- Increase in adoption of heat pumps in the residential sector and benefits related to reduction of CO2 emissions drive the growth of the global heat pump market
PORTLAND, Ore., Aug. 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Heat Pump Market by Type (Air-to-Air, Water Source, and Geothermal) and Application (Residential, Industrial, and Commercial): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global heat pump industry generated $55.2 billion in 2018, and is estimated to reach $99.6 billion by 2026, witnessing a CAGR of 7.7% from 2019 to 2026.
Drivers, restraints, and opportunities
Increase in adoption of heat pumps in the residential sector and benefits related to reduction of CO2 emissions drive the growth of the global heat pump market. However, high cost of investments hinders the market growth. On the other hand, surge in prominence of geothermal heat pump technology and favorable regulatory policies offer new opportunities in the coming years.
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.
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The air-to-air segment to maintain its leadership status during the forecast period
Based on type, the air-to-air segment contributed to nearly three-fourths of the total share of the global heat pump market in 2018, and is estimated to maintain its leadership status during the forecast period. This is attributed to its widespread acceptance and low installation cost in comparison to other heating technologies. However, the water source segment would witness the largest CAGR of 8.1% from 2019 to 2026, owing to rise in efforts to attain decarbonization in the heating system.
The residential segment to maintain its dominance by 2026
Based on application, the residential segment accounted for the highest market share of the global heat pump market, accounting for nearly three-fourths of the total share in 2018, and is expected to maintain its dominance by 2026. This is attributed to climatic changes promoting adoption of heat pumps to offer heating solutions during cooler seasons and cooling solutions during hot days. However, the commercial segment would register the highest CAGR of 8.3% from 2019 to 2026, owing to versatility, long-term reliability, and low maintenance of heat pumps.
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Asia-Pacific to dominate by 2027, North America to grow steadily
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2018, accounting for more than two-fifths of the global heat pump market, and is expected to maintain its lead position during the forecast period. Moreover, this region is expected to maintain the highest CAGR of 8.1% from 2019 to 2026. This is due to high adoption of the system in China with population relying on cost- and energy-effective energy products. However, North America is expected to register a CAGR of 7.4% during the forecast period.
Leading market players
- Daikin Industries Ltd.
- Ingersoll Rand Plc
- Glen Dimplex Group
- Mitsubishi Electric Corporation
- Melrose Industries PLC
- StiebelEltron
- NIBE Industrier AB
- ViessmannWerke GmbH & Co. KG
- Vaillant Group
- Panasonic Corporation
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