Increasing development in the construction industry along with complying strict building requirements by governments is boosting the growth in demand for Heat Pumps market. It is a device used to transfer heat from one place to another. Depending upon the climatic condition, it transfers heat from outdoors into building and vice-versa during hot weather. Various heat pump application includes, sanitary hot water heating, space cooling, dehumidification, heat recovery and space heating. Owing to its high operating efficiency and lower maintenance cost, it acts as an eco-friendly substitute for cooling and heating residential, commercial and industrial buildings. On the other hand, CO2 heat pumps have witnessed a significant rise in commercial and residential sector due to its ozone and climate friendly feature.
Heat pumps Market: Drivers & Restraints
Global heat pump market is driven by growing demand of technology using renewable energy resources and emitting less CO2. In short, industry shift towards green technology is the latest trend in the global heat pump industry. Increasing investments, government policies, rising prices for oil and natural gas are the major factors driving the growth in heat pump market. However, the growth in the market is impacted by lack of consumer awareness, disruptive and expensive to install in existing property along with social and technical difficulties are restraints in global heat pump market.
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Heat Pumps Market: Segmentation
Heat pumps can be segmented on the basis of technology such as, CO2 segment, Gas driven segment and Hybrid segment, all can be further sub-segmented into end user sector viz., commercial, industrial and residential. On the basis of type, heat pump can be segmented as Ground source heat pump, Air to air heat pump and Air to water heat pump. Volume sales of air to water heat pumps are expected to grow rapidly and hold the largest market share in the forecasted duration. Air to water heat pump global market is expected to grow with CAGR in a range 10-14 percentage.
Heat Pump Market: Region-wise Outlook
The global heat pump market is geographically segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. Europe holds the major share in global heatpump market, followed by North America and Asia Pacific. Asia-Pacific market is the fastest growing market and is expected to maintain its growth in global heat pump market during the forecast period.
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Heat Pump Market: Key Players
Some of the major players in the global heat pump market include Viessmann Group, Danfoss Group Global, Carrier Corporation, The Glen Dimplex Group, StiebelEltron, Bosch Thermotechnik GmbH, Panasonic Corporation, Mitsubishi Electric, NIBE energy systems, Geothermal International Ltd (GI), DeLonghi-Climaveneta, Airwell Group, and Enertech Group.