“Rising government regulations for CO2 emissions will boost the market demand globally”
The global heat pumps market is rising proficiently, anticipated to grow at a CAGR of 7.9% throughout the estimated period from 2023 to 2030, starting from US$ 62.15 Bn in 2021.
Increased government regulations and support for co2 emissions in the form of incentives, subsidies and others will drive the market for heat pumps. For instance, in 2018, China National Petroleum Corporation contracts with Cheniere Energy for 25 years to purchase 1.2 Mn tons LNG annually. With this contract, China is planning to manage their greenhouse gas emissions as natural gas emits 50-60 percent less carbon while the combustion process. Rising housing and construction industry for multi-unit & single-unit dwellings will enhance the heat pumps market growth.
Growing renewable heat sources and energy-efficient heating solutions will also drive market growth in years to come. Increased penetration of heat pumps in the residential and commercial sectors will also enhance market growth. Rising awareness for cost & energy-efficient heat pumps will also boost market growth. As a consequence of the above-mentioned factors, the market will show significant growth throughout the forecast period.
“Boom in the residential industry will spur revenue growth”
In 2021, the residential segment dominates the global heat pumps market. The residential segment contributed to over 70% of the world's revenue share in the same year. On account of the high energy efficiency of the pumps, heat pumps are being used for cooling, sanitary hit water application and space heating at homes. Tax rebates and government policies offered on the installation of energy-saving products will also help the segment growth. Less maintenance cost, low running cost, carbon emission, long-life span, and others are some of the benefits of heat pumps market owing to which the segment will grow significantly. Thus, the segment will continue its dominance in the years to come.
“Rising industrial sector will enhance the market growth”
The rapid growth of the industrial sector worldwide will enhance the heat pumps market and the industrial segment will show the fastest growth during the forecast period. According to a recent report, the industrial sector is growing with around 1.5% growth in 2019. Rising demand for waste heat recovery pumps will drive the growth of the industrial sector in years to come. Heat pumps are used for various industrial processes such as dehumidification, water heating or cooling, distillation, evaporation process and others due to which the segment will show the fastest growth. The growing use of heat pumps in various industries includes chemical, petroleum, food & beverage and others will also enhance the segment growth.
“Growing CO2 emissions and increased industrial sector will boost the market in Asia Pacific”
In 2021, Asia Pacific dominates the global heat pumps market. Asia Pacific accounted for nearly 40% of the global market revenue share in 2021. Asia Pacific is the largest CO2 emitter with more than 40% contribution to the global CO2 emission. China is the largest CO2 emitter in the world with more than 9,056.8 metric tons of CO2 emission. Similarly, India is the 4th largest CO2 emitter with more than 2076.8 metric tons of CO2 emissions. According to a recent study, carbon dioxide emissions costs nearly US$ 200 Bn every year to the Indian economy. Hence, to decrease the cost and effect of CO2 emissions the demand for heat pumps is increasing in Asia Pacific.
Further, rising industrial production processes in Asia Pacific include chemical, pharmaceuticals, iron & steel, textiles, papermaking and others will also drive the demand in the region. The growth of commercial and residential sectors in the region will also enhance the market growth in the Asia Pacific region. Therefore, Asia Pacific region will continue its dominance in the global heat pumps market in years to come.
New product launch with advanced features, acquisitions and mergers will be the key strategy
Product launches with advanced features such as IoT enabled and mergers & acquisitions will be the key strategy followed by market players to enhance their market presence.
Key Industry Development:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Heat Pumps market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
