research analysis on “Heat pumpMarket: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global heat pump market in terms of market segmentation by application, technology, operation, and by region.

Growing Concern About the Escalating Carbon Emissions to Promote Global Market Share of Heat Pump

The global heat pump market is estimated to grow majorly on account ofthe growing carbon footprint worldwide with the rapidly increasing demand for energy by the global population as well as the increasing utilization of fossil fuels. It is anticipated that the consumption of fossil fuels worldwide is rising by over 1% each year. Additionally, residential buildings in the United States alone contribute to nearly 20% of U.S. carbon emissions, with 50% contributed by burning fossil fuels.

Moreover, the rising implementation of heat pump technologies is responsible for the increasing sales of heat pumps as they are becoming a prerequisite in newly built homes and as a part of home renovations. As per research, the United Kingdom announced a target of 600,000 heat pump sales annually by 2028 with plans to introduce a ban on oil and gas boilers within the next 5 years. As electrical resistance heating is anticipated to be ~61% to 131% more expensive than heat pumps, there is increased demand for heat pumps in the end user industries like paper, textile, food and beverages, chemical, metal, automotive, mechanical, wood, and many others. All these factors are anticipated to boost the market growth in the forecast period.

Some of the major growth factors and challenges that are associated with the growth of the global heat pump market are:

Growth Drivers:

• Surge in Adoption of Heat Pumps in Multiple Industries
• Rising Installation of Heat Pumps

Challenges:

The rising concern about global warming as well as the ban on certain fluorinated and non-fluorinated solutions such as F-gas that are currently widely used in many applications including heat pumps are some of the major factors anticipated to hamper the global market size of the heat pump. F-gases are often used as substitutes for ozone-depleting substances but are also considered a powerful greenhouse gas.  By 2030, current EU regulation seeks to reduce F-gas consumption to a third of what it was in 2015. However, in an effort to counteract global warming, the EU is reconsidering this regulation and is in favor of further reducing this amount. Thesupply chain disruption and high cost of heat pumps are other factors that are restraining the growth of heat pump market in the forecast period.

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By application, the global heat pump market is segmented into industrial, commercial, and residential. The industrial segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of the segment can be attributed to the expanding growth of industries worldwide as well as the increased manufacturing output owing to the rising demand for goods worldwide. It was found that in 2021, the world manufacturing output increased by approximately 18.25% from 2020, reaching to ~USD 16,047 Billion.

By region, the Asia Pacific heat pump market is to generate the highest revenue by the end of 2035. This growth is anticipated by expanding industrialization in the region, especially with the growing automotive, chemical, paper, textile, and other industries. Moreover, with the increasing pool of population and their disposable income in the region, the demand for efficient space and water heating solutions in residential buildings as well as commercial spaces is surging further. It was found that in terms of passenger car production, China led the world in 2021, with nearly 21 million units of production. Moreover, as per findings, Asia accounted for a ~59% share of the global chemical industry's revenue in 2021.

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This report also provides the existing competitive scenario of some of the key players of the global heat pumpmarketwhich includes company profiling of Viessmann Climate Solutions SE, Daikin Industries, Ltd., Johnson Controls, NIBE Group, Midea Group, IngersollRand Plc., Vaillant Group, Robert Bosch GmbH, The Danfoss Group, and others.     

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