Heat Pumps Market

Heat Pumps Market

Heat Pumps - Global Market Outlook (2018-2027)

4.2 (68 reviews)
4.2 (68 reviews)
Published: 2019 ID: SMRC18829

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Heat Pumps Market is accounted for $54.68 billion in 2018 and is expected to reach $170.93 billion by 2027 growing at a CAGR of 13.5% during the forecast period. While the factors like significant contribution of heat pumping technology in reduction of co2–emissions, and government regulations for increasing energy efficiency and favorable incentives are driving the growth of the market. However, the lack of awareness in developing countries regarding heat pump benefits is hampering the market growth.

A heat pump is a device that transfers heat energy from a source of heat to what is called a thermal reservoir. Heat pumps move thermal energy in the opposite direction of spontaneous heat transfer, by absorbing heat from a cold space and releasing it to a warmer one. A heat pump uses external power to accomplish the work of transferring energy from the heat source to the heat sink. The most common design of a heat pump involves four main components – a condenser, an expansion valve, an evaporator and a compressor. The heat transfer medium circulated through these components is called refrigerant.

Based on type, Ground source heat pumps (GSHP) segment is expected to have a huge demand during the forecast period owing to the advantage of stable temperature of its geothermal subsoil heat source.

By geography, Asia Pacific is estimated to have a lucrative growth owing to industrial production processes, such as chemical industry, papermaking, pharmaceuticals, textiles, iron & steel, and others, require heat as the primary energy input, which is expected to drive the demand for the pumps over the forecast period.

Some of the key players in Global Heat Pumps market include BDR Thermea Group, Daikin Industries, Ltd., United Technologies Corporation, Robert Bosch GmbH, The Danfoss Group, Midea Group, Glen Dimplex, NIBE Group, Ingersoll Rand Plc., Vaillant Group, Stiebel Eltron GmbH & Co., Viessmann Group, Panasonic Corporation, Mitsubishi Electric Corporation,  Carrier Corporation, and Nortek Global HVAC.

 Types Covered:
• Air to Water Heat Pump
• Air to Air Heat Pump      
• Ground Source Heat Pump      
• Hybrid Heat Pump       
• Exhaust Air Heat Pump

Refrigerants Covered:
• CO2
• Ammonia
• Hydro Fluro-Carbon
• Hydrocarbon
• Other Refrigerants

Power Sources Covered:
• Electric Power Source
• Other Power Source

Rated Capacities Covered:
• Up to 10 kW
• 20–30 kW
• 10–20 kW
• Above 30 kW

End Users Covered:
• Commercial
• Residential
• Industrial

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan     
o China     
o India     
o Australia
o New Zealand   
o South Korea    
o Rest of Asia Pacific 
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances.

Table of Contents

1 Executive Summary         
2 Preface   
 2.1 Abstract         
 2.2 Stake Holders        
 2.3 Research Scope        
 2.4 Research Methodology       
  2.4.1 Data Mining       
  2.4.2 Data Analysis       
  2.4.3 Data Validation       
  2.4.4 Research Approach       
 2.5 Research Sources        
  2.5.1 Primary Research Sources      
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions       
3 Market Trend Analysis     
 3.1 Introduction        
 3.2 Drivers         
 3.3 Restraints        
 3.4 Opportunities        
 3.5 Threats         
 3.6 End User Analysis        
 3.7 Emerging Markets        
 3.8 Futuristic Market Scenario       
4 Porters Five Force Analysis        
 4.1 Bargaining power of suppliers       
 4.2 Bargaining power of buyers       
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry        
5 Global Heat Pumps Market, By Type       
 5.1 Introduction        
 5.2 Air to Water Heat Pump       
 5.3 Air to Air Heat Pump       
 5.4 Ground Source Heat Pump       
 5.5 Hybrid Heat Pump        
 5.6 Exhaust Air Heat Pump       
6 Global Heat Pumps Market, By Refrigerant Used      
 6.1 Introduction        
 6.2 CO2         
 6.3 Ammonia        
 6.4 Hydro Fluro-Carbon        
 6.5 Hydrocarbon        
 6.6 Other Refrigerants        
7 Global Heat Pumps Market, By Power Source      
 7.1 Introduction        
 7.2 Electric Power Source       
 7.3 Other Power Source       
8 Global Heat Pumps Market, By Rated Capacity      
 8.1 Introduction        
 8.2 Up to 10 kW        
 8.3 20–30 kW         
 8.4 10–20 kW         
 8.5 Above 30 kW        
9 Global Heat Pumps Market, By End User       
 9.1 Introduction        
 9.2 Commercial        
  9.2.1 Hospitality       
  9.2.2 Retail        
  9.2.3 Educational Institutes      
  9.2.4 Chemicals & Petrochemicals      
  9.2.5 Food & Beverage       
  9.2.6 Paper & Pulp       
  9.2.7 Healthcare       
  9.2.8 Logistics & Transportation      
  9.2.9 Offices        
  9.2.10 Other Commercial End Users      
 9.3 Residential        
 9.4 Industrial         
10 Global Heat Pumps Market, By Geography      
 10.1 Introduction        
 10.2 North America        
  10.2.1 US        
  10.2.2 Canada        
  10.2.3 Mexico        
 10.3 Europe         
  10.3.1 Germany        
  10.3.2 UK        
  10.3.3 Italy        
  10.3.4 France        
  10.3.5 Spain        
  10.3.6 Rest of Europe       
 10.4 Asia Pacific        
  10.4.1 Japan        
  10.4.2 China        
  10.4.3 India        
  10.4.4 Australia        
  10.4.5 New Zealand       
  10.4.6 South Korea       
  10.4.7 Rest of Asia Pacific       
 10.5 South America        
  10.5.1 Argentina       
  10.5.2 Brazil        
  10.5.3 Chile        
  10.5.4 Rest of South America      
 10.6 Middle East & Africa       
  10.6.1 Saudi Arabia       
  10.6.2 UAE        
  10.6.3 Qatar        
  10.6.4 South Africa       
  10.6.5 Rest of Middle East & Africa      
11 Key Developments         
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures    
 11.2 Acquisitions & Mergers       
 11.3 New Product Launch       
 11.4 Expansions        
 11.5 Other Key Strategies       
12 Company Profiling         
 12.1 BDR Thermea Group       
 12.2 Daikin Industries, Ltd.       
 12.3 United Technologies Corporation      
 12.4 Robert Bosch GmbH        
 12.5 The Danfoss Group        
 12.6 Midea Group        
 12.7 Glen Dimplex        
 12.8 NIBE Group        
 12.9 Ingersoll Rand Plc.        
 12.10 Vaillant Group        
 12.11 Stiebel Eltron GmbH & Co.       
 12.12 Viessmann Group        
 12.13 Panasonic Corporation       
 12.14 Mitsubishi Electric Corporation      
 12.15 Carrier Corporation        
 12.16 Nortek Global HVAC       

