The global market for heat pumps should grow from $60.4 billion in 2021 to $96.7 billion by 2026, at a compound annual growth rate (CAGR) of 9.9% for the period of 2021-2026.
APAC market for heat pumps should grow from $20.9 billion in 2021 to $32.0 billion by 2026, at a CAGR of 8.9% for the period of 2021-2026.
MEA market for heat pumps should grow from $4.7 billion in 2021 to $8.1 billion by 2026, at a CAGR of 11.6% for the period of 2021-2026
Report Scope
The report includes details about different types of heat pumps such as air source, water source and geothermal/ground source heat pumps. It has a detailed analysis that covers the manufacturers of heat pumps as well as the trends and opportunities that are prevailing in the market and can result in the future growth of the market. The market values are estimated based on multiple factors and analysis of manufacturers’ revenue. Market dynamics within each industry are identified. Technological advancements and trends are reviewed, and other influential factors such as economic conditions and standards are discussed. Because this is a global study, the publisher analyzes domestic and international technological issues and economic considerations.
The market segments of the report are focused on the technical and commercial aspects of heat pump installations in different end-user segments in the residential, commercial and industrial sectors. The report also provides the policy and regulatory frameworks for the installation of heat pumps by different processing industries. Installations must operate within these frameworks in order to maintain environmental sustainability and to comply with government regulations.
The global heat pump market is also analyzed by global, regional as well as country-wise segments. The geographical segments are forecast for the period 2021 to 2026. Furthermore, the report features a comprehensive overview of the competitive landscape of the market, including a detailed analysis of key market players and a list of small and regional market players.
The currency used in this report is U.S. dollars, with the market size is indicated in U.S. billions of dollars and U.S. millions of dollars. For companies reporting their revenues in U.S. dollars, the values were simply drawn directly from company annual reports; and for companies that reported their revenues in other currencies (Euros and Pounds), the average annual currency conversion rate was used for the particular year to convert annual report values into U.S. dollars. The conversion rate for each currency conversion is provided in the report.
Report Includes
- 91 data tables and 58 additional tables
- An up-to-date analysis of current and future global markets for heat pump within the industry
- Analyses of the global market trends, with data from 2020, estimates for 2021, and projections of compound annual growth rates (CAGRs) through 2026
- Estimation of the market size (in value and volumetric terms) and revenue forecast (in USD) for global heat pump markets, and their corresponding market share analysis by type, rated capacity, end-user industry and geography
- In-depth information (facts and figures) concerning the major factors influencing the progress of the market (drivers, restraints, opportunities, and industry-specific challenges) with respect to specific growth trends, upcoming prospects and contributions to the overall market
- Country specific data and analysis for the heat pump market featuring China, Japan, India, South Korea, the U.S., Canada, Mexico, France, Germany, Italy, Spain, Brazil, Chile, Argentina, the UAE, Saudi Arabia and South Africa
- Impact of COVID-19 on the progress of global heat pump market, and pandemic implications on heat pump manufacturing and supply chains industry
- Insight into the list of global market players operating; their key competitive landscape and company share analysis
- Assessment of the competitive developments such as joint ventures, mergers and acquisitions, new product development, expansions, the impact of government regulations and R&D activities in the global heat pump market
- Company profiles descriptions of the leading market participants, including AAON Inc., Daikin Industries Ltd., Hitachi Ltd., Mitsubishi Electric Corp., and Panasonic Corp.
