Heat Pump Market

Daikin (Japan) and NIBE (Sweden) are the Major Players in the Heat Pump Market

The global heat pump market is projected to reach a market size of USD 94.42 billion by 2023, growing at a CAGR of 11.68% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for heat pumps, followed by Europe. This trend is expected to continue until 2023. The growth of the heat pump market is driven by regulations for energy efficiency and investments in residential and commercial sectors

The heat pump market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the market include 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).

The major strategies adopted by leading market players include new product developments, mergers & acquisitions, investments & expansions, contracts & agreements, joint ventures, and partnerships & collaborations. Merger & acquisitions were the most commonly adopted strategy from January 2014 to May 2018. Investment & expansion was the second-most widely followed strategy during the same period. Two of the leading market players are highlighted in the section below.

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Daikin is a one of the global leaders in air-conditioning and fluorochemicals business. The company provides a full line of products, ranging from refrigerants to air conditioners. The company operates through 3 segments—air-conditioning, chemicals, and others. The air-conditioning segment offers HVAC products such as room air-conditioning systems, air purifiers, room-heating systems, packaged air-conditioning systems, absorption refrigerators, air filters, air-handling units, heat pumps, and water chillers. The company offers heat pump products and solutions for various applications such as residential, commercial, and industrial. For instance, hybrid heat pump systems are used in residential and commercial segments. In November 2016, Daikin established Daikin Air-conditioning New Zealand Limited in Auckland, New Zealand. The increasing demand for buildings is anticipated to drive growth in the air conditioning market in New Zealand.

NIBE Energy Systems, a subsidiary of NIBE group, manufactures domestic heating products. The company operates its business through 3 segments, namely, Climate Solution, Element, and Stoves. Heat pumps are provided under the climate solution segment. The company offers heat pumps for industrial processes and commercial products. The company has undertaken certain acquisitions to strengthen its position in the heat pump market. For instance, in January 2017, the acquisition of Enertech Group in Europe helped strengthen the company’s position in the European heat pump market. The company operates its business in Nordic countries, Europe (excluding Nordic countries), North America, and other markets. Most of the revenue for the company is generated from Europe and Nordic countries. The key markets for the company are Sweden, Poland, the UK, the US, Mexico, and China. The major subsidiaries of the company are Backer Grand Heater Co. Ltd., Fireplace Products US, Inc., Heatron, Inc., and WaterFurance International Hong Kong Ltd.

Related 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

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Report Code
EP 6413
RI Published ON
7/3/2018
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