The global heat pump market is projected to reach USD 83.5 billion by 2026 from an estimated market size of USD 53.2 billion in 2021, at a CAGR of 9.5% during the forecast period The factors driving the growth for heat pump market are the supportive government laws and subsidies to enhance energy efficiency.
The Asia Pacific region is estimated to be the largest market for the heat pump market, followed by North America. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.
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The heat pump market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global heat pump market include SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan) and Mitsubishi Electric Corporation (Japan).
Midea Group manufactures and sells residential and commercial electrical appliances. The group deals in consumer appliances, HVAC systems, robotics, automation systems, and smart logistic services. In addition, it offers air conditioners, fans, bakery machinery, rice cookers, microwaves, ovens, induction cookers, micro-electric air pots, kettles, vacuum cleaners, humidifiers, heaters, washing machines, water appliances, and dehumidifiers. Midea Group operates through 3 business segments, namely, HVAC, Consumer Appliances, and Robotics and Automation System. Midea Group offers heat pumps through the HVAC segment. The segment also provides air conditioners for residential and commercial applications, as well as variable refrigerant flow (VRF) systems and chiller systems. Its heat pumps are widely used in commercial applications. Midea Group has a strong presence in China and operates globally through its 200 subsidiaries, 28 R&D centers, and 34 major manufacturing bases. The company is focusing on increasing its customer base and market share by adopting organic and inorganic growth strategies such as expansions and acquisitions. Its HVAC segment witnessed growth in sales in 2020 in key international markets such as North America, China, and Europe. In 2017, Midea Group signed an agreement with Electrolux to establish a long-term strategic joint venture in China to promote and distribute the premium German brand AEG appliances. Furthermore, in 2017, it signed a strategic partnership agreement with Servotronix Motion Control Ltd., a leading Israel-based company with a broad scope of international business in developing and selling advanced motion control and automation systems. Under this partnership, the two companies will develop new products and explore growth opportunities in the market.
Samsung is one of the leading manufacturers of electronic components, mobile phones, smartphones, tablets, televisions, and memory chips. The company operates through various segments, namely, Consumer Electronics (CE), IT & Mobiles Communications (IM), Device Solutions (DS), and Harman. The company offers heat pumps through the CE segment, which accounted for about an 18.5% share of the company’s total revenue in 2020. This segment also provides TVs, monitors, washing machines, and refrigerators. It has research and development facilities in North America, Europe, and Asia Pacific and manufacturing centers located across the globe. Samsung has emerged as a major player in the manufacturing of consumer electronics. It offers a wide range of products with various refrigerants in the air-to-air segment of the heat pump market. High R&D investments have helped it to bring new products and technologies to the market and strengthen its market position. For instance, in November 2020, Samsung launched the DVM S series heat pump with R410A refrigerant. The heat pump offers three different operating capacities—DVM Plus III, DVM Plus III HR (Heat Recovery), and DVM Plus II.
Heat Pump Market by Type (Air-to-Air, Air-to-Water, Water Source, Geothermal, Hybrid) Refrigerant (R410A, R407C, R744) Rated Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, >30 kW) End User (Residential, Commercial, Industrial) Region - Global Forecast to 2026
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