Table of Contents
Chapter 1 Introduction
- Study Goals and Objectives
- Reasons for Doing This Study
- Scope of Report
- Intended Audience
- Methodology
- Geographic Breakdown
- Analyst's Credentials
- Custom Research
- Related Reports
Chapter 2 Summary and Highlights
Chapter 3 Market Overview
- Introduction
- Market Potential
- Components of HVAC Systems
- Heating
- Ventilation
- Air Conditioning
- Heat Pump Market Overview
- Market Dynamics
- Drivers
- Market Challenges
- Market Trends
- Heat Pump Supply Chain
- COVID-19 Impact on Global Heat Pump Market
- SWOT Analysis
Chapter 4 Heat Pump Market by Type
- Overview
- Air Source Heat Pump
- Geothermal/Ground Source Heat Pump
- Water Source Heat Pump
- Advantages
- Disadvantages
Chapter 5 Heat Pump Market by Rating Capacity
- Overview
- Global Market for Heat Pumps with Capacity Up to 10 kW
- Global Market for 10-20 kW Heat Pumps
- Global Market for 20-30 kW Heat Pumps
- Global Market for Heat Pumps with Capacity Above 30 kW
Chapter 6 Heat Pump Market by End-Use Sector
- Overview
- Residential Industry
- Commercial Industry
- Industrial Industry
Chapter 7 Heat Pump Market by Region
- Overview
- APAC Heat Pump Market
- China
- Japan
- India
- South Korea
- North American Heat Pump Market
- U.S.
- Canada
- Mexico
- European Heat Pump Market
- France
- Italy
- Spain
- Germany
- Middle Eastern & African (MEA) Heat Pump Market
- UAE
- Saudi Arabia
- South Africa
- South American Heat Pump Market
- Brazil
- Chile
- Argentina
Chapter 8 Competitive Landscape
- Competitive Landscape: Global
- List of Market Players
Chapter 9 Company Profiles
- Aaon Inc.
- Carrier Corp.
- Daikin Industries Ltd.
- Danfoss
- Gree Electric Appliances Inc.
- Hitachi Ltd.
- Ingersoll Rand Inc.
- Johnson Controls
- Lennox International
- Midea Group
- Mitsubishi Electric Corp.
- Nibe Industries Ab
- Nortek Global Hvac
- Panasonic Corp.
- Thermax Ltd.
Chapter 10 Appendix: Acronyms
List of Tables
Summary Table: Global Market for Heat Pumps, by Region, Through 2026
Table 1: CO2 Equivalent Emissions of Different Heating Systems
Table 2: Heat Pump Refrigerants
Table 3: Global Market for Heat Pumps, by Type, Through 2026
Table 4: Global Market for Air Source Heat Pumps, by Region, Through 2026
Table 5: Global Market for Geothermal/Ground Source Heat Pumps, by Region, Through 2026
Table 6: Global Market for Water Source Heat Pumps, by Region, Through 2026
Table 7: Water Source Heat Pump Efficiency Requirements
Table 8: Global Market for Heat Pumps, by Rating Capacity, Through 2026
Table 9: Global Market for Heat Pumps with Capacity Up to 10 kW, by Region, Through 2026
Table 10: Global Market for 10-20 kW Heat Pumps, by Region, Through 2026
Table 11: Global Market for 20-30 kW Heat Pumps, by Region, Through 2026
Table 12: Global Market for Heat Pumps with Capacity Above 30 kW, by Region, Through 2026
Table 13: Global Market for Heat Pumps, by End-Use Sector, Through 2026
Table 14: Global Market for Residential Heat Pumps, by Region, Through 2026
Table 15: Global Market for Commercial Heat Pumps, by Region, Through 2026
Table 16: Global Market for Industrial Heat Pumps, by Region, Through 2026
Table 17: Global Market for Heat Pumps, by Region, Through 2026
Table 18: APAC Electricity Generation, by Source, 2018 and 2019
Table 19: APAC Market for Heat Pumps, by Country, Through 2026
Table 20: APAC Market for Heat Pumps, by Type, Through 2026
Table 21: APAC Market for Heat Pumps, by Rating Capacity, Through 2026
Table 22: APAC Market for Heat Pumps, by End-Use Sector, Through 2026
Table 23: Chinese Market for Heat Pumps, by Type, Through 2026
Table 24: Chinese Market for Heat Pumps, by Rating Capacity, Through 2026
Table 25: Chinese Market for Heat Pumps, by End-Use Sector, Through 2026
Table 26: Japanese Market for Heat Pumps, by Type, Through 2026
Table 27: Japanese Market for Heat Pumps, by Rating Capacity, Through 2026
Table 28: Japanese Market for Heat Pumps, by End-Use Sector, Through 2026
