1. Market Research
  2. > Construction
  3. > Building Products
  4. > HVAC Market Trends
Heat Pumps Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Heat Pumps Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • June 2021
  • 138 pages
  • ID: 6030493
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

The Global Heat Pumps Market was valued at USD 6.04 billion in 2020, and it is expected to reach USD 9.87 billion by 2026, registering a CAGR of 9.5%, during the forecast period (2021-2026). The COVID-19 pandemic outbreak has created an economic turmoil for small, medium, and large-scale industries alike, globally. While it is realistic to expect a slow growth or even decline in sales of heat pumps sales, government policies and consumer demand are expected to drive the sales of heat pumps. End users are now increasingly concerned of disruptions and dangers threatened by climate change and carbon emissions (informally known as ‘the Blue Planet Effect’) and are making environmentally-responsible heating choices.

- Heat pump works on the principle of mechanical-compression cycle refrigeration that can even be reversed to heat or cool the desired space of a facility. Hence, these are increasingly being used for space heating and cooling applications.
- Heat pumps are composed of two main components, which include an outdoor unit that is quite similar to that of central air-conditioner and indoor air handler. The outdoor unit consists of a compressor that circulates refrigerant, whose function is to absorb and release heat that travels between outdoor and indoor units.
- The increasing need to curb dependence on fossil fuels and look for an energy-efficient alternative to furnaces and air conditioners are expected to drive the demand for heat pumps over the forecast period. As heat pumps move heat rather than generate heat, they can provide equivalent space conditioning at as little as one-quarter of the operating costs of conventional heating or cooling appliances.
- Various government initiatives, such as the Domestic RHI and the Non-Domestic RHI, by the government of the United Kingdom is a financial incentive scheme set up to encourage the installation and usage of renewable heating technologies in existing homes. Such initiatives are expected to fuel market growth over the forecast period.

Key Market Trends
Air Source Heat Pumps are Expected to Hold a Major Market Share

- The air source heat pump (ASHP) takes the electricity input, extracts the heat from ambient air, and gives hot water up to 90 degrees Celsius. Due to the extraction of heat from the ambient air, the ambient gets cooler. Thus, the requirement for both hot water and cold air drives the growth of air-source heat pumps.
- There are two main types of ASHP, which are air-to-water and air-to-air. An air-to-air heat pump absorbs heat from the outside air and then transfers it directly into houses via a fan system to heat a room. Simultaneously, air-to-water heat pumps absorb heat from the outside air and then transfer it via the central heating system to provide hot water heating, radiator, or underfloor heating in an indoor space (or all three). Thus, choosing the type of ASHP determines the type of heat distribution system one needs.
- These pumps have been rapidly becoming more widespread in recent years and now dominate the global sales for buildings. For instance, according to the International Energy Agency (IEA), the annual shipments of air-to-air heat pumps in the United States expanded from 2.3 million units in 2015, to 3.1 million in 2019.
- Moreover, several factors, such as policy development, upgraded construction standards that make heat pumps in new buildings more competitive, and growing air-conditioning demand, are raising the popularity of air-to-air technologies, thus, boosting the market growth.
- The market for ASHP is likely to grow over the forecast period due to its key advantages, such as versatility and affordability, as these pumps can work for either cooling or heating purposes and can be used for water heating or space heating. Moreover, air-source heat pumps are considered a renewable alternative to heat houses in the United Kingdom.

United States is Expected to Dominate Market Share

- The deployment of heat pumps has grown steadily in the North American region, specifically in the United States, due to various reasons, such as climatic conditions, the convenience to offer the equipment, government tax credit benefits, and regulations.
- Furthermore, the heat pumps have been regulated by the governments in the region for their energy efficiency. For instance, the Department of Energy (DOE) announced Fan Energy Rating (FER) that sets a minimum airflow efficiency standard for residential furnace fans. As of 3rd July 2019, vendors can no longer manufacture furnaces unless they meet the minimum efficiencies.
- With the new FER standards, the US DOE predicts that the new standard for furnace fans might save about 3.99 quads of energy, reduce carbon pollution by 34 million metric tons, and save the American citizens more than USD 9 billion electric bills through 2030. According to new state law, the city of Maine seeks installers to help meet the goal of 100,000 heat pumps over the next five years. Furthermore, the New Ambler heat pump project aims to reduce diesel costs in the villages drastically.
- In addition, the deployment of CO2heat pumps is expected to increase in the region, owing to the government initiatives toward decarbonized future. For instance, the energy group division for Mayekawa USA MYCOM has been promoting the Japanese company’s CO2 and ammonia-based heat pumps for space heating and domestic water heating in North America.

Competitive Landscape
The competitive rivalry in the heat pump market is high owing to the presence of some major players such as Mitsubishi Electric, Daikin, Panasonic amongst others. Their ability to continually innovate their offerings has enabled them to gain a competitive advantage over other players in the market. Through research & development activities, mergers & acquisitions these players have been able to expand their market footprint.

- January 2021 - Fluidra, a pool and wellness equipment provider, acquired Built Right, a Florida-based manufacturer of heat pumps. Built Right specializes in manufacturing and servicing high-performance heat pumps.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Heat Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • $ 2299
  • June 2021
  • 107 pages

The global heat pumps market exhibited moderate growth during 2015-2020. Heat pumps are electrical devices that extract heat from a source and transfer it to another via electronic or mechanical means. ...

  • World
  • Heat Pump
  • Industry analysis
  • Electricity Consumption
  • Energy Consumption

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on