List of Tables          
1 Global Heat Pumps Market Outlook, By Region (2017-2027) (US $MN)     
2 Global Heat Pumps Market Outlook, By Type (2017-2027) (US $MN)     
3 Global Heat Pumps Market Outlook, By Air to Water Heat Pump (2017-2027) (US $MN)   
4 Global Heat Pumps Market Outlook, By Air to Air Heat Pump (2017-2027) (US $MN)    
5 Global Heat Pumps Market Outlook, By Ground Source Heat Pump (2017-2027) (US $MN)   
6 Global Heat Pumps Market Outlook, By Hybrid Heat Pump (2017-2027) (US $MN)    
7 Global Heat Pumps Market Outlook, By Exhaust Air Heat Pump (2017-2027) (US $MN)   
8 Global Heat Pumps Market Outlook, By Refrigerant Used (2017-2027) (US $MN)    
9 Global Heat Pumps Market Outlook, By CO2 (2017-2027) (US $MN)     
10 Global Heat Pumps Market Outlook, By Ammonia (2017-2027) (US $MN)     
11 Global Heat Pumps Market Outlook, By Hydro Fluro-Carbon (2017-2027) (US $MN)    
12 Global Heat Pumps Market Outlook, By Hydrocarbon (2017-2027) (US $MN)    
13 Global Heat Pumps Market Outlook, By Other Refrigerants (2017-2027) (US $MN)    
14 Global Heat Pumps Market Outlook, By Power Source (2017-2027) (US $MN)    
15 Global Heat Pumps Market Outlook, By Electric Power Source (2017-2027) (US $MN)   
16 Global Heat Pumps Market Outlook, By Other Power Source (2017-2027) (US $MN)    
17 Global Heat Pumps Market Outlook, By Rated Capacity (2017-2027) (US $MN)    
18 Global Heat Pumps Market Outlook, By Up to 10 kW (2017-2027) (US $MN)    
19 Global Heat Pumps Market Outlook, By 20–30 kW (2017-2027) (US $MN)     
20 Global Heat Pumps Market Outlook, By 10–20 kW (2017-2027) (US $MN)     
21 Global Heat Pumps Market Outlook, By Above 30 kW (2017-2027) (US $MN)    
22 Global Heat Pumps Market Outlook, By End User (2017-2027) (US $MN)     
23 Global Heat Pumps Market Outlook, By Commercial (2017-2027) (US $MN)    
24 Global Heat Pumps Market Outlook, By Hospitality (2017-2027) (US $MN)    
25 Global Heat Pumps Market Outlook, By Retail (2017-2027) (US $MN)     
26 Global Heat Pumps Market Outlook, By Educational Institutes (2017-2027) (US $MN)   
27 Global Heat Pumps Market Outlook, By Chemicals & Petrochemicals (2017-2027) (US $MN)   
28 Global Heat Pumps Market Outlook, By Food & Beverage (2017-2027) (US $MN)    
29 Global Heat Pumps Market Outlook, By Paper & Pulp (2017-2027) (US $MN)    
30 Global Heat Pumps Market Outlook, By Healthcare (2017-2027) (US $MN)    
31 Global Heat Pumps Market Outlook, By Logistics & Transportation (2017-2027) (US $MN)   
32 Global Heat Pumps Market Outlook, By Offices (2017-2027) (US $MN)     
33 Global Heat Pumps Market Outlook, By Other Commercial End Users (2017-2027) (US $MN)   
34 Global Heat Pumps Market Outlook, By Residential (2017-2027) (US $MN)    
35 Global Heat Pumps Market Outlook, By Industrial (2017-2027) (US $MN)     
NOTE: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa are represented in the same manner above. 


List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.

For more details about research methodology, kindly write to us at info@strategymrc.com

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