Heat Pump Market Emerging Trends, Growth and Opportunities to 2026

 According to the new market research report "Heat Pump Market by Type (Air-to-Air, Air-to-Water, Water Source, Geothermal, Hybrid) Refrigerant (R410A, R407C, R744) Rated Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, >30 kW) End User (Residential, Commercial, Industrial) Region - Global Forecast to 2026", published by MarketsandMarkets™, The global Heat Pump Market is projected to reach USD 83.5 billion by 2026 from an estimated market size of USD 53.2 billion in 2021, at a CAGR of 9.5% during the forecast period. The factors driving the growth for Heat Pump Market are the supportive government laws and subsidies to enhance energy efficiency.

Air-to-Air Heat Pump: The largest segment of the Heat Pump Market

The Heat Pump Market, by type, is segmented into air-to-air heat pumps, air-to-water heat pumps, water source heat pumps, ground source (geothermal) heat pumps, and hybrid heat pumps. The air-to-air heat pump type is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to emit the lowest amount of CO2 compared to other heat pump types.

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The residential segment is expected to be the most significant Heat Pump Market

The Heat Pump Market, by end user, is segmented into residential, commercial, and industrial. The residential segment accounted for the largest share of 71.3% of the Heat Pump Market in 2020. increasing Government initiatives to enhance energy efficiency in the residential sector is expected to drive the residential segment during the forecast period.

Asia Pacific is expected to dominate the global Heat Pump Market

The Asia Pacific region is estimated to be the largest market for the Heat Pump Market, followed by North America. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American Heat Pump Market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Heat Pump Market. These players include Samsung (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan) and Mitsubishi Electric Corporation (Japan).

Heat Pump Market: Significant contribution of heat pumping technology in the reduction of CO2-emissions

The global heat pump market is expected to grow from an estimated $54.34 billion in 2018 to $94.42 billion by 2023, at a CAGR of 11.68%, from 2018 to 2023. In 2018, the market in Asia Pacific is estimated to be the largest for heat pumps, followed by Europe. This trend is expected to continue until 2023. The market is set to witness growth because of increased investments in the residential and commercial sectors, infrastructure developments, and ability to reduce carbon emissions.

Heat pumps are widely used in various applications, including residential, commercial buildings, and industrial settings for heating and cooling. They are also used in the power generation sector by various end-users because of their efficient and low CO2 emissions as compared with Combined Heat and Power (CHP) systems.

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The significant contribution of heat pumping technology in reduction of CO2 - emissions drives the global market

Energy is necessary in our daily lives as it fuels businesses, powers homes, hospitals, and schools. However, energy production leads to the emission of greenhouse gases. Carbon dioxide (CO2), which is one of the greenhouse gases, is released in a substantial amount through the burning of fossil fuels, such as coal, oil, and natural gas. Many countries aim to reduce their primary energy demand due to the increasing CO2–emissions and implement policies to restrict the greenhouse gases in the environment. Heat pumps offer an energy-efficient way to provide space heating through the aerothermal and geothermal technologies. Exhaust air, groundwater, and surface water (lake, river or pond) are other examples of commonly used heat sources. Many countries are concerned regarding the increase of energy–related CO2-emissions as a result of using fossil fuels for energy generation. Carbon emissions associated with energy consumption and generation can be reduced greatly when heat pump systems are used instead of fossil-fueled systems. This is driving an increase in the number of factories, manufacturing units, and residential complexes with energy-efficient heat pump installations.

Asia Pacific is expected to lead the heat pumps market during the forecast period because of increased investments in residential and commercial and growing industrialization in the China and Indian region. The governments in these countries are drawing up policies to ensure that energy-efficient equipment such as heat pumps are being installed in new buildings, which is expected to drive the market for heat pumps. The demand from China would lead the market in Asia Pacific.

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The heat pump market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the market include Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).