Residential Heat Pump Market Global Opportunity Analysis and Industry Forecast, 2021–2028

The COVID-19 pandemic has created uncertainties for heat pump manufacturers as well as dependent industries such as residential building construction sector. The unprecedented lockdown imposed due to onset of pandemic has brought drastic changes to the functioning of various businesses across the world. For instance, the heat pump manufacturing units were closed due to delay or non-availability of raw materials such as valves, condenser, and compressor required for heat pump manufacturing. In addition, the import-export and travel restrictions have greatly affected the movement of good. The social distancing measures imposed led to availability of only small workforce at heat pump manufacturing units. Also, new building construction projects which occupy largest residential heat pump market share were either postponed or cancelled due to economic losses and permission for only essential activities. All these factors severely affected residential heat pump market growth during the pandemic.

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Residential Heat Pump Market Analysis:

Heat pumps are gaining huge popularity owing to low running cost, less maintenance, enhanced safety, and reduced carbon emissions. For instance, the low running cost of residential heat pump system can be attributed to high energy efficiency that leads to long-term energy savings. The cost of residential geothermal heat pump can go up to Euro 45,000 but this investment is environment friendly and can help you in cutting down your energy bills by Euro 1,400 every year. Heat pump for residential homes is safe as it operates on electricity and does not need combustion of fuel for heat generation that emits toxic gases such as carbon dioxide. In addition, the use of ground source heat pumps and air source heat pumps are eligible for domestic Renewable Heat Incentive (RHI) in UK that addresses home owners, self-builders, private landlords. The Renewable Heat Incentive (RHI) scheme launched by the UK government provides financial support for renewable energy technologies for heating purposes.High upfront costs and complexity in installation process for understanding movement of heat and geology are estimated to restrain the residential heat pump market growth. In addition, the installation of heat pumps requires significant work as penetrations have to made through building cladding which may incur additional cost.

Growing demand for clean, renewable, and sustainable energy sources is estimated to generate huge opportunities for the residential heat pump market growth. Heat pumps are widely being implemented across residential sectors as they help in reducing carbon emissions. This is because heat pumps have efficient conversion rate of energy to heat. They can act as a heat source as well as heat sink as they provide cooling during summer and can act as an air conditioner during winter. They are reliable and steady source of heat as they have very long lifespan of up to 50 years. For instance, as stated in November 2020, in the Heat Pump & Thermal Storage Technology Center of Japan, which is actively engaged in storage, research, survey, and investigation of heat pump and thermal storage systems, the performance of residential heat pump system has continued to improve year by year and the amount of electricity needed to collect the same amount of heat has decreased. This indicates that heat pumps are highly efficient compared to traditional air conditioners, combustible heaters, and boilers as they do not emit toxic gases such as carbon that pollute the environment.

Based on type, the residential heat pump market has been divided into air source, water source, and geothermal. The air source sub-segment is predicted to show fastest growth rate and generate a revenue of $42,747.7 million by 2028.

Based on power source, the residential heat pump market has been divided into electric powered and gas powered. The electric powered residential heat pump sub-segment is predicted to show fastest growth rate and generate a revenue of $45,453.0 million by 2028.

Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific residential heat pump market size is anticipated to rise at a growth rate of 11.0% by 2028 from the revenue generated in 2020.

The companies involved in the global residential heat pump market are Midea Group, Johnson Controls, Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.

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Christophe Rude

Christophe Rude

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