Heat Pump Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

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Heat Pumps Market: Product Type (Air Source, Water Source, Geothermal), By Application (Residential, Commercial, Industrial, Pool Heating), and Geography

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Report

Description

Heat Pumps Market size was valued at USD 84,658.6 million in 2021 and is poised to grow at a significant CAGR of 8.9% over 2022–2028. Heat pumps powered by the Internet of Things (IoT) allow for real-time monitoring, proactive maintenance, and remote diagnosis. Smart thermostats that help monitor environmental changes and connect with their water heater equipment are part of the Internet of Things (IoT)-based heat pumps. Their structures and methods of functioning, however, have not changed. The development of next-generation heat pumps has placed a high priority on automation and remote control. Heat pumps now come with LCDs and warning lights to make them easier to understand. To save energy and improve efficiency, research is also being done worldwide to incorporate machine learning and artificial intelligence into heat pumps. The researchers used machine learning techniques to create equations for heat pump design charts based on the results of 500,000 simulations. The heat pumps’ integration eliminates the need for physically turning on or off heat pumps with machine learning and artificial intelligence, which can investigate consumer consumption patterns and analyze their operational time and length. These elements are anticipated to increase demand for heat pumps and produce profitable opportunities for market participants. The market for heat pumps is projected to increase as consumers want more environmentally friendly and technologically advanced heating and cooling equipment. To reduce the carbon intensity, Heat pumps have much value. Compared to conventional electric resistance heating appliances, they can assist cut the amount of electricity used for cooling and heating applications in half. Compared to conventional heat pumps, modern technology heat pumps like ground-source heat pumps (GSHP) require just one-fourth of the electrical energy and three-fourths of the environmental energy.

Recent Market Developments:

In January 2022, Johnson Controls has acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.

Heat Pump Market

MARKET SUMMARY
-
8.9% CAGR
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR–  8.9%
  • Largest Market– North-America
  • Fastest Growing Market– Asia-Pacific

Heat Pump Market

  • The heat pump market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The heat pump market is segmented based on product type, application, and geography.
Key Players
  • Midea Group
  • Johnson Controls
  • Trane Technologies
  • Panasonic Corporation
  • Mitsubishi Electric Corporation
Heat Pump Market Dynamics

The development of renewable heating and cooling techniques, as well as research into potential future heat pump applications, continue to have an impact on the heat pump business. Manufacturers of heat pump equipment and componentry may see new business prospects as stricter regulations to limit greenhouse gas emissions are increasingly implemented worldwide. The global demand has been significantly driven by rising demand for energy-efficient systems, government initiatives to enable emission reduction, and clean heating and cooling systems to adopt clean and sustainable technology. On the other hand, less knowledge of the benefits of heat pumps in developing countries restrained the market growth.


North-America Got Significant Share

Heat Pump Market

The heat pumps market in North America are likely to hold a significant revenue share in 2021, and, in the following years, it is predicted to increase rapidly. Governmental efforts to lessen air pollution brought on by the conventional sources of energy utilized for heating in the commercial, residential, and industrial sectors are anticipated to be the main drivers of the expansion of the North American heat pump market. Additionally, the growth of the residential segment will be aided by the population expansion and subsequent rise in household sizes. Asia-Pacific dominated the worldwide heat pump market, and it is anticipated that it will continue to develop at the quickest rate in the forecast period. This can be linked to several things, including increased demand for domestic heat pumps among residents due to the region's generally milder climate.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The heat pump market report provides granular level information about the market size, regional market share, historic market (2017-2021) and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Heat Pumps Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The CAGR of the heat pump market is 5.8% over the forecast period (2022 – 2028)

 

 

Aktiengesellschaft, Johnson Controls, LG Electronics, Trane Technologies, Mitsubishi Electric Corporation

 

The North America is the fastest-growing region for the heat pump market


Report

Company Profile

  • Carrier (US)
  • GEA Group
  • Midea Group (China)
  • SAMSUNG (South Korea)
  • DENSO CORPORATION (Japan)
  • Panasonic Corporation (Japan)
  • Mitsubishi Electric Corporation (Japan)
  • Johnson Controls (Ireland)
  • DAIKIN INDUSTRIES, Ltd. (Japan)
  • LG Electronics (South Korea)
  • Trane Technologies (Ireland)
  • Aktiengesellschaft (Germany)

Description

Heat Pumps Market size was valued at USD 84,658.6 million in 2021 and is poised to grow at a significant CAGR of 8.9% over 2022–2028. Heat pumps powered by the Internet of Things (IoT) allow for real-time monitoring, proactive maintenance, and remote diagnosis. Smart thermostats that help monitor environmental changes and connect with their water heater equipment are part of the Internet of Things (IoT)-based heat pumps. Their structures and methods of functioning, however, have not changed. The development of next-generation heat pumps has placed a high priority on automation and remote control. Heat pumps now come with LCDs and warning lights to make them easier to understand. To save energy and improve efficiency, research is also being done worldwide to incorporate machine learning and artificial intelligence into heat pumps. The researchers used machine learning techniques to create equations for heat pump design charts based on the results of 500,000 simulations. The heat pumps’ integration eliminates the need for physically turning on or off heat pumps with machine learning and artificial intelligence, which can investigate consumer consumption patterns and analyze their operational time and length. These elements are anticipated to increase demand for heat pumps and produce profitable opportunities for market participants. The market for heat pumps is projected to increase as consumers want more environmentally friendly and technologically advanced heating and cooling equipment. To reduce the carbon intensity, Heat pumps have much value. Compared to conventional electric resistance heating appliances, they can assist cut the amount of electricity used for cooling and heating applications in half. Compared to conventional heat pumps, modern technology heat pumps like ground-source heat pumps (GSHP) require just one-fourth of the electrical energy and three-fourths of the environmental energy.

Recent Market Developments:

In January 2022, Johnson Controls has acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.

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