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Heat Pumps Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Heat Pumps Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071810
  • Format: PDF
  • The Business Research Company


Table of Contents

Major players in the heat pumps market are Daikin Industries Ltd., Carrier, NIBE, Mitsubishi Electric Corporation, LG, Johnson Controls, Hitachi, Robert Bosch GmbH, Stiebel Eltron, and Ingersoll Rand.

The global heat pumps market is expected to grow from $111.62 billion in 2020 to $116.55 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $159.43 billion in 2025 at a CAGR of 8.1%.

The heat pumps market consists of sales of heat pumps by entities (organizations, sole traders, and partnerships) that produce heat pumps which move heat from a cool space to a warm space, making the cool space cooler and the warm space warmer. Only goods and services traded between entities or sold to end consumers are included.

Major companies operating in the heat pumps industry are focusing on developing new technology for cost-effective heating, which is likely to gain popularity in the heat pumps market.The heat pump manufacturers are developing new pump technology including contractor-friendly designs, higher efficiencies, and innovative two-stage compressors that run at lower speeds, consume less energy, and are cost-effective.

For instance, in July 2020, Daikin Industries, Ltd. announced the launch of Daikin SmartSource, Dedicated Outdoor Air System (DOAS). It is a next-generation heat pump technology that allows efficient and cost-effective cooling and heating in all conditions achieves 49% higher efficiency than other heat pumps.

The heat pumps market covered in this report is segmented by product type into air source; air-to-air; air-to-water; water source; ground source. It is also segmented by rated capacity into up to 10 kw; 10–20 kw; 20–30 kw; above 30 kw and by end user into residential; commercial; industrial.

In March 2020, NIBE Industrier AB (NIBE Group), a Sweden-based provider of energy-efficient solutions for homes, acquired WATERKOTTE GmbH for an undisclosed amount.The acquisition of WATERKOTTE GmbH is expected to help NIBE Industrier AB to strengthen its position in the European heat pump market, especially in Germany.

Furthermore, WATERKOTTE GmbH will also provide the company with access to handling large projects and heat pumps with higher capacity. WATERKOTTE GmbH is a German-based company engaged in manufacturing and selling advanced heat pumps and integrated sustainable energy solutions for single-family homes and commercial applications.

Government regulations and policies to improve energy efficiency are boosting the demand for renewable energy sources, thereby contributing to the growth of the heat pumps market.Heat pumps offer a low carbon footprint, minimal installation time, and reduce energy consumption in the household and industrial applications.

Energy efficiency has tremendous potential to boost economic growth and reduce greenhouse gas emissions.The government of various countries is adopting energy conservation policies.

For instance, the UK government formed an Energy Efficiency Office embracing various departments to monitor, coordinate, and develop energy conservation policies.Moreover, in the USA, all industries consuming more than one million GJ/A (100) are required to report their energy conservation and consumption efforts to the Department of Energy for seeking guidance on greater efficiency of energy use.

Therefore, growing efforts to reduce energy usage is likely to propel the demand for energy-efficient products including heat pumps.

The coronavirus outbreak restricted the growth of the heat pumps market.The governments across the world imposed restrictions on the movement of people, resulting in supply chain disruptions.

COVID-19 lockdowns forced many industries to shut down or operate with minimum capacity, hampering the revenues of various industries including the HVAC (heating, ventilation, and air conditioning) industry. For instance, Lennox International Inc., a US-based provider of climate control products for air conditioning, heating, ventilation, and refrigeration, depends heavily on a complex global supply chain. The company has manufacturing facilities in Georgia, Arkansas, Mississippi, and South Carolina, and the company’s network includes local and regional distribution stores and centers. The company is also engaged in selling products through contractors and dealers, therefore Covid-19 lockdown restrictions have impacted Lennox’s ability to deliver its products to the customers, thus restraining the market growth of the heat pumps during the period.

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