According to IMARC Group’s latest report, titled “Heat Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global heat pumps market size reached US$ 50.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 85.4 Billion by 2027, exhibiting a growth rate (CAGR) of 9.6% during 2022-2027

Heat pumps are devices that use mechanical energy to move heat from one place to another. They can either extract heat from the environment and transfer it to a space to provide heating, or extract heat from a space and transfer it to the environment for cooling. Heat pumps work by circulating a refrigerant, which absorbs heat from the source and releases it at the destination. They are a highly efficient and cost-effective way to provide heating and cooling compared to traditional heating and cooling systems, such as furnaces and air conditioners. Heat pumps are widely used in residential, commercial, and industrial applications for space heating, water heating, and air conditioning.

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Heat Pumps Market Trends:

The increasing demand for energy-efficient and eco-friendly heating and cooling solutions represents a significant factor driving the market growth across the globe. In line with this, the rising awareness of the harmful effects of greenhouse gas (GHG) emissions is contributing to the growth of the market. This is primarily attributed to the heat pumps offering a more sustainable alternative to the traditional heating and cooling systems. The market is also driven by the expanding construction industry, especially in developing countries. Apart from this, technological advancements and innovations in heat pump technology are creating a positive outlook for the market.

Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• Daikin Industries Ltd.
• Mitsubishi Electric Corporation
• MIDEA GROUP
• NIBE Industries
• AB Corp.
• Ingersoll Rand
• Danfoss
• Panasonic Corporation
• GDC Group Limited
• Viessmann Manufacturing Company Inc.
• Robert Bosch GmbH
• United Technologies Corporation

Key Market Segmentation:

The report has categorized the heat pumps market based on rated capacity, product type, end use sector and region.

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:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

Key Highlights of The Report:                                                    

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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