Global Heat Pump Market by phase type (Air-to-Air and Air-to-Water) –by capacity (Up to 10 kW, 10–20 kW, and 20–30 kW and Above 30 kW) – by end user (Residential, Commercial, Industrial, Food & Beverage, Paper & Pulp, Chemicals & Petrochemicals and Other) -by geography (North America, Europe, Asia Pacific, Middle East & Africa and South America)) – is expected to reach US $ 105.20 Bn by 2027, at a CAGR of 10.33 %.
Heat pumps use electronic resistance heaters as a backup for cold weather. They can also be furnished with burners to enhancement the heat pump. Back-up burners assistance solve the problem of the heat pump bringing comparatively cool air through cold weather and decreases its use of electricity. Some of the heat pump key players are focusing to incorporate both types of heat supply in one box. These configurations are frequently two smaller, side-by-side, standard systems distribution the same ductwork.
The most collective type of heat pump is the air-source heat pump, which transmissions heat between the house and the outside air. A heat pump can reduce electricity use for warming by nearly about 50% compared to electric resistance heating includes furnaces and baseboard heaters. High-efficiency heat pumps also offer better efficiency than standard central air conditioners, subsequent in less energy usage and more cooling comfort in summer months.
For weathers with reasonable heating and cooling needs, heat pumps compromise an energy-efficient substitute to heaters and air conditioners. Heat pumps use electricity to transfer heat from a cool space to a warm space, assembly the cool space cooler and the warm space warmer. During the warming season, heat pumps transfer heat from the cool outdoors into a warm house and during the chilling season, heat pumps transfer heat from the cool house into the warm outside. They transfer heat rather than generate heat, heat pumps can provide correspondent space habituation at as little as one-quarter of the cost of functioning conventional heating or cooling appliances.
The construction sector plays a key role in the global heat pumps market growth.
The construction sector plays a main role in increasing the demand for heat pumps owing to the upsurge in the construction of commercial and residential buildings. Heat pumps are most widely used in common residential and commercial applications such as Air-conditioning, refrigeration, and space heating. They are also becoming popular owing to increasing its usage in other applications like hot water supply in commercial buildings, cold storage storerooms, and process heat and vapour for industrial applications.
Inclination towards use of geothermal energy is expected to create more opportunities for manufacturers in the global heat pump market.
Geothermal includes ground-source or water-source heat pumps attain higher efficiencies by shifting heat between a house and the ground or a close water source. Though they offer more cost to install, geothermal heat pumps consume low operating costs owing to they take benefit of comparatively constant ground or water temperatures. Geothermal heat pumps have some major compensations. They can decrease energy use nearly about 30%-60% and helps to control humidity. They are sturdy and reliable and suitable in a wide variety of homes. Whether a geothermal heat pump is suitable for the consumer will depend on the size of the house lot, the subsoil, and the landscape. Ground-source or water-source heat pumps are used in thrilling climates than air-source heat pumps and consumer satisfaction.
Europe is expected to hold maximum market share in the global heat pumps market and is projected to maintain its position during the forecast period.
Increasing construction sector and growing appetite for renewable energy and energy efficiency, the European heat pump markets have grown by nearly 12% or nearly 1 million heat pumps. At the end of the year 2017, the production counter had reached up to 10.6 million, the nearly about 1.11 million units sold in 2017. If heat pumps market growth continues, a doubling of the European Heat Pump Market by 2026 is realistic.
This report comprises a study of marketing and development approaches, along with the product portfolios of leading companies. It includes the profiles of some of the leading manufacturers such as Danfoss Group Global, StiebelEltron, Bosch Thermotechnik GmbH, and NIBE energy systems, DeLonghi-Climaveneta, The Glen Dimplex Group, Viessmann Group, Mitsubishi Electric, Enertech Group, Carrier Corporation, Geothermal International Ltd., Airwell Group, Panasonic Corporation, Vaillant and Daikin Industries Ltd.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Heat Pump Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Heat Pump Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Heat Pump Market positioning of competitors.
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