Heat Pump Market 2020 COVID-19 Impact Analysis, Growth Insights, Top Players, Emerging Technologies and Forecast to 2023

Heat Pump Market – Overview

The necessity to transfer heat energy in structures, especially in territories that witness extreme cold is driving the heat pump market. The increased development of various building structures has promoted the heat pump market. The necessity to reduce carbon emissions due to rising global warning concerns is motivating innovation the market for heat pumps. Additionally, the advances in aerothermal and geothermal technologies are further promoting the expansion of the heat pump market.

Heat pumps are designed to transfer heat from one place to another, with the help of electricity. Advantages of heat pump include, less use of electricity, most efficient alternative to fuel, oil, and electric systems regarding heating and cooling. Heat pumps also have financial benefits due to its high efficiency, leading to contributing towards the reduction of CO2 emissions.

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Segmental Analysis

The segmentation evaluation of the heat pump market globally has been carried out on the basis of end-user, capacity, type, and region.

Based on the type, the heat pump market is segmented into air to air heat pumps and air to water heat pumps.

Based on the capacity, the heat pump market is segmented into 20-30 kW, 10-20 kW, Up to 10 kW, and Above 30 kW.

On the basis of end-users, the market for heat pumps is segmented into residential, commercial and industrial.

The regions counted in the heat pump market globally are Europe, North America, Asia Pacific, and the rest of the world.

Regional Analysis

The regional study of the heat pump market includes regions such as Europe, North America, Asia Pacific and the rest of the world.

The heat pump market globally is anticipated to observe considerable growth through the forecast period due to increasing investments in the commercial and residential sectors together with the requirement to lessen carbon emissions. The Asia Pacific region holds the principal stake in the heat pump market due to intensifying investments in the residential and business sectors in nations such as India and China, generating demand for the heat pump market increasingly.

Furthermore, the leadership in these nations are outlining policies to safeguard that energy-efficient equipment such as heat pumps that are being installed in modern buildings. Moreover, the European region holds the subsequent principal stake in the heat pump market with financing in the restoration of aging electrical infrastructure and mounting focus on using energy-efficient devices to decrease carbon emissions.

Competitive Analysis

The improvement of substitute raw material resources is likely to further concentrate on the supply demands in the market. The progress in the efficacy of production facilities is buttressing the market’s growth pace in the coming years. Also, inventions in technology are anticipated to exercise a constructive inspiration on the enhancement of the market. The influence of governmental plans is stirring additional evolution of the market. The revivals carried out in the logistic chain are projected to produce favorable possibilities for progress in the coming period. The instabilities in global currency are predicted to become stable and consequently place a beneficial impact on the market. The upturn of investment into physical capital is estimated to underpin the market’s growth in the forecast period. The market is being distinguished by the instrumental forces that are applying an imposing influence. The upgrades in the mining of natural resources are further supporting market expansion advancement.

Prominent Players

The important contenders operating in the global heat pump market are Midea (China), Glen Dimplex (Ireland), Ingersoll Rand (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Danfoss (Denmark), Daikin (Japan), and Hitachi (Japan) to name a few.

Industry Updates:

Aug 2019 A research group headed by Jürg Alexander Schiffmann at the Swiss Federal Institute of Technology Lausanne, is exploiting AI to design compressors that reduce heat pumps’ electricity intake by around 25%. The researchers’ blueprint as an alternative employs micro-turbocompressors, which is ten times smaller than the piston devices they substitute.

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This release was published on openPR.