Heat Pump Market 2022: Growth Opportunities, Regional Statistics & Forecast To 2028

The global heat pump market is forecast to witness promising growth owing to the rapidly increasing adoption of next-gen heat pumps with latest technology across residential and commercial sectors. With emerging technologies making the provision of heating in buildings and homes more accessible, heat pumps, such as the air-source heat pump, are increasingly being incorporated into building structures.

To effectively tackle the rapid onset of climate change, many governments are introducing favorable policies and regulations to promote the use of renewable and sustainable energy sources. One such instance is the UK government, which has established incentives for those that opt for cost-efficient heating technologies fueled by renewable sources under the nation’s Renewable Heat Incentive Scheme.

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Meanwhile, local authorities in California, are working on convincing residents to switch to electric water heaters from gas water heaters to limit the use of fossil fuels. The government has undertaken a state-wide initiative to promote the use of thermal battery based heat-pump water heaters, which can store excess energy from wind and solar generators.

According to a new GMI, report, the global heat pump market size is expected to grow at a CAGR of more than 6% through the analysis timeframe of 2021-2028.

The product spectrum of the heat pump market is divided into air source, ground source, and water source segment, with the water source segment anticipated to witness a CAGR of 6% through the projected timeframe. This can be accredited towards the growing focus on conserving energy and reducing carbon emissions. Apart from that, the introduction of incentives and schemes such as Low or Zero Interest Loans as well as Investment Grants for customers to favor non-traditional sources over traditional sources will also have a positive influence on business outlook.

Additionally, the air source heat pump segment is also expected to witness remunerative gains. According to the U.S. Department of Energy, air-source heat pump, when installed properly, are capable of delivering approximately three times more thermal heating to a space than the total electricity it consumes. Given that global governments are issuing newer, stricter building codes in the wake of events such as the Paris Agreement and the Cop26 to ensure more sustainability, such heat pumps are slated to become the norm when it comes to space heating.

In terms of application, the market has been categorized into residential, commercial, and industrial segments, with the commercial sector slated to show a promising growth trajectory. A rapid global urbanization rate and growing population is creating strong demand for constructing more commercial buildings with heat pumps installation. The ability of heat pumps to offer effective heating and cooling throughout buildings, especially in face of worsening climate conditions, is expected foster product use across district heating applications.

As per the regional reference frame, Europe is anticipated to emerge as a major revenue pocket for the heat pump market, being valued at over $12 billion back in 2020. In order to achieve the renewable incorporation targets, set during the 2019 UN Climate Change Conference, the industry has noted a considerable growth in demand for sustainable energy sources.

This can be seen in the investment plan devised by the EU commission, where 30% of its wealth would be spent on climate-related projects. More so, because of their cold climate, countries in the region present a better opportunity for heat pump systems to be installed.

Major players operating in the heat pump market include Trane, Mitsubishi Electric Corporation, Bard HVAC, and Viessmann among others. Currently, manufacturers are focusing on improving the supply chain, which has been severely hit due to the pandemic, and also speed up operations with innovative ideas and partnerships in order to grab the opportunities arising from Asia Pacific, Europe, and North America markets.

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All in all, driven by shifting climate goals, evolving energy efficiency policies, and strong demand from the commercial sector, the global heat pump market appears primed to clock-in a profitable period of growth through the forecast timeframe.

Partial Chapter of the Table of Content

Chapter 2   Executive Summary

2.1    Heat pump industry 3600 synopsis, 2018 – 2028

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Application trends

2.1.4    Regional trends

Chapter 3   Heat Pump Industry Insights

3.1    Industry segmentation

3.2    Industry ecosystem analysis

3.2.1    Vendor Matrix

3.3    Innovation & sustainability landscape

3.3.1    NIBE Industrier AB

3.3.2    Vaillant

3.3.3    Modine

3.3.4    Danfoss

3.3.5    Stiebel Eltron

3.3.6    Dimplex

3.3.7    Nortek HVAC

3.3.8    Viessmann

3.3.9    Daikin

3.3.10    Carrier Corporation

3.3.11    Trane

3.3.12    Other innovations

3.4    Regulatory landscape

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