Residential Heat Pump Market Trends, Active Key Players, and Growth Projection Up to 2030

A residential heat pump is a heating and cooling system that uses electricity to transfer heat between the indoors and outdoors. Unlike traditional heating systems, which generate heat by burning fossil fuels, heat pumps extract heat from the air or ground outside and transfer it indoors to warm up a home. In the summer, the process is reversed, and heat is extracted from indoors and transferred outside to cool the home.

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There are two main types of residential heat pumps: air-source heat pumps and ground-source (or geothermal) heat pumps. Air-source heat pumps extract heat from the outside air, while ground-source heat pumps extract heat from the ground through a series of underground pipes. The global residential heat pump industry is segmented on the basis of type and power source. By type, the market is classified as air source, water source, and geothermal. By power source, the market is classified into electric-powered and gas-powered. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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.

The report focuses on the global residential heat pump market analysis and the major products & applications, where residential heat pumps are used, and the 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.

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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 the 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 a decline in the residential heat pump market growth during the forecast period.

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, the Asia-Pacific market is projected to grow fast during the forecast period.

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