Heat Pump Industry players, size, cagr, applications, types, analysis, trends, forecast to 2027


Posted November 5, 2020 by rohit890

A heat pump is a mechanical device that transmits thermal energy from a source to a thermal reservoir. Heat pumps transfer heat energy

 
Market Overview

A heat pump is a mechanical device that transmits thermal energy from a source to a thermal reservoir. Heat pumps transfer heat energy in the opposite direction of spontaneous heat transfer by absorbing heat from cold space and releasing it a warmer one. Refrigerator and air conditioner are the most commonly known heat pumps. Refrigerator and air conditioner work only on cooling cycle, whereas heat pumps can operate on fully reversible cooling cycle. Increasing demand for eco-friendly and technologically advanced devices in heating and cooling applications is expected to boost the demand for heat pumps. Growing demand for eco-friendly devices worldwide is directly proportional to the global heat pumps demand, as heat pumps are very useful in reducing CO2 emission.

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Market Dynamics

Heat pumps require low operation and maintenance cost, which is the major factor boosting its demand. Moreover, growing demand for heat pumps for residential application and significant contribution of heat pump technology in reducing carbon emissions is a major factor that is expected to boost the growth of heat pump market globally. Significant growth of construction industry combined with growing implementation of strict regulatory policies by governments, especially in China, South Korea, Japan, and the U.S. are expected to boost the demand for heat pumps for residential application. Moreover, subsidies on purchase of heat pumps provided by the government, tax credit schemes and increasing use of energy are expected to boost the market.

However, high cost required for installation is one of the restraining factors that is expected to hamper the growth of the global heat pump market.

This report segments the global heat pump market on the basis of type, power source, end user, and refrigerants. On the basis of type, the global heat pump market is segmented into air-water heat pump, air-air heat pump, ground source heat pump, and hybrid heat pump. On the basis of power source, the market is segmented into electric and others (Gas Driven). On the basis of end user, the market is segmented into residential, industrial, and commercial. On the basis of refrigerants, the global heat pump market is segmented into HFC, CO2, ammonia, hydrocarbon, and others.

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Key companies covered as a part of this study include Daikin Industries Limited, Viessmann Group, NIBE Group, Danfoss Group Global, Stiebel Eltron Group, Mitsubishi Electric Corporation, United Technologies Corporation, Panasonic Corporation, Glen Dimplex Group, and The Bosch Group.

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Issued By coherent market insights
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Last Updated November 5, 2020