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According to recent research by FMI, the heat pump market is valued at approximately USD 32 billion in 2021 and is expected to expand at a CAGR of 5.4% during the forecast period 2022-2030, with the current pandemic situation forecasting long-term growth.
Rising demand for advanced technology cooling solutions with a low carbon footprint, government initiatives to curb greenhouse gas emissions, and advancements in heating, ventilation and air conditioning (HVAC) systems are factors contributing to the revenue pool of the heat pump market.
During a health crisis, cooling and heating systems are critical to meeting the immediate needs of consumers, such as providing thermal comfort in hospitals and homes, preserving food and medicine, and keeping data centers running.Consistent with this, refrigeration and heat pumps are essential for consumers.
As the world tries to combat the COVID-19 pandemic, which has caused production delays at several heat pump production facilities in major coronavirus-hit countries such as the United States, China and Germany, this is expected to dampen heat pump sales across the U.S. by $1 billion in 2022.
Additionally, the COVID-19 pandemic will significantly impact consumer behavior in the short term, with domestic shipments of air source heat pumps (ASHP) from China falling by more than a third in January 2022.
The heat pump market is set to witness a V-shaped recovery growth due to the increasing preference for innovative building solutions, especially in countries such as India, China and Mexico.
“As the world moves towards sustainable and green energy solutions, heat pumps are expected to rapidly replace traditional heating systems in the near term. Furthermore, the ongoing spread of coronavirus (COVID-19) could change how companies organize supply chains in the years ahead the way, there is more pressure on decentralization”.
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The study provides vital insights into the competitive landscape of the Heat Pump Market along with various strategies employed by prominent players.The heat pump market is quite competitive with manufacturers offering the same.Some of the major manufacturers in the heat pump market are Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group and Danfoss Group Worldwide.
Market players are investing in R&D activities to develop new products with higher energy efficiency and are also focusing on providing after-sales services.
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Future Market Insights (FMI) is a leading provider of market intelligence and advisory services, serving clients in more than 150 countries.FMI is headquartered in Dubai with delivery centers in the UK, US and India.FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity in the face of intense competition.Our custom and syndicated market research reports provide actionable insights that drive sustainable growth.FMI’s team of expert-led analysts continuously tracks emerging trends and events across industries to ensure our clients are prepared for the changing needs of consumers.
Future Market Insights is a leading provider of market intelligence and advisory services, serving clients in more than 150 countries.FMI is headquartered in Dubai, UAE with a global delivery center in India.In addition to this, FMI conducts business development and customer engagement through its US and UK offices.
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