Table 29: Indian Market for Heat Pumps, by Type, Through 2026
Table 30: Indian Market for Heat Pumps, by Rating Capacity, Through 2026
Table 31: Indian Market for Heat Pumps, by End-Use Sector, Through 2026
Table 32: South Korean Market for Heat Pumps, by Type, Through 2026
Table 33: South Korean Market for Heat Pumps, by Rating Capacity, Through 2026
Table 34: South Korean Market for Heat Pumps, by End-Use Sector, Through 2026
Table 35: North American Electricity Generation, by Source, 2018 and 2019
Table 36: North American Market for Heat Pumps, by Country, Through 2026
Table 37: North American Market for Heat Pumps, by Type, Through 2026
Table 38: North American Market for Heat Pumps, by Rating Capacity, Through 2026
Table 39: North American Market for Heat Pumps, by End-Use Sector, Through 2026
Table 40: U.S. Market for Heat Pumps, by Type, Through 2026
Table 41: U.S. Market for Heat Pumps, by Rating Capacity, Through 2026
Table 42: U.S. Market for Heat Pumps, by End-Use Sector, Through 2026
Table 43: Canadian Market for Heat Pumps, by Type, Through 2026
Table 44: Canadian Market for Heat Pumps, by Rating Capacity, Through 2026
Table 45: Canadian Market for Heat Pumps, by End-Use Sector, Through 2026
Table 46: Mexican Market for Heat Pumps, by Type, Through 2026
Table 47: Mexican Market for Heat Pumps, by Rating Capacity, Through 2026
Table 48: Mexican Market for Heat Pumps, by End-Use Sector, Through 2026
Table 49: European Electricity Generation, by Source, 2018 and 2019
Table 50: European Market for Heat Pumps, by Country, Through 2026
Table 51: European Market for Heat Pumps, by Type, Through 2026
Table 52: European Market for Heat Pumps, by Rating Capacity, Through 2026
Table 53: European Market for Heat Pumps, by End-Use Sector, Through 2026
Table 54: French Market for Heat Pumps, by Type, Through 2026
Table 55: French Market for Heat Pumps, by Rating Capacity, Through 2026
Table 56: French Market for Heat Pumps, by End-Use Sector, Through 2026
Table 57: Italian Market for Heat Pumps, by Type, Through 2026
Table 58: Italian Market for Heat Pumps, by Rating Capacity, Through 2026
Table 59: Italian Market for Heat Pumps, by End-Use Sector, Through 2026
Table 60: Spanish Market for Heat Pumps, by Type, Through 2026
Table 61: Spanish Market for Heat Pumps, by Rating Capacity, Through 2026
Table 62: Spanish Market for Heat Pumps, by End-Use Sector, Through 2026
Table 63: German Market for Heat Pumps, by Type, Through 2026
Table 64: German Market for Heat Pumps, by Rating Capacity, Through 2026
Table 65: German Market for Heat Pumps, by End-Use Sector, Through 2026
Table 66: MEA Electricity Generation, by Source, 2018 and 2019
Table 67: MEA Market for Heat Pumps, by Country, Through 2026
Table 68: MEA Market for Heat Pumps, by Type, Through 2026
Table 69: MEA Market for Heat Pumps, by Rating Capacity, Through 2026
Table 70: MEA Market for Heat Pumps, by End-Use Sector, Through 2026
Table 71: UAE Market for Heat Pumps, by Type, Through 2026
Table 72: UAE Market for Heat Pumps, by Rating Capacity, Through 2026
Table 73: UAE Market for Heat Pumps, by End-Use Sector, Through 2026
Table 74: Saudi Arabian Market for Heat Pumps, by Type, Through 2026
Table 75: Saudi Arabian Market for Heat Pumps, by Rating Capacity, Through 2026
Table 76: Saudi Arabian Market for Heat Pumps, by End-Use Sector, Through 2026
Table 77: South African Market for Heat Pumps, by Type, Through 2026
Table 78: South African Market for Heat Pumps, by Rating Capacity, Through 2026
Table 79: South African Market for Heat Pumps, by End-Use Sector, Through 2026
Table 80: South American Market for Heat Pumps, by Country, Through 2026
Table 81: South American Market for Heat Pumps, by Type, Through 2026
Table 82: South American Market for Heat Pumps, by Rating Capacity, Through 2026
Table 83: South American Market for Heat Pumps, by End-Use Sector, Through 2026
Table 84: Brazilian Market for Heat Pumps, by Type, Through 2026
