Heat Pump Market Sets New Record, Projected at USD 99.6 Billion By 2026 at 7.74% CAGR: AMR

A heat pump is a cost-effective modern heating method that replaces fuel-based conventional methods. As a result, an increase in awareness regarding modern heating methods and their benefits is not only a way to move toward a smart heating solution but also a sustainable way to reduce CO2 emissions. This shift from conventional to modern heating methods is shaping the growth trajectory of this market. The global heat pump market size was valued at $55.2 billion in 2018 and is projected to reach $99.6 billion by 2026, growing at a CAGR of 7.74% from 2019 to 2026.

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A heat pump is a mechanical compression cycle refrigeration system that can be reversed to either heat or cool the desired space. It has main components, which include a condenser, expansion valve, evaporator, and compressor. When heat is transferred through these four components it is known as refrigerant. Heat pumps are mainly used in heating, ventilation, and air conditioning (HVAC) applications, but are different from furnace and air conditioners.

The global heat pump market is registering extensive growth across the globe as the heat pump is gaining popularity as a substitute for 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, increased efforts to reduce CO2 emissions and decarbonization are mainly driving the growth of the 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 fuels 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.

Competitive Analysis:

The Heat Pump industry's key market players adopt various strategies such as product launches, product development, collaboration, partnerships, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Heat Pump Market include,

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

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Asia-Pacific is the prominent consumer of the heat pump market where demand for heat pumps has seen a sudden rise in 2009 as Energy Conservation Law (ECL) was amended and residential & commercial sectors were added as targets in 2009.

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 makes it a prominent application segment over others.

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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 an increase in the 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 the 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 emissions 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 is cost-competitive in nature, high installation costs associated with them significantly increase their cost and is expected to restrain the growth of this market.

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