The global heat pump market is expected to grow significantly over the foreseeable future. Availability of effective and affordable products is predicted to augment the market growth.
Increasing government regulations for new buildings coupled with technological advancements are important factors fueling the demand. Numerous government initiatives to control carbon footprint are expected to further drive the growth.
A heat pump is a temperature control system, usually installed in moderate climatic regions to maintain a comfortable ambience of an enclosed environment. The indoor unit of these systems is called air handler, while the actual system is an outdoor unit like an air conditioner.
A compressor absorbs and releases heat between the indoor and outdoor units. Even when it is cold, ambient high temperature, while in cold weather, a heat pump harnesses outside heat and uses it inside.
On the other hand, in case of warm weather outside, the product reverses the flow direction and acts like an air conditioner inside the home.
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A heat pump circulates warmth, albeit it does not generate heat, making it energy efficient. It works on electricity and saves direct fuel consumption.
A supplemental heating source is needed for lower temperatures. According to a 2015 U.S. Energy Information Administration (EIA) report, geothermal heat pumps are energy efficient, environmentally clean, and cost-effective for heating and cooling purposes.
Cement manufactures install heat pumps to neutralize the harmful carbon dioxide (CO2) which are, a by-product of cement production. Use of a renewable powered heat pump reduces CO2 emissions drastically.
Increasing usage of renewable sources in cooling and heating systems is expected to positively influence market growth. Growth of real estate and construction sector increases energy consumption.
This factor is anticipated to propel the product demand in near future.
The product has advanced features and has an advantage over conventional systems. Growing awareness about the need to convert to renewable energy sources in thermal exchange devices is expected to drive the demand.
However, competition from refurbished pumps, lack of awareness, and high installation costs are some of the challenges hindering market growth.
Based on applications, the market can be segmented into residential, automobile, military, consumer electronics, healthcare and industrial sector. Energy savings, long term natural gas savings, and reduction of carbon emissions are among the key factors encouraging adoption of this technology.
In automobile sector, adoption of heat pump technology is used in numerous processes, while military bases also rely on the product to control maintenance cost and ensuring long life, high reliability. The waste temperature captured can be used to provide hot water.
In construction sector, residential buildings are a major contributor in North America and Europe in terms of product demand. Imposition of construction regulations in Europe, U.S., China, Japan, and South Korea are major market drivers.
Rising preference for renewable energy sources is expected to further drive the product demand. Increasing product adoption in Sweden, Germany, France, Italy, Norway, and Finland to augment renewable energy production is expected to bode well for market expansion.
In Asia Pacific, increasing construction activity along with regulatory policies on energy efficiency in India, China, and Japan, will fuel demand. Changing energy policies in China and Japan can further fuel the expansion.
Key players operating in the heat pump market are Carrier Corporation, Daikin, Danfoss, Mitsubishi Electric, and NIBE. Most manufactures focus on strategic developments based on the climatic and geographic conditions.
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