Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application {Residential (Single-family, Multi-family), Commercial (Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality and Others), In

Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application {Residential (Single-family, Multi-family), Commercial (Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality and Others), Industrial}, Industry Analysis Report, Regional Outlook (U.S., Canada, Sweden, Germany, France, Finland, Austria, Netherlands, Switzerland, China, South Korea, Japan, Iran, Turkey, South Africa, Saudi Arabia) Application Potential, Competitive Market Share & Forecast, 2019 - 2025

Heat Pump Market is predicted to surpass USD 60 billion by 2025. Increasing demand for cost effective, noiseless and energy efficient space conditioning systems to reduce electricity consumption across the residential and commercial apartments will drive the industry growth. For instance, geothermal heat pump (GHP) can reduce electricity consumptions by at least 26% when compared with gas boiler. Stringent government norms to reduce carbon footprints along with volatile fossil fuel prices are some of the factors enhancing the adoption of energy efficient systems.

Technological innovation in the designing of heat pump systems to reduce cost and improve efficiency will propel the heat pump market share. In October 2018, Viessmann introduced Vitocal 222-A and 200-A air source heat pump with noise reduction technology. The system is suitable for densely built up areas including terraced housing estates and offers low operating cost and high energy efficiency. Furthermore, RHI, green bond, direct grants and zero interest rate loan are some of the incentives introduced to enhance the utilization of renewable resources, will further stimulate the product deployment.

Ground source heat pump market for 2018, was valued over USD 2,800 Million. Less maintenance requirement, ecofriendly, noiseless operation and enhanced reliability are few highlighted parameters which will positively influence the product demand. Capability to utilize constant shallow soil temperature for providing cooling and heating solutions make its adoption viable over other alternates.

Commercial heat pump market. will witness growth owing to positive outlook toward infrastructure sector along with upsurge in demand for retrofit and replacement of existing cooling and heating units. A system ability to integrate with conventional systems across new constructed or existing establishments will provide it competitive edge over other alternates.

Sweden heat pump market will witness growth on account of introduction of net zero emissions building norms coupled with increasing demand for sustainable H&C units. The country has pledge to achieve its net zero GHG emissions targets by 2045 to reduce climate change. Moreover, growing focus to reduce dependency on import and improve energy security coupled with shift in trends to improve living standards will further complement the industry dynamics.

Growing focus to minimize climate change impacts along with increasing electricity prices will drive Germany heat pump market. In 2018, electricity prices in the country reached USD 33.5 per kWh in comparison to USD 26.9 per kWh in 2010. Several acts and regulations have been introduced by regulators to enhance the adoption of sustainable technologies. For instance, Renewable Energies Heat Act has been introduced with an aim to increase renewable energy share in final energy consumption for cooling and heating to 14% by 2020.

Major participants across heat pump industry are NIBE, Wolf, Kensa Heat Pumps, Glen dimplex, Bosch Thermotechnology, Green Planet Supply Technologies, Earthlinked Technologies, Danfoss, Trane, Daikin, Nortek, Solarbayer, Finn Geotherm, Stiebel Eltron, Mitsubishi Electric, Bryant Heating & Cooling Systems, Viessmann, Swegon, OCHSNER Warmepumpen, Carrier, Modine, Swegon, Thermic Energy, Weishaupt, Bard HVAC and Vaillant.