURCES FOR HEATING TO DRIVE GROWTH OF HYBRID MARKET
TABLE 13 MARKET FOR HYBRID HEAT PUMP, BY REGION, 2019–2026 (USD MILLION)
7 HEAT PUMP MARKET, BY REFRIGERANT TYPE (Page No. - 77)
7.1 INTRODUCTION
FIGURE 30 MARKET, BY REFRIGERANT TYPE, 2020
TABLE 14 MARKET, BY REFRIGERANT TYPE, 2019–2026 (USD MILLION)
7.2 R410A
7.2.1 R410A DOES NOT LEAD TO OZONE DEPLETION
TABLE 15 MARKET FOR R410A, BY REGION, 2019–2026 (USD MILLION)
7.3 R407C
7.3.1 R407C IS ENVIRONMENTALLY FRIENDLY REFRIGERANT
TABLE 16 MARKET FOR R407C, BY REGION, 2019–2026 (USD MILLION)
7.4 R744
7.4.1 HIGH VOLUMETRIC COOLING CAPACITY OF R744 IS FUELING ITS DEMAND GLOBALLY
TABLE 17 MARKET FOR R744, BY REGION, 2019–2026 (USD MILLION)
7.5 OTHERS
TABLE 18 MARKET FOR OTHERS, BY REGION, 2019–2026 (USD MILLION)
8 HEAT PUMP MARKET, BY RATED CAPACITY (Page No. - 82)
8.1 INTRODUCTION
FIGURE 31 MARKET, BY RATED CAPACITY, 2020
TABLE 19 MARKET, BY RATED CAPACITY, 2019–2026 (USD MILLION)
8.2 UP TO 10 KW
8.2.1 SUITABILITY FOR SINGLE-FAMILY HOUSES TO DRIVE GROWTH OF MARKET FOR UP TO 10 KW RATED CAPACITY
TABLE 20 MARKET FOR UP TO 10 KW, BY REGION, 2019–2026 (USD MILLION)
8.3 10–20 KW
8.3.1 GROWING DEMAND FOR HEAT PUMPS WITH RATED CAPACITIES FROM 10–20 KW IN RESIDENTIAL SECTOR TO DRIVE MARKET GROWTH
TABLE 21 MARKET FOR 10–20 KW, BY REGION, 2019–2026 (USD MILLION)
8.4 20–30 KW
8.4.1 ABILITY OF HEAT PUMPS WITH 20–30 KW RATED CAPACITIES TO MEET HEATING DEMAND IN COMMERCIAL SECTOR TO DRIVE MARKET GROWTH
TABLE 22 MARKET FOR 20–30 KW, BY REGION, 2019–2026 (USD MILLION)
8.5 ABOVE 30 KW
8.5.1 GROWING ADOPTION OF HEAT PUMPS WITH ABOVE 30 KW RATED CAPACITIES IN INDUSTRIAL AND COMMERCIAL SECTORS TO DRIVE MARKET GROWTH
TABLE 23 MARKET FOR ABOVE 30 KW, BY REGION, 2019–2026 (USD MILLION)
9 HEAT PUMP MARKET, BY END USER (Page No. - 87)
9.1 INTRODUCTION
FIGURE 32 MARKET, BY END USER, 2020
TABLE 24 MARKET, BY END USER, 2019–2026 (USD MILLION)
9.2 RESIDENTIAL
9.2.1 INCREASING GOVERNMENT INITIATIVES TO ENHANCE ENERGY EFFICIENCY TO FUEL DEMAND FOR HEAT PUMPS
TABLE 25 MARKET FOR RESIDENTIAL, BY REGION, 2019–2026 (USD MILLION)
9.3 COMMERCIAL
9.3.1 HIGH TEMPERATURE HEATING REQUIREMENT IN COMMERCIAL SECTOR TO BOOST DEMAND FOR HEAT PUMPS
TABLE 26 MARKET FOR COMMERCIAL, BY REGION, 2019–2026 (USD MILLION)
9.4 INDUSTRIAL
9.4.1 INCREASING DEMAND FOR HEAT PUMPS IN INDUSTRIAL SECTOR DUE TO THEIR ENERGY EFFICIENCY FEATURE TO DRIVE MARKET GROWTH
TABLE 27 MARKET FOR INDUSTRIAL, BY REGION, 2019–2026 (USD MILLION)
10 HEAT PUMP MARKET, BY REGION (Page No. - 92)
10.1 INTRODUCTION
FIGURE 33 REGIONAL SNAPSHOT: NORTH AMERICA MARKET TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 34 HEAT PUMP MARKET SHARE, BY REGION, 2020
TABLE 28 MARKET VOLUME, BY REGION, 2019–2026 (MILLION UNITS)
TABLE 29 MARKET SIZE, BY REGION, 2019–2026 (USD MILLION)
10.2 ASIA PACIFIC
FIGURE 35 ASIA PACIFIC: REGIONAL SNAPSHOT
10.2.1 BY TYPE
TABLE 30 MARKET IN ASIA PACIFIC, BY TYPE, 2019–2026 (USD MILLION)
10.2.2 BY REFRIGERANT TYPE
TABLE 31 MARKET IN ASIA PACIFIC, BY REFRIGERANT TYPE, 2019–2026 (USD MILLION)
10.2.3 BY RATED CAPACITY
TABLE 32 HEAT PUMP MARKET IN ASIA PACIFIC, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 33 MARKET FOR UP TO 10 KW IN ASIA PACIFIC, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 34 MARKET FOR 10 – 20 KW IN ASIA PACIFIC, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 35 MARKET FOR 20 – 30 KW IN ASIA PACIFIC, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 36 MARKET FOR ABOVE 30 KW IN ASIA PACIFIC, BY COUNTRY, 2019–2026 (USD MILLION)
