TMCnet News
Global Heat Pump Market Outlook and Forecast 2020-2025 - Growth In Green Buildings, Preference For IoT Enabled Heat Pumps, Growing Popularity of Dual Source Heat PumpsDUBLIN, Sept. 29, 2020 /PRNewswire/ -- The "Heat Pump Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering. The global heat pump market by revenue is expected to grow at a CAGR of over 8% during the period 2019-2025. The 10-20 kW segment by revenue is expected to pose an absolute growth of 62% during the forecast period. In terms of shipment, Europe and North America are likely to grow at promising CAGRs during the forecast period. China, the US, and GCC countries are likely to emerge major countries on account of increased commercial construction activities. The increased preference for high-capacity heat pumps for space cooling in hot and humid regions of the Middle East & Africa is expected to generate high revenue during the forecast period for the segment. The residential end-user segment dominated the market in 2019 and is expected to remain significant during the forecast period. The rise in disposable income, the increased awareness of geothermal energies, the use of HVAC systems utilizing renewable resources, awareness of sustainability, and eco-friendliness are expected to drive the market in the residential sector. With established markets in Europe, North America, and a few major countries in the APAC region, the residential segment constitutes more than 65% for the less than 10 kW heat pump market. INSIGHTS BY GEOGRAPHY APAC was estimated to be the largest market for heat pumps in 2019 with China being the largest market contributing over 21% to the global revenue share. Japan closely follows China, which is expected to pose an absolute growth of 67% in terms of unit shipments. The growth is expected from India, Indonesia, Malaysia, and Thailand, where low product awareness and high cost of installation are major challenges for adoption. With the objective of reducing CO2 emissions by 26% in 2030 and 80% by 2050, the market for heat pumps is well developed in Japan where lower GWP refrigerants are always preferred. While the temperature in the country ranges between -2 and 32 Celsius, vendors can design heat pumps that can accordingly perform well in specific climatic conditions. Further lifestyle, demography, and weather conditions are also favoring the growth of the heat pumps market in the country. The successful implementation of air-to-water heat pumps in large commercial spaces such as Australia has encouraged the adoption of high-capacity devices that are above 10 kW. Heat pumps have also replaced most conventional boilers in the country, thereby contributing to the overall revenue of the market. INSIGHTS BY VENDORS The global heat pump market is fragmented as it is characterized by the presence of a significant number of global and domestic heat pump manufacturers across geographies. Global players such as Carrier, Rheem Manufacturing, Midea, Daikin, and Trane are expanding their markets through profitable partnerships and merger strategies. Domestic vendors are capitalizing on the product portfolio that best suits domestic needs. However, being a technology-oriented product, the scope of differentiation lies with sophistication and deployment of advanced features such as energy efficiency, COP, eco-friendly refrigerant, installation costs, and services that help vendors to stay competitive in the market. KEY QUESTIONS ANSWERED 1. What is the heat pump market size and growth rate during the forecast period? 2. What are the factors impacting the growth of the heat pump market shares? 3. What are the drivers, trends, and restraints in the heat pump market? 4. Who are the leading vendors in the heat pump market, and what are their market shares? 5. What is the impact of the COVID-19 pandemic on the heat pump market shares? MARKET DYNAMICS Overview
Market Opportunities & Trends
Market Growth Enablers
Market Restraints
Competitive Landscape Prominent Vendors
Other Prominent Vendors
For more information about this report visit https://www.researchandmarkets.com/r/3j3ak0 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets SOURCE Research and Markets |