Heat Pumps Market 2022 Development Status, Competition Analysis, Type and Application 2032
According to FMI’s recent study, the global heat pumps market was valued at around US$ 32 Bn in 2019 and is estimated to expand at a CAGR of 5% over the forecast period of 2020-2030, with a limited impact on the current pandemic situation on long-term growth forecasts. Increasing demand for tech-advanced cooling solutions with a low carbon footprint, government initiatives to curb greenhouse gas emissions, and advancements in heating, ventilation, and air conditioning (HVAC) systems are factors contributing to the revenue pool of the global heat pumps market.
Capturing around half of the overall market value, Asia Pacific excluding Japan (APEJ) continues to attract significant stakeholders’ investments. The Chinese market is the most lucrative for those involved in heat pumps, projected to value around US$ 21 Bn by 2030. Despite a moderate growth rate, market value in Japan is anticipated to surge 1.5X by 2030. Market players are also targeting North America, owing to overall climatic conditions in the developed region. The U.S. is shaping the revenue pool in this developed regional market.
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The global heat pumps market will witness v-shaped recovery growth, owing to a rising inclination towards innovative construction solutions, especially in countries such as India, China, and Mexico.
Key Takeaways from Heat Pumps Market Study
- Air-water heat pumps are finding immense use in domestic hot water, floor heating, and space heating/cooling applications.
- Heat pumps having flexible or twin-speed features to reduce energy consumption and improve overall efficiency throughout are likely to garner substantial traction over the forecast period.
- Demand for CO2 refrigerant heat pumps is expected to increase, given their excellent recyclability, low cost, and environment-friendly attributes.
- Hybrid heat pumps are likely to see a significant rise in adoption, owing to their high efficiency, lower energy consumption, and cost-effectiveness as compared to other heat pumps.
- Air-source heat pumps continue to grab the huge attention of market players, owing to their low installation cost and high demand in North America and Western Europe.
Heat Pumps Market: Competitive Landscape
The study provides vital insights into the competitive landscape in the heat pumps market, along with various strategies adopted by prominent players. The global heat pumps market is fairly competitive, with manufacturers offering identical products. Some of the key manufacturers in the heat pumps market are Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group, and Danfoss Group Global.
Market participants are investing in R&D activities to develop new products with better energy efficiency, and are also focusing on providing aftersales services.
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- Air-water Heat Pumps
- Air-air Heat Pumps
- Ground Source Heat Pumps
- Hybrid Heat Pumps
- Others (Gas Driven)
- Air-source Heat Pumps
- Ductless Mini-split Heat Pumps
- Geothermal Heat Pumps
- Absorption Heat Pumps
- North America
- Latin America
- Western Europe
- Eastern Europe