NEW YORK, May 23, 2024 /PRNewswire/ — The global heat pump market size is estimated to grow by USD 43.45 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 8.9% during the forecast period.
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Application (Residential, Commercial, and Industrial), Product (Air source heat pumps, Ground source heat pumps, and Exhaust air heat pumps), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) |
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Region Covered |
APAC, North America, Europe, South America, and Middle East and Africa |
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Key companies profiled |
Bard HVAC, Daikin Industries Ltd., Danfoss AS, Dantherm Group AS, DENSO Corp., Emerson Electric Co., Fujitsu Ltd., Glen Dimplex Europe Holdings Ltd., Guangdong Aoxin Heat Pump Air Conditioning Co. Ltd., Hayward Holdings Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Kensa Group, Lennox International Inc., Mitsubishi Electric Corp., NIBE Industrier AB, Nortek, Rheem Manufacturing Co., Robert Bosch GmbH, and STIEBEL ELTRON GmbH and Co. KG |
Key Market Trends Fueling Growth
The heat pump market is experiencing a significant shift towards renewable energy sources, particularly solar power, due to increasing environmental concerns and government regulations aimed at minimizing greenhouse gas (GHG) emissions. Solar-powered heat pumps offer dual benefits of energy savings and reduced reliance on fossil fuels. This trend is observed in various industries, including food processing, and is expected to continue during the forecast period.
Heat pumps come in different forms such as air-source, water, and geothermal, serving various applications like space heating, water heating, and HVAC systems. Other sectors like metals, chemicals, and plastics are also exploring heat pumps for energy efficiency and heat transfer solutions.
Renewable energy sources like geothermal and solar are gaining popularity as alternatives to traditional fuels like natural gas, fuel oil, and propane. Smart building systems and building automation are also integrating heat pumps to optimize energy usage and reduce carbon footprint.
Market Challenges
- The heat pump market encompasses various refrigerant options, each with unique advantages and challenges. R134a is prevalent in medium- and large-sized systems, while R600 and R600a cater to high-temperature applications. R717 is favored in industrial heat pumps. R407c and R410a are common in medium-sized heat pumps with dual functionality. However, proper disposal of these refrigerants is essential in industrial settings.
- This involves managing ventilation systems, utility meters, and rooftop and ground space. Heat pumps serve diverse sectors, including food processing, VRF, and HVAC systems, impacting carbon footprint through natural gas, fuel oil, propane, electricity, and renewable energy use. Geothermal energy and greenhouse gas emissions are also relevant considerations. Heat transfer, energy efficiency, and smart building systems further influence market trends.
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Segment Overview
- Application
- 1.1 Residential
- 1.2 Commercial
- 1.3 Industrial
- 2.1 Air source heat pumps
- 2.2 Ground source heat pumps
- 2.3 Exhaust air heat pumps
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Residential- In the heat pump market, application segmentation encompasses various uses such as ventilation systems, utility meters, and HVAC systems. Heat pumps are employed for both air conditioning and space heating, including water heat pumps and food processing facilities. Airflow management is crucial in rooftop and ground space installations for heat dissipation. Heat pumps contribute to reducing carbon footprint by replacing traditional heating methods like natural gas, fuel oil, and propane. Renewable energy sources like electricity power air-source and geothermal heat pumps, which transfer heat using refrigerant and provide energy efficiency in buildings.
VRF (Variable Refrigerant Flow) heat pumps are gaining popularity due to their versatility in handling multiple zones. Heat transfer efficiency is enhanced in geothermal heat pumps by utilizing the stable soil temperature. Raw materials like metals, iron & steel, adhesives, rubber, and chemicals are affected by the heat pump market trends. Heat pumps play a significant role in reducing greenhouse gas emissions and carbon emissions.
The heating segment benefits from the increasing adoption of renewable energy and smart building systems, including building automation and energy efficiency. Heat pumps are essential components in HVAC systems, ensuring efficient heat transfer and contributing to the reduction of overall carbon emissions.
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Research Analysis
The Heat Pump Market encompasses various HVAC (Heating, Ventilation, and Air Conditioning) systems, including air-source and geothermal heat pumps. These systems play a crucial role in reducing greenhouse gas emissions and improving energy efficiency in the Heating segment. The Heat Pump Industry leverages advanced technologies such as smart building systems and building automation to optimize heat transfer and enhance performance.
Refrigerants used in heat pumps contribute to carbon emissions, necessitating the exploration of eco-friendly alternatives. Utility meters track energy consumption, enabling users to monitor their carbon footprint. Raw materials like metals (iron & steel) and adhesives, as well as rubber components, are essential for manufacturing heat pumps. The market’s growth is driven by the increasing demand for sustainable energy solutions and the need to minimize carbon emissions.
Market Research Overview
The Heat pump market encompasses various technologies and applications that utilize thermal energy from a source, such as air, water, or the ground, to provide heating and cooling for residential and commercial spaces. These systems are energy-efficient and environmentally friendly, making them an increasingly popular choice for temperature control. The market for heat pumps is driven by factors such as growing energy efficiency awareness, government regulations, and the need for sustainable energy solutions.
The systems are available in different types, including air-source, water-source, and geothermal heat pumps. The market also offers various components, including compressors, fans, and control systems. The future of the heat pump market looks promising, with advancements in technology leading to more efficient and cost-effective solutions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
- Residential
- Commercial
- Industrial
- Product
- Air Source Heat Pumps
- Ground Source Heat Pumps
- Exhaust Air Heat Pumps
- Geography
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