10.2.4 BY END USER
TABLE 37 MARKET IN ASIA PACIFIC, BY END USER, 2019–2026 (USD MILLION)
TABLE 38 MARKET FOR RESIDENTIAL IN ASIA PACIFIC, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 39 MARKET FOR COMMERCIAL IN ASIA PACIFIC, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 40 MARKET FOR INDUSTRIAL IN ASIA PACIFIC, BY COUNTRY, 2019–2026 (USD MILLION)
10.2.5 BY COUNTRY
TABLE 41 MARKET IN ASIA PACIFIC, BY COUNTRY, 2019–2026 (USD MILLION))
10.2.5.1 China
10.2.5.1.1 Growing urban population and initiatives to minimize pollution to fuel demand for heat pumps in China
TABLE 42 MARKET IN CHINA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 43 MARKET IN CHINA, BY END USER, 2019–2026 (USD MILLION)
10.2.5.2 India
10.2.5.2.1 Government initiatives for increasing use of renewables to drive market growth in India
TABLE 44 MARKET IN INDIA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 45 MARKET IN INDIA, BY END USER, 2019–2026 (USD MILLION)
10.2.5.3 Japan
10.2.5.3.1 Energy conservation initiatives by government and technological advancements to drive market growth in Japan
TABLE 46 HEAT PUMP MARKET IN JAPAN, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 47 MARKET IN JAPAN, BY END USER, 2019–2026 (USD MILLION)
10.2.5.4 South Korea
10.2.5.4.1 Growing demand for energy-efficient heating technology to drive market growth
TABLE 48 MARKET IN SOUTH KOREA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 49 MARKET IN SOUTH KOREA, BY END USER, 2019–2026 (USD MILLION)
10.2.5.5 Australia
10.2.5.5.1 Favorable environmental conditions and expanding renewable sector are expected to drive market growth
TABLE 50 MARKET IN AUSTRALIA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 51 MARKET IN AUSTRALIA, BY END USER, 2019–2026 (USD MILLION)
10.2.5.6 Rest of Asia Pacific
TABLE 52 MARKET IN REST OF ASIA PACIFIC, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 53 MARKET IN REST OF ASIA PACIFIC, BY END USER, 2019–2026 (USD MILLION)
10.3 NORTH AMERICA
FIGURE 36 NORTH AMERICA: REGIONAL SNAPSHOT
10.3.1 BY TYPE
TABLE 54 MARKET IN NORTH AMERICA, BY TYPE, 2019–2026 (USD MILLION)
10.3.2 BY REFRIGERANT TYPE
TABLE 55 MARKET IN NORTH AMERICA, BY REFRIGERANT TYPE, 2019–2026 (USD MILLION)
10.3.3 BY RATED CAPACITY
TABLE 56 HEAT PUMP MARKET IN NORTH AMERICA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 57 MARKET FOR UP TO 10 KW IN NORTH AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 58 MARKET FOR 10 – 20 KW IN NORTH AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 59 MARKET FOR 20 – 30 KW IN NORTH AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 60 MARKET FOR ABOVE 30 KW IN NORTH AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
10.3.4 BY END USER
TABLE 61 MARKET IN NORTH AMERICA, BY END USER, 2019–2026 (USD MILLION)
TABLE 62 MARKET FOR RESIDENTIAL IN NORTH AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 63 MARKET FOR COMMERCIAL IN NORTH AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 64 MARKET FOR INDUSTRIAL IN NORTH AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
10.3.5 BY COUNTRY
TABLE 65 MARKET IN NORTH AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
