Heat Pump Market
English Public
Market Snapshot.
The heat pump market size and share is projected to reach approximately USD 72 billion in 2023, growing at a CAGR of around 8% during the forecast period. Furthermore, according to the global heat pump market research analysis, the market is expected to reach around USD 137 billion by 2035.
Market overview.
Heat pumps are devices used to heat buildings by transferring heat from outside through a refrigeration cycle. The device, which forms part of a residential air conditioning system, can also be installed outside a building to cool the building by venting heat from an enclosed space to the outside. Growing concerns over greenhouse gas emissions due to the use of non-renewable energy sources for heating is one of the most important factors contributing to the growth of the heat pump market. For example, carbon dioxide emissions from air conditioning are estimated to be around 1,951 million tonnes per year. Heat pumps are expected to reduce carbon dioxide emissions by using energy efficient approaches such as geothermal and air thermal technologies for heating, leading to market growth.
Key trends in the heat pump market
In April 2023, Daikin Industries announced that Daikin Europe NV will start construction of a new plant to produce residential heat pump units in Lodz, Poland.
In June 2022, Carrier Global Corporation introduced two-stage heat pumps and air conditioners in its Performance series ahead of the 2023 Department of Energy (DOE) minimum energy mandate.
Growth factors in the heat pump market
Significant growth of Internet of Things (IoT) technology globally, concerns over the energy inefficiency of fossil fuels and efforts to curb dependence on fossil fuels, and supportive government initiatives that may lead to market growth are the key factors for market growth. The total number of Internet of Things (IoT) connected devices installed globally is expected to reach 30.9 billion by 2025, up sharply from 13.8 billion expected in 2021. Increase. The global average efficiency of electricity generation is 34% for coal, 40% for natural gas and 37% for oil. The global average efficiency for all fossil fuels is 36%.
Heat pump market challenges
During a pandemic outbreak, the market growth is expected to slow down significantly as manufacturing processes around the world were temporarily shut down. It has been observed that the onset of the pandemic witnessed the largest decline in manufacturing output since World War II; as of October 2022, the decline in US manufacturing output is estimated to be around 44%. The very high initial cost of installing heat pumps and the fact that the benefits of heat pumps are not widespread enough in developing countries are the main market constraints.
Competitive environment
Key players and manufacturers in the heat pump market include Carrier Global Corporation, DAIKIN INDUSTRIES, Ltd, NIBE Industrier AB, Glen Dimplex Deutschland GmbH, BDR Thermea Group, MIDEA Group, STIEBEL ELTRON GmbH & Co. KG (DE), Vaillant GmbH, Robert Bosch GmbH, Danfoss A/S and others. The study includes detailed competitive analysis, company profiles, recent trends and key market strategies of these key players in the global heat pump market.
For more information on the market research report, please visit: https://www.sdki.jp/reports/heat-pumps-market/114735
The heat pump market size and share is projected to reach approximately USD 72 billion in 2023, growing at a CAGR of around 8% during the forecast period. Furthermore, according to the global heat pump market research analysis, the market is expected to reach around USD 137 billion by 2035.
Market overview.
Heat pumps are devices used to heat buildings by transferring heat from outside through a refrigeration cycle. The device, which forms part of a residential air conditioning system, can also be installed outside a building to cool the building by venting heat from an enclosed space to the outside. Growing concerns over greenhouse gas emissions due to the use of non-renewable energy sources for heating is one of the most important factors contributing to the growth of the heat pump market. For example, carbon dioxide emissions from air conditioning are estimated to be around 1,951 million tonnes per year. Heat pumps are expected to reduce carbon dioxide emissions by using energy efficient approaches such as geothermal and air thermal technologies for heating, leading to market growth.
Key trends in the heat pump market
In April 2023, Daikin Industries announced that Daikin Europe NV will start construction of a new plant to produce residential heat pump units in Lodz, Poland.
In June 2022, Carrier Global Corporation introduced two-stage heat pumps and air conditioners in its Performance series ahead of the 2023 Department of Energy (DOE) minimum energy mandate.
Growth factors in the heat pump market
Significant growth of Internet of Things (IoT) technology globally, concerns over the energy inefficiency of fossil fuels and efforts to curb dependence on fossil fuels, and supportive government initiatives that may lead to market growth are the key factors for market growth. The total number of Internet of Things (IoT) connected devices installed globally is expected to reach 30.9 billion by 2025, up sharply from 13.8 billion expected in 2021. Increase. The global average efficiency of electricity generation is 34% for coal, 40% for natural gas and 37% for oil. The global average efficiency for all fossil fuels is 36%.
Heat pump market challenges
During a pandemic outbreak, the market growth is expected to slow down significantly as manufacturing processes around the world were temporarily shut down. It has been observed that the onset of the pandemic witnessed the largest decline in manufacturing output since World War II; as of October 2022, the decline in US manufacturing output is estimated to be around 44%. The very high initial cost of installing heat pumps and the fact that the benefits of heat pumps are not widespread enough in developing countries are the main market constraints.
Competitive environment
Key players and manufacturers in the heat pump market include Carrier Global Corporation, DAIKIN INDUSTRIES, Ltd, NIBE Industrier AB, Glen Dimplex Deutschland GmbH, BDR Thermea Group, MIDEA Group, STIEBEL ELTRON GmbH & Co. KG (DE), Vaillant GmbH, Robert Bosch GmbH, Danfoss A/S and others. The study includes detailed competitive analysis, company profiles, recent trends and key market strategies of these key players in the global heat pump market.
For more information on the market research report, please visit: https://www.sdki.jp/reports/heat-pumps-market/114735
by akiariku
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