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HOME Top Market Reports Heat Pump Market by Type (Air-to-Air and Air-to-Water), Rated Capacity (Up to 10 kW, 10–20 kW, 20–30 kW, and Above 30 kW), End-User (Residential, Commercial, and Industrial), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2023

Heat Pump Market by Type (Air-to-Air and Air-to-Water), Rated Capacity (Up to 10 kW, 10–20 kW, 20–30 kW, and Above 30 kW), End-User (Residential, Commercial, and Industrial), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: July 2018
Report Code: EP 6413

 

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[133 Pages Report] The global heat pump market reached a size of USD 48.18 billion in 2017. It is projected to reach USD 94.42 billion by 2023, growing at a CAGR of 11.68%, during the forecast period.   Heat pumps transfer heat from one point to another in the vital parts of cooling and heating processes, which use the air available outside and inside a particular space to perform these functions. The heat pumps extract the outside heat when it is warm outside and act like an air conditioner, thereby removing the heat from buildings, and vice versa. Reduction of primary energy demand and CO2-emissions devices is the major driver of the heat pump market. Increasing investments in construction and residential sectors would provide new growth markets for the suppliers of heat pumps. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023..

Market Dynamics

Drivers

  • Significant contribution of heat pumping technology in the reduction of CO2-emissions
  • Governmental regulations for increasing energy efficiency and favorable incentives  

Restraints

  • High installation cost of energy-efficient heat pumps
  • Lack of awareness regarding benefits of heat pumps in developing and underdeveloped countries

Opportunities

  • Integration of IoT with heat pumps
  • Increasing investments in commercial and residential sectors
  • Positive outlook toward the use of geothermal energy

Challenges

  • Complexities in heat pump retrofits

significant contribution of heat pumping technology in reduction of CO2 - emissions drives the global heat pump market

Energy is necessary in our daily lives as it fuels businesses, powers homes, hospitals, and schools. However, energy production leads to the emission of greenhouse gases. Carbon dioxide (CO2), which is one of the greenhouse gases, is released in a substantial amount through the burning of fossil fuels, such as coal, oil, and natural gas. Many countries aim to reduce their primary energy demand due to the increasing CO2–emissions and implement policies to restrict the greenhouse gases in the environment. Heat pumps offer an energy-efficient way to provide space heating through the aerothermal and geothermal technologies. Exhaust air, groundwater, and surface water (lake, river or pond) are other examples of commonly used heat sources. Many countries are concerned regarding the increase of energy–related CO2-emissions as a result of using fossil fuels for energy generation. Carbon emissions associated with energy consumption and generation can be reduced greatly when heat pump systems are used instead of fossil-fueled systems. This is driving an increase in the number of factories, manufacturing units, and residential complexes with energy-efficient heat pump installations.

Heat Pump Market

To know about the assumptions considered for the study, download the pdf brochure

The following are the major objectives of the study.

  • To define, describe, and forecast the global heat pump market on the basis of rated capacity, type, end-user, and region
  • To provide detailed information about major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze the global heat pump market with respect to individual growth trends, future expansions, and contribution to the market
  • To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
  • To forecast the expansion of the heat pump market with respect to the main regions (North America, Europe, Asia Pacific, and Rest of the World)
  • To analyze competitive developments, such as contract & agreements, mergers & acquisitions, new product developments, and Research and Development (R&D) in the global heat pump market

During this research study, major players operating in the heat pump market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.

Heat Pump Market

Key players considered in the analysis of the heat pump market are Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).

Major Market Developments

  • In December 2017, The Glen Dimplex Group acquired Real Flame, a gas fireplace company based in Melbourne, Australia. Combined with the existing brands of Dimplex, Nobo, Masport, Osburn, and Escea, Glen Dimplex Australia now holds an unrivalled position in the Australian heating and fireplace market.
  • In February 2016, Midea Group and Midea Carrier signed an agreement to provide climate control solutions to 12 new sports arenas and auxiliary facilities in Barra and Deodoro Olympic Parks in Brazil.
  • In July 2016, Daikin established a new AC production base in Vietnam. Daikin would invest approximately 10 billion yen in the Thang Long Industrial Park II located in the suburbs of the capital of Hanoi in the Socialist Republic of Vietnam.

