Geothermal heat pumps market is estimated to surpass USD 130 billion up to 2024. Superior comfort and silent operation are the key properties driving the product demand. Geothermal products have relatively superior efficiency due to thermal exchange from ground which is at stable temperature. The segment will witness stagnant growth owing to decreasing demand particularly in Europe.
Rising demand for natural or global warming potential refrigerants will drive the heat pumps market. Refrigerants are used in open or close cycle act as intermediate medium for thermal exchange. Ammonia and CO2 refrigerant based heat pumps have witnessed increasing demand in the recent years.
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Heat Pumps Market size is estimated to benefit from rising demand for energy efficient buildings along with growing global construction industry. Increased necessity for renewable energy sources coupled with regulatory compliance through subsidies will propel the industry growth. Increasing consumer consciousness pertaining to GHG emission effects from conventional warming equipment is the key factor driving the product demand. Rise in demand for the thermal exchange activities in several applications is set to surge the heat pumps market.
Residential, Industrial and Commercial are major end-use segments of the industry. Residential buildings are major contributor of the thermal activities particularly in North America and Europe. Rising demand for warming in residential segment due to the changing climatic conditions has enhanced the product scope. Heat pumps market has witnessed escalating trend in developed nations due to growing residential applications.
Top Manufacturers are –
1. Viessmann Group
2. Danfoss Group
3. The Bosch Group
4. United Technologies Corporation
5. Mitsubishi Electric Corporation
6. Panasonic Corporation
7. NIBE Group
8. Daikin Industries Ltd.
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Rising pollution levels due to rapid industrialization and increasing population will encourage the energy efficient and ecofriendly equipment. Low costs coupled with high operating capacity are the major factors stimulating the product penetration.
Europe dominates the global industry share and is expected to remain dominating. As per EHPA, increasing heat pumps usage will reduce the overall energy imports. EU annual expenditure on energy imports is worth over USD 420 billion. The region held more than 7 million operating products in 2014. Shifting preference for renewable energy sources will drive the regional demand. Increasing product usage in Germany, Sweden, Italy, France, Finland and Norway has registered over 80% of the renewable energy production.
Asia Pacific heat pumps market is set to witness fastest growth in the forecast timeframe. Growing construction accompanied by favorable regulatory policies on energy efficiency particularly in Japan, India and China will fuel the regional demand. Rising demand from the residential segment owing to increasing infrastructure development has enhanced the product development in this region.
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Global heat pumps market share is highly competitive. The major industry players include Viessmann Group, Danfoss Group Global, The Bosch Group, United Technologies Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, NIBE Group and Daikin Industries Ltd.
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