Global Residential Heat Pump Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
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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
However, the increasingly high costs of installing heat pumps may be a factor that restrains the growth of this market.
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.
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:
- Air to Air
- Water Source
By Power Source
- Gas Powered
- North America
- 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
- Danfoss Group Global
- Stiebel Eltron
- Bosch Thermotechnik GmbH
- NIBE energy systems
- The Glen Dimplex Group
- Viessmann Group
- Mitsubishi Electric
- Enertech Group
- Carrier Corporation
- Geothermal International Ltd.
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