- Rising Demand for High Energy Efficiency Products Boosts Sales
in the Heat Pump Market. FMI Highlights Key Trends Observed in 35+
Countries.
- The United States is expected
to grow at an 8.9% CAGR over the projected period, reaching
USD 19.4 billion in 2034.
- Heat pumps, integrated with Internet of Things (IoT)
technology, offer remote diagnostics, real-time monitoring, and
predictive maintenance capabilities. Smart thermostats, interacting
with water heating systems, are vital components of IoT-enabled
heat pumps. These pumps are gaining traction across various
industries.
NEWARK, Del.,
July 18,
2024 /PRNewswire/ -- According to Future Market
Insights (FMI), the global heat pump market size reached
USD 46.8 billion in 2023. Over
the forecast period, the value is anticipated to rise at 10.2%
CAGR. The sector is predicted to increase from USD 51.6 billion in 2024 to USD 136.2 billion in 2034.
The heat pump market is expected to grow significantly due to
increasing investments in commercial and residential sectors and
government regulations for energy efficiency. Rise in fossil fuel
energy production and ozone depletion contribute to climate change,
with key nations transitioning to renewable sources.
Key companies in the industry are developing advanced heating
technology, such as two-stage compressors, which operate at lower
speeds, use less energy, and have lower costs. The market is
expected to grow due to rising demand for affordable and
energy-efficient heat pumps for commercial and residential
buildings.
Government programs, such as incentives, rebates, and tax
credits, are expected to significantly impact industry growth.
Corporate and governmental efforts to reduce carbon emissions and
promote renewable energy sources are also expected to drive growth.
The Indian government and Dutch government have implemented plans
to achieve net-zero emissions by 2070 and a 95% reduction by
2050.
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Key Factors Drive the Global Heat Pump Market
Various factors influence the global market. A few of these
essential factors are as follows:
Energy Efficiency: The rising demand for
eco-friendly heating and cooling systems with high energy
efficiency is increasing the adoption of heat pumps. These pumps
reduce cost, save energy, and work efficiently, attracting end
users' demand.
Environmental Concerns: Increasing environmental
awareness to reduce greenhouse gases raises the demand for heat
pumps. Various industries are adopting these pumps to enhance
renewable energy sources, which are fueling the global market.
Government Regulations: Various countries'
governments are focusing on installing energy-efficient heat pumps
with subsidies that are surging the demand among consumers. These
pumps promote efficiency and reduce carbon emissions, expanding the
market reach.
Advanced Technology: Ongoing research and
development activities are offering advanced technology heat pumps
with more efficient systems that capture end users' requirements.
Manufacturers are designing reliable and cost-effective heat pumps
to enhance consumers' desires.
Versatile: The wide range of applications is
increasing the demand for a heat pump for cooling and heating
as a suitable option driving market growth.
Renewable Energy Integration: The rising demand for
wide and solar energy is rapidly increasing the adoption of heat
pumps for excess energy. These heat pumps help to store energy and
convert it into electricity, expanding the market reach.
Urbanization and Population Growth: The rising
global population and urbanization are significantly increasing the
demand for cooling and heating solutions that are gaining
popularity.
Long Lifespan: The demand for durable, reliable, and
long-shelf-life pumps is rising, and the adoption of heat pumps is
capturing consumers' attention. Various businesses seek long-run
cooling and heating solutions that drive global market revenue.
Air Quality and Comfort: Consumers are looking for
efficient temperature control and a better indoor environment, and
pollutants in the air are surging the adoption of heat pumps. These
pumps release corrosion and impurities from the air and reduce
combustion-based heating systems, uplifting the market size.
Key Takeaways from the Heat Pump Market Report:
- The heat pump market is expected to reach a valuation
of USD 136.2 billion by 2034.
- The market is projected to surge at a CAGR
of 10.2% by 2034.
- China's heat pump market is
expected to grow at a CAGR of 10.7% by 2034.
- The United States is set to
rise at 8.9% CAGR by 2034.
- Based on product type, the air-air heat pump segment is
expected to hold a market share of 44.3% in
2034.
"Integration of technology such as Artificial Intelligence
(AI) and the Internet of Things is further expected to drive rapid
growth. Dual-source technology, which draws heat from the earth and
the air, is another factor driving the growth of the heat pump
market." Opines Nikhil
Kaitwade Associate Vice President at Future
Market Insights (FMI).
Competition Outlook
Leading companies and manufacturers in the industry are actively
enhancing their business presence and competitiveness through
different strategies. They are further incorporating advanced
technologies such as variable-speed compressors, intelligent
controls, and integration with renewable energy sources to improve
energy efficiency and environmental sustainability.
Significant companies and energy providers are further
introducing new products to address increasing demand for
cutting-edge solutions in various end-use sectors. Geographic
growth is another important strategy that is being embraced by
reputed companies.
Several start-ups are likely to emerge in the sector through
2034, thereby making the landscape more competitive. Leading firms
prioritize product innovation, but brand consciousness and
aggressive marketing strategies pose challenges for new entrants in
the market.
