Heat Pump Market Size, Share and Global Trend By Type (Air Source Heat Pump, Water Source Heat Pump, Ground Source Heat Pump), By Application (Residential, Commercial, Industrial) and Regional Forecast, 2024-2032

The world has seen massive growth in population since the couple of decades that contribute to rising residential and commercial spaces across the globe. There is an intense need for heating and cooling for domestic and commercial purpose. The heat pump is playing a quintessential role in providing heating and cooling demand by using eco-friendly energy resources.

A heat pump is essential for heating, cooling, and producing hot water for residential, commercial, and industrial application. It is a year-round climate control solution for your residential or commercial space by supplying heat to it in winter and cooling it in the summer. The heat pump is one of the versatile device used to reduce overall energy cost that can use renewable energy from air, water, and ground.

A heat pump can be classified based on type and application. The type segment is further bifurcated into the air source heat pump, water source heat pump, and ground source heat pump. Air source heat pumps are most commonly used to extract heat from the air and then transfer heat to either the inside or outside of home depending on the season — water source heat pump used in the house with the hydronic heat distribution system. During the heating season, it takes heat from the outside air and then transfers it to the water in the hydronic distribution system.

The ever grossing demand heating and cooling due to population explosion are expected to raise the demand of heat pump market. Heat pump not only provides heating and cooling solution but also offer economic benefits by reducing overall energy cost that drives the heat pump market. A heat pump requires high initial investment as compared to portable heaters, and it requires regular maintenance, which expected to obstruct the growth of the heat pump.

Key Players Covered

The top companies for heat pump market are Daikin, Vattenfall, Danfoss, Mitsubishi Electric, United Technologies Corporation, Ingersoll-Rand plc, Goodman Manufacturing Company, Viessmann Manufacturing Company, Panasonic, and Robert Bosch LLC.

SEGMENTATION

Regional Analysis

The global heat pump market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America continues to see substantial growth for heat pump due to growing new single and multi-families housing units where the requirement of heating and air-conditioning requirement is high. The recent decade has seen a massive migration from neighboring countries, which also plays a vital role in the growth of the heat pump in North America. Europe is reluctant to achieve its decarbonization target by 2050, and it is essential to worldwide carbon emission to zero in the middle of the 21^st century. Heat pumps significantly crucial to meet the massive demand for heating and cooling from residential and commercial sectors. The government is keen to implement eco-friendly policies as heat pumps can be coupled with biomass and renewable that drives the heat pump market in Europe. When talking about heat pump technologies in the Asia Pacific that constitutes nearly half of the total world population, refrigeration and air-conditioning for food preservation and space cooling. This factor seems to play a dominating role in the growth of the heat pump market in the Asia Pacific. The oil dominating countries presence in MEA and demand for heating and air conditioning is expected to increase the growth of the heat pump in MEA.

Key Industry Developments

• In May 2019, Vattenfall has been selected as a preferred partner to deliver district heating infrastructure for the Argent Related and Barnet Council’s 180-acre development project. The district heating network delivered by Vattenfall’s new business venture UK Energy Solutions will serve 6700 new homes which include UK’s largest installation of the heat pump.
• In February 2019, A strategic partnership between Systemair and Panasonic aimed to provide a sustainable solution for commercial and residential premises. Panasonic will introduce high efficiency and eco-friendly heat pump chillers incorporating Systemair’s innovative reversible cooling technology.
• In April 2018, A MoU has been signed between Stiebel Eltron Group and Danfoss to acquire Thermia which is a leading player in the heat pump market in the Nordics.