We leverage space-age industrial and digitalization tools to provide avant-garde actionable insights to our clients regarding the heat pump market growth. For enhancing readers’ experience, the report starts with a basic overview about the keyword and its classification. Further, we have considered 2014 as the base year, 2029 as the estimated year, 2019-2029 as the stipulated timeframe.
Competitive Assessment: The heat pump market report includes global as well as emerging players:
- Vaillant Group
- Emerson Electric Co.
- Mayekawa Mfg. Co. Ltd.
- Glen Dimplex Deutschland GmbH
Heat pumps are gaining popularity as a viable alternative to the heating equipment that have been used conventionally. The major drive comes from the progression of developing economies towards a future of low-carbon which is expected to be achieved with help of clean energy that is being employed for various applications like transportation, cooling and heating. Latest Fact.MR estimates 11 million units as the total volume of heat pumps that were installed in the year 2018, across the globe. Suppliers of heating equipment are focused to inculcate heat pump technology in different components. The increase in demand for heat pump is on the backdrop of rapid changes in climate. Heat pumps with dual sources are trending in market as they regulate temperature effectively in both types of weather i.e. cold and hot.
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Latest Fact.MR report states that the global market for heat pump was estimated to be worth ~US$ 47 Bn in the year 2019. The market is highly influenced by developments in electricity generation sources and quest for future applications of heat pump. East Asia dominates the global market and owns one-third of the global market shares owing to the favorable activities in construction sector and fast development of infrastructure. Stringent regulations have been formed worldwide to reduce emission of greenhouse gases. These regulations aid in generating new opportunities for heat pump.
Adoption of HAVC system increases demand
Significant surge in applications of HAVC systems owing to several factors like rapid climate change, fast urbanization and demographic shift positively influence the growth of global heat pump market. Users are preferring green and environment-friendly technologies. Government is also progressive in promoting energy efficiency. Both the factors give pace to the demand for heat pump. Heat pumps have emerged as mainstream technology in heating for domestic purposes. They are eyed as a prominent tool in creating low-carbon future. Latest technologies are being adopted by manufacturers to make developments in various devices like compressors, fan motors, refrigerants and coils.
Premium products have also been launched in heat pump market along with economically feasible ones. There premium types come with advanced features that are suitable for different critical applications in various industrial sectors. Manufacturers in global market are busy developing high-end products which lets them gain from latest opportunities. Though, such pumps witness limited production, their market value is real high. There are also low-end products in market which are laced with standard features. These pumps are produced in masses as they cater larger consumer segment in residential sector and industries of small-scale. The competitive landscape of global heat pump market is made intense by manufacturers if low-end heat pumps.
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Major players in global market are consistently expanding their product portfolio with help of collaborations and innovation in technology. Mayekawa Mfg. Co. Ltd. launched South polar as a new package in refrigeration. This products is the developed after collaboration with Square Technology Group. Manufacturers are introducing new products to suffice the growing consumer demand for products which are energy efficient.
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