Leading Heat Pump Brands
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Daikin Industries Ltd
- The Bosch Group
- Johnson Controls
- NIBE Group
- Carrier Global Corp
- Viessmann Group
- Danfoss Group
- Glen Dimplex Group
- STIEBEL ELTRON GROUP
- Trane Technologies
- Midea Group
- Rheem Manufacturing Company
- Emerson
- Haier Group Corporation
- Hisense Group Co., Ltd
- Foshan Uwotec New Energy Co., Ltd
- TCL Corporation
- Aux Group Co., Ltd.
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Industry Updates:
- In March 2024, Panasonic
Corporation, headquartered in Japan, introduced three new models of
commercial air-to-water heat pumps, utilizing environmentally
friendly natural refrigerants, for use in multi-dwelling units,
stores, and offices.
- In June 2024, Bosch Home
Comfort, a United States-based
company, introduced two new water source pumps for residential and
commercial use, ranging from ½ to 6 tons and boasting a performance
coefficient of up to 4.9.
- In April 2024, Johnson
Controls, headquartered in the United
States, announced the launch of the YORK® YMAE
575 V Air-to-Water Inverter Scroll Modular Heat Pump for use in
Canada.
Government Initiatives Drive the United States Market
The United States market is
anticipated to capture a CAGR of 8.9% in the global market during
the forecast period. The country's rising residential and
commercial sectors are surging the demand for heat pumps in large
quantities for advanced energy efficiency. The increasing concerns
about environmental impacts are significantly booming the United States heat pump market to reduce
carbon emissions.
The increasing heat pump technology adoption promotes clean
energy solutions and attracts end users' demand. The United States government is playing a
significant role with strong market emphasis, and eco-friendly
practices are gaining vast attraction among consumers. The key
players are innovating technologies to reduce environmental impacts
with improved refrigerants, which are driving the United States market.
Promoting Sustainable Technology Drive Germany Market
The market in Germany is
estimated to capture a CAGR during the forecast period. The
increasing demand for energy-efficient solutions is raising the
adoption of heat pumps. Germany is
rich in renewable sources of energy that offer suitable and
advanced heat pumps to meet end users' requirements. Key players
are continuing to work on developing low-carbon, eco-friendly, and
cost-effective heat pumps to expand the German market.
Growing well-established infrastructure, urbanization, and
disposable incomes are increasing the adoption of heat pumps. The
rising industrialization, commercial, and residential sectors are
increasing the demand for energy savings and better performance,
bolstering the German heat pump market. The rising trend of
specialized installations is increasing the adoption of heat pumps
among consumers.
Rapid Urbanization Fueling Market Growth in China
China is anticipated to secure
a CAGR of 10.7% in the global market during the forecast period.
China is one of the significant
players in the global market by offering cost-effective and clean
heating and cooling solutions to meet consumers' needs. The
increasing vast infrastructure, robust economies, and rising demand
for energy are accelerating the demand for heat pumps.
The Chinese government is focusing on reducing greenhouse gases
and air pollution by implementing policies that are driving
China's heat pump market. Robust
manufacturing, a wide range of products, and the innovation of
electric heat pumps are significantly driving the Chinese
market.
Popularity of Solar Heat Pumps Uplifts India Market
India is anticipated to
register a CAGR of 8.3% over the forecast period. The increasing
demand for convenient, reliable, and durable heat pumps is
propelling the Indian market. The rising consumer demand for water
heating, commercial usage, and vast industrialization are capturing
robust revenue in the Indian heat pump market.
The rising adoption of solar heat pumps to utilize advanced and
effective energy resources is gaining popularity in the market. Key
players are collaborating with government projects to promote
sustainability, and clean energy sources are expanding the market
growth.
Key Segments of Market Report
By Product Type:
In terms of product types, the industry is divided into
air-water, air-air, ground source, and hybrid heat pumps.
By Refrigerant:
Based on refrigerants, the sector is segregated into
hydro-fluorocarbon (HFC), ammonia, CO2, hydrocarbons, and
others.
By Power Source:
In terms of power sources, the industry is divided into electric
and others (gas).
By System Type:
As per system types, the sector is segmented into air-source,
ductless mini-split, geothermal, and absorption heat pumps.
By Power Level:
In terms of power levels, the industry is divided into small
(< 10 kW), medium (10 to 100 kW), and large (> 100 kW).
By End-user:
The industry is classified by end-users as residential (heating
and cooling homes, water heating, radiant floor heating, and hybrid
heating systems), commercial (HVAC system, commercial
refrigeration, and geothermal heating and cooling), and industrial
(waste heat recovery, industrial drying, industrial refrigeration,
process cooling, and combined heat and power (CHP) systems).
By Region:
Key countries of North America,
Latin America, Western Europe, Eastern Europe, East
Asia, South Asia, and the
Middle East and Africa have been covered in the report.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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The chemical and pharmaceutical sectors require specialized
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Sales revenue of the global commercial booster pumps
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The global positive displacement pumps market is expected
to garner a market value of nearly USD 14.12
billion in 2023. The overall market is expected to
accumulate a market value of USD 21.72
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forecast period from 2023 to 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of over 400
analysts worldwide, FMI provides global, regional, and local
expertise on diverse domains and industry trends across more than
110 countries.
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