Key Highlights

• The heat pump works on the principle of mechanical compression circulation cooling, and can even heat or cool the environment in reverse direction, from the centre. Therefore, research into the use of air conditioning and commercial heating has increased. Heat pumps are workplaces that will benefit from environmental improvement efforts. Additionally, the EU's economic integration strategy states that 65% of commercial buildings will be electric by 2030. Data shows that heat pump sales are only looking to grow in buildings that rely on pumps for heating and cooling. In addition, increasing demand for electrical equipment has led to the export of technologies such as electric pumps, providing a broad customer base to support renewable energy and climate goals in many regions of the world. In addition, the need to limit dependence on fossil fuels and ensure efficient use of energy for heating and cooling is expected to increase the demand for electric pumps in the forecast period. Because heat pumps convert rather than generate electricity, they can provide the cooling equivalent of one-quarter the operating costs of conventional heating or cooling equipment. Multi-space heating can save equipment costs for air handling units (AHUs). However, if the heat pump is installed as central heating and cooling, these factors will affect the total installation cost. Although it is correct to expect that electric pump sales will increase slowly or even decline due to the COVID-19 pandemic, government regulations and consumer needs should guide sales pumps.

• The market size of the worldwide heat pump market surpassed USD XX Billion in 2023, and by 2032, it is projected to reach USD XX billion, boosting at a CAGR of XX%.

• In April 2022, Daikin announced its support for REPowerEU, which aims to increase the distribution of heat pumps from 10 million units in 2027 to 30 million units in 2030. This is an important contribution to domestic decarbonisation, as this move is to help the EU achieve its target of decarbonisation by 2050.

• Some of the key factors driving the growth of the heat pump industry are the replacement of gas-based heating systems with electric devices and the use of energy-efficient large-scale heat pumps for domestic use. In addition, electric heat pumps are effective in reducing CO2 emissions and also comply with certain regulations. Therefore, increasing environmental concerns and effective regulations are contributing to the growth of the global heat pump market. On the other hand, the high maintenance costs associated with electric pumps are expected to affect their adoption, which will follow the worldwide development challenge. Continuous climate change and the resulting demand for heating and cooling in field and industry is one of the latest changes in the world pump market. In addition, there is a growing demand for heat pumps in residential buildings, driven primarily by the demand for heating, ventilation and air conditioning (HVAC, ventilation and air conditioning). According to the International Energy Agency, the number of households purchasing electrical appliances increased from 14 million in 2014 to 18 million in 2018. China, the US and Japan showed that they have embraced strong transformation, accounting for 35% of the global market in 2018. Heat pumps technology. Among the different types of heat pumps, air-to-air heat pump technology dominates global sales in residential buildings. These systems use ambient air as a heat source or a generator to heat or cool indoor spaces. Air-to-air heat pumps are popular due to their cost-effectiveness and ability to reduce dependence on land and water. The use of these heat pumps is leading to the overall growth of the market.

Scope of the Installation Profile

Key Players

• Viessmann Group (Germany)

• Danfoss Group Global (Denmark)

• United Technologies Corporation (US)

• Stiebel Eltron Group (Germany)

• Glen Dimplex Group (Europe)

• The Bosch Group (Germany)

• Emerson (US)

• Mitsubishi Electric Corporation (Japan)

• Panasonic Corporation (Japan)

• NIBE Group (Sweden)

• Daikin Industries Limited (Japan)

Segmentation

By Capacity

• Up to 20 kW

• 21 – 50 kW

• 51 – 200 kW

• Above 200 kW

By Application

• Residential

• Commercial

• Industrial

By Refrigerant Type

• HFC - Hydrofluorocarbons (Chlorine-Free)

• PFC - Halogenated Fluorocarbons (Chlorine-Free)

• HFO - Halogenated Fluorine Olefins

• Natural Refrigerants

• Other Refrigerants

By Installation

• Split System

• Package System

• Mini Split/Ductless

• Window Heat Pumps

By Type

• Air Source

• Water Source

• Ground Source

• Hybrid Heat Pump

• Solar Heat Pump

• Absorption or Gas-Fired Heat Pump

What to Expect from Installation Profile

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Heat Pump market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Heat Pump market.

3. Leading company profiles reveal details of key Heat Pump market players’ global operations, strategies, financial performance & their recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Heat Pump market with forecast for decade by both market share (%) & revenue (USD Million).