Table 85: Brazilian Market for Heat Pumps, by Rating Capacity, Through 2026
Table 86: Brazilian Market for Heat Pumps, by End-Use Sector, Through 2026
Table 87: Chilean Market for Heat Pumps, by Type, Through 2026
Table 88: Chilean Market for Heat Pumps, by Rating Capacity, Through 2026
Table 89: Chilean Market for Heat Pumps, by End-Use Sector, Through 2026
Table 90: Argentinian Market for Heat Pumps, by Type, Through 2026
Table 91: Argentinian Market for Heat Pumps, by Rating Capacity, Through 2026
Table 92: Argentinian Market for Heat Pumps, by End-Use Sector, Through 2026
Table 93: List of Market Players
Table 94: AAON Inc.: Products and Services
Table 95: AAON Inc.: Strategic Development, 2019
Table 96: Carrier Corp.: Company Overview
Table 97: Carrier Corp.: Key Financial Metrics, 2018-2020
Table 98: Carrier Corp.: Business Segment Overview
Table 99: Carrier Corp.: Key Product Offering
Table 100: Carrier Corp.: Recent Developments, 2017-2021
Table 101: Daikin Industries Ltd.: Company Overview
Table 102: Daikin Industries Ltd.: Key Financial Metrics
Table 103: Daikin Industries Ltd.: Business Segment Overview
Table 104: Daikin Industries Ltd.: Key Product Offering
Table 105: Daikin Industries Ltd.: Recent Developments
Table 106: Danfoss: Company Overview
Table 107: Danfoss: Key Financial Metrics, 2018-2020
Table 108: Danfoss: Business Segment Overview
Table 109: Danfoss: Key Product Offering
Table 110: Danfoss: Recent Developments, 2014-2020
Table 111: Hitachi Ltd.: Company Overview
Table 112: Hitachi Ltd.: Key Financial Metrics, 2018-2020
Table 113: Hitachi Ltd.: Business Segment Overview
Table 114: Hitachi Ltd.: Key Product Offering
Table 115: Hitachi Ltd.: Recent Developments, 2017-2021
Table 116: Ingersoll Rand Inc.: Company Overview
Table 117: Ingersoll Rand Inc.: Key Financial Metrics, 2018-2020
Table 118: Ingersoll Rand Inc.: Business Segment Overview
Table 119: Ingersoll Rand Inc.: Key Product Offering
Table 120: Ingersoll Rand Inc.: Recent Developments, 2018-2020
Table 121: Johnson Controls: Products and Services
Table 122: Lennox International: Recent Developments, 2020 and 2021
Table 123: Midea Group: Company Overview
Table 124: Midea Group: Key Financial Metrics, 2018-2020
Table 125: Midea Group: Business Segment Overview
Table 126: Midea Group: Key Product Offerings
Table 127: Midea Group: Recent Developments, 2016-2021
Table 128: Mitsubishi Electric Corp.: Company Overview
Table 129: Mitsubishi Electric Corp.: Key Financial Metrics, 2018-2020
Table 130: Mitsubishi Electric Corp.: Business Segment Overview
Table 131: Mitsubishi Electric Corp.: Key Product Offering
Table 132: Mitsubishi Electric Corp.: Recent Developments, 2014-2021
Table 133: Nibe Industries AB: Company Overview
Table 134: Nibe Industries AB: Key Financial Metrics, 2018-2020
Table 135: Nibe Industries AB: Business Segment Overview
Table 136: Nibe Industries AB: Key Product Offering
Table 137: Nibe Industries AB: Recent Developments, 2017-2021
Table 138: Nortek Global HVAC: Recent Developments, 2020 and 2021
Table 139: Panasonic Corp.: Company Overview
Table 140: Panasonic Corp.: Key Financial Metrics, 2018-2020
Table 141: Panasonic Corp.: Business Segment Overview
Table 142: Panasonic Corp.: Key Product Offering
Table 143: Panasonic Corp.: Recent Developments, 2017-2021
Table 144: Thermax Ltd.: Business Segment Overview
Table 145: Thermax Ltd.: Key Product Offering
Table 146: Thermax Ltd.: Recent Developments, 2019 and 2020
Table 147: Acronyms Used in the Heat Pump Market
List of Figures
Summary Figure: Global Market for Heat Pumps, by Region, 2019-2026
Figure 1: Global Market for Heat Pumps, by Value, 2019-2026
Figure 2: Global Market for Heat Pumps, by Volume, 2019-2026
Figure 3: Global Market Shares of Electricity Generation, by Source, 2020
Figure 4: Global Market Shares of Electricity Generation, by Source, 2019
Figure 5: Heat Pump Supply Chain
Figure 6: Air Source Heat Pump