10.3.5.1 US
10.3.5.1.1 Increasing demand for energy-efficient water heating systems in residential and commercial sectors to drive US market growth
TABLE 66 MARKET IN US, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 67 MARKET IN US, BY END USER, 2019–2026 (USD MILLION)
10.3.5.2 Canada
10.3.5.2.1 Government regulations and policies to reduce pollution to fuel demand for heat pumps in Canada
TABLE 68 MARKET IN CANADA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 69 MARKET IN CANADA, BY END USER, 2019–2026 (USD MILLION)
10.4 EUROPE
10.4.1 BY TYPE
TABLE 70 MARKET IN EUROPE, BY TYPE, 2019–2026 (USD MILLION)
10.4.2 BY REFRIGERANT TYPE
TABLE 71 MARKET IN EUROPE, BY REFRIGERANT TYPE, 2019–2026 (USD MILLION)
10.4.3 BY RATED CAPACITY
TABLE 72 HEAT PUMP MARKET IN EUROPE, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 73 MARKET FOR UP TO 10 KW IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 74 MARKET FOR 10 – 20 KW IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 75 MARKET FOR 20 - 30 KW IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 76 MARKET FOR ABOVE 30 KW IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION)
10.4.4 BY END USER
TABLE 77 MARKET IN EUROPE, BY END USER, 2019–2026 (USD MILLION)
TABLE 78 MARKET FOR RESIDENTIAL IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 79 MARKET FOR COMMERCIAL IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 80 MARKET FOR INDUSTRIAL IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION)
10.4.5 BY COUNTRY
TABLE 81 MARKET IN EUROPE, BY COUNTRY, 2019–2026 (USD MILLION))
10.4.5.1 France
10.4.5.1.1 Rising demand for energy-efficient heating systems to boost growth of French heat pump market
TABLE 82 MARKET IN FRANCE, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 83 MARKET IN FRANCE, BY END USER, 2019–2026 (USD MILLION)
10.4.5.2 Italy
10.4.5.2.1 Government-led schemes to increase installation of heat pumps to boost market growth in Italy
TABLE 84 MARKET IN ITALY, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 85 MARKET IN ITALY, BY END USER, 2019–2026 (USD MILLION)
10.4.5.3 Spain
10.4.5.3.1 Energy conservation initiatives by government and technological advancements to drive growth of Spain market
TABLE 86 MARKET IN SPAIN, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 87 MARKET IN SPAIN, BY END USER, 2019–2026 (USD MILLION)
10.4.5.4 UK
10.4.5.4.1 Growth of residential sector and rising demand for renewable heat generation are driving market growth
TABLE 88 MARKET IN UK, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 89 MARKET IN UK, BY END USER, 2019–2026 (USD MILLION)
10.4.5.5 Rest of Europe
TABLE 90 MARKET IN REST OF EUROPE, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 91 MARKET IN REST OF EUROPE, BY END USER, 2019–2026 (USD MILLION)
10.5 MIDDLE EAST & AFRICA
10.5.1 BY TYPE
TABLE 92 MARKET IN MIDDLE EAST & AFRICA, BY TYPE, 2019–2026 (USD MILLION)
10.5.2 BY REFRIGERANT TYPE
TABLE 93 MARKET IN MIDDLE EAST & AFRICA, BY REFRIGERANT TYPE, 2019–2026 (USD MILLION)
10.5.3 BY RATED CAPACITY
TABLE 94 HEAT PUMP MARKET IN MIDDLE EAST & AFRICA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 95 MARKET FOR UP TO 10 KW IN MIDDLE EAST & AFRICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 96 MARKET FOR 10 – 20 KW IN MIDDLE EAST & AFRICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 97 MARKET FOR 20 – 30 KW IN MIDDLE EAST & AFRICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 98 MARKET FOR ABOVE 30 KW IN MIDDLE EAST & AFRICA, BY COUNTRY, 2019–2026 (USD MILLION)
