Heat Pumps Market 2020: Industry Trends, Size, Share, Growth, Analysis and Forecast till 2025 - IMARC Group

The global heat pumps market is expected to grew at a CAGR of 11% during 2014-2019. Looking forward, the market to exhibit moderate growth during 2020-2025., according to the latest report by IMARC Group

Heat pumps refer to devices that transfer heat from one place to another by circulating refrigerant through a cycle of condensation and evaporation. These pumps comprise numerous components, including condensers, compressors, evaporators and expansion valves, for their efficient functioning.

The compressor is utilized to pump the refrigerant between two heat exchanger coils, wherein the refrigerant is evaporated at low pressure in one coil and is further condensed at high pressure in the other coil. These pumps are used to warm homes during winters and make the spaces cooler during warm and hot conditions. Since these systems are extremely energy efficient in nature, require lesser maintenance and are much safer to use as compared to combustion-based heating systems, they are gaining widespread preference on the global level.

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Global Heat Pumps Market Trends:

The global market is primarily driven by the increasing sales of heating, ventilation, and air conditioning (HVAC) systems. Altering global climatic conditions and improving standards of living have increased the uptake of these systems, thereby impelling the demand for heat pumps. Apart from this, steadily increasing population, rapid urbanization and inflating per capita income levels have created the need for the expansion of residential spaces. This trend, coupled with the rising trend of renovation and modernization across the residential and commercial sectors, is boosting the sales of these pumps on a global level.

Moreover, the widespread adoption of green buildings, owing to an enhanced preference for sustainable development among the masses, is expected to create a positive outlook for the market growth. Furthermore, since these pumps have an efficient conversion rate of energy to heat, and their utilization reduces carbon emissions, governments of various countries, such as the United States, are undertaking initiatives to promote their usage and offering numerous benefits on their installation. In confluence with this, the growing popularity of dual source heat pumps (DSHP) among users, owing to their improved efficiency and performance, is further facilitating the market growth.

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Global Heat Pumps Market Segmentation:

Market Breakup by Rated Capacity

1. Up to 10 kW
2. 10–20 kW
3. 20–30 kW
4. Above 30 kW

Market Breakup by Product Type

1. Air Source Heat Pump
2. Ground Source Heat Pump
3. Water Source Heat Pump
4. Exhaust Air Heat Pump
5. Others

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Market Breakup by End-Use Sector

1. Residential
2. Commercial
3. Hospitality
4. Retail
5. Education
6. Food & Beverage
7. Paper & Pulp
8. Chemicals & Petrochemicals
9. Others

Market Breakup by Region

1. Europe
2. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America

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