Figure 7: Ground Source Heat Pump
Figure 8: Water Source Heat Pump
Figure 9: Global Market Shares of Heat Pumps, by Type, 2020
Figure 10: Global Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 11: Global Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 12: Global Market Shares of Heat Pumps, by Region, 2020
Figure 13: APAC Market for Heat Pumps, 2019-2026
Figure 14: APAC Market for Heat Pumps, by Volume, 2019-2026
Figure 15: APAC Market Shares of Electricity Generation, by Source, 2018
Figure 16: APAC Market Shares of Electricity Generation, by Source, 2019
Figure 17: Greenhouse Gas Emissions, by Country, 2017
Figure 18: APAC Market Shares of Heat Pumps, by Country, 2020
Figure 19: APAC Market Shares of Heat Pumps, by Type, 2020
Figure 20: APAC Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 21: APAC Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 22: Chinese Market for Heat Pumps, 2019-2026
Figure 23: Chinese Market Shares of Heat Pumps, by Type, 2020
Figure 24: Chinese Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 25: Chinese Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 26: Japanese Market for Heat Pumps, 2019-2026
Figure 27: Japanese Market Shares of Heat Pumps, by Type, 2020
Figure 28: Japanese Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 29: Japanese Industrial Production Index (IIP), Manufacturing, 2016-2020
Figure 30: Japanese Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 31: Indian Market for Heat Pumps, 2019-2026
Figure 32: Indian Market Shares of Heat Pumps, by Type, 2020
Figure 33: Indian Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 34: Indian Industrial Production Index (IIP), Manufacturing, 2016-2020
Figure 35: Indian Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 36: South Korean Market for Heat Pumps, 2019-2026
Figure 37: South Korean Market Shares of Heat Pumps, by Type, 2020
Figure 38: South Korean Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 39: South Korean Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 40: North American Market for Heat Pumps, 2019-2026
Figure 41: North American Market for Heat Pumps, by Volume, 2019-2026
Figure 42: North American Market Shares of Electricity Generation, by Source, 2018
Figure 43: North American Market Shares of Electricity Generation by Source, 2019
Figure 44: Coal Consumption in North America, by Country, 2019
Figure 45: North American Market Shares of Heat Pumps, by Country, 2020
Figure 46: North American Market Shares of Heat Pumps, by Type, 2020
Figure 47: North American Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 48: North American Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 49: Energy Consumption Share in the U.S., 2019
Figure 50: U.S. Market for Heat Pumps, 2019-2026
Figure 51: U.S. Market Shares of Heat Pumps, by Type, 2020
Figure 52: U.S. Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 53: U.S. Industrial Production Index (IIP), Manufacturing, 2016-2020
Figure 54: U.S. Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 55: Canadian Market for Heat Pumps, 2019-2026
Figure 56: Canadian Market Shares of Heat Pumps, by Type, 2020
Figure 57: Canadian Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 58: Canadian Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 59: Mexican Market for Heat Pumps, 2019-2026
Figure 60: Mexican Market Shares of Heat Pumps, by Type, 2020
Figure 61: Mexican Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 62: Mexican Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 63: European Market for Heat Pumps, 2019-2026
Figure 64: European Market for Heat Pumps, by Volume, 2019-2026
Figure 65: European Market Shares of Electricity Generation, by Source, 2018
Figure 66: European Market Shares of Electricity Generation, by Source, 2019
Figure 67: European Market Shares of Heat Pumps, by Country, 2020
Figure 68: European Market for Heat Pump Volume Sales, by Country, 2018
Figure 69: European Market Shares of Heat Pumps, by Type, 2020
