PUBLISHER: IMARC | PRODUCT CODE: 1308536
PUBLISHER: IMARC | PRODUCT CODE: 1308536
Heat Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview:
The global heat pumps market size reached US$ 54.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.7 Billion by 2028, exhibiting a growth rate (CAGR) of 10.12% during 2023-2028.
Heat pumps are electrical devices that extract heat from a source and transfer it to another via electronic or mechanical means. They perform this function by circulating the refrigerant through a cycle of evaporation and condensation. They work like air conditioners in warmer months, and the process is reversed during colder weather. In comparison with conventional heating and cooling units, heat pumps consume around 40% less energy to operate. As a result, they act as an energy-efficient alternative to furnaces and air conditioning system for climates that require moderate heating or cooling. The increasing focus on improving environmental performance and the growing number of initiatives to minimize heat generation from fossil fuels in recent years is spurring the demand for heat pumps around the world.
The introduction of green building standards and codes to enhance the deployment of sustainable technologies is aiding in minimizing carbon emissions. The consequent rise in the demand for sustainable and cost-effective heating and cooling solutions to reduce electricity consumption is impelling the market growth. Additionally, manufacturers are financing research and development (R&D) activities to improve the existing mechanism of heat pumps and enhance their performance and efficiency. For instance, they are introducing two-speed compressors that enable industrial heat pumps to perform extreme heating or cooling with high efficiency, which can significantly reduce their power consumption. Another innovation in the industry includes the integration of heat pumps with furnace systems for creating dual-fuel heat pumps.
IMARC Group's latest report provides a deep insight into the global heat pumps market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the heat pumps market in any manner.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global heat pumps market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on rated capacity, product type and end use sector.
Breakup by Rated Capacity:
Up to 10 kW
10-20 kW
20-30 kW
Above 30 kW
Breakup by Product Type:
Air Source Heat Pump
Ground Source Heat Pump
Water Source Heat Pump
Exhaust Air Heat Pump
Others
Breakup by End Use Sector:
Residential
Commercial
Hospitality
Retail
Education
Food & Beverage
Paper & Pulp
Chemicals & Petrochemicals
Others
Breakup by Region:
Europe
North America
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape:
The report has also analyzed the competitive landscape of the market with some of the key players being Daikin Industries, Ltd., Mitsubishi Electric Corporation, MIDEA GROUP, NIBE Industrier AB, Corp., Ingersoll Rand, Danfoss, Panasonic Corporation, GDC Group Limited, Viessmann Manufacturing Company Inc., Robert Bosch GmbH, and United Technologies Corporation.
Key Questions Answered in This Report:
- How has the global heat pumps market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global heat pumps industry?
- What has been the impact of COVID-19 on the global heat pumps market?
- What is the breakup of the market based on the rated capacity?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the end use sector?
- What are the various stages in the value chain of the global heat pumps industry?
- What are the key driving factors and challenges in the global heat pumps industry?
- What is the structure of the global heat pumps industry and who are the key players?
- What is the degree of competition in the global heat pumps industry?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Heat Pumps Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Breakup by Rated Capacity
- 5.5 Market Breakup by Product Type
- 5.6 Market Breakup by End Use Sector
- 5.7 Market Breakup by Region
- 5.8 Market Forecast
6 SWOT Analysis
- 6.1 Overview
- 6.2 Strengths
- 6.3 Weaknesses
- 6.4 Opportunities
- 6.5 Threats
7 Value Chain Analysis
8 Porter's Five Forces Analysis
- 8.1 Overview
- 8.2 Bargaining Power of Buyers
- 8.3 Bargaining Power of Suppliers
- 8.4 Degree of Competition
- 8.5 Threat of New Entrants
- 8.6 Threat of Substitutes
9 Market Breakup by Rated Capacity
- 9.1 Up to 10 kW
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 10-20 kW
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 20-30 kW
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4 Above 30 kW
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
10 Market Breakup by Product Type
- 10.1 Air Source Heat Pump
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Ground Source Heat Pump
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Water Source Heat Pump
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 10.4 Exhaust Air Heat Pump
- 10.4.1 Market Trends
- 10.4.2 Market Forecast
- 10.5 Others
- 10.5.1 Market Trends
- 10.5.2 Market Forecast
11 Market Breakup by End Use Sector
- 11.1 Residential
- 11.1.1 Market Trends
- 11.1.2 Market Forecast
- 11.2 Commercial
- 11.2.1 Market Trends
- 11.2.2 Market Forecast
- 11.3 Hospitality
- 11.3.1 Market Trends
- 11.3.2 Market Forecast
- 11.4 Retail
- 11.4.1 Market Trends
- 11.4.2 Market Forecast
- 11.5 Education
- 11.5.1 Market Trends
- 11.5.2 Market Forecast
- 11.6 Food & Beverage
- 11.6.1 Market Trends
- 11.6.2 Market Forecast
- 11.7 Paper & Pulp
- 11.7.1 Market Trends
- 11.7.2 Market Forecast
- 11.8 Chemicals & Petrochemicals
- 11.8.1 Market Trends
- 11.8.2 Market Forecast
- 11.9 Others
- 11.9.1 Market Trends
- 11.9.2 Market Forecast
12 Market Breakup by Region
- 12.1 Europe
- 12.1.1 Market Trends
- 12.1.2 Market Forecast
- 12.2 North America
- 12.2.1 Market Trends
- 12.2.2 Market Forecast
- 12.3 Asia Pacific
- 12.3.1 Market Trends
- 12.3.2 Market Forecast
- 12.4 Middle East and Africa