Target Audience:

  • Government and research organizations
  • Institutional investors
  • National and local government organizations
  • Private E&P companies
  • Heat pump equipment & component manufacturers
  • Heat pump manufacturing companies
  • Maintenance and service providers
  • Government and research organizations
  • Institutional investors
  • Technology standard organizations, forums, alliances, and associations

Report Scope:

By Rated Capacity:

  • Up to 10 kW
  • 10–20 kW
  • 20–30 kW
  • Above 30 kW

By Type:

  • Air-to-Air
  • Air-to-Water

By End-User:

  • Residential
  • Commercial
  • Hospitality
  • Retail
  • Education
  • Other Commercial
  • Industrial
  • Food & Beverage
  • Paper & Pulp
  • Chemicals & Petrochemicals
  • Other Industrial Sector

By Region:

  • Asia Pacific
  • North America
  • Europe
  • Rest of the World (RoW)

Critical questions which the report answers

  • What are new application areas which the heat pump companies are exploring?
  • Which are the key players in the market and how intense is the competition?

Available Customizations:

Based on the given market data, MarketsandMarkets offers customizations in the reports as per the client’s specific requirements. The available customization options are as follows: Geographic Analysis

  • Further country-wise breakdown of the market

Company Information

  • Detailed analysis and profiling of additional market players (Up to 5)

Table of Contents

1 Introduction (Page No. - 12)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Regional Scope
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Opportunities in the Heat Pump Market
    4.2 Market, By Rated Capacity
    4.3 Market, By Type
    4.4 Europe Market, By End-User & Country
    4.5 Market Growth, By Country

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Significant Contribution of Heat Pumping Technology in Reduction of Co2–Emissions
                    5.2.1.2 Government Regulations for Increasing Energy Efficiency and Favorable Incentives
           5.2.2 Restraints
                    5.2.2.1 High Installation Cost of Energy-Efficient Heat Pumps
                    5.2.2.2 Lack of Awareness Regarding Benefits of Heat Pumps in Developing and Underdeveloped Countries
           5.2.3 Opportunities
                    5.2.3.1 Integration of IoT With Heat Pumps
                    5.2.3.2 Increasing Investments in Commercial and Residential Sectors
                    5.2.3.3 Positive Outlook Toward the Use of Geothermal Energy
           5.2.4 Challenges
                    5.2.4.1 Complexities in Heat Pump Retrofits

6 Heat Pump Market, By Type (Page No. - 40)
    6.1 Introduction
    6.2 Air to Air
    6.3 Air to Water

7 Heat Pump Market, By Rated Capacity (Page No. - 44)
    7.1 Introduction
    7.2 Up to 10 kW
    7.3 10–20 kW
    7.4 20–30 kW
    7.5 Above 30 kW

8 Heat Pump Market, By End User (Page No. - 49)
    8.1 Introduction
    8.2 Residential
    8.3 Commercial
    8.4 Industrial

9 Heat Pump Market, By Region (Page No. - 54)
    9.1 Introduction
    9.2 Asia Pacific
           9.2.1 China
           9.2.2 India
           9.2.3 Japan
           9.2.4 South Korea
           9.2.5 Australia
           9.2.6 Rest of Asia Pacific
    9.3 Europe
           9.3.1 Italy
           9.3.2 Spain
           9.3.3 France
           9.3.4 Portugal
           9.3.5 Sweden
           9.3.6 Netherlands
           9.3.7 Finland
           9.3.8 Germany
           9.3.9 Rest of Europe
    9.4 North America
           9.4.1 U.S.
           9.4.2 Canada
           9.4.3 Mexico
    9.5 Rest of the World
           9.5.1 Middle East
           9.5.2 South America
           9.5.3 Africa

10 Competitive Landscape (Page No. - 83)
     10.1 Overview
     10.2 Ranking of Players and Market Structure
     10.3 Competitive Scenario
             10.3.1 Merger and Acquisition
             10.3.2 Contracts & Agreement
             10.3.3 New Product Launch
             10.3.4 Investments and Expansions
             10.3.5 Others

