Heat Pump Market Insights and Leading Players Updates till 2025

Felton, California , USA, Apr 14, 2021 — /EPR Network/ — The global heat pump market size is anticipated to attain USD 103.8 billion by the end of 2025 and is projected to grow at the CAGR of 8.5% during the forecast period 2019 to 2025. The increasing need for energy-efficient heating solutions in the commercial and residential sector is driving the market growth.

Furthermore, increasing consumption of fossils like natural gas, coal and oil has an adverse impact on the environment. In addition, rising awareness about climatic changes and greenhouse gases emission is projected to bolster the demand for heat pumps. Supportive government initiatives with greater emphasis on energy-efficiency are significantly contributing to market growth.

Additionally, the government focus on reducing carbon footprints which in turn, is projected to support the market growth. The government also provides incentives, subsidies for installing heat pumps.

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Key Questions Answered in this report :-

• What are the sales or revenue produced by Heat Pump products beyond all sectors during the forecast period?
• What are the key trends in the Heat Pump market?
• What are the leading drivers, limitations, and probabilities in the industry?
• Which segment will gain the highest revenue worldwide and which product segment will expand at the fastest CAGR during the forecast period?
• In which region the Heat Pump market to project lucrative CAGR during the forecast period?

Heat pumps market is heavily competitive in nature and highly dependent on technology developments. The end-use segment includes industrial, commercial, and residential. In the residential sector, heating systems are installed for water heating, space heating and other applications. Commercial & industrial buyers focus on operational& maintenance cost savings.

Further key findings from the report suggest:

• Air source segment is expected to hold the largest share in the market. It is projected to expand at a CAGR of over 8.6% over the forecast period.
• Depending on application, residential segment is projected to account for USD 85.6 billion by the end of 2025.
• Asia Pacific is estimated to expand at the fastest CAGR of over 9% during the forecast period.
• MEA and CSA markets are projected to grow at the CAGR of 9.0% and 8.1% respectively.

Impact of COVID-19

COVID-19 outbreak has caused disruption in supply chain of heat pump systems production. Manufacturers are facing challenges owing to lockdown restriction and interruption in manufacturing processing. During the pandemic, manufacturers are taking this downtime to enhance their installation capabilities and new product development.

The market is projected to foresee a significant growth over the next few years. Various factors such as increasing awareness regarding carbon emission footprints, and supportive government policies are boosting the market growth. In the U.K., over 28,000 heat pumps have been installed in 2019, this number expected to increase at a rate of 15-30% every year.

Global Heat Pump Market: Key Players

Daikin Industries, Ltd., United Technologies Corporation, NIBE Group, Ingersoll-Rand, The Viessmann Group, Robert Bosch GmbH, The Danfoss Group, StiebelEltron, Mitsubishi Electric Corporation and Vaillant Group.

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