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Heat Pumps Market: Global Industry Analysis and Opportunity Assessment, 2016-2026

Heat Pumps Market: Global Industry Analysis and Opportunity Assessment, 2016-2026

The device used to pull heat from a lower temperature zone and deliver it to a higher temperature zone is known as a heat pump. These heat pumps use refrigerant in closed or open cycle, which acts as an intermediate medium of heat exchange between source and destination. Heat pumps are of various types such as working on the basis of heat source, air source, water source, ground source, and hybrid. Further on the basis of exchange media heat pumps can be classified as air to air, air to water, water to air, and water to water. The global heat pumps market is estimated to be valued at US$ 6,491.7 Mn by 2016 end and is anticipated to register a CAGR of 7.1% over the forecast period.

Growth in the construction industry and strict building regulations are fuelling the demand for heat pumps

Growth of the construction industry along with increasing implementation of stringent new building regulations by governments worldwide, especially in China, Japan, U.S., South Korea, and Europe are expected to be the key factors driving demand for heat pumps for residential applications. In countries such as Japan, Australia, U.S., and countries of Europe, governments are providing subsidies on purchase of heat pumps in order to reduce their carbon footprint and increase use of renewable sources of energy for heating and cooling purposes. Also, certain countries like Japan and China have their own renewable energy policies for heating purposes, which promote the use of heat pumps over conventional heating devices.

Strident nature of conventional HFC based refrigerant has escalated the need for using less GWP (Global Warming Potential) or natural based refrigerants. CO­2 based and ammonia based refrigerant heat pumps have gained high attention in recent years. Also, developing energy efficient heat pumps is one of the persistent trend since decades. However, high installation cost of heat pumps and less awareness about the product among consumers are major factors restraining the growth of the global heat pumps market. The total cost encompasses cost of heat pumps, installation cost, cost of ground work for ground source heat pumps, and cost of ancillary items (buffer tank, manifolds, hot water cylinder), which becomes difficult to afford, especially in price sensitive developing countries.

Market Segmentation

By Product Type

By Refrigerants

By Power Source

By End User

By Region

Ground Source Heat Pump

Air-air Heat Pump

Air-water Heat Pump

Hybrid Heat Pump

Hydro-fluorocarbon (HFC)

Ammonia

CO2

Hydrocarbons

Others

Electric

Others (Gas)

Residential

Commercial

Industrial

North America

Latin America

Western Europe

Eastern Europe

APEJ

Japan

Middle East and Africa (MEA)

Higher efficiency of ground source heat pumps make them an attractive choice

The ground source heat pump segment accounted for 11.7% value share in 2016 and is expected to register a significant CAGR over the forecast period. Ground source heat pumps have higher efficiency than air source heat pumps as they extract heat from the ground, which is at a more stable temperature than air.

CO2 based heat pumps are preferred due to their eco-friendly nature

The CO2 based heat pump segment is anticipated to grow at a CAGR of 8.2% over the forecast period. This segment is expected to increase rapidly during the forecast period owing to high efficiency of CO2 refrigerants in residential applications and high acceptance rates in Japan and Europe due to its eco-friendly properties.

China and India set to lead the residential heat pumps market

The residential segment accounts for a major share of the global heat pumps market – contributing to more than 55% of the overall value share in 2016 – and is expected to register a CAGR of 7.3% over the forecast period. The segment is projected to grow at a steady pace in the near future owing to increasing building and construction activities in developing countries such as China and India.

Western Europe dominates the global heat pumps market

Western Europe dominates the global heat pumps market and is estimated to account for 40.7% value share in 2016. The heat pumps market in APEJ is expected to witness significant growth over the forecast period. Growth of new buildings and clean energy policies of different nations in APEJ is expected to drive the growth of the heat pumps market in the region.

heat pumps market

Leading market players are encouraging public awareness regarding the benefits and cost efficiency of heat pumps

Key players in the global heat pumps market include Danfoss Group Global, Viessmann Group, United Technologies Corporation, The Bosch Group, Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, and NIBE Group. Key market players are strategically plotting their business divisions as per the geographic and climatic conditions of the market. They are also providing financial options for the purchase and installation of heat pumps. Moreover, they are also working on increasing the awareness of people regarding the benefits and cost efficiency of heat pumps.


