Heat Pump Market Trends, Active Key Players, and Growth Projection by 2026 | AMR Study

Global heat pump market is projected to reach $99.6 billion by 2026, growing at a CAGR of 7.74% from 2019 to 2026. The global heat pump market is registering extensive growth across the globe as the heat pump is gaining popularity as a substitute to the traditional combustion-based heating methods. Heat pump offers space heating and cooling operations at a relatively lower price and also emits relatively lower CO2 gas as compared to traditional methods. As a result, increase in efforts to reduce CO2 emission and decarbonization is mainly driving the growth of heat pump market.

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For geographies with moderate heating and cooling needs, heat pumps offer an energy-efficient alternative to furnaces and air-conditioners. This is possible because of less electricity consumption by heat pumps that have a proven track record of being cost-competitive. Therefore, growth in demand for refrigerant in household applications fuel the scope of utilization to a heat pump that ultimately contributes to the global market growth. The high cost of installation associated with heat pumps is anticipated to hamper the global market growth.

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. This is attributed to its widespread acceptance and low installation cost in comparison to other heating technologies. However, the water source segment would witness the largest CAGR of 8.1% from 2019 to 2026, owing to rise in efforts to attain decarbonization in the heating system.

Based on application, the residential segment accounted for the highest market share of the global heat pump market, accounting for nearly three-fourths of the total share in 2018, and is expected to maintain its dominance by 2026. This is attributed to climatic changes promoting adoption of heat pumps to offer heating solutions during cooler seasons and cooling solutions during hot days. However, the commercial segment would register the highest CAGR of 8.3% from 2019 to 2026, owing to versatility, long-term reliability, and low maintenance of heat pumps.

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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., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG, Panasonic Corporation, and others.

Key Findings Of The Study:
• Based on type, the air-to-air segment emerged as the global leader by acquiring a 78% market share in 2018. Superior energy efficiency, its use as a legitimate space heating alternative in colder regions, and cost-competitive use are the factors that drive their use across the globe.
• Based on application, the residential segment acquired more than 75% market share in 2018 in response to increase in need for economical and energy-efficient space heating, cooling, and sanitary hot water.
• Asia-Pacific emerged as the global leader in the global heat pump market with around 40% market share in 2018. This is attributed to high adoption of a heat pump as an alternative to fuel-based heating methods, growth in residential spaces and resulting demand for heating products, and favorable government regulation.
• Stringent regulatory outlook to reduce CO2 emission as well as efforts to monitor these reduced emission activities is expected to offer promising growth opportunities to heat pump technology during the forecast period.
• Although heat pump are cost-competitive in nature, high installation costs associated with them significantly increase its cost and is expected to restrain the growth of this market.

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