Recent Development

• In January 2023, Mitsubishi Electric America, Inc. and Mitsubishi Electric Trane HVAC America, LLC introduced their new heating systems at the 2023 Consumer Electronics Show (CES) in Las Vegas, USA. Two companies in particular announced their all-weather, energy-saving, different-capacity heat pump technology.

• In October 2022, Midea Group has begun building a new power plant and R&D base in Feltre, northern Italy, to support global business expansion. With an investment of 60 million euros ($58.75 million), the new base is located in the production area of Italian Clivet, a European company involved in the design, production and distribution of refrigeration, heating, heating and cooling systems. Cleaning for residential, commercial and commercial purposes. 

• In November 2022 - TRANE announced it will reduce the carbon footprint of sustainable HVAC solutions by purchasing minor metals from major supplier Nucor Corporation Econiq and silver added by US Steel verdeX. The steel will be used in the U.S. manufacturing process to make Trane's high-efficiency heat pumps and air conditioners for homes, as well as thermal management for commercial buildings such as schools and child care centers.

• In June 2022 - Mitsubishi is launching a cascaded air source heat pump capable of producing electricity from 7.8 kW to 640 kW. Heat pumps can produce hot water at temperatures up to 70°C without the need for any heater. Mitsubishi Electric has introduced a heat pump suitable for commercial use, including schools and hospitals.

Segment Insights

By Capacity

The demand for 21 - 50 kW heat pumps is increasing due to product combinations. First, awareness and commitment to environmental sustainability has increased due to concerns about climate change. Known for their energy efficiency and low carbon footprint, heat pumps are increasingly seen as a green alternative to heating and cooling and are attracting the attention of consumers and businesses. Second, energy management and support from governments around the world has encouraged the use of heating and cooling technology alongside pumps. These incentives, often in the form of tax credits, rebates or energy efficiency bonuses, make the internal combustion engine financially attractive. Additionally, its wide range of heat pumps from 21 to 50 kW further expands its market, making them suitable for both domestic and commercial use. As the cost of electricity continues to rise and environmental awareness increases, the demand for these pumps that provide efficient and cost-effective solutions for heating and cooling will increase.

By Application

Due to the combination, the demand for heat pumps in domestic applications is increasing. First of all, the focus is on global sustainability and carbon footprint reduction. Known for their energy efficiency, heat pumps have an environmental impact on heating and cooling as they reduce fossil fuel consumption by extracting heat from the air or soil. This is in line with the increasing environmental awareness of homeowners who want to reduce energy consumption and environmental impact. Second, energy management and incentives support the use of heat pumps in residential areas. Governments around the world offer a variety of incentives, such as tax breaks and rebates, to encourage homeowners to invest in energy efficiency, making heat pumps an attractive financial option. In addition, heat pumps are versatile and can offer heating and cooling functions in a single room, making them suitable for comfort all year round. Their ability to operate effectively in a variety of climates further increases their appeal. Finally, as energy costs rise, homeowners are looking for more efficient heating and cooling, and heat pumps can provide long-term savings on energy costs. Therefore, the demand for home appliances is increasing due to sustainability, efficiency, financial support and general comfort concerns.

Regional Insights

China is one of the important markets for electric pumps due to the government's policy to encourage greater energy use in the country, which contributes to the growth of the economy. China's vast territory is divided into five major climatic zones with different thermal patterns. Heating solutions in these areas can be developed to meet the needs of large businesses. In Japan, heat pumps are well-known products in both private and commercial areas. Many businesses also received them. This development began years ago and continued with energy-saving measures. These are determined by the Director of Natural Resources and Energy, and energy savings of 50.3 million cubic meters of crude oil equivalent are expected between 2013 and 2030. This will increase the demand for pumps that heat the country. Heat pumps are used in hotels, malls, theaters etc. in India. It is starting to attract increasing attention. There is also a lot of solar energy in the country. According to data from the Ministry of New and Renewable Energy, as of November 30, 2022, the capacity of solar energy installation is 61.97 GW. Last year, the country ranked fourth in the world in terms of solar photovoltaic energy exports. The combination of solar panels and heat pumps could become a good option for using renewable energy for heating and domestic hot water worldwide.

In South Korea, the government's energy saving policy drives economic growth. For example, a study by the South Korean Ministry of Environment on the Hyundai Kona Electric and Kia Niro EV found that electric pumps reduce battery consumption in cold conditions.