1. Executive Summary
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Global Heat Pumps Market Analysis Scenario
3.1. Market Volume Analysis
3.1.1. Installed Base By Region
3.1.2. Replacement Rate and Lifecycle Analysis
3.2. Pricing Analysis
3.2.1. Pricing Assumptions
3.2.2. Price Projections Per Region
3.3. Market Size (US$ Mn) and Forecast
3.3.1. Market Size and Y-o-Y Growth
3.3.2. Absolute $ Opportunity
3.4. Market Overview
3.4.1. Value Chain
3.4.2. Profitability Margins
3.4.3. List of Active Participants
3.4.3.1. Component Suppliers
3.4.3.2. Manufacturers
3.4.3.3. Distributors / Retailers
3.4.3.4. MRO Service Providers
3.5. Type - Cost Teardown Analysis
4. Market Dynamics
4.1. Macro-economic Factors
4.2. Drivers
4.2.1. Supply Side
4.2.2. Demand Side
4.3. Restraints
4.4. Opportunity
4.5. Forecast Factors – Relevance and Impact
5. Global Heat Pumps Market Analysis and Forecasts, By Product Type
5.1. Introduction
5.2. Basis Point Share (BPS) Analysis By Type
5.3. Y-o-Y Growth Projections By Type
5.4. Market Value and Volume Forecast By Type
5.4.1. Ground source heat pump
5.4.2. Air-air heat pump
5.4.3. Air-water heat pump
5.4.4. Hybrid heat pump
5.5. Market Attractiveness Analysis By Type
5.6. Prominent Trends
6. Global Heat Pumps Market Analysis and Forecasts, By Refrigerant used
6.1. Introduction
6.2. Basis Point Share (BPS) Analysis By Refrigerant used
6.3. Y-o-Y Growth Projections By Refrigerant used
6.4. Market Value and Volume Forecast By Refrigerant used
6.4.1. Hydro Fluoro-Carbon
6.4.2. Ammonia
6.4.3. CO2
6.4.4. Hydrocarbon
6.4.5. Others
6.5. Market Attractiveness Analysis By Refrigerant used
6.6. Prominent Trends
7. Global Heat Pumps Market Analysis and Forecasts, By Power Source
7.1. Introduction
7.2. Basis Point Share (BPS) Analysis By Power Source
7.3. Y-o-Y Growth Projections By Power Source
7.4. Market Value and Volume Forecast By Power Source
7.4.1. Electric Power Source
7.4.2. Other Power Source
7.5. Market Attractiveness Analysis By Power Source
7.6. Prominent Trends
8. Global Heat Pumps Market Analysis and Forecasts, By End User
8.1. Introduction
8.2. Basis Point Share (BPS) Analysis By End User
8.3. Y-o-Y Growth Projections By End User
8.4. Market Value and Volume Forecast By End User
8.4.1. Residential
8.4.2. Commercial
8.4.3. Industrial
8.5. Market Attractiveness Analysis By Power Source
8.6. Prominent Trends
9. Global Heat Pumps Market Analysis and Forecasts, By Region
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis By Region
9.1.2. Y-o-Y Growth Projections By Region
9.2. Market Value and Volume Forecast By Region
9.2.1. North America
9.2.2. Western Europe
9.2.3. Asia Pacific Excluding Japan
9.2.4. Eastern Europe
9.2.5. Latin America
9.2.6. Middle East and Africa
9.2.7. Japan
9.3. Market Attractiveness Analysis By Region
9.4. Key Regulation
10. North America Heat Pump Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis By Country
10.1.2. Y-o-Y Growth Projections By Country
10.1.3. Market Attractiveness Analysis By Country
10.2. North America Heat Pump Market Value and Volume Forecast By Country
10.2.1. U.S.
10.2.2. Canada
10.3. North America Heat Pump Market Analysis Product Type
10.3.1. Basis Point Share (BPS) Analysis
10.3.2. Market Attractiveness Analysis
10.4. North America Heat Pump Market Value and Volume Forecast By Product Type
10.4.1. Ground source heat pump
10.4.2. Air-air heat pump
10.4.3. Air-water heat pump
10.4.4. Hybrid heat pump
10.5. North America Heat Pump Market Analysis By Refrigerant Used
10.5.1. Basis Point Share (BPS) Analysis
10.5.2. Market Attractiveness Analysis