10.5.4 BY END USER
TABLE 99 MARKET IN MIDDLE EAST & AFRICA, BY END USER, 2019–2026 (USD MILLION)
TABLE 100 MARKET FOR RESIDENTIAL IN MIDDLE EAST & AFRICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 101 MARKET FOR COMMERCIAL IN MIDDLE EAST & AFRICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 102 MARKET FOR INDUSTRIAL IN MIDDLE EAST & AFRICA, BY COUNTRY, 2019–2026 (USD MILLION)
10.5.5 BY COUNTRY
TABLE 103 MARKET IN MIDDLE EAST & AFRICA, BY COUNTRY, 2019–2026 (USD MILLION)
10.5.5.1 Saudi Arabia
10.5.5.1.1 Rising investments in industrial sector to fuel growth of heat pumps market in Saudi Arabia
TABLE 104 MARKET IN SAUDI ARABIA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 105 MARKET IN SAUDI ARABIA, BY END USER, 2019–2026 (USD MILLION)
10.5.5.2 South Africa
10.5.5.2.1 Increasing investments in different projects to drive demand for heat pumps in South Africa
TABLE 106 MARKET IN SOUTH AFRICA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 107 MARKET IN SOUTH AFRICA, BY END USER, 2019–2026 (USD MILLION)
10.5.5.3 Rest of Middle East & Africa
TABLE 108 MARKET IN REST OF MIDDLE EAST & AFRICA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 109 MARKET IN REST OF MIDDLE EAST & AFRICA, BY END USER, 2019–2026 (USD MILLION)
10.6 LATIN AMERICA
10.6.1 BY TYPE
TABLE 110 MARKET IN LATIN AMERICA, BY TYPE, 2019–2026 (USD MILLION)
10.6.2 BY REFRIGERANT TYPE
TABLE 111 MARKET IN LATIN AMERICA, BY REFRIGERANT TYPE, 2019–2026 (USD MILLION)
10.6.3 BY RATED CAPACITY
TABLE 112 MARKET IN LATIN AMERICA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 113 MARKET FOR UP TO 10 KW IN LATIN AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 114 MARKET FOR 10 - 20 KW IN LATIN AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 115 MARKET FOR 20 - 30 KW IN LATIN AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 116 MARKET FOR ABOVE 30 KW IN LATIN AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
10.6.4 BY END USER
TABLE 117 MARKET IN LATIN AMERICA, BY END USER, 2019–2026 (USD MILLION)
TABLE 118 MARKET FOR RESIDENTIAL IN LATIN AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 119 MARKET FOR COMMERCIAL IN LATIN AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 120 MARKET FOR INDUSTRIAL IN LATIN AMERICA, BY COUNTRY, 2019–2026 (USD MILLION)
10.6.5 BY COUNTRY
TABLE 121 MARKET IN LATIN AMERICA, BY COUNTRY, 2019–2026 (USD MILLION))
10.6.5.1 Mexico
10.6.5.1.1 Energy-saving initiatives to drive demand for heat pumps in Mexico
TABLE 122 MARKET IN MEXICO, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 123 MARKET IN MEXICO, BY END USER, 2019–2026 (USD MILLION)
10.6.5.2 Brazil
10.6.5.2.1 Transition toward renewable power generation to fuel growth of Brazilian market
TABLE 124 HEAT PUMP MARKET IN BRAZIL, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 125 MARKET IN BRAZIL, BY END USER, 2019–2026 (USD MILLION)
10.6.5.3 Rest of Latin America
TABLE 126 HEAT PUMP MARKET IN REST OF LATIN AMERICA, BY RATED CAPACITY, 2019–2026 (USD MILLION)
TABLE 127 MARKET IN REST OF LATIN AMERICA, BY END USER, 2019–2026 (USD MILLION)