Figure 70: European Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 71: European Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 72: French Market for Heat Pumps, 2019-2026
Figure 73: French Market Shares of Heat Pumps, by Type, 2018
Figure 74: French Market Shares of Heat Pumps, by Type, 2020
Figure 75: French Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 76: French Industrial Production Index (IIP), Manufacturing, 2016-2020
Figure 77: French Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 78: Italian Market for Heat Pumps, 2019-2026
Figure 79: Italian Market Shares of Heat Pumps, by Type, 2018
Figure 80: Italian Market Shares of Heat Pumps, by Type, 2020
Figure 81: Italian Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 82: Italian Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 83: Spanish Market for Heat Pumps, 2019-2026
Figure 84: Spanish Market Shares of Heat Pumps, by Type, 2020
Figure 85: Spanish Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 86: Spanish Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 87: German Market for Heat Pumps, 2019-2026
Figure 88: German Market Shares of Heat Pumps, by Type, 2020
Figure 89: German Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 90: German Industrial Production Index (IIP), Manufacturing, 2016-2020
Figure 91: German Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 92: MEA Market Shares of Electricity Generation, by Source, 2018
Figure 93: MEA Market Shares of Electricity Generation, by Source, 2019
Figure 94: MEA Market for Heat Pumps, 2019-2026
Figure 95: MEA Market for Heat Pumps, by Volume, 2019-2026
Figure 96: MEA Market Shares of Heat Pumps, by Country, 2020
Figure 97: MEA Market Shares of Heat Pumps, by Type, 2020
Figure 98: MEA Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 99: MEA Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 100: UAE Market for Heat Pumps, 2019-2026
Figure 101: UAE Market Shares of Heat Pumps, by Type, 2020
Figure 102: UAE Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 103: UAE Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 104: Saudi Arabian Market for Heat Pumps, 2019-2026
Figure 105: Saudi Arabian Market Shares of Heat Pumps, by Type, 2020
Figure 106: Saudi Arabian Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 107: Saudi Arabian Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 108: South African Market for Heat Pumps, 2019-2026
Figure 109: South African Market Shares of Heat Pumps, by Type, 2020
Figure 110: South African Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 111: South African Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 112: South American Market for Heat Pumps, 2019-2026
Figure 113: South American Market for Heat Pumps, by Volume, 2019-2026
Figure 114: South American Market Shares of Heat Pumps, by Country, 2020
Figure 115: South American Market Shares of Heat Pumps, by Type, 2020
Figure 116: South American Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 117: South American Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 118: Brazilian Market for Heat Pumps, 2019-2026
Figure 119: Brazilian Market Shares of Heat Pumps, by Type, 2020
Figure 120: Brazilian Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 121: Brazilian Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 122: Chilean Market for Heat Pumps, 2019-2026
Figure 123: Chilean Market Shares of Heat Pumps, by Type, 2020
Figure 124: Chilean Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 125: Chilean Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 126: Argentinian Market for Heat Pumps, 2019-2026
Figure 127: Argentinian Market Shares of Heat Pumps, by Type, 2020
Figure 128: Argentinian Market Shares of Heat Pumps, by Rating Capacity, 2020
Figure 129: Argentinian Market Shares of Heat Pumps, by End-Use Sector, 2020
Figure 130: Carrier Corp.: Market Share, by Business Segment, 2020