11 Company Profiles (Page No. - 89)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     11.1 Competitive Benchmarking
     11.2 Midea Group
     11.3 United Technologies
     11.4 Daikin
     11.5 Nibe
     11.6 Ingersoll-Rand
     11.7 Glen Dimplex
     11.8 Stiebel Eltron
     11.9 Viessmann
     11.10 Panasonic
     11.11 Mitsubishi
     11.12 Vaillant
     11.13 Danfoss

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 124)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Additional List of Key Players
             12.3.1 Hitachi
             12.3.2 Nortek
             12.3.3 Gree
             12.3.4 Coleman
             12.3.5 Emerson
             12.3.6 LG
             12.3.7 Fujitsu General
             12.3.8 Lennox
             12.3.9 Electrolux
             12.3.10 Bosch
             12.3.11 Haier
             12.3.12 York
             12.3.13 Toshiba
     12.4 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.5 Introducing RT: Real-Time Market Intelligence
     12.6 Available Customizations
     12.7 Related Reports
     12.8 Author Details


List of Tables (68 Tables)

Table 1 Heat Pump Market Snapshot
Table 2 Latest Global Policy/Incentives
Table 3 Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 4 Air to Air: Market, By Region, 2016–2023 (USD Million)
Table 5 Air to Water: Market, By Region, 2016–2023 (USD Million)
Table 6 Heat Pump Market Size, By Rated Capacity, 2016–2023 (USD Million)
Table 7 Up to 10 kW: Market, By Region, 2016–2023 (USD Million)
Table 8 10–20 kW: Market, By Region, 2016–2023 (USD Million)
Table 9 20–30 kW: Market, By Region, 2016–2023 (USD Million)
Table 10 Above 30 kW: Market, By Region, 2016–2023 (USD Million)
Table 11 Heat Pump Market Size, By End-User, 2016–2023 (USD Million)
Table 12 Residential: Market, By Region, 2016–2023 (USD Million)
Table 13 Commercial: Market, By Region, 2016–2023 (USD Million)
Table 14 Commercial: Market, By Sub-Sector, 2016–2023 (USD Million)
Table 15 Industrial: Heat Pump Market Size, By Region, 2016–2023 (USD Million)
Table 16 Industrial: Market, By Sub-Sector, 2016–2023 (USD Million)
Table 17 Market Size, By Region, 2016–2023 (USD Million)
Table 18 Asia Pacific: Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 19 Asia Pacific: Market Size, By End-User, 2016–2023 (USD Million)
Table 20 Asia Pacific: Market Size for Commercial, By Sub End-User, 2016–2023 (USD Million)
Table 21 Asia Pacific: Market Size for Industrial, By Sub End-User, 2016–2023 (USD Million)
Table 22 Asia Pacific: Heat Pump Market Size, By Rated Capacity, 2016–2023 (USD Million)
Table 23 Asia Pacific: Market Size, By Country, 2016–2023 (USD Million)
Table 24 China: Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 25 India: Market Size, By Type, 2016–2023 (USD Million)
Table 26 Japan: Market Size, By Type, 2016–2023 (USD Million)
Table 27 South Korea: Market Size, By Type, 2016–2023 (USD Million)
Table 28 Australia: Market Size, By Type, 2016–2023 (USD Million)
Table 29 Rest of Asia Pacific: Market Size, By Type, 2016–2023 (USD Million)
Table 30 Europe: Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 31 Europe: Market Size, By End-User, 2016–2023 (USD Million)
Table 32 Europe: Market Size for Commercial, By Sub End-User, 2016–2023 (USD Million)
Table 33 Europe: Market Size for Industrial, By Sub End-User, 2016–2023 (USD Million)
Table 34 Europe: Market Size, By Rated Capacity, 2016–2023 (USD Million)
Table 35 Europe: Market Size, By Country, 2016–2023 (USD Million)
Table 36 Italy: Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 37 Spain: Market Size, By Type, 2016–2023 (USD Million)
Table 38 France: Market Size, By Type, 2016–2023 (USD Million)
Table 39 Portugal: Market Size, By Type, 2016–2023 (USD Million)
Table 40 Sweden: Market Size, By Type, 2016–2023 (USD Million)
Table 41 Netherlands: Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 42 Finland: Market Size, By Type, 2016–2023 (USD Million)
Table 43 Germany: Market Size, By Type, 2016–2023 (USD Million)
Table 44 Rest of Europe: Market Size, By Type, 2016–2023 (USD Million)
Table 45 North America: Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 46 North America: Market Size, By End-User, 2016–2023 (USD Million)
Table 47 North America: Market Size for Commercial, By Sub End-User, 2016–2023 (USD Million)
Table 48 North America: Market Size for Industrial, By Sub End-User, 2016–2023 (USD Million)
Table 49 North America: Market Size, By Rated Capacity, 2016–2023 (USD Million)
Table 50 North America: Market Size, By Country, 2016–2023 (USD Million)
Table 51 US: Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 52 Canada: Market Size, By Type, 2016–2023 (USD Million)
Table 53 Mexico: Market Size, By Type, 2016–2023 (USD Million)
Table 54 Rest of the World: Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 55 Rest of the World: Market Size, By End-User, 2016–2023 (USD Million)
Table 56 Rest of the World: Market Size for Commercial, By Sub End-User, 2016–2023 (USD Million)
Table 57 Rest of the World: Market Size for Industrial, By Sub End-User, 2016–2023 (USD Million)
Table 58 Rest of the World: Market Size, By Rated Capacity, 2016–2023 (USD Million)
Table 59 Rest of the World: Market Size, By Region, 2016–2023 (USD Million)
Table 60 Middle East: Heat Pump Market Size, By Type, 2016–2023 (USD Million)
Table 61 South America: Market Size, By Type, 2016–2023 (USD Million)
Table 62 Africa: Market Size, By Type, 2016–2023 (USD Million)
Table 63 Nibe Was the Most Active Player in the Market Between 2014 and 2017
Table 64 Merger and Acquisition, 2015–2017
Table 65 Contract & Agreement, 2015–2017
Table 66 New Product Launch, 2014–2017
Table 67 Investments and Expansions, 2015–2017
Table 68 Others, 2015–2017


