Technavio, a tech-focused market research firm, has published a new report on the global heat pump market, which is expected to experience a progressive grow at a CAGR of more than 10% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global heat pump market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global heat pump market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global heat pump market for 2015 (market share %)
|
EMEA |
40.55% |
|
Americas |
32.35% |
|
APAC |
27.10% |
Source: Technavio
EMEA: Largest revenue generating region for heat pump
The global heat pump market in EMEA was valued at about $25 billion in 2015 and will grow at a CAGR of more than 9% by 2020. The primary revenue generators in the region are Germany, Ireland, France, the Netherlands, Italy, the UK, and Spain. The extensive application of heating technologies related to renewable energy will drive the market growth in the region during the forecast period. The government is encouraging and promoting the use of renewable energy to increase energy efficiency and reducing carbon emissions. These initiatives result in the replacement of conventional HVAC units with advanced, sustainable heat pump systems in the market. Technological advances such as sensors and touchscreen interfaces integrated with heat pump systems enhances the functionality and boosts the requirement for systems in the region.
“Energy efficiency regulations imposed by the governments are encouraging manufacturers to deploy energy-efficient heat pumps for various construction projects. The demand for these heat pumps in the Middle East region is high due to construction activities in the residential, commercial, and industrial sectors. Owing to the extreme climatic conditions in Saudi Arabia, the government is increasing their efforts to adopt the renewable energy with energy-efficient heat pumps. Technological developments and increase in pilot projects in the region will fuel the market growth,” says Gaurav Mohindru, a lead analyst at Technavio, specializing in research on tools and components.
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Heat pump market in the Americas
The global heat pump market in the Americas was valued at around $20 billion in 2015 and will grow at a CAGR of almost 10% by 2020. The increase number of housing projects in the US will propel the growth of the market during the forecast period. Canada is the largest market for residential sector buildings in the Americas and is helping in boosting the demand for energy efficient heat pumps in the region. The Canadian government agencies are offering rebates and incentives for the use of heat pumps. The different initiatives by the government in the various countries are in the form of different schemes that encourage the adoption of heat pumps. Many vendors are expanding their business to Latin American countries like Colombia, Peru, and Mexico due the growth of the construction industry in this area. Improving business environment, growing economic activities, and rising disposable incomes is making the Latin Americas an attractive region of new potentials and opportunities to boost investment activities in the region.
Heat pump market in APAC
The global heat pump market in APAC was valued at almost $17 billion in 2015 and will grow at a CAGR of around 12% by 2020. The recent trend of widespread rural-to-urban migration and rising investments in the real estate sector will be the major driver for the growth in the APAC market. China, India, Indonesia, and Japan is emerging as the key revenue generators in the region. The government in the region is taking initiatives to launch more residential housing projects which is resulting in the increased demand for heat pumps in this market. Moreover, growing economic activities is leading to infrastructural development in the area and will propel innovative developments in the heat pumps market in the region.
The top leading vendors operating in the global heat pump market are:
- Carrier Corporation
- Daikin
- Danfoss
- Mitsubishi Electric
- NIBE
Other prominent vendors included in the report are Airwell, BDR Thermea, Berliner Luft Technik, Bosch, Bryant Heating & Cooling, Calorex Heat Pumps, China Yangzi Group, CIAT, Climaveneta, Corona Corporation, DeLclima, Denso, Emerson Climate Technologies, Enertech Group, Fujitsu General, Geothermal International, Glen Dimplex, Goodman Global, Gree Electric, Haier, Hitachi, Ingersoll-Rand, Johnson Controls, Kermi, Lennox, LG, LSB Industries, Mayekawa Manufacturing, Midea, Nortek Global HVAC, Panasonic, Payne, Rheem, Riello, Samsung, Sanden Corporation, SIRAC, Stiebel Eltron, Swegon, Systemair, Toshiba, Vaillant, Viessmann, WaterFurnace, Waterkotte, and York.
A more detailed analysis is available in the Technavio report titled, ‘Global Heat Pump Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Industrial Lobe Pump Market 2016-2020
- Global HVAC Rental Equipment Market 2016-2020
- Global Geothermal Heat Pump Market 2015-2019
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