Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
Global Heat Pump Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 148.2 Bn by 2028, Likely to Grow with the CAGR of 11.7% During the Forecast Period.
Heat pumps move heat from one stage to another in the vital parts of the cooling and heating processes that use the air available outside and inside a particular space to perform these functions. The heat pumps remove the outside heat when it is warm outside and serve as an air conditioner, extracting the heat from the buildings and vice versa. The reduction of primary energy demand and CO2 emission devices is the main driver of the market for heat pumps. Increasing investment in the building and residential sectors would provide new growth opportunities for heat pump suppliers. The base year for the analysis is 2017 and the projection for the period between 2018 and 2023. Increased consumer spending patterns are expected to increase revenues from restaurants and other commercial establishments, which are expected to further boost demand for these pumps in the commercial sector.
Heat pumps are helpful in reducing CO2 emissions and depend on renewable energy sources such as solar energy. With the growing ubiquity of CO2 refrigerant heat pumps in different regions due to zero ozone depletion and a low global warming quotient, large sales with cost efficiency and recyclability will also continue to be reported. As governments in developed countries are offering incentives for heat pumps to control the environmental impact, sales will likely see a significant increase.
The Significant Contribution Of Heat Pumping Technology To The Reduction Of CO2-Emissions Boosts The Global Market.
Energy is needed in our daily lives as it fuels businesses, power homes, hospitals, and schools. However, energy production results in the emission of greenhouse gases. Carbon dioxide (CO2), which is one of the greenhouse gases, is emitted to a large extent by burning fossil fuels such as coal, oil and natural gas. Most countries aim to reduce their primary energy demand as a result of increasing CO2 emissions and to adopt policies to reduce greenhouse gasses in the atmosphere. Heat pumps provide an energy-efficient way to provide space heating by aerothermal and geothermal technologies.
Exhaust air, groundwater and surface water (lake, river or pond) are other examples of commonly used sources of heat. Many countries are concerned about the increase in energy-related CO2 emissions due to the use of fossil fuels for energy generation. Carbon emissions associated with energy consumption and generation can be significantly reduced when heat pump systems are used instead of fossil-fuel systems. This is motivated by an increase in the number of factories, industrial units and residential complexes with energy-efficient heat pump installations.
The Residential Industry Is One Of The Booming Industries That Is Expected To Fuel Demand For Products.
On the basis of the demand, the market was segmented into residential, industrial and commercial. The residential industry is one of the booming industries that is expected to fuel demand for products. The residential application segment dominated the market, accounting for xx% of the overall market's revenue share. Such pumps are highly energy-efficient devices used for space heating, cooling and sanitary hot water generation applications in homes. Favorable government policies and tax rebates provided to install energy-saving devices are expected to increase demand for heat pumps in the residential sector.
The Asia Pacific Emerged As The Leading Regional Market And Accounted For 42% Of The Total Market In 2019.
The region is projected to see a significant growth rate of 9.5%During Forecast period. Industrial production processes, such as the chemical industry, the paper industry, pharmaceuticals, textiles, iron and steel, and others, need heat as the primary energy input that is expected to drive pump demand over the forecast period. Growing residential and commercial construction activities in developing countries in the Asia Pacific are expected to have a positive impact on the growth of the market. Major regional markets, such as China and India, continue to grow as major manufacturing hubs, with leading players moving their production facilities to those countries.
North America was the second-largest market in 2018 and is expected to grow by ~7.1% over the forecast period. The gradual growth of the U.S. construction industry, complemented by repair and renovation activities, is expected to drive demand for technologically advanced and compact heating solutions in the residential sector.
The industry's leading players include Trane, Vaillant, Green Planet Supply Technologies, Thermic Technology, Glen Dimplex, Viessmann, Solarbayer, Earthlinked Technologies, Stiebel Eltron, Swegon, Bard HVAC, Bosch Thermotechnology, Kensa Heat Pumps, Danfoss, Modine, Daikin, NIBE, Carrier, OCHSNER Warmepumpen, Nortek, Mitsubishi Electric, Wolf, Finn Geotherm, Weishaupt, among others.
Continuous product development and global expansion are the main approaches embraced by heat pump manufacturers to gain a competitive advantage. In addition, the growing use of heat pumps across residential and commercial establishments will further generate new business opportunities for industry participants.
Heat Pumps Market Segmentation
Heat Pumps Market Segmentation, By Type
- Air-water Heat Pumps
- Air-air Heat Pumps
- Ground Source Heat Pumps
- Hybrid Heat Pumps
Heat Pumps Market Segmentation, By Power Source
Heat Pumps Market Segmentation, By End User
Heat Pumps Market Segmentation, By Refrigerants
Heat Pumps Market Segmentation, By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East & Africa