Hybrid Heat Pump Market (2022 to 2027) – Growth, Trends, COVID-19 Impact, and Forecasts

Hybrid Heat Pump Market was valued at US$ 54.3 Bn. in 2021. The Global Hybrid Heat Pump Market size is estimated to grow at a CAGR of 9.6 % over the forecast period.

Hybrid Heat Pump Market Overview:

A heat pump is a device that cools and heats water, space, and floors by extracting heat from lower heat sources and delivering it to greater potential. Heat pumps are utilised in a variety of applications, including air conditioning and refrigeration. Heat pumps can function on a completely reversible cooling cycle, whereas refrigerators and air conditioners can only cool. The report explores the Hybrid Heat Pump market's segments (Product Type, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Hybrid Heat Pump market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Hybrid Heat Pump market's contemporary competitive scenario. Hybrid Heat Pump Market To know about the Research Methodology :- Request Free Sample Report 2021 is considered as a base year to forecast the market from 2022 to 2027. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.

Hybrid Heat Pump Market Dynamics:

An environment-friendly system that reduces energy and bills: A heat pump is a device that transfers the energy from one place to the other targeted place. The heat pump absorbs the heat from the cold space and releases it in the warmer one. There are four basic components of the heat pump i.e. a condenser, an expansion valve, an evaporator, an expansion valve, and a compressor. A hybrid heat pump is a system that uses a heat pump associated with a heat source. In hybrid systems, two components work alternatively to keep the system running all over the year. The hybrid heat pump is designed in such a way that it meets your heating demands by lowering the consumption of energy and also reducing the electricity bills. The system works within the two alternatives renewables and fossil fuels. It selects the appropriate technology at a time. If the temperature outside drops below freezing then the system starts working on a standard fossil fuel boiler. It will generate heat that is enough to keep the house warm and when the temperature outside is normal the heat will kick on for keeping the worm while conserving the energy. The hybrid heat pump is environment-friendly and is easy to use for the end-users. On basis of different circumstances, the sources of energy can be modified according to requirements. The hybrid heat pump works at enhancing efficiency and reducing energy consumption costs. Attractive options leading to the rapid adoption of Hybrid heat pumps: There are numerous benefits of using these Hybrid heat pumps. It has the feature of changing the source of energy depending upon circumstances. It can be converted into low emission levels when there is enough electricity available. It is environmentally friendly as it only transfers the energies from one place to another and it does not produce by itself. The efficiency of the hybrid heat pumps makes them attractive an option when compared with the traditional healing techniques. As hybrid Heat pumps use both gas and electricity as a source of energy. The hybrid heat pump appliances are working with renewable as they are available with a solid backup. Hence during blackouts or the grid breakdown, the hybrid heat pump provides a real-time heat requirement. Higher installation, maintenance, and up-gradation costs: Hybrid heat pumps are having many benefits but some factors are limiting the growth of the sales of the hybrid heat pumps such as significant upfront costs that are associated with the hybrid heat pumps being higher. There is an extremely high installation cost. According to the Committee on Climate Change says it costs an average of 26000 pounds for switching each UK home to a low-carbon heating system. The running cost can be very high especially if the home is not thermally efficient. Also, the cost of electricity is higher than that of gas i.e. 3-16p per KWh than gas with 3-4 per kWh. Hence it has an extremely high running economy. Moreover, it also requires other upgrades such as new, larger radiators and home insulation with the heat pump compatible hot water storage tank. All these factors can restrain the Hybrid Heat Pump Market by hampering its sales during the forecast period.

Hybrid Heat Pump Market Trends:

A hybrid heat pump is a system that uses a heat pump associated with a heat source. In hybrid systems, two components work to keep the system running all over the year. This hybrid heat pump is environment-friendly and easy to use. This hybrid heat pump is environment-friendly and easy to use. It is environmentally friendly as it only transfers the energies from one place to another and it does not produce by itself. The efficiency of the hybrid heat pumps makes them attractive an option when compared with the traditional healing techniques. The hybrid heat pump is designed in such a way that it meets your heating demands by lowering the consumption of energy and also reducing the electricity bills. the awareness of protecting the environment, people are rapidly adopting the Hybrid Heat Pumps that do not produce emissions. These would lead to an increase in the sales of the hybrid heat pumps during the forecast period.

Hybrid Heat Pump Market Segment Analysis:

Based on Type, the Hybrid Heat Pump Market is segmented into Compression Heat pumps and Absorption Heat Pumps. The Compression Heat Pump segment dominates the market growth by holding the maximum share of the Hybrid heat pump market. As it is very necessary in utilizing a compressor to circulate a fluid that is typically in the form of water vapor from low pressure to a higher pressure and temperature. Hence, The Compression Heat Pump segment dominates the market growth during the forecast period. Hybrid Heat Pump MarketBased on Application, the Hybrid Heat Pump Market is segmented into Residential, Commercial, and Industrial. The residential segment dominates the market by holding the maximum market share of the Hybrid Heat Pump Market. Nowadays, variation in climate has taken place. The winter is chiller than the past few years and the summers are hotter than the past few years. This change in climates has raised the demand for heating in residential buildings. Heat pumps are generally used in the industrial and home sectors for pre-heating domestic hot water, space heating and cooling, heat recovery, and dehumidification. Hence, the residential segment dominates the market by holding the maximum market share.

