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The U.S. and Europe are the major heat pump markets globally; while the former is growing with a significant pace. The recovery of European market from economic crises is also supporting the growth of the global heat pump market. With the development in the construction sector, the heating segment is growing with a considerable rate. Among the energy sources of heat pumps, air is the major source of energy, and is also expected to dominate in the coming years.
On the basis of type, the sanitary hot water heat pumps segment is expected to grow with the highest rate in the coming years. The hot water storage tank and heat pump is present in the sanitary hot water pumps. The sanitary pumps are sold as a system combining separate tank and heat pump, and as stand-alone units with the tank and pump in one casing. Among all the products, the air to water monobloc segment is expected to grow with the highest rate, especially in China due to fast economic growth in the country. Whereas, the lack of investment in the renovation sector and slow recovery of the new-build activity are restraining the growth of the air to water monobloc heat pump segment in some of the regions, such as Europe.
The larger heat pumps for district heating, industrial and commercial applications are gaining more popularity, due to the usage of hydrothermal or geothermal energy in them. Additionally, air is used as an energy source in most of the larger pumps. Water and air can carry either waste heat from processes or renewable energy. When combined with heat recovery, exhaust air heat pump still appears as an emerging technology in many countries, and is expected to grow with a considerable rate in the coming years. As the technology reduces energy consumption and heat losses, it is expanding in Northern Europe, especially in Scandinavian countries.
Approximately 3.2 tons of carbon dioxide is produced annually from every average home in the U.K., excluding flying and driving miles. The carbon footprints can be reduced significantly with the use of energy-efficient appliances, insulating your home and switching to renewable fuels. Thus, it gives ample growth opportunities for the global market in the coming years. Some of the factors restraining the growth of the global market are increasing electricity cost, short-term decision horizons, and high initial investment cost.
Some of the competitors in the global heat pump market are Daikin Industries Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, and Carrier Corporation.
Global Heat Pump Market Segmentation