Heat Pump Market Research Report: Information by Type (Air to Air, Air to Water), Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, Above 30 kW), End-User (Industrial, Commercial, Residential), and Region – Forecast till 2023
Global Heat Pump Market Highlights:
Heat pumps are designed to transfer heat from one place to another, with the help of electricity. Refrigerators and air conditioners are the two examples with heat pump technology. Advantages of heat pump include, less use of electricity, most efficient alternative to fuel, oil, and electric systems regarding heating and cooling. Heat pumps also have financial benefits due to its high efficiency, leading to contributing towards the reduction of CO2 emissions.
Heat pump is a device which is used to transfer heat by circulating a substance called a refrigerant through a cycle of condensation. 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. Heat pumps are used in residential and commercial sectors for heating and cooling the space. It is also used in industrial sector for larger loads like data centers due to its high efficiency. With the rising energy cost, the demand for heat pump would increase during the forecast period.
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The key players of the global heat pump market Midea (China), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Daikin (Japan), Danfoss (Denmark), and Hitachi (Japan).
Heat Pump Market Segmentation:
Global heat pump market has been segmented based on type, capacity, end-user, and region.
Based on type, the market is classified into air to air, and air to water heat pumps. Air to air segment is leading the market and has the largest market share because it is cheaper comparatively and it has higher CoPs (Coefficient of Performance) compared to air to water heat pumps.
Based on capacity, the industry is segmented as Up to 10 kW, 10-20 kW, 20-30 kW, Above 30 kW.
The global heat pump market is further segmented based on end-user, including industrial., commercial, and residential. Residential sector is one of the leading end-users for heat pumps due to increase in urbanization which has led to the demand for smart buildings. Governments are relying on smart buildings to reduce CO2 emission along with lesser electricity consumption. Thus, the builders of these smart buildings are trying to install energy efficient devices such as heat pumps.
Region wise, Asia Pacific held the largest market share of the global heat pump market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to increasing population and rapid industrialization leading to increasing demand for energy efficient equipment. Imposition of stringent construction regulations particularly in countries such as China, Japan and South Korea is driving the industrial demand. Moreover, government promotions for heat pumps uses over conventional warming equipment has also encouraged the demand for heat pumps.
Table Of Contents
1. Executive Summary
2. Market Introduction
2.1. Market Definition
2.2. Scope Of The Study
2.3. Market Structure
3. Research Methodology
3.1. Primary Research
3.2. Secondary Research
3.3. Market Size Estimation
3.4. Forecast Model
3.5. List Of Assumptions
4. Market Dynamics
4.1.1. Government Regulations For Increasing Energy Efficiency
4.1.2. Rapid Industrialization And Increasing Population Would Encourage Energy Efficient Equipment
4.2.1. Lack Of Awareness Regarding Benefits Of Heat Pumps In Developing Countries
4.3.1. Increasing Investments In Commercial And Residential Sector
4.4. Porter’s Five Forces Analysis
4.4.1. Threat Of New Entrants
4.4.2. Bargaining Power Of Buyers
4.4.3. Bargaining Power Of Suppliers
4.4.4. Threat Of Substitutes
4.4.5. Intensity Of Rivalry
4.5. Value Chain/Supply Chain Analysis
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