Heat Pump Market Analysis By Manufacturers NIBE Group, Danfoss Group Global, Stiebel Eltron Group, Mitsubishi Electric

A heat pump is a device used for cooling and heating by extracting heat from lower heat sources and deliver it to higher potential for water, space, and floor heating/cooling. Technically air conditioner and refrigerator are two prime examples where heat pump is used. Refrigerator and air conditioner work only on cooling cycle, whereas heat pumps can operate on fully reversible cooling cycle. Condenser, evaporator, expansion valve, and compressor are some of the common examples of heat pump. The heat transferred through these components is called refrigerant. Moreover, heat pumps are increasingly used in domestic hot water for kitchen, bathroom, and clothes washer.

The global heat pump market is estimated to account for US$ 7,920.1 Mn in terms of value by the end of 2019.

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Market Dynamics- Drivers

Growing urbanization and complementary regulatory policies are expected to drive growth of the global heat pump market during the forecast period
Significant growth of construction industry combined with growing implementation of strict regulatory policies by governments, especially in China, South Korea, Japan, and the U.S. are expected to boost the demand for heat pumps for residential application. Moreover, subsidies on purchase of heat pumps provided by the government, tax credit schemes and increasing use of energy are expected to boost the market. Countries such as the U.S., Australia, Japan, and European offer subsidies purchase for heat pumps, in order to reduce carbon footprint and increase use of renewable energy for heating and cooling purpose. For instance, the European Union has adopted renewable energy policy, which includes contribution of heat pumps to the EU target of reaching 20% of renewable energy share by 2020. In 2016, the U.K. Government adopted a 'Zero Carbon' policy for new homes. Moreover, In Europe, the government provides subsidies for purchase of heat pumps and has implemented several stringent new building regulations such as mandatory use of renewable energy for heating purpose in new buildings. Thus, these factors are expected to boost the market growth during the forecast period.

Increasing demand for eco-friendly and technologically advanced devices are expected to propel the global heat pump market growth over the forecast period
Increasing demand for eco-friendly and technologically advanced devices in heating and cooling applications is expected to boost the demand for heat pumps. Growing demand for eco-friendly devices worldwide is directly proportional to the global heat pumps demand, as heat pumps are very useful in reducing CO2 emission. It uses only � electrical energy and � environmental energy. Thus, such factors are expected to propel the market growth in the near future.

Europe region dominated the global heat pump market in 2018, accounting for 43.7% share in terms of value, followed by Asia Pacific, North America, Latin America, and MEA, respectively.

Competitive Section

Key players operating in the global heat pump market are Daikin Industries Limited, Viessmann Group, NIBE Group, Danfoss Group Global, Stiebel Eltron Group, Mitsubishi Electric Corporation, United Technologies Corporation, Panasonic Corporation, Glen Dimplex Group, and The Bosch Group.

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