List of Figures (30 Figures)

Figure 1 Heat Pump Market: Research Design
Figure 2 Bottom-Up Approach
Figure 3 Data Triangulation
Figure 4 Assumptions
Figure 5 Heat Pump Market, By Rated Capacity, 2018–2023 (USD Billion)
Figure 6 The Residential Segment is Expected to Dominate the Market During the Forecast Period
Figure 7 Market, By Region, 2018–2023 (USD Billion)
Figure 8 Asia Pacific Held A Major Share of the Market in 2017
Figure 9 The Up to 10 kW Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 10 The Air to Air Segment is Expected to Dominate the Market, 2023
Figure 11 Italy Held the Largest Market Share in 2017
Figure 12 China is Expected to Be the Fastest-Growing Market for Heat Pump During the Forecast Period
Figure 13 Market Dynamics for the Market
Figure 14 Air to Air Segment is Expected to Dominate the Market, By Type, in 2017
Figure 15 Up to 10 kW Segment is Expected to Dominate the Market, By Rated Capacity, in 2017
Figure 16 Residential Segment is Expected to Dominate the Market in 2017
Figure 17 Regional CAGR Snapshot (2017): the Asia Pacific Region is Emerging as A New Hotspot for the Market
Figure 18 Asia Pacific: the Fastest Growing Market, 2018– 2023
Figure 19 Asia Pacific: Market Overview
Figure 20 Europe: Market Overview
Figure 21 Key Developments in the Market, 2014–2018
Figure 22 Players Held 60% Share of the Market in 2017
Figure 23 Midea: Company Snapshot
Figure 24 UTC: Company Snapshot
Figure 25 Daikin: Company Snapshot
Figure 26 Nibe: Company Snapshot
Figure 27 Ingersoll-Rand: Company Snapshot
Figure 28 Panasonic: Company Snapshot
Figure 29 Mitsubishi: Company Snapshot
Figure 30 Danfoss: Company Snapshot

      The heat pump market is projected to grow from an estimated USD 54.34 billion in 2018 to USD 94.42 billion by 2023, at a CAGR of 11.68%, from 2018 to 2023. Growing industrial demand accompanied by increasing investments in the residential and commercial sectors in developing and developed countries, mainly in Asia Pacific and Europe, are the key factors driving the heat pump market during the forecast period.

