Global Heat Pumps Market Size was valued nearly USD 47.97 billion by 2017 and is estimated to reach up to USD xx.xx billion by 2025. According to latest study conducted by our analysts and industry experts, the global market is expected to grow at a CAGR of 10.97% during the forecast period, i.e. 2017-2025. Europe dominated the global heat pumps market in the year 2017 and is projected to remain dominating incoming years.

Global Market Growth Opportunities (Revenue, Growth) By 2017-2025

Heat pump is an equipment that transfer heat energy obtained from sources of heat to device called heat sink. Heat pump directs thermal energy in the contradictory direction of impulsive heat transfer, by riveting heat present in a cold space and discharging it to a warmer space. Heat pump utilizes a small quantity of external power to achieve the work of shifting energy from the heat source towards heat sink. Freezers and air conditioners are similar examples of heat pumps, the name "heat pump" is more general and can be applied to many HVAC equipment used for space cooling or space heating. When a heat pumps are being used for heating, it utilizes the same basic refrigeration process cycle that is used by a refrigerator or an air conditioner, but in the only difference is it is used in opposite direction. Heat pumps releases heat into conditioned space instead of surrounding environment.

Market Dynamics

Rapid growth of the construction industry coupled with rising implementation of strict new building regulations by governing bodies globally, especially in Japan, China, South Korea, U.S., and Europe are projected to be the key growth factors driving demand for heat pumps for residential uses. In countries such as Japan, U.S., Australia and countries of Europe, governments have taken initiations of providing subsidies on purchases of heat pumps to reduce their carbon presence and increase use of renewable energy sources for cooling and heating purposes.

Ammonia based and CO2 based refrigerant heat pumps have grabbed high attention in recent years. Also, emerging energy efficient heat pumps is one of the key trends since decades. Though, less awareness about the product among consumers and high installation cost of heat pumps key factors hampering the growth of the global heat pumps market.

Market Segmentation Insights

The heat pumps market has been categorized into product type, refrigerant used, end-user and geography. On the basis of product type the heat pumps market is categorized into air-air heat pump, hybrid heat pump, ground source heat pump, air-water heat pump. Heat Pumps market on the basis of refrigerants used is segmented into ammonia, hydrocarbon, hydro fluoro-carbon, and CO2 among others. End-user divided into residential, commercial and industrial.  The CO2 refrigerant heat pump segment is expected to propel at a highest CAGR over the forecast period 2018-2025. This segment is anticipated to drive the market swiftly during the forecast period due to high effectiveness of CO2 refrigerants in residential end-users and high adoption rates in Europe and Japan owing to its eco-friendly properties.

Regional Analysis

The global heat pumps market is divided into regions that are North America - U.S, Canada, Other; Asia-Pacific -India, Japan, China, Australia, Other; Europe - UK, Russia, France, Brazil, Other; Middle East and Africa. Every region analysis details in sense of growth, revenue, volume, challenges, and opportunities with the regional and global key players. Europe dominated the global heat pumps market in the year 2017 and is projected to remain dominating. As per EHPA, growing heat pumps usage will decrease the overall energy imports in the region. Europe’s annual expenditure on energy imports is over US$ 450 billion. Growing adoption of renewable energy sources is anticipated to drive the regional demand. Increasing product usage in Sweden, Germany, Italy, Finland France, and Norway has recorded over 80% of the renewable energy production in the year 2017.

Global Heat Pumps Market Size, Share Analysis By Region 2017

 APAC heat pumps market is expected to witness highest market growth over the forecast period 2018-2025. Rising construction along with favorable regulatory policies on energy effectiveness particularly in India, Japan, and China will drive the regional demand. Growing demand from the residential end-user segment due to growing infrastructure development has improved the product development in this APAC. Middle East and Africa market was valued significant growth in 2017 will expand at the highest CAGR during the forecast years.

Global Heat Pumps Market Study Objective

1. To forecast the market size of heat pumps market, along with describing and defining the market, in terms of volume and revenue as well as market opportunities for stakeholders, in order to provide a competitive landscape for global market players.

2. Market analysis and forecast of heat pumps market on the basis of region, substrate and application or end-use industry. To profile major market players, and to analyze their market shares and essential competencies comprehensively.

3. To analyze and elaborate significant factors that will have major impact on the growth of heat pumps market, such as drivers, restraints, challenges and opportunities.

4. Regional analysis of heat pumps market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa and Asia Pacific.

5. Strategic analysis of micromarkets, in terms of individual prospects, opportunities, growth trends and their involvement in overall market.

6. To provide detailed analysis of competitive and strategic developments in the heat pumps market like new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.

Key Players Landscape

The key players in heat pumps market are Danfoss Group Global, Glen Dimplex Group, The Bosch Group, Mitsubishi Electric Corporation, Daikin Industries Limited, Viessmann Group, United Technologies Corporation, Stiebel Eltron Group, and Panasonic Corporation among other key market players.

Global Heat Pumps Market Study Report Offer You!

The global market study report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast. The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.