10.6. North America Heat Pump Market Value and Volume Forecast By Refrigerant Used
10.6.1. Hydro Fluoro-Carbon
10.6.2. Ammonia
10.6.3. CO2
10.6.4. Hydrocarbon
10.6.5. Others
10.7. North America Heat Pump Market Analysis By Power Source
10.7.1. Basis Point Share (BPS) Analysis
10.7.2. Market Attractiveness Analysis
10.8. North America Heat Pump Market Value and Volume Forecast By Power Source
10.8.1. Electric Power Source
10.8.2. Other Power Source
10.9. North America Heat Pump Market Analysis By End User
10.9.1. Basis Point Share (BPS) Analysis
10.9.2. Market Attractiveness Analysis
10.10. North America Heat Pump Market Value and Volume Forecast By End User
10.10.1. Residential
10.10.2. Commercial
10.10.3. Industrial
10.11. North America Heat Pump Market Trend
11. Western Europe Heat Pump Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis By Country
11.1.2. Y-o-Y Growth Projections By Country
11.1.3. Market Attractiveness Analysis By Country
11.2. Western Europe Heat Pump Market Value and Volume Forecast By Country
11.2.1. Germany
11.2.2. Italy
11.2.3. France
11.2.4. U.K.
11.2.5. Spain
11.2.6. Rest of Western Europe
11.3. Western Europe Heat Pump Market Analysis Product Type
11.3.1. Basis Point Share (BPS) Analysis
11.3.2. Market Attractiveness Analysis
11.4. Western Europe Heat Pump Market Value and Volume Forecast By Product Type
11.4.1. Ground source heat pump
11.4.2. Air-air heat pump
11.4.3. Air-water heat pump
11.4.4. Hybrid heat pump
11.5. Western Europe Heat Pump Market Analysis By Refrigerant Used
11.5.1. Basis Point Share (BPS) Analysis
11.5.2. Market Attractiveness Analysis
11.6. Western Europe Heat Pump Market Value and Volume Forecast By Refrigerant Used
11.6.1. Hydro Fluoro-Carbon
11.6.2. Ammonia
11.6.3. CO2
11.6.4. Hydrocarbon
11.6.5. Others
11.7. Western Europe Heat Pump Market Analysis By Power Source
11.7.1. Basis Point Share (BPS) Analysis
11.7.2. Market Attractiveness Analysis
11.8. Western Europe Heat Pump Market Value and Volume Forecast By Power Source
11.8.1. Electric Power Source
11.8.2. Other Power Source
11.9. Western Europe Heat Pump Market Analysis By End User
11.9.1. Basis Point Share (BPS) Analysis
11.9.2. Market Attractiveness Analysis
11.10. Western Europe Heat Pump Market Value and Volume Forecast By End User
11.10.1. Residential
11.10.2. Commercial
11.10.3. Industrial
11.11. Western Europe Heat Pump Market Trend
12. Asia Pacific Excl. Japan (APEJ) Heat Pump Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis By Country
12.1.2. Y-o-Y Growth Projections By Country
12.1.3. Market Attractiveness Analysis By Country
12.2. APEJ Heat Pump Market Value and Volume Forecast By Country
12.2.1. China
12.2.2. India
12.2.3. Australia and New Zealand
12.2.4. Rest of APEJ
12.3. APEJ Heat Pump Market Analysis Product Type
12.3.1. Basis Point Share (BPS) Analysis
12.3.2. Market Attractiveness Analysis
12.4. APEJ Heat Pump Market Value and Volume Forecast By Product Type
12.4.1. Ground source heat pump
12.4.2. Air-air heat pump
12.4.3. Air-water heat pump
12.4.4. Hybrid heat pump
12.5. APEJ Heat Pump Market Analysis By Refrigerant Used
12.5.1. Basis Point Share (BPS) Analysis
12.5.2. Market Attractiveness Analysis
12.6. APEJ Heat Pump Market Value and Volume Forecast By Refrigerant Used
12.6.1. Hydro Fluoro-Carbon
12.6.2. Ammonia
12.6.3. CO2
12.6.4. Hydrocarbon
12.6.5. Others
12.7. APEJ Heat Pump Market Analysis By Power Source
12.7.1. Basis Point Share (BPS) Analysis
12.7.2. Market Attractiveness Analysis
12.8. APEJ Heat Pump Market Value and Volume Forecast By Power Source
