Demand for Air Source Heat Pumps to Grow at 7% CAGR through
2031
In its latest market analysis Fact.MR presents compelling
insights into various factors affecting sales of heat pumps
globally. The study highlights drivers, opportunities, threats, and
challenges affecting growth across various segments in terms of
product type, system, rated capacity, and applications
NEW YORK, Nov. 30, 2021 /PRNewswire/ -- Global sales
of heat pumps are projected to grow at a 9% CAGR, reaching a
valuation of US$ 140 Bn by 2031, as
per a recent market analysis by Fact.MR. Ongoing developments in
energy generation from renewable heating and cooling technology are
expected to complement the growth of the heat pump market over the
forecast period.
Growing adoption of eco-friendly alternatives to conventional
heating solutions is expected to drive sales of heat pumps. In
response to the implementation of stringent government regulations
encouraging reduction in carbon emission, demand for heat pumps is
expected to rise at a significant pace in the forthcoming
years.
Rapid adoption of heating, ventilation, and air conditioning
(HVAC) systems across residential and commercial sectors, backed by
ongoing urbanization is spurring the demand for energy-efficient
heat pumps. As per Fact.MR, sales of heat pumps represented nearly
35% of the overall HVAC market in 2020, and the trend is expected
to continue over the assessment period.
In addition to this, the development of low GWP alternative
refrigerants in heat pumps is expected to bode well for the market.
Key players are leveraging innovative technologies to make
developments in compressors, mechanical-compression cycle
refrigeration, fan motors, and coils to improve their applications
in heat pumps.
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As per the report, the East
Asia heat pump market is poised to expand by 1.5X through
2031. Growth in this region is attributable to increasing demand
for dual-source heat pumps on the back of rapid industrialization
and urbanization.
"Rising awareness regarding benefits of heat pumps over gas
boilers in the residential, hospitality, and commercial sectors is
resulting in their higher adoption. Besides this, shifting consumer
preference towards geothermal energy is expected to bode well for
the global heat pump market through 2031," says a Fact.MR
analyst.
Key Takeaways:
- Based on product type, sales of air source heat pumps are
projected to grow by 2.2x over the assessment period.
- In terms of source, demand for air source heat pumps is poised
to increase at a robust 7% CAGR between 2021-2031.
- Applications of heat pumps in the residential sector are
expected to gain traction at a steady pace through 2031.
- Sales of heat pumps in the U.S. are projected to grow 1.4x by
2031, owing to growing demand in the residential and hospitality
sector.
- China will emerge as a
lucrative heat pump market in East
Asia, due to favourable government policies to reduce energy
consumption.
Growth Drivers:
- The integration of the Internet of things (IoT) in heat pumps
is anticipated to create a conducive environment for the global
heat pump market.
- Growing investments in the development of smart cities and
green infrastructure in various countries are expected to propel
sales of heat pumps.
Restraints:
- High initial set-up cost of heat pumps might limit their
applications in emerging economies.
- Technical difficulties in the installation of advanced heat
pumps in existing infrastructures might cause roadblocks in the
growth of the heat pump market.
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Competitive Landscape
Leading players operating in the global heat pumps market are
investing in research and development to improve their product
portfolios. Besides this, players are aiming at production facility
expansions through mergers, acquisitions, collaborations, and
partnerships to expand their global footprint. For instance:
In March 2019, Panasonic
Corporation launched a new heat pump chiller series as a part of
their strategic partnership with Swedish ventilation company
Systemair. The new product is called ECOi-W, which extends into
heat recovery and ventilation for both residential and commercial
applications.
Key Players in the Heat Pump Market Include:
- Trane Inc.
- Midea Group
- NIBE Group
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Daikin Industries, Ltd.
- Glen Dimplex Group
- Viessmann Werke GmbH & Co KG
- Flamingo Heat Pumps
- Efficiency Maine
- Ingersoll Rand, Plc.
- Melrose Industries PLC.
More Valuable Insights on Heat Pump Market
Fact.MR provides an unbiased analysis of the heat pump market,
presenting historical demand data (2016-2020) and forecast
statistics for the period from 2021-2031. The study divulges
compelling insights on the global heat pump with a detailed
segmentation on the basis of:
Product:
- Air Source Heat Pumps
- Water Source Heat Pumps
- Ground Source Heat Pumps
System:
- Air-to-Air Heat Pumps
- Air-to-Water Heat Pumps
- Electric Heat Pumps
- Geothermal Heat Pumps
Rated Capacity:
- Heat Pump Up to 10 kW
- 10–20 kW Heat Pump
- 20–30 kW Heat Pump
- Heat Pump Above 30 kW
Application:
- Residential sector
- Commercial Sector
- Hospitality Sector
- Retail Sector
- Education Sector
- Industrial Sector
- Food & Beverage Sector
- Paper & Pulp Sector
- Chemicals & Petrochemicals Sector
Regions:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Key Questions Covered in Heat Pump Market Report
- The report offers insight into the heat pump market demand
outlook for 2021-2031.
- The market study also highlights projected sales growth for
heat pump market between 2021 and 2031.
- Heat pump market survey identifies key growth drivers,
restraints, and other forces impacting prevailing trends and
evaluation of current market size and forecast and technological
advancements within the industry.
- Heat pump market share analysis of the key companies within the
industry and coverage of strategies such as mergers &
acquisitions, joint ventures, collaborations or partnerships, and
others.
Explore Fact.MR's Coverage on the Industrial Goods Domain
–
Canned Motor Pumps Market Scope - In the face
of fluctuating market conditions, canned motor pump adoption is
projected to remain low in various end-use industries such as
chemical, oil & gas, and electricity. Supply chains have been
hampered as a result of the lockdowns imposed in several countries,
resulting in an irregular and insufficient supply of raw materials.
At the same time, due to interrupted operations in end-use sectors,
demand for canned motor pumps has decreased dramatically. In the
worldwide canned motor pumps market, reverse circulation canned
motor pumps had the majority of the market share. Because of its
capacity to treat highly volatile fluids including LPG, LNG, Liquid
Ammonia, and refrigerants, these pumps are widely utilised in oil
and gas and industrial applications.
Rotary Pumps Market Insights - In most
developing countries, increasing access to water and the importance
of sanitation is creating various chances for rotary pump market
players. Furthermore, rising consumer disposable income is causing
an increase in discretionary expenditure, particularly on chemicals
and fuel, which is driving up demand for rotary pumps in developing
countries' process manufacturing industries. The introduction of
rotary pumps is being aided by recent infrastructure advancements
and growing industrialization in emerging markets such as
India and China.
Oil and Gas Pumps Market Forecast - The
market for oil and gas pumps is expected to increase slowly. As the
need for oil and gas rises, so does the demand for equipment like
oil and gas pumps. End-users in the oil and gas sectors want
efficient oil and gas pumps to ensure smooth operation and
compliance with strict emission regulations. Centrifugal pumps are
widely used by oil and gas end customers due to their cheap product
and maintenance costs, as well as their superior load and pressure
handling capabilities. Centrifugal pumps are in high demand in the
upstream oil and gas industry as part of multiphase pumping
applications
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