Global Heat Pump Market Overview
A heat pump refers to a device used for transferring heat energy from one place to another. Heat pumps consists of four primary components such as condenser, evaporator, expansion valve, and compressor. A heat transfer medium circulated through these components is known as a refrigerant. A heat pump has various applications in heating, ventilation, and air conditioning (HVAC) devices that are used for space cooling or space heating. Further, a reduction in the demand for conventional energy and upscaling stringency towards the CO2 emissions devices is one of the primary drivers of the global heat pump market.
The global Heat Pump Market is likely to register a CAGR of 11.08% during the forecast period. Increasing investments in the construction and residential industries are expected to drive the global heat pumps market primarily. Further, government policies introduced in various countries are raising their focus on the promotion of renewable, sustainable energy-efficient heating and cooling technologies in varied applications such as commercial, residential, and industrial sectors. The International Renewable Energy Agency (IRENA) has lately stated that the carbon emissions must decline by 9.5 gigatonnes by 2050 for curbing global warming to less than 2 degrees above pre-industrial temperatures. For achieving this, there is a necessity for the expansion of renewable energy and improving energy efficiency driving the global heat pump market all over the world.
Heat Pump Market Segmentation
The global heat pumps market is studied for the various segments that are based on type, end-user, capacity, and region.
Based on type, the heat pumps market is segmented into the air to air, and air to water heat pumps. Among these, the air to air segment is expected to boast dominance over the global market owing to the cost-effectiveness and higher coefficient of performance, as compared to air to water heat pumps.
Based on end-users, the global heat pumps market is segmented into commercial, residential, and industrial. The residential sector is one of the most leading end-users for heat pumps owing to the highly proliferating urbanization which has contributed to the high demand for smart buildings. Governments are expected to rely on smart buildings for the reduction of carbon emissions along with effective consumption of electricity. Hence, the builders of smart buildings are trying to install energy-efficient devices in them, such as the heat pump.
Based on capacity, the global heat pumps market is studied for segmentation of Up to 10 kW, 20-30 kW, 10-20 kW, and Above 30 kW. Among these segments, the up to 10 kW rated capacity presently holds the largest share of the global heat pumps market since 2018. It is also likely to retain its market dominance over the forecast period. This stance at the fore can be accredited to the vast application of the same in residential and commercial sectors.
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Regional Analysis
The heat pumps market is segmented into the regions of North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific is anticipated to lead the heat pump market over the forecast period. This can be accredited to the increasing investments in the residential and commercial sectors in various countries such as China and India, creating demand for heat pump market. Also, governments residing in these nations are introducing various policies for ensuring energy efficiency for the reduction of carbon emissions.
Key Players
Some noteworthy players functioning in the global heat pump market include Midea (China), Glen Dimplex (Ireland), Danfoss (Denmark), Ingersoll Rand (Ireland), Stiebel Eltron (Germany), Daikin (Japan), Panasonic (Japan), and Hitachi (Japan).
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