Heat Pumps - Global Market Outlook (2018-2027)
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.
• Air to Water Heat Pump
• Air to Air Heat Pump
• Ground Source Heat Pump
• Hybrid Heat Pump
• Exhaust Air Heat Pump
• Hydro Fluro-Carbon
• 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:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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