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Heat Pump Market in Numbers
- The global heat pump market is estimated to be valued at ~US$ 47 Bn in 2019. The heat pumps industry remains influenced by continued improvements in electricity generation from renewable resources, and exploration on future heat pump implementations.
- The heat pumps market is projected to register ~12% CAGR through 2029. Adoption of eco-friendly alternatives to conventional heating appliances for arresting CO2 emissions continues to favor heat pump deployments.
- East Asia will continue to be the leading market for heat pumps, accounting for one-third shares, underpinned by the resurgent construction activities and infrastructure development in the region.
- Increasing implementation of stringent policies to restrict the release of greenhouse gases in the environment across the globe is likely to provide new growth opportunities for heat pump manufacturers.
Heat pump market has not only witnessed the provision of ecologically and economically feasible products, but also premium products with advanced features for critical commercial and industrial applications. Taking a cue, heat pump manufacturers are adapting to contemporary trends and developing high-end products to tap latent opportunities. The production of premium or advanced heat pumps tend to be limited, but represent a high market value. As a result, the heat pump market shows a high level of consolidation for high-end products. Low-end products with standard features, on the other hand, continue to witness mass production and sales to cater growing demand from residential sector and small-scale industries. Therefore, the number of market players offering low-end products continues to surge, resulting into a stiff competition for global players in this highly fragmented marketplace.
Stakeholders in the heat pump market are continuously engaged in expanding their product portfolios through strategic collaboration and technology innovations. For instance, in 2019, Mayekawa Mfg. Co. Ltd. introduced a new refrigeration package – South Polar. It is a joint development between the company and Square Technology Group, a leading Chinese manufacturer of quick freezing machines. New product developments to satisfy customer demands for energy efficiency and environmental friendly products will also remain one of the key growth strategies of the market players.
Key Challenges Faced by the Heat Pump Market Players
- Higher initial installation costs of heat pumps have significantly restricted their mass adoption, particularly in price-sensitive countries. Several technical difficulties are associated with the installation of advanced units in existing infrastructures, which have added to reluctance of end users toward heat pumps.
- Lack of awareness regarding the changes in efficiency and cost of heating appliances is one the primary reasons why consumers fail to realize the potential benefits of heat pumps - a notable impediment to heat pump sales.
- Policies and strategies promoting the sales of heat pumps further continue to remain different and complex, as the benefits of these products vary between countries, individual sectors, and also over time.
Dual-source Options to Gain Momentum
Earlier models of heat pumps have not always been the most practical, as uneven patterns of global climate limit these products to be as proficient as their conventional counterparts. However, the emergence of dual-source heat pumps that draw heat either from air and ground has been the game changer in the recent past. These heat pumps are not only cost effective but also have higher efficiency than air-source units. Apart from maximizing efficiency and electrical savings of heat pumps, compact ‘plug and play’ design is being explored to appeal to housing and small commercial sectors.
The FactMR study on heat pump market offers industry-based intelligence and comprehensive insights into the current and future prospects of the market. To carry out a detailed analysis on the growth of heat pump market for the period, 2019-2029, a unique methodology and holistic approach have been adopted by the analysts. An extensive primary and secondary research have been conducted to offer actionable insights that can arm the stakeholders with necessary facts and figures to take well-informed decisions. The report on heat pump market has also gone through various authentication processes to ensure the reliability and uniqueness of the information detailed in the report.
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