Heat Pump Market Expected To Fuel Industry Growth With $103.8 Billion By 2025: Grand View Research Inc.

 

The global heat pump market size is anticipated to reach USD 103.8 billion by 2025, accelerating at a CAGR of 8.5% over the forecast period, according to a new report published by Grand View Research, Inc. The demand for these pumps is anticipated to be driven by growing demand for energy-efficient heating solutions in residential and commercial sectors over the forecast period.

The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.

Growing consumption of fossil fuels, such as coal, oil, and natural gas, to meet heating requirements has a harmful impact on the environment. Growing awareness regarding climate changes and greenhouse gas emissions is expected to boost the demand for energy-efficient products. This, in turn, is expected to boost the consumption of these pumps over the forecast period.

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This is among the prominent industries showcasing significant growth in terms of revenue. It is hugely influenced by government standards and high-quality demand. Favorable government policies for energy-efficient solutions and lowering carbon footprints are expected to boost the demand for heat pumps over the forecast period. Many governments are providing subsidies or incentives for the installation of heat pumps.

Further key findings from the report suggest:

·         Air source is expected to be the largest and fastest growing technology segment over the forecast period. The segment is expected to advance at a CAGR of 8.6% from 2019 to 2025

·         Residential application segment is expected to hold a majority of the market share. The segment is expected to reach USD 85.6 billion by 2025

·         Asia Pacific was the largest market in 2018 and is expected to grow at the fastest CAGR of 9.4% over the forecast period. The growing demand for these pumps in emerging economies, such as India, Japan, and China, is driving the industry growth in Asia Pacific

·         CSA and MEA are expected to exhibit a growth rate of 8.1% and 9.0% respectively. The regions are likely to present significant opportunities for the industry growth over the forecast period.

In terms of revenue, Asia Pacific accounted for 41.2% of the overall share in 2018. The presence of local players in Asia Pacific poses a substantial threat to the large global companies in terms of product quality and price offered to the customers owing to the availability of highly skilled workforce at low cost and low raw material cost. Mature markets including North America and Europe are anticipated to register moderate growth as the regions are in a race to innovate products and processes through technological support. In addition, high demand for certified energy-efficient products is expected to favor the industry growth over the forecast period.

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The global heat pump market is extremely competitive in nature and relies on technological developments and product improvements. The end-use segments for heat pump include residential, commercial, and industrial. Residential sector utilizes heating systems for space heating, water heating, and other utility purposes. Industrial and commercial buyers focus on factors including operational and energy cost savings, maintenance cost, and the lifespan of these pumps.

Grand View Research has segmented the global heat pump market based on technology, application,:

Technology Outlook (Revenue, USD Billion, 2014 - 2025)

·         Air Source

·         Water Source

·         Ground Source

Application Outlook (Revenue, USD Billion, 2014 - 2025)

·         Residential

·         Industrial

·         Commercial

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.