Residential Heat Pump Market is Rapidly Growing with Huge Application Scope & Opportunities by 2022-2030

Asia-Pacific is contributed to the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 10.3% during the forecast period. Other regions analyzed in the report include North America, Europe, and LAMEA.

The Residential Heat Pump Market was valued at $33.5 billion in 2021, and is estimated to reach $77.5 billion by 2030, growing at a CAGR of 9.7% from 2022 to 2030. Surge in installation of residential heat pumps in homes for maintaining warm and cool temperature along with adoption of energy and cost efficient systems drive the growth of the residential heat pump market. Moreover, technological advancements are expected to offer lucrative opportunities for the market growth.

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Residential heat pumps are widely installed in residential zones for maintaining warm and cool temperature in homes. These are an energy and environment efficient and a popular alternative to air conditioners and furnaces.

Based on power source, the electric powered segment held the largest market share in 2021, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 10.1% from 2022 to 2030. The report also analyzes the air powered segment.

The key players profiled in this report include Midea Group, Johnson Controls, Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.

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The report focuses on the global residential heat pump market analysis and the major products & applications, where residential heat pumps are used, and roles of different key players that shape the market. Also, the report focuses on the overall demand and residential heat pump market share in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices and residential heat pump market trends are studied comprehensively.

Key Findings of the Study
• On the basis of type, the air source segment dominated the global residential heat pump market in 2021 and is projected to be the fastest-growing segment during the forecast period.
• On the basis of power source, the electric powered segment dominated the global residential heat pump market in 2021 and is also projected to be the fastest-growing segment during the forecast period.
• On the basis of region, Asia-Pacific market is projected to grow fast during the forecast period.

IMPACT OF COVID-19 ON THE GLOBAL RESIDENTIAL HEAT PUMP MARKET
• Residential heat pumps are commonly used to warm the interior of homes. However, due to the lockdown and severe controls implemented as a result of the COVID-19 pandemic, heat pump production plants have suffered a significant reduction in 2020, owing to a reduced workforce and a disturbed supply chain.
• COVID-19 hampered different industrial activities and disrupted the supply chain, affecting practically all industries. Due to a lack of workers, most businesses have shut down. As a result of COVID-19's influence, the global residential heat pump market forecast has seen a significant drop.
• According to the United Nations Industrial Development Organization (UNIDO), 30.0%-70.0% of pre-COVID-19 workforce of various industries, such as electrical and other third-party vendors, migrated to their hometowns due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in the residential heat pump market growth during the forecast period.

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