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The research report on Heat Pump Market is segmnted by Product Type, by Rated Capacity, by End-User and by Region - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026
Heat Pump Market - Size, Share, Outlook, and
Opportunity Analysis, 2018 – 2026
Heat pump is a device that collects heat from sources such as air, water, and
ground, and transfers the heat to another location, typically against a temperature
gradient. Heat pumps have many advantages such as low running costs, less
maintenance, less carbon emissions, and long life span among others. Usage of
heat pump is the most energy efficient way to provide heating and cooling to various
processes in the end-use industries such as pharmaceutical, textile, food processing
and cold stores, automobile, and hotels.
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Increasing consumption of energy in buildings is one of the major factors
driving growth of the market
One of the major factors attributed to growth of the market is the rising consumption
of energy in buildings. For instance, according to the International Energy Agency
(IEA) analysis, in 2015, building and building construction sectors were accounted
for around 37% of the global final energy consumption and around 40% of total direct
and indirect CO2 emissions whereas, energy consumed by transportation sector was
28%, by iron, steel, and cement manufacturing industries was 30%, and others 5%,
respectively. According to this statistics, buildings and construction accounted for
around one-third of global final energy consumption. Therefore, rising consumption
of energy in buildings will positively increase the installation of heat pumps near
buildings. This heat pump is a highly energy-efficient alternative over the furnaces
and air conditioners, which results in less energy usage. Hence, this factor is
expected to fuel growth of the global heat pump market over the forecasted period.
Global Heat Pump Market: Restraints
High cost of heat pump is one of the major factors hindering growth of the market.
For instance, according to Coherent Market Insights’ analysis, price for 1.5 Tons,
800cfm, 5kw heat pump was US$ 3,350, price for 2.5 Tons, 1200cfm, 7kw heat
pump was US$ 4480, and price for 5 Tons, 2000cfm, 10kw heat pump was US$
6890. Therefore, the price of heat pump depends on the capacity of the heat pump.
Global Heat Pumps Market: Segment Trends
Among product type, air to air segment accounted for the largest market share in
2017 and is expected to maintain it over the forecast period. Air to air heat pumps
are generally used to provide heating during cold season and cooling during the
summer seasons. Air conditioning systems have less co-efficient of performance
(CoP) when compared to air to water heat pumps. This factor in turn helps in saving
energy. Moreover, the benefits offered by air to air heat pumps include ease of
operation, low installation cost, installation of complex heat distribution systems such
as radiators or underfloor heating is not needed, and low operational cost among
others.
Global Heat Pumps Market: Regional Insights
Asia Pacific is expected to grow with highest CAGR in the global heat pump market
over the forecast period. Rapid urbanization, industrialization, and favorable
government investments for the development of buildings are some of the factors
leading to increasing investments in construction sector for building houses in
emerging economies such as India and China. For instance, in June 2018, according
to the India Brand Equity Foundation (IBEF) analysis, the Indian government
announced the allocation of US$ 92.22 for the construction sector. Therefore,
increasing number of construction of new buildings will positively increase the
demand for heat pumps in this region, thereby driving growth of the market.
Key players in Heat Pump Market
Key players operating in the global heat pump market include Danfoss Group Global,
Daikin Industries, Ltd, StiebelEltron Gmbh & Co.KG, Bosch Thermotechnik GmbH,
NIBE Global Group, Thermsaver Inc., Glen Dimplex Group, Viessmann Group,
Mitsubishi Electric, Corporation, and Enertech Group Ltd.
The global heat pump market is highly fragmented and new entrants in the market
are expected to bring in competition to the existing market players. Therefore,
existing market players are adopting strategies such as mergers & acquisitions, new
product developments, and collaborations. This will further help the market players to
gain competitive edge in the market. For instance, in April 2017, NIBE launched two
products F1155 and F1255 that are inverter driven ground source heat pumps, both
of which were awarded with MCS certification. This allows the heat pump to
automatically adjust itself to the power demand, which results in optimal savings and
reduced energy consumption as the heat pump is working.
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services, and competitive analysis through various recommendations related to
emerging market trends, technologies, and potential absolute dollar opportunity.
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Author
apeksha motghare
apeksha motghare510   documents Email
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