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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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.

Government regulations for increasing energy efficiency and favorable incentives, increasing investments in the residential and commercial sector, and significant contribution of heat pumping technology in the reduction of CO2 emissions are some of the factors that are driving the market for heat pumps.

This report segments the heat pump market on the basis of rated capacity, type, end-user, and region. The years considered for the study are as follows:

  • Base year: 2017
  • Estimated year: 2018
  • Projected year: 2023
  • Forecast period: 2018–2023

The base year considered for company profiles is 2017. Whenever information was unavailable for the base year, the prior year has been considered.

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 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 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 market

Research Methodology

This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg Businessweek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the heat pump market. Primary sources are mainly industry experts from the core and related industries, suppliers, manufacturers, distributors, service providers, technology developers, standards and certification organizations of companies, and organizations related to all the segments of this industry’s value chain. The points given below explain the research methodology.

  • Study of the annual revenues and market developments of the major players that supply heat pumps
  • Assessment of future trends and growth of end-users
  • Assessment of the heat pump market with respect to the technology used for different applications
  • Study of contracts & developments related to the market by key players across different regions
  • Finalization of overall market sizes by triangulating the supply-side data, which includes product developments, supply chain, and annual revenues of companies supplying heat pump across the globe

After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure given below illustrates the breakdown of primaries conducted during the research study, based on the company type, designation, and region.

Heat Pump Market

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

Some of the leading global manufacturers of heat pump are Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).

Target Audience:

The report’s target audience includes:

  • 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

Scope of the Report:

  • By Type
    • Air-to-Air
    • Air-to-Water
  • By Rated Capacity
    • Up to 10 kW
    • 10–20 kW
    • 20–30 kW
    • Above 30 kW
  • 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)

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for the report:

Regional Analysis

  • Further breakdown of region/country-specific analysis

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.

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.

The global heat pump market, by rated capacity, has been segmented into up to 10 kW, 10–20 kW, 20–30 kW, and above 30 kW. The number of installations in the up to 10 kW segment is driven by higher efficiency reduced electricity cost and increasing investment in the commercial and residential sectors. Thus, the segment is also projected to grow at the fastest rate during the forecast period.

In this report, the heat pump market has been analyzed concerning 4 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

The major factor restraining the growth of the heat pump market is high installation cost of heat pumps. Lack of awareness regarding the benefits of heat pumps in developing and underdeveloped countries has also affected the demand for heat pumps in such regions.

Some of the leading players in the heat pump market are Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark). These players have adopted growth strategies such as new product launches, contracts & agreements, mergers & acquisitions, and expansions to capture a larger share of the heat pump market.

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