Figure 131: Carrier Corp.: Market Share, by Region/Country, 2020
Figure 132: Daikin Industries Ltd.: Market Share, by Business Segment, 2020
Figure 133: Daikin Industries Ltd.: Market Share, by Region/Country, 2020
Figure 134: Danfoss: Market Share, by Business Segment, 2020
Figure 135: Danfoss: Market Share, by Region/Country, 2020
Figure 136: Hitachi Ltd.: Market Share, by Business Segment, 2020
Figure 137: Hitachi Ltd.: Market Share, by Region/Country, 2020
Figure 138: Ingersoll Rand Inc.: Market Share, by Business Segment, 2020
Figure 139: Ingersoll Rand Inc.: Market Share, by Region/Country, 2020
Figure 140: Midea Group: Market Share, by Business Segment, 2020
Figure 141: Midea Group: Market Share, by Geographical Segment, 2020
Figure 142: Mitsubishi Electric Corp.: Market Share, by Business Segment, 2020
Figure 143: Mitsubishi Electric Corp.: Market Share, by Region/Country, 2020
Figure 144: Nibe Industries AB: Market Share, by Business Segment, 2020
Figure 145: Nibe Industries AB: Market Share, by Region, 2020
Figure 146: Panasonic Corp.: Market Share, by Business Segment, 2020
Figure 147: Panasonic Corp.: Market Share, by Region/Country, 2020
Figure 148: Thermax Ltd.: Market Share, by Business Segment, 2020
Figure 149: Thermax Ltd.: Market Share, by Geographic Segment, 2020
Samples
LOADING...
Executive Summary
The term “heat pump” refers to an electrical device that transfers heat energy from one place to another via an electronic and mechanical medium. A typical heat pump consists of four components: condenser, evaporator, expansion valve and compressor. A heat pump performs its function by circulating refrigerant through these components. Heat pumps have multiple uses in ventilation, heating and air-conditioning devices that are used for space heating, cooling, etc. Some other application trends that are being observed in the heat pump industry involve the use of heat pumps in appliances such as water heaters, dryers, washing machines, etc.
In 2020, the global market for heat pumps was significantly impacted due to the COVID-19 pandemic. In 2021, market players are hoping that the market will recover due to the increasing availability of the COVID-19 vaccine. However, second and third-wave COVID-19 outbreaks are also disrupting industrial operations.
The global heat pump market is categorized into four notable segments on the basis of type, rating capacity, end-user industry and region.
On the basis of type, the heat pump market is segmented into the following: air source, water source and geothermal/ground source heat pump. The air source heat pump is expected to dominate the market due to its features such as energy efficiency, less noise and low carbon emissions.
On the basis of end-user, the heat pump market is segmented into the following: residential, commercial and industrial. The residential segment is expected to dominate the market followed by the commercial and industrial segments. The commercial segment includes education, retail, healthcare, logistics, hospitality, etc. The industrial segment includes various industries like paper and pulp, chemical, F&B, automobile, iron and steel, textile, non-metallic minerals, etc.
The major companies in the global heat pump market are Midea Group, Daikin, Nibe AG, Ingersoll Rand, Panasonic, Mitsubishi Electric, Danfoss, Hitachi, Carrier Corp., Rheem Mfg. Co. and Johnson Controls, among others.
Companies Mentioned
- Aaon Inc.
- Carrier Corp.
- Daikin Industries Ltd.
- Danfoss
- Gree Electric Appliances Inc.
- Hitachi Ltd.
- Ingersoll Rand Inc.
- Johnson Controls
- Lennox International
- Midea Group
- Mitsubishi Electric Corp.
- Nibe Industries Ab
- Nortek Global Hvac
- Panasonic Corp.
- Thermax Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 196 |
| Published | August 2021 |
| Forecast Period | 2021 - 2026 |
| Estimated Market Value ( USD | $ 60.4 Billion |
| Forecasted Market Value ( USD | $ 96.7 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
