Press Release / Business / Heat Pump Market Leading Countries, Companies, Drivers, Significant Growth, Analysis by Manufacturers, Challenges and Forecast 2023

Heat Pump Market Leading Countries, Companies, Drivers, Significant Growth, Analysis by Manufacturers, Challenges and Forecast 2023

Market Highlights
Heat pumps are designed to transfer heat from one place to another, with the help of electricity.  Refrigerators and air conditioners are the two examples with heat pump technology. Advantages of heat pump include, less use of electricity, most efficient alternative to fuel, oil, and electric systems regarding heating and cooling. Heat pumps also have financial benefits due to its high efficiency, leading to contributing towards the reduction of CO2 emissions.
Based on end-user, the Heat Pump Market is segmented as industrial, commercial, and residential. Residential segment is estimated to dominate the market during the forecast period due to rising demand for heating in residential segment due to the changing climatic conditions. Moreover, increasing population would encourage energy efficient equipment for heating and cooling purpose. Considering the capacity, the market is segmented into four categories, namely, Up to 10 kW, 10-20 kW, 20-30 kW, and Above 30 kW. Up to 10 kW rated capacity heat pumps are expected to hold largest share in 2018, due to its wide application in the residential and commercial sectors. The growth is also attributed to the increasing investment in smart buildings.
The Global Heat Pump Market is expected to grow at 11.08% CAGR during the forecast period.
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Global Heat Pump Market is expected to witness substantial growth during the forecast period owing to growing investments in the residential and commercial sectors coupled with need to reduce carbon emissions. For instance, according to the Real Estate Developers’ Association of India (CREDAI), the real estate sector in India is projected to reach USD 180 billion by 2020 from USD 126 billion in 2015. Hence, this would increase the demand for heat pumps.  Asia Pacific holds the largest share in the heat pump market due to increasing investments in the residential and commercial sectors in countries such as India and China, creating demand for the heat pump market. Additionally, the government in these countries are drawing up policies to ensure that energy-efficient equipment such as heat pumps are being installed in new buildings. Europe holds the second largest share in the heat pump market with investment in refurbishment of aging electrical infrastructure and growing focus on using energy efficient devices to reduce carbon emissions.   
Region wise, Asia Pacific held the largest market share of the global heat pump market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to increasing population and rapid industrialization leading to increasing demand for energy efficient equipment. Imposition of stringent construction regulations particularly in countries such as China, Japan and South Korea is driving the industrial demand. Moreover, government promotions for heat pumps uses over conventional warming equipment has also encouraged the demand for heat pumps.
Competitive Landscape
The key players of the global heat pump market

Midea (China)
Ingersoll Rand (Ireland)
Glen Dimplex (Ireland)
Stiebel Eltron (Germany)
Panasonic (Japan)
Daikin (Japan)
Danfoss (Denmark)
Hitachi (Japan)

Scope of the Report
This report provides an in-depth analysis of the global heat pump market, tracking three market segments across four geographical regions. The scope of the study segments the heat pump market by its type, capacity, end-user, and by region.
By Type

Air to air
Air to water

By Capacity

Up to 10 kW
10-20 kW
20-30 kW
Above 30 kW

By End-User

Industrial
Commercial
Residential

By Regions

North America 
Asia-Pacific 
Europe
Rest of the World

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