11 COMPETITIVE LANDSCAPE (Page No. - 137)
11.1 OVERVIEW
FIGURE 37 KEY DEVELOPMENTS IN HEAT PUMP MARKET, 2017–2021
11.2 SHARE ANALYSIS OF KEY PLAYERS, 2020
TABLE 128 HEAT PUMP MARKET: DEGREE OF COMPETITION
FIGURE 38 SHARE ANALYSIS OF TOP PLAYERS IN HEAT PUMP MARKET, 2020
11.3 MARKET EVALUATION FRAMEWORK
TABLE 129 MARKET EVALUATION FRAMEWORK, 2017–2021
11.4 SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS
FIGURE 39 TOP PLAYERS DOMINATED MARKET IN LAST 5 YEARS
11.5 RECENT DEVELOPMENTS
11.5.1 DEALS
11.5.1.1 Heat Pump Market: Deals, 2017–2021
11.5.2 OTHERS
11.5.2.1 Heat Pump Market: Others,2017–2021
11.6 COMPETITIVE LEADERSHIP MAPPING
11.6.1 STAR
11.6.2 EMERGING LEADER
11.6.3 PERVASIVE
11.6.4 PARTICIPANT
FIGURE 40 HEAT PUMP MARKET: COMPETITIVE LEADERSHIP MAPPING, 2020
TABLE 130 COMPANY REGION FOOTPRINT
12 COMPANY PROFILES (Page No. - 146)
12.1 KEY COMPANIES
(Business overview, Products offered, Recent Developments, MNM view)*
12.1.1 MIDEA GROUP
TABLE 131 MIDEA GROUP: BUSINESS OVERVIEW
FIGURE 41 MIDEA GROUP: COMPANY SNAPSHOT
TABLE 132 MIDEA GROUP: DEALS
TABLE 133 MIDEA GROUP: PRODUCT LAUNCHES
12.1.2 PANASONIC CORPORATION
TABLE 134 PANASONIC CORPORATION: BUSINESS OVERVIEW
FIGURE 42 PANASONIC CORPORATION: COMPANY SNAPSHOT
TABLE 135 PANASONIC CORPORATION: DEALS
TABLE 136 PANASONIC CORPORATION: PRODUCT LAUNCHES
TABLE 137 PANASONIC CORPORATION: OTHERS
12.1.3 MITSUBISHI ELECTRIC CORPORATION
TABLE 138 MITSUBISHI ELECTRIC CORPORATION: BUSINESS OVERVIEW
FIGURE 43 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
TABLE 139 MITSUBISHI ELECTRIC CORPORATION: DEALS
TABLE 140 MITSUBISHI ELECTRIC CORPORATION.: PRODUCT LAUNCHES
12.1.4 DENSO CORPORATION
TABLE 141 DENSO CORPORATION: BUSINESS OVERVIEW
FIGURE 44 DENSO CORPORATION: COMPANY SNAPSHOT
TABLE 142 DENSO CORPORATION: DEALS
12.1.5 SAMSUNG
TABLE 143 SAMSUNG: BUSINESS OVERVIEW
FIGURE 45 SAMSUNG: COMPANY SNAPSHOT
TABLE 144 SAMSUNG: DEALS
TABLE 145 SAMSUNG: PRODUCT LAUNCHES
12.1.6 LG ELECTRONICS
TABLE 146 LG ELECTRONICS: BUSINESS OVERVIEW
FIGURE 46 LG ELECTRONICS: COMPANY SNAPSHOT
TABLE 147 LG ELECTRONICS: PRODUCT LAUNCHES
12.1.7 LENNOX INTERNATIONAL
TABLE 148 LENNOX INTERNATIONAL: BUSINESS OVERVIEW
FIGURE 47 LENNOX INTERNATIONAL: COMPANY SNAPSHOT
12.1.8 FUJITSU GENERAL
TABLE 149 FUJITSU GENERAL: BUSINESS OVERVIEW
FIGURE 48 FUJITSU GENERAL: COMPANY SNAPSHOT
TABLE 150 FUJITSU GENERAL: DEALS
12.1.9 DAIKIN INDUSTRIES, LTD.
TABLE 151 DAIKIN INDUSTRIES, LTD.: BUSINESS OVERVIEW
FIGURE 49 DAIKIN INDUSTRIES, LTD.: COMPANY SNAPSHOT
TABLE 152 DAIKIN INDUSTRIES, LTD.: PRODUCT LAUNCHES
12.1.10 CARRIER GLOBAL
TABLE 153 CARRIER GLOBAL: BUSINESS OVERVIEW
FIGURE 50 CARRIER GLOBAL: COMPANY SNAPSHOT
TABLE 154 CARRIER GLOBAL: DEALS
12.1.11 JOHNSON CONTROLS
TABLE 155 JOHNSON CONTROLS: BUSINESS OVERVIEW
FIGURE 51 JOHNSON CONTROLS: COMPANY SNAPSHOT
TABLE 156 JOHNSON CONTROLS: DEALS
12.1.12 TRANE TECHNOLOGIES
TABLE 157 TRANE TECHNOLOGIES: BUSINESS OVERVIEW
FIGURE 52 TRANE TECHNOLOGIES: COMPANY SNAPSHOT
12.1.13 THERMAX LIMITED
TABLE 158 THERMAX LIMITED: BUSINESS OVERVIEW
FIGURE 53 THERMAX LIMITED: COMPANY SNAPSHOT
12.1.14 GEA GROUP AKTIENGESELLSCHAFT
TABLE 159 GEA GROUP AKTIENGESELLSCHAFT: BUSINESS OVERVIEW
FIGURE 54 GEA GROUP AKTIENGESELLSCHAFT: COMPANY SNAPSHOT
12.1.15 DANFOSS A/S
TABLE 160 DANFOSS: BUSINESS OVERVIEW
12.2 OTHER PLAYERS
12.2.1 GLEN DIMPLEX GROUP
12.2.2 VIESSMANN
12.2.3 NIBE
12.2.4 GUANGZHOU SPRSUN NEW ENERGY TECHNOLOGY DEVELOPMENT
12.2.5 RHEEM
12.2.6 EMERSON ELECTRIC CO.
*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
13 APPENDIX (Page No. - 189)
13.1 INSIGHTS OF INDUSTRY EXPERTS
13.2 DISCUSSION GUIDE
