According to Future Market Insights (FMI), the market for heat pumps will increase by 3.6% annually in 2022, reaching a value of about US$ 33,156 Mn by the year’s end. At a CAGR of 4.3%, the market is anticipated to reach US$ 50.714 Mn by 2032.
The initial reduction of energy consumption and carbon emissions from such devices is recognised as a key market driver for heat pumps. Greater residential and construction investment will open up new markets for heat pump suppliers. Between 2022 and 2030, the market is projected to grow at a significant rate (CAGR) of 5.4% in terms of value.
According to FMI, the Asia Pacific region will dominate the market for heat pumps, followed by North America. By the end of 2032, APAC and North America are anticipated to have a combined revenue share of 73.9% of the global market.
FMI provides an analysis of half-yearly comparisons and significant information regarding the market for heat pumps’ prospects for expansion. The growth of the construction industry and the increased enforcement of strict new building regulations by governments around the world, particularly in the United States, China, Japan, Europe, and South Korea, are expected to have a significant impact on the demand for heat pumps for residential applications.
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FMI analysis shows the difference between the BPS values seen in the heat pump market in H1 2022 and the outlook for H1 2022 The forecast shows a decrease of 17 units. Additionally, the market is anticipated to increase by 89 BPS in H1 2022 compared to H1 2021.
As consumers demand more technologically advanced and environmentally friendly heating and cooling equipment, the market for heat pumps is expected to grow. Particularly helpful for lowering carbon intensity are heat pumps. They can assist in reducing the amount of electricity used for cooling and heating applications by half when compared to conventional electric resistance heating appliances.
Heat pumps’ initial reduction in energy consumption and carbon emissions from various devices is acknowledged as one of their main commercial benefits. Greater residential and construction spending will expand the markets available to heat pump manufacturers.
The demand for CO2 refrigerant heat pumps is rising.
From 2022 to 2030, CO2 Refrigerant Heat Pumps are anticipated to create a $2,731 Mn absolute dollar opportunity. These CO2 refrigeration heat pumps are increasingly in demand due to their simplicity of use, low cost, and green attributes. Currently, China, Japan, and other Asian markets offer CO2 refrigerator heat pumps. When compared to ground-source heat pumps, which are used for domestic water heating, air-source heat pumps have lower overall installation costs, making them a popular choice for CO2 refrigerators.
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The market for heat pumps in the United States
The North American U.S. heat pump market is anticipated to grow by volume by 2.1% in 2022. Because of various factors, including weather, the ease of obtaining resources, the advantages of receiving government tax credits, and regulations, the supply of heat pumps has gradually increased in the North American region, particularly in the United States. By the end of 2022, the US market will have generated US revenues totalling $6,816.0 Mn, according to the study.
Why is the demand for heat pumps growing in Japan
Japan is anticipated to grow at a CAGR of 4.6% between 2022 and 2030. The heat pump technology uses air temperature and renewable heat output to convert heat to renewable heat with minimal power consumption. Japan tries to promote this technology because it has so many benefits. For heat pumps, Japan is regarded as a developed country. In the past ten years, more than 35,000 water heating system units have been released onto the market. By 2030, the nation’s GDP is projected to be $3,475.4 million USD.
Competitive Landscape
Several key manufacturers of Heat Pumps supplies are also focusing on developing new technology-driven in higher quantities to capitalize on existing opportunities in the market. Through mergers & acquisitions, and research & development activities, these players have been able to expand their market footprint. Emergence of various manufacturers has also been witnessed in this space.
For Instance,
– In 2022, Viessmann Group has taken a majority stake in Pacifica Home Services Ltd. (PHS), simultaneously backing the re-investment of the Management team. PHS is a specialist in both the installation and maintenance of integrated HVAC solutions with a further specialization in heat pumps.
– In 2020, Glen Dimplex Group launch a new M Flex air-to-water heat pump which is available in two versions, either with six to nine or with nine to 16 kW heat output. Both the outdoor and the indoor units have a compact and space-saving design. The design features reassuringly high-quality materials, clearly accentuated surfaces and excellent workmanship.
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Heat Pumps Market by Category
By Product Type:
- Air-water heat pump
- Air-air heat pump
- Ground Source heat pump
- Hybrid heat pump
By End Users:
- Residential
- Commercial
- Industrial
By Power Source:
- Electric
- Others(Gas Driven)
By Refrigerants:
- HFC
- CO2
- Ammonia
- Hydrocarbon
- Others
By System Type:
- Air-source heat pumps
- Ductless mini-split heat pumps
- Geothermal heat pumps
- Absorption heat pumps
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- MEA
- Japan
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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