The global heat pump market is growing fast as governments of developed economies are promoting renewable energy and emphasizing on the development of energy-efficient buildings. A large number of corporate and government organizations are coming forward for the development of this industry, and financial support from such organizations is continuing to be the main driver of this market. The growth of the heat pump industry resulted in the slow development of conventional heating products like boilers. The ground-to-water heat pump segment dominates this industry accounting for the overall maximum growth rate. Air-to-water type heat pump holds the largest shares in countries like Japan, France, Switzerland, and Norway. Although, the ground-to-water segment holds the largest share, the growth of this industry is mainly driven by the air-to-water segment.
With the increasing need of energy efficiency and renewable energy generation, the market for heat pumps is in the limelight and is providing potential solution to a number of applications in different types of buildings. Some common applications of heat pumps include space heating and cooling, pre-heating domestic hot water, heat recovery, and dehumidification in domestic and industrial sectors. Being a new market, the biggest challenge faced by this industry is the lack of consumer awareness about heat pumps. Apart from the few established markets, there is still a lack of awareness about the benefits of heat pumps.
Based on Type
Based on Application
This research report analyzes this market based on its market segments and major geographies. The report covers the following regions:
- North America
- Rest of the World
This report provides a comprehensive analysis of current market trends, factors driving market growth, restraints, industry structure, and market projections for the coming years.
The report also provides an analysis of the technological developments in the industry, Porter’s five force model analysis, and complete company profiles of the top market players. It provides a review of the micro and macro factors significant with respect to the existing market players and new entrants along with detailed value chain analysis.
Some of the key players dominating this market are Baxi, Danfoss Heat Pumps, DeLonghi-Climaveneta, Earth Energy Limited, Geothermal International Ltd (GI), Global Energy Systems and Technology, ICS Heat Pump Technology, Ideal Boilers, Keston Boilers, Mitsubishi Electric, NIBE, TEV Limited, Transen Sustainable Energy Systems Limited, Worcester Bosch, and others.
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