Global Heat Pumps Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

The heat pumps market consists of sales of heat pumps by entities (organizations, sole traders, and partnerships) that produce heat pumps which move heat from a cool space to a warm space, making the cool space cooler and the warm space warmer. Only goods and services traded between entities or sold to end consumers are included.

Global Heat Pumps Market Size And Drivers:

The global heat pumps market is expected to grow from $111.62 billion in 2020 to $116.55 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $159.43 billion in 2025 at a CAGR of 8.1%. Government regulations and policies to improve energy efficiency are boosting the demand for renewable energy sources, thereby contributing to the growth of the heat pumps market.

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Trends In The Global Heat Pumps Market

Major companies operating in the heat pumps industry are focusing on developing new technology for cost-effective heating, which is likely to gain popularity in the heat pumps market. The heat pump manufacturers are developing new pump technology including contractor-friendly designs, higher efficiencies, and innovative two-stage compressors that run at lower speeds, consume less energy, and are cost-effective. For instance, in July 2020, Daikin Industries, Ltd. announced the launch of Daikin SmartSource, Dedicated Outdoor Air System (DOAS). It is a next-generation heat pump technology that allows efficient and cost-effective cooling and heating in all conditions achieves 49% higher efficiency than other heat pumps.

Global Heat Pumps Market Segments:
The global heat pumps market is further segmented –
By Product Type: Air Source, Air-to-Air, Air-to-Water, Water Source, Ground Source
By Rated Capacity: Up to 10 kW, 10–20 kW, 20–30 kW, Above 30 kW
By End User: Residential, Commercial, Industrial
By Geography: The global heat pumps market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Heat Pumps Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides heat pumps market overviews, analyzes and forecasts market size and growth for the global heat pumps market, heat pumps market share, heat pumps market players, heat pumps market segments and geographies, heat pumps market’s leading competitors’ revenues, profiles and market shares. The heat pumps market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.