WASHINGTON, June 5, 2022 (GLOBE NEWSWIRE) — A recent analysis of the global heat pump market by Vantage Market Research found that stronger government laws and subsidies for energy efficiency are accelerating market growth. The total global heat pump market is estimated to reach US$89.8 billion by 2028, largely due to the growing need to reduce our carbon footprint.
The global market revenue was estimated at $52.7 billion in 2021 and is expected to achieve a compound annual growth rate (CAGR) of 9.3% during the forecast period.
In addition, Vantage Market Research in a report titled “Heat Pump Market Size Analysis Report, Share and Trends by Type (Air to Air Heat Pump, Air to Water Heat Pump, Water Source Heat Pump, Geothermal Source) Heat Pump, Hybrid heat pumps), by power (up to 10 kW, 10–20 kW, 20–30 kW, over 30 kW), by refrigerant type (R410A, R407C, R744, etc.), by end user (domestic, commercial, Industrial), by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Classification – Global Industry Assessment (2016-2021) and Forecast (2022-2028)”
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Tightening government laws and subsidies for energy efficiency are expected to accelerate the growth of the heat pump market during the billing period. This is due to growing demand to reduce initial purchase and installation costs, remove market barriers to upgrades, improve energy efficiency and phase out refrigerants with high global warming potential. For example, subsidies under the China Air Pollution Prevention and Control Action Plan help to reduce initial installation and equipment costs. In Beijing, Tianjin, Shanxi, Hebei and Shandong, the Ministry of Environmental Protection has provided financial subsidies ranging from $1,100 to $4,350 (7,400 to 29,000 yuan) for households purchasing air source heat pumps in 2020. Similar concepts have been used in Japan’s energy conservation programs. In addition, according to a study by the International Energy Agency in 2021, about 180 million heat pumps will be used for heating in 2020, with their global inventory increasing by almost 10% annually over the past five years. Heat pumps have become the most popular technology for new homes in several countries, accounting for 7% of global building heating demand. Hence, the above factors will drive the demand for heat pumps worldwide in the near future.
Based on research conducted by our key respondents, the heat pump market is expected to grow at a CAGR of 9.3% during the forecast period.
According to preliminary studies, the heat pump market is valued at approximately US$52.7 billion in 2021 and is expected to reach US$89.8 billion by 2028.
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The need to reduce the carbon footprint is expected to drive the growth of the heat pump market in the coming years. Energy is used in a wide variety of places including homes, hospitals and schools. However, its production and use result in significant greenhouse gas emissions. As a result, major economies around the world are working to reduce their dependence on non-renewable energy sources and move to renewable energy sources to reduce greenhouse gas emissions. For example, the European Union established a seasonal coefficient of efficiency (SCOP) in its 2009 Ecodesign Law. As of 2017, only air-to-water pumps and ground source heat pumps with a minimum energy efficiency of 115-125% (equivalent to a SCOP of 2.875 to 3.125) are allowed to be sold. The EU has SCOP 3.8 for air-to-air heat pumps. In addition, the US Environmental Protection Agency has excluded gas heaters from the top Energy Star ratings. Other regulatory signals, such as the expected carbon intensity of heating equipment, may also encourage the deployment of more heat pumps in the coming years.
The COVID-19 outbreak has affected various industries around the world. Governments around the world have introduced strict isolation measures and social distancing rules to limit the rapid spread of the pandemic. Manufacturing facilities around the world were closed during the initial stages of the pandemic. In addition, the post-pandemic economic crisis could lead to significant delays in commercial deployment in the energy sector. The revenues of SMEs, the backbone of technology providers, have plummeted since the start of the pandemic in 2020. Consequently, market participants are facing numerous challenges due to observed disruptions in the supply chain. However, the situation will improve in the second half of 2022 when more offers become available. The impact of COVID-19 on market demand has been taken into account in assessing the current and forecast market size and market growth trends in all regions and countries based on the following data:
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Asia Pacific dominated the global heat pump market in 2021 and this trend is likely to continue during the forecast period. This is due to the growing demand for energy efficient systems in countries in the region such as India and China. In addition, rising awareness of climate change and greenhouse gas emissions may also contribute to the growth of the market. In addition, increased government efforts to reduce air pollution in the residential, commercial and industrial sectors are expected to drive regional market growth in the near future.
Browse the market data tables and charts scattered across 141 pages and get a deeper understanding of the “Heat Pump Market Size Analysis Report, Share and Trends by Type” (air-to-air heat pumps, air-to-water heat pumps, Water source heat pumps) Ground source (geothermal) heat pumps, hybrid heat pumps, by power (up to 10 kW, 10–20 kW, 20–30 kW, over 30 kW), by refrigerant type (R410A, R407C, R744, others) , by End User (Residential, Commercial, Industrial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016-2021) and Forecast (2022-2028) gg.) “View detailed study report here – https://www.vantagemarketresearch.com/press-release/heat-pump-market-563155
January 2022: Vattenfall announces a partnership with Dutch heating specialist Feenstra to introduce a high temperature heat pump to replace gas boilers. The all-electric heat pump solution will initially be launched in the Netherlands.
July 2020: Daikin Apps introduces the Daikin Smart Source Dedicated Outdoor Air System (DOAS), a new generation heat pump heating technology that uses 100% fresh outdoor air for efficient and economical heating and cooling in all conditions.
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