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Residential Heat Pump Market
Residential Heat Pump Market
Published date: May 2023 • Report Code: 16063
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Residential Heat Pump Market

Global Residential Heat Pump Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

  • 16063

  • May 2023

  • 162

  • Format PDF Format XLS Format PPT

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  • Electronics

This report was compiled by Vishwa Gaul Vishwa is an experienced market research and consulting professional with over 8 years of expertise in the ICT industry, contributing to over 700 reports across telecommunications, software, hardware, and digital solutions. Correspondence Team Lead- ICT Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page

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    • Global Residential Heat Pump Market: Overview
    • Global Residential Heat Pump Market: Dynamics
    • Segment Analysis
    • Global Residential Heat Pump Market Segmentation:

    Global Residential Heat Pump Market: Overview

    “The global Residential Heat Pump Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

    Heat pumps are devices that transfer heat energy from a source such as air, water, gas, or geothermal sources, through mechanical systems and is transferred to a thermal reservoir. Refrigerators and air-conditioners are common examples of heat pumps.

    Global Residential Heat Pump Market: Dynamics

    The rising awareness of climate change, the harmful effects of greenhouse gases, global warming, etc. are leading consumers to opt for sustainable energy sources for heating purposes and to reduce the consumption of fossil fuels for the production of energy. Residential heating pumps run on renewable sources of energy and have a lesser environmental impact. Due to these factors, governments in many countries have started to encourage the use of the residential heat pumps to contribute to the reduction of our collective carbon footprint and to minimize the use of fossil fuels as an energy-generating source.

    The growing demand for energy-efficient and sustainable Heating, Ventilation, and Air Conditioning (HVAC) solutions coupled with government initiatives to reduce carbon emissions are among some of the factors driving the growth of the global heating pumps market. The most commonly used heat pumps are air-source heat pumps, but its usage has been restricted in specific parts of countries that witness extreme cold weather conditions.

    However, the advent of space heaters has provided an alternative option for households in the region without the possibility of having to face any serious implications. Advancements are being made in the technology and there is now an increasing number of innovative heat pumps available in the market. Such factors are expected to fuel market growth.

    In addition, rapid urbanization, growing industrialization and increasing per-capita incomes of consumers are contributing to further revenue growth of the target market

    Restraints:

    However, the increasingly high costs of installing heat pumps may be a factor that restrains the growth of this market.

    Segment Analysis

    By Technology:

    The air-to-air segment is expected to account for the majority revenue share due to the energy-efficient properties of air-to-air heat pumps. These heating pumps generate three times more energy than it consumes. This one of many key factors that are responsible for the significant growth of these air source pumps. Moreover, they can be powered by solar or even wind power in place of conventional electricity.

    By Power source:

    The electric-powered segment is projected to continue to account for the majority revenue share. This is attributed to the rising awareness of global warming and the greenhouse effect. Electric-powered heating pumps are environment-friendly and contribute the least to greenhouse gas emissions.

    Regional Analysis:

    The Asia Pacific market is expected to account for the highest revenue share in the global residential heating pumps market. Countries such as China, South Korea, and Japan have a large consumer base for heating pumps. China alone accounts for a significant revenue share due to the increasing demand for water heaters in the country.

    The market in Europe is projected to index the fastest Compounded Annual Growth Rate (CAGR). This can be attributed to factors such as the growing awareness of global warming and climate change. Over one million households in the region installed heating pumps to generate sanitary hot water according to a report by the International Energy Agency (IEA).

    Global Residential Heat Pump Market Segmentation:

    By Technology

    • Air to Air
    • Water Source
    • Others

    By Power Source

    • Electric-powered
    • Gas Powered
    • Others

    By Region:

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

    Attribute Report Details
    Market Size Ask For Market Size
    Growth Rate Ask For Growth Rate
    Key Companies Ask For Companies
    Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more…
    Historical Data Period 2015-2020
    Base Year 2022
    Forecast Period 2022-2031
    Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa
    Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa
    Revenue in US$ Mn

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    • Danfoss Group Global
    • Stiebel Eltron
    • Bosch Thermotechnik GmbH
    • NIBE energy systems
    • DeLonghi-Climaveneta
    • The Glen Dimplex Group
    • Viessmann Group
    • Mitsubishi Electric
    • Enertech Group
    • Carrier Corporation
    • Geothermal International Ltd.
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