12.8.1. Electric Power Source
12.8.2. Other Power Source
12.9. APEJ Heat Pump Market Analysis By End User
12.9.1. Basis Point Share (BPS) Analysis
12.9.2. Market Attractiveness Analysis
12.10. APEJ Heat Pump Market Value and Volume Forecast By End User
12.10.1. Residential
12.10.2. Commercial
12.10.3. Industrial
12.11. APEJ Heat Pump Market Trend
13. Eastern Europe Heat Pump Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis By Country
13.1.2. Y-o-Y Growth Projections By Country
13.1.3. Market Attractiveness Analysis By Country
13.2. Eastern Europe Heat Pump Market Value and Volume Forecast By Country
13.2.1. Russia
13.2.2. Poland
13.2.3. Rest of Eastern Europe
13.3. Eastern Europe Heat Pump Market Analysis Product Type
13.3.1. Basis Point Share (BPS) Analysis
13.3.2. Market Attractiveness Analysis
13.4. Eastern Europe Heat Pump Market Value and Volume Forecast By Product Type
13.4.1. Ground source heat pump
13.4.2. Air-air heat pump
13.4.3. Air-water heat pump
13.4.4. Hybrid heat pump
13.5. Eastern Europe Heat Pump Market Analysis By Refrigerant Used
13.5.1. Basis Point Share (BPS) Analysis
13.5.2. Market Attractiveness Analysis
13.6. Eastern Europe Heat Pump Market Value and Volume Forecast By Refrigerant Used
13.6.1. Hydro Fluoro-Carbon
13.6.2. Ammonia
13.6.3. CO2
13.6.4. Hydrocarbon
13.6.5. Others
13.7. Eastern Europe Heat Pump Market Analysis By Power Source
13.7.1. Basis Point Share (BPS) Analysis
13.7.2. Market Attractiveness Analysis
13.8. Eastern Europe Heat Pump Market Value and Volume Forecast By Power Source
13.8.1. Electric Power Source
13.8.2. Other Power Source
13.9. Eastern Europe Heat Pump Market Analysis By End User
13.9.1. Basis Point Share (BPS) Analysis
13.9.2. Market Attractiveness Analysis
13.10. Eastern Europe Heat Pump Market Value and Volume Forecast By End User
13.10.1. Residential
13.10.2. Commercial
13.10.3. Industrial
13.11. Eastern Europe Heat Pump Market Trend
14. Latin America Heat Pump Market Analysis and Forecast
14.1. Introduction
14.1.1. Basis Point Share (BPS) Analysis By Country
14.1.2. Y-o-Y Growth Projections By Country
14.1.3. Market Attractiveness Analysis By Country
14.2. Latin America Heat Pump Market Value and Volume Forecast By Country
14.2.1. Brazil
14.2.2. Mexico
14.2.3. Rest of Latin America
14.3. Latin America Heat Pump Market Analysis Product Type
14.3.1. Basis Point Share (BPS) Analysis
14.3.2. Market Attractiveness Analysis
14.4. Latin America Heat Pump Market Value and Volume Forecast By Product Type
14.4.1. Ground source heat pump
14.4.2. Air-air heat pump
14.4.3. Air-water heat pump
14.4.4. Hybrid heat pump
14.5. Latin America Heat Pump Market Analysis By Refrigerant Used
14.5.1. Basis Point Share (BPS) Analysis
14.5.2. Market Attractiveness Analysis
14.6. Latin America Heat Pump Market Value and Volume Forecast By Refrigerant Used
14.6.1. Hydro Fluoro-Carbon
14.6.2. Ammonia
14.6.3. CO2
14.6.4. Hydrocarbon
14.6.5. Others
14.7. Latin America Heat Pump Market Analysis By Power Source
14.7.1. Basis Point Share (BPS) Analysis
14.7.2. Market Attractiveness Analysis
14.8. Latin America Heat Pump Market Value and Volume Forecast By Power Source
14.8.1. Electric Power Source
14.8.2. Other Power Source
14.9. Latin America Heat Pump Market Analysis By End User
14.9.1. Basis Point Share (BPS) Analysis
14.9.2. Market Attractiveness Analysis
14.10. Latin America Heat Pump Market Value and Volume Forecast By End User
14.10.1. Residential
14.10.2. Commercial
14.10.3. Industrial
14.11. Latin America Heat Pump Market Trend

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