      A heat pump is an electrical device that uses electricity to transfer heat from one place to another. A heat pump has four main components—evaporator, condenser, compressor, and expansion device. The refrigerant is the working fluid that passes through all these components. Heat pumps only transfer the heat and do not generate it.

      The report segments the heat pump market, on the basis of end-user, into residential, commercial and industrial. The residential segment led the heat pump market in 2018. Heat pumps are widely used in various applications, including residential, commercial buildings, and industrial settings for heating and cooling. They are also used in the power generation sector by various end-users because of their efficient and low CO2 emissions as compared with Combined Heat and Power (CHP) systems.

      In this report, the heat pump market has been analyzed concerning four regions, namely, Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific is expected to dominate the heat pump market during the forecast period because of increased investments in residential and commercial and growing industrialization in the China and Indian region. The figure given below shows the projected market sizes of various regions with respective CAGRs for 2023.

      Heat Pump Market

      Governmental regulations for increasing energy efficiency and favourable incentives drive the growth of heat pumps market

      Heat pumps are generally less expensive to run than gas boilers because they use circulation and evaporation to keep the home at a comfortable temperature. Thus, they require less electricity, which leads to lower utility bills. Though they are typically costlier to install, the lifetime energy savings can be substantial. A heat pump can be a suitable replacement for both the furnace and air conditioner/central air unit.

      Renewable or energy efficient HVAC technologies generally are promoted through a mix of targets, regulatory policies, and public financing. Recent government support for the renewable heating and cooling technology has been provided through financial incentives in the form of grants, loans, rebates or tax incentives aimed at increasing deployment, and in some cases, incentivizing further technological development. Government policies in many countries have continued to focus on the promotion of renewable and energy efficient heating and cooling technologies in the commercial, residential, and industrial sectors. The development of targeted mechanisms has also helped to overcome technical barriers to the promotion of renewable heating and cooling these sectors.

      The heat pumps market has been categorized based on type into air to air, and air to water heat pumps. Air to air is the leading segment of heat pump market in 2017 and is expected to maintain its market dominance during the forecast period.

        Air To Air:

      Air to air heat pumps are a type of air source heat pumps that transfer heat from outside environments to inside of rooms and buildings, and vice versa. Air to air heat pumps provide the required heating of an enclosed space by extracting heat through an outdoor heat exchanger coil, circulating it through a closed system, and then transferring it through an indoor heat exchanger coil to the required space.

        Air To Water

      Air to water heat pumps operate on a principle that is similar to air to air heat pumps. The key difference is that the release or distribution of heat in the indoor space is carried out through water-based systems. The refrigerant in the air to water heat pumps extracts heat from outside environment and transfers it to water which is circulated around the refrigerant coil. The high-temperature water is then circulated through the indoor space through systems such as radiators, underfloor heating, or wall heating to provide the required heating. Air to water heat pumps can also be used for cooling purpose, by circulating the cold refrigerant through the indoor coils, providing the required cooling of indoor spaces.

      Critical questions the report answers:

      • Where will all these developments take the industry in the mid to long term?
      • What are the upcoming industry applications for Heat pumps?

      To speak to our analyst for a discussion on the above findings, click Speak to Analyst

      The awareness regarding energy & cost-efficiency and environment-related benefits of heat pumps is low; they are normally perceived to be expensive, which acts as a restraint for market penetration in developing as well as underdeveloped economies. There is also a lack of awareness regarding opportunities that heat pumps provide for energy conservation and CO2-emission.

      Despite various innovations, such as the development of low GWP alternative refrigerants in heat pumps, their adoption rate is not on par with the benefits they provide. In addition, there is a lack of awareness among the contractors regarding the International Organization for Standardization (ISO) standards for heat pumps. Thus, the lack of awareness of heat pump technology across the entire supply chain (technicians, consultants, engineers, contractors, and end users) is a barrier to heat pump adoption in developing and underdeveloped countries.

      Key players in the market include Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.

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