- 12.4.1 Market Trends
- 12.4.2 Market Forecast
- 12.5 Latin America
- 12.5.1 Market Trends
- 12.5.2 Market Forecast
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Daikin Industries, Ltd
- 14.3.2 Mitsubishi Electric Corporation
- 14.3.3 MIDEA GROUP
- 14.3.4 NIBE Industrier AB, Corp
- 14.3.5 Ingersoll Rand
- 14.3.6 Danfoss
- 14.3.7 Panasonic Corporation
- 14.3.8 GDC Group Limited
- 14.3.9 Viessmann Manufacturing Company Inc
- 14.3.10 Robert Bosch GmbH
- 14.3.11 United Technologies Corporation
List of Figures
- Figure 1: Global: Heat Pumps Market: Major Drivers and Challenges
- Figure 2: Global: Heat Pumps Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Heat Pumps Market: Breakup by Rated Capacity (in %), 2022
- Figure 4: Global: Heat Pumps Market: Breakup by Product Type (in %), 2022
- Figure 5: Global: Heat Pumps Market: Breakup by End Use Sector (in %), 2022
- Figure 6: Global: Heat Pumps Market: Breakup by Region (in %), 2022
- Figure 7: Global: Heat Pumps Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 8: Global: Heat Pumps Industry: SWOT Analysis
- Figure 9: Global: Heat Pumps Industry: Value Chain Analysis
- Figure 10: Global: Heat Pumps Industry: Porter's Five Forces Analysis
- Figure 11: Global: Heat Pumps (Up to 10 kW) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 12: Global: Heat Pumps (Up to 10 kW) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 13: Global: Heat Pumps (10-20 kW) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 14: Global: Heat Pumps (10-20 kW) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 15: Global: Heat Pumps (20-30 kW) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 16: Global: Heat Pumps (20-30 kW) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 17: Global: Heat Pumps (Above 30 kW) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 18: Global: Heat Pumps (Above 30 kW) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 19: Global: Heat Pumps (Air Source Heat Pump) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 20: Global: Heat Pumps (Air Source Heat Pump) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 21: Global: Heat Pumps (Ground Source Heat Pump) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 22: Global: Heat Pumps (Ground Source Heat Pump) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 23: Global: Heat Pumps (Water Source Heat Pump) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 24: Global: Heat Pumps (Water Source Heat Pump) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 25: Global: Heat Pumps (Exhaust Air Heat Pump) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 26: Global: Heat Pumps (Exhaust Air Heat Pump) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 27: Global: Heat Pumps (Other Product Types) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 28: Global: Heat Pumps (Other Product Types) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 29: Global: Heat Pumps (Residential) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 30: Global: Heat Pumps (Residential) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 31: Global: Heat Pumps (Commercial) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 32: Global: Heat Pumps (Commercial) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 33: Global: Heat Pumps (Hospitality) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 34: Global: Heat Pumps (Hospitality) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 35: Global: Heat Pumps (Retail) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 36: Global: Heat Pumps (Retail) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 37: Global: Heat Pumps (Education) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 38: Global: Heat Pumps (Education) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 39: Global: Heat Pumps (Food & Beverage) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 40: Global: Heat Pumps (Food & Beverage) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 41: Global: Heat Pumps (Paper & Pulp) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 42: Global: Heat Pumps (Paper & Pulp) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 43: Global: Heat Pumps (Chemicals & Petrochemicals) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 44: Global: Heat Pumps (Chemicals & Petrochemicals) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 45: Global: Heat Pumps (Other End Use Sectors) Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 46: Global: Heat Pumps (Other End Use Sectors) Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 47: Europe: Heat Pumps Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 48: Europe: Heat Pumps Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 49: North America: Heat Pumps Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 50: North America: Heat Pumps Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 51: Asia Pacific: Heat Pumps Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 52: Asia Pacific: Heat Pumps Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 53: Middle East and Africa: Heat Pumps Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 54: Middle East and Africa: Heat Pumps Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 55: Latin America: Heat Pumps Market: Sales Value (in Billion US$), 2017 & 2022
- Figure 56: Latin America: Heat Pumps Market Forecast: Sales Value (in Billion US$), 2023-2028
List of Tables
- Table 1: Global: Heat Pumps Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Heat Pumps Market Forecast: Breakup by Rated Capacity (in Billion US$), 2023-2028
- Table 3: Global: Heat Pumps Market Forecast: Breakup by Product Type (in Billion US$), 2023-2028
- Table 4: Global: Heat Pumps Market Forecast: Breakup by End Use Sector (in Billion US$), 2023-2028
- Table 5: Global: Heat Pumps Market Forecast: Breakup by Region (in Billion US$), 2023-2028
- Table 6: Global: Heat Pumps Market Structure
- Table 7: Global: Heat Pumps Market: Key Players
