LONDON–(BUSINESS WIRE)–The heat pump market is poised to grow by USD 7.75 billion during 2020-2024, progressing at a CAGR of over 9% during the forecast period. Request free sample pages
Read the 120-page report with TOC on “Heat Pump Market Analysis Report by Product (Air source heat pumps, Ground source heat pumps and Exhaust air heat pumps), and Geography (North America, APAC, Europe, South America and MEA), and the Segment Forecasts, 2020-2024”.
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The market is driven by the growing construction sector. In addition, the increased adoption of solar-powered heat pumps is anticipated to boost the growth of the heat pump market.
The construction sector plays a major role in driving the demand for heat pumps. With the ongoing increase in the construction of commercial and residential buildings, the demand for heat pumps has been increasing mainly due to their wide spectrum of applications in buildings. Air-conditioning, refrigeration, and space heating are common applications of heat pumps in both residential and commercial buildings. Other applications include hot water supply in commercial buildings, cold storage warehouses, and process heat and steam for industrial applications. Moreover, the construction industry is expanding significantly across the globe. The primary reason for the high growth is the ongoing developments in infrastructure and real estate sectors in APAC. An increase in the trend of green buildings due to growing environmental concerns will also drive the demand for heat pumps.
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Major Five Heat Pump Companies:
Daikin Industries Ltd.
Daikin Industries Ltd. has its business operations under two segments, such as air conditioning and chemicals. The company offers Daikin heat pumps, which provides economical heating of residential and commercial settings with energy efficiency, quiet operations, integrated heating and hot water support.
Danfoss AS
Danfoss AS operates its business through four segments, such as Danfoss power solutions, Danfoss cooling, Danfoss drives, and Danfoss heating. The company offers a wide range of heat pumps such as compressors for refrigerators, air conditioning and heating, condenser controllers, and filter driers.
Ingersoll-Rand Plc
Ingersoll-Rand Plc has its business operations under two segments such as climate and industrial. The company offers a range of heat pumps such as XV20i Variable Speed, XV19 Variable Speed Low Profile, XR15, XL18i, and XL16i through its Trane brand.
Johnson Controls International Plc
Johnson Controls International Plc operates its business through various segments, such as building technologies & solutions, and power solutions. The company offers a full line of Water Source Heat Pumps spanning from .5 to 50 tons in horizontal, vertical, and vertical stacked configurations. The products are suitable for geothermal / low-temp operation and provides high-efficiency options such as ECM motors and 2-stage compressors.
Lennox International Inc.
Lennox International Inc. has its business operations under three segments, such as residential heating & cooling, commercial heating & cooling, and refrigeration. The company offers a wide range of heat pumps such as XP25 Heat Pump, XP1 Heat Pump, SL18XP1 Heat Pump, and other heat pumps.
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Heat Pump Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Air source heat pumps
- Ground source heat pumps
- Exhaust air heat pumps
Heat Pump Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- APAC
- Europe
- South America
- MEA
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