At 7.74% CAGR, Heat Pump Market to Garner $99.6 Billion by 2026
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Increase in adoption of heat pumps in the residential sector and benefits related to reduction of CO2 emissions drive the growth of the global heat pump market. However, high cost of investments hinders the market growth. On the other hand, surge in prominence of geothermal heat pump technology and favorable regulatory policies offer new opportunities in the coming years.
Based on type, the air-to-air segment accounted for the largest heat pump market share of around 75% in 2018 and is anticipated to be the largest market during the forecast period. As compared to electric resistance heating, i.e., furnaces and baseboard heaters, air-to-air heat pumps save 50% energy and that is why they are known to be energy efficient.
Based on application, the residential application segment dominated the global market in 2018. Residential buildings and housing spaces represent the need for space heating and cooling due to climate changes. This provides a scope of utilization for heat pumps in the residential sector and make it a prominent application segment over others.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2018, accounting for more than two-fifths of the global heat pump market, and is expected to maintain its lead position during the forecast period. Moreover, this region is expected to maintain the highest CAGR of 8.1% from 2019 to 2026. This is due to high adoption of the system in China with population relying on cost- and energy-effective energy products. However, North America is expected to register a CAGR of 7.4% during the forecast period.
The players analyzed and profiled in the global heat pump market include
• Daikin Industries Ltd.
• Ingersoll Rand Plc
• Glen Dimplex Group
• Mitsubishi Electric Corporation
• Melrose Industries PLC
• NIBE Industrier AB
• ViessmannWerke GmbH & Co. KG
• Vaillant Group
• Panasonic Corporation
Get detailed COVID-19 impact analysis on the Heat Pump Market @ https://www.alliedmarketresearch.com/request-for-customization/5341?reqfor=covid
• The outbreak has caused lockdown of the manufacturing factories and as a result, there is a disruption in the production cycle. Accordingly, the supply chain has also got affected.
• With lockdown in effect, the demand from commercial sector will be reduced for sure. In addition, with governments and healthcare researchers outlining the fact that central air-conditioning aids in spreading the coronavirus, there would certainly be a steep decline in the production line.
• However, there hasn't been any threat projected for window air conditioners yet. But, disruption in the supply chain may pose a hindrance for the residents who want to install new systems.
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