Hybrid Heat Pump Market Regional Insights:

The Asia Pacific region held the largest market share in 2021 and is projected to continue its dominance during the forecast period. As Asia Pacific is a developing region and the change in lifestyle of the people has led to the rapid adoption of the Hybrid Heat Pumps. The government is also promoting the adoption of hybrid heat pumps as it minimizes the air pollution by lowering the carbon emissions that were produced by the traditional sources of energy that are used for heating residential, commercial, and industrial sectors which would drive the market growth during the forecast period. The modernization and the awareness of protecting the environment, people are rapidly adopting the hybrid heat pumps that do not produce emissions. The objective of the report is to present a comprehensive analysis of the global Hybrid Heat Pump Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Hybrid Heat Pump Market dynamic, and structure by analyzing the market segments and projecting the Hybrid Heat Pump Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Hybrid Heat Pump Market make the report investor’s guide.

Hybrid Heat Pump Market Scope: Inquiry Before Buying

Hybrid Heat Pump Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2027
Historical Data: 2017 to 2021 Market Size in 2021: US$ 54.3 Bn.
Forecast Period 2022 to 2027 CAGR: 9.6% Market Size in 2027: US$ 94.12 Bn.
Segments Covered: by Product Type • Compression Heat Pump • Absorption Heat Pump
by Application • Residential • Commercial • Industrial

Hybrid Heat Pump Market by Region

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Hybrid Heat Pump Market Key Players:

Panasonic Corporation • Midea Group • Mitsubishi Electric Corporation • DENSO Corporation • Samsung • LG Electronics • Lennox International • Fujitsu General • Daikin Industries, Ltd. • Carrier Global • Johnson Controls • Trane Technologies • Thermax Limited • GEA Group Aktiengesellschaft • Danfoss A/S • Glen Dimplex Group • Viessmann • Nibe • Guangzhou Sprsun New Energy Technology Development • Rheem • Emers Frequently Asked Questions: 1) What segments are covered in the Hybrid Heat Pump Market report? Ans. The segments covered in the Hybrid Heat Pump Market report are based on Product Type and Application. 2) Which region holds the highest share in the Hybrid Heat Pump Market? Ans. The North American region is expected to hold the highest share in the Hybrid Heat Pump Market. 3) What is the market size of the Hybrid Heat Pump Market by 2027? Ans. The market size of the Hybrid Heat Pump Market by 2027 is US$ 94.12 Bn. 4) What is the forecast period for the Hybrid Heat Pump Market? Ans. The Forecast period for the Hybrid Heat Pump Market is 2022-2027. 5) What was the market size of the Hybrid Heat Pump Market in 2021? Ans. The market size of the Hybrid Heat Pump Market in 2021 was US$ 54.3 Bn.
1. Global Hybrid Heat Pump Market Size: Research Methodology 2. Global Hybrid Heat Pump Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Hybrid Heat Pump Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Hybrid Heat Pump Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Hybrid Heat Pump Market Size Segmentation 4.1. Global Hybrid Heat Pump Market Size, by Product Type (2021-2027) • Compression Heat Pump • Absorption Heat Pump 4.2. Global Hybrid Heat Pump Market Size, by Application (2021-2027) • Residential • Commercial • Industrial 5. North America Hybrid Heat Pump Market (2021-2027) 5.1. North America Hybrid Heat Pump Market Size, by Product Type (2021-2027) • Compression Heat Pump • Absorption Heat Pump 5.2. North America Hybrid Heat Pump Market Size by Application (2021-2027) • Residential • Commercial • Industrial 5.3. North America Hybrid Heat Pump Market, by Country (2021-2027) • United States • Canada • Mexico 6. European Hybrid Heat Pump Market (2021-2027) 6.1. European Hybrid Heat Pump Market, by Product Type (2021-2027) 6.2. European Hybrid Heat Pump Market, by Application (2021-2027) 6.3. European Hybrid Heat Pump Market, by Country (2021-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Hybrid Heat Pump Market (2021-2027) 7.1. Asia Pacific Hybrid Heat Pump Market, by Product Type (2021-2027) 7.2. Asia Pacific Hybrid Heat Pump Market, by Application (2021-2027) 7.3. Asia Pacific Hybrid Heat Pump Market, by Country (2021-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Hybrid Heat Pump Market (2021-2027) 8.1. The Middle East and Africa Hybrid Heat Pump Market, by Product Type (2021-2027) 8.2. The Middle East and Africa Hybrid Heat Pump Market, by Application (2021-2027) 8.3. The Middle East and Africa Hybrid Heat Pump Market, by Country (2021-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Hybrid Heat Pump Market (2021-2027) 9.1. South America Hybrid Heat Pump Market, by Product Type (2021-2027) 9.2. South America Hybrid Heat Pump Market, by Application (2021-2027) 9.3. South America Hybrid Heat Pump Market, by Country (2021-2027) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Panasonic Corporation 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Midea Group 10.3. Panasonic Corporation 10.4. Mitsubishi Electric Corporation 10.5. DENSO Corporation 10.6. Samsung 10.7. LG Electronics 10.8. Lennox International 10.9. Fujitsu General 10.10. Daikin Industries, Ltd. 10.11. Carrier Global 10.12. Johnson Controls 10.13. Trane Technologies 10.14. Thermax Limited 10.15. GEA Group Aktiengesellschaft 10.16. Danfoss A/S 10.17. Glen Dimplex Group 10.18. Viessmann 10.19. Nibe 10.20. Guangzhou Sprsun New Energy Technology Development 10.21. Rheem 10.22. Emers

About This Report

Report ID 147438
Category Engineering Equipment
Published Date May 2022
Updated Date
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