13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.4 AVAILABLE CUSTOMIZATIONS
13.5 RELATED REPORTS
13.6 AUTHOR DETAILS
This study involved four major activities in estimating the current size of the heat pumps market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through rigorous primary research. Both top-down and bottom-up approaches were used to estimate the total market size. The market breakdown and data triangulation techniques were employed to estimate the market size of the segments and the corresponding subsegments.
Secondary Research
This research study involved the use of extensive secondary sources, directories, and databases such as water and wastewater management data, industry publications, several newspaper articles, Statista Industry Journal, Factiva, and water & environment journal to identify and collect information useful for a technical, market-oriented, and commercial study of the heat pumps market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The heat pumps market comprises several stakeholders such as companies related to the industry, component manufacturing companies for heat pump, government & research organizations, organizations, forums, alliances & associations, heat pumps providers, state & national energy authorities, dealers & suppliers, and vendors. The demand side of the market is characterized by increased investment in the residential, commercial, and industrial sector. The supply side is characterized by investments & expansion and partnerships & collaborations among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is given below:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the size of the global heat pumps market and its dependent submarkets. These methods were also extensively used to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Global Heat pumps Market Size: Bottom-Up Approach
Data Triangulation
After arriving at the overall market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the heat pumps market.
Objectives of the Study
- To define and describe the heat pump market based on type, rated capacity, refrigerant type, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To estimate the size of the market in terms of value
- To strategically analyze micro-markets with respect to individual growth trends, prospects, future expansions, and contributions to the total market
- To provide post-pandemic estimation for the heat pump market size and analyze the impact of COVID-19 outbreak on the overall market
- To forecast the growth of the heat pump market with respect to five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- To analyze market opportunities for stakeholders and the competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their respective market shares and core competencies1
- To analyze competitive developments such as investments & expansions, mergers & acquisitions, product launches, contracts & agreements, and joint ventures & collaborations in the heat pump market
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to your specific needs. The following customization options are available for the report:
Company Information
- Product Matrix, which provides a detailed comparison of the product portfolio of each company
Company Information
- Detailed analysis and profiling of additional market players
Generating Response ...
Growth opportunities and latent adjacency in Heat Pump Market
We want to know the competitive scenario for the Heat Pump Market? and the Top vendors in the Heat Pump Industry for the Forecast period 2022 to 2026.