Global heat pump market size was valued at $55.2 billion in 2018 and is projected to reach $99.6 billion by 2026, growing at a CAGR of 7.74% from 2019 to 2026. Heat pump is a mechanical-compression cycle refrigeration system that can be reversed to either heat or cool desired space. It has main four components, which include condenser, expansion valve, evaporator, and compressor. When heat is transferred through these four components it is known as refrigerant. Heat pumps are mainly used in heating, ventilation, and air conditioning (HVAC) applications, but are different from furnace and air conditioners.  

The global heat pump market is registering extensive growth across the globe as the heat pump is gaining popularity as a substitute to the traditional combustion-based heating methods. Heat pump offers space heating and cooling operationsat a relatively lower price and also emits relatively lower CO2 gas as compared to traditional methods. As a result, increase inefforts to reduce CO2 emission and decarbonization is mainly driving the growth of heat pump market.

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For geographies with moderate heating and cooling needs, heat pumps offer an energy-efficient alternative to furnaces and air-conditioners. This is possible because of less electricity consumption by heat pumps that have a proven track record of being cost-competitive. Therefore, growth in demand for refrigerant in household applications fuel the scope of utilization to a heat pump that ultimately contributes to the global market growth. The high cost of installation associated with heat pumps is anticipated to hamper the global market growth.

Asia-Pacific is the prominent consumer of the heat pump market where demand for heat pumps has seen a sudden rise in 2009 as Energy Conservation Law (ECL) was amended and residential & commercial sectors were added as targets in 2009.  

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Based on type, the air-to-air segment accounted for the largest heat pump market share of around 75% in 2018 and is anticipated to be the largest market during the forecast period. As compared to electric resistance heating, i.e., furnaces and baseboard heaters, air-to-air heat pumps save 50% energy and that is why they are known to be energy efficient.

Based on application, the residential application segment dominated the global market in 2018. Residential buildings and housing spaces represent the need for space heating and cooling due to climate changes. This provides a scope of utilization for heat pumps in the residential sector and make it a prominent application segment over others. 

The players analyzed and profiled in the global heat pump market include Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG, Panasonic Corporation, and others.

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COVID-19 Scenario

  • The outbreak has caused lockdown of the manufacturing factories and as a result, there is a disruption in the production cycle. Accordingly, the supply chain has also got affected.
  • With lockdown in effect, the demand from commercial sector will be reduced for sure. In addition, with governments and healthcare researchers outlining the fact that central air-conditioning aids in spreading the coronavirus, there would certainly be a steep decline in the production line.
  • However, there hasn’t been any threat projected for window air conditioners yet. But, disruption in the supply chain may pose a hindrance for the residents who want to install new systems.

Tags: Heat Pump

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United States
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