June 05, 2022 18:11 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, June 05, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Heat Pump Market finds that the increasing government laws and subsidies to enhance energy efficiency, is expediting market growth. Primarily driven by growing need to reduce carbon footprint, the total Global Heat Pump Market is estimated to reach USD 89.8 Billion by the year 2028.
The Global Market revenue stood at a value USD 52.7 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period.
Furthermore, the growing demand for energy-efficient systems are also anticipated to augment the growth of the Global Heat Pump Market, states Vantage Market Research, in a report, titled “Heat Pump Market Size, Share & Trends Analysis Report by Type (Air-to-Air heat pump, Air-to-Water heat pump, Water Source heat pump Ground Source (Geothermal) heat pump, Hybrid heat pump), by Capacity (Up to 10 kW, 10 – 20 kW, 20 – 30 kW, Above 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) & Forecast (2022 - 2028)”
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Rising Government laws and Subsidies to Drive the Market Growth
The increasing government laws and subsidies to enhance energy efficiency are anticipated to augment the growth of the Heat Pump Market within the estimated period. This is due to a growing demand to lower upfront purchase and installation costs, remove market barriers for renovations, improve energy efficiency, and phase out refrigerants with high global warming potential. Subsidies under China's Air Pollution Prevention and Control Action Plan, for example, are helping to cut upfront installation and equipment costs. In Beijing, Tianjin, Shanxi, Hebei, and Shandong, the Ministry of Environmental Protection provided financial subsidies ranging from USD 1 100 to 4 350 (CNY 7 400 to 29 000) for households purchasing air-source heat pumps in 2020. A similar concept has been followed under the Japan's Energy Conservation Plan. Furthermore, according to a study conducted by the International Energy Agency in 2021, nearly 180 million heat pumps were used for heating in 2020, with the global stock increasing by nearly 10% per year over the previous five years. Heat pumps have become the most popular technology in newly constructed homes in several countries, accounting for 7% of global building heating demand. Thus, the above-mentioned factors are driving the global demand for heat pumps in the near future.
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Segmentation of Heat Pump Market:
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Growing Need to Reduce Carbon Footprint to Stimulate Market Growth
The increasing need to reduce carbon footprint is anticipated to augment the growth of the Heat Pump Market in the years to come. Energy is used in a variety of places, including houses, hospitals, and schools. However, its manufacturing and use result in considerable amounts of greenhouse gas emissions. As a result, major economies throughout the world are working to minimise their reliance on non-renewable energy sources and shift toward renewable energy sources to reduce greenhouse gas emissions. For instance, the European Union, in its 2009 Ecodesign law, developed a seasonal coefficient of performance (SCOP). Only air-to-water pumps and ground-source heat pumps above a minimum energy efficiency of 115-125% (equivalent to a SCOP of 2.875 to 3.125) have been authorised to be sold since 2017. The EU minimum for air-to-air heat pumps is 3.8 SCOP. Additionally, the US Environmental Protection Agency has withdrawn gas heaters from the Energy Star Program's top ranking. Other regulatory signals, such as expected carbon intensity for heating equipment, might also stimulate more heat pump deployment in the years to come.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the energy industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Heat Pump Market highlights:
Asia Pacific Dominated the Global Heat Pump Market
Asia Pacific dominated the Global Heat Pump Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the rising demand for energy-efficient systems in economies such as India and China in the region. Furthermore, the increasing awareness about climate change and greenhouse gas emission is also likely to support the growth of the market. Additionally, the growing government initiatives to reduce air pollution in the residential, commercial, and industrial sectors are also expected to support the regional growth of the market in near future.
List of Prominent Players in Heat Pump Market:
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Heat Pump Market Size, Share & Trends Analysis Report by Type (Air-to-Air heat pump, Air-to-Water heat pump, Water Source heat pump Ground Source (Geothermal) heat pump, Hybrid heat pump), by Capacity (Up to 10 kW, 10 – 20 kW, 20 – 30 kW, Above 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) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/heat-pump-market-563155
January 2022: Vattenfall announced the launch of the high-temperature heat pump solution to replace gas boilers in partnership with Dutch heating specialist Feenstra. The all-electric heat pump solution will initially be available in the Netherlands.
July 2020: Daikin Applied introduced the Daikin Smart Source Dedicated Outdoor Air System (DOAS), its next generation of heat pump heating technology that enables efficient and cost-effective heating and cooling in all conditions using 100 percent of fresh, outside air.
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