The global residential heat pump market size was US$ 33.5 billion in 2021. The global residential heat pump market size is forecast to reach US$ 77.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.7% during the forecast period from 2022 to 2030.
Heat pumps in homes are alternative energy sources for furnaces and air conditioners. Heat pumps use electricity to transfer heat from a cool to a warm space, cooling the cool space and warming the warm space. Because they transfer heat rather than generate it, residential heat pumps can efficiently produce comfortable temperatures for the home. Heat pumps based on ducts are of three types: air-to-air, water source, and geothermal. They concentrate heat from the air, water, or earth outside the house for use inside.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global residential heat pump market. This had a significant impact on the operations of many businesses, affecting revenue. Lockdown restrictions implemented in a number of countries, and the shutdown of heat pump production operations, hampered the growth of the residential heat pump market. Travel restrictions, a closed border, and a ban on imports and exports hampered the supply of raw materials like iron castings, stainless steel components, and aluminum tubing.
Regional Analysis
The Asia Pacific region is forecast to have lucrative growth during the forecast period. As a result of the government regulations on carbon emissions, due to the rising population in the region. In addition, the existence of prominent players in the market. Additionally, the growing execution of government policies, such as the initiation of the coal-to-electricity project, led to the increasing deployment of air source heat pumps and residential geothermal heat pumps in countries like China. Thus, these factors are forecast to fuel the market growth in the region.
Leading Competitors
The leading prominent companies profiled in the global residential heat pump market are:
Scope of the Report
The global residential heat pump market segmentation focuses on Type, Power Source, and Region.
Segmentation based on Type
Segmentation based on Power Source
Segmentation based on Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL RESIDENTIAL HEAT PUMP MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
4 GLOBAL RESIDENTIAL HEAT PUMP MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS
5 GLOBAL RESIDENTIAL HEAT PUMP MARKET, BY TYPE
5.1 OVERVIEW
5.2 WATER SOURCE
5.3 GEOTHERMAL
5.4 AIR SOURCE
6 GLOBAL RESIDENTIAL HEAT PUMP MARKET, BY POWER SOURCE
6.1 OVERVIEW
6.2 ELECTRIC POWERED
6.3 GAS POWERED
7 GLOBAL RESIDENTIAL HEAT PUMP MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL RESIDENTIAL HEAT PUMP MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
9 COMPANY PROFILES
9.1 MIDEA GROUP CO., LIMITED
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.2 JOHNSON CONTROLS INTERNATIONAL PLC
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.3 DAIKIN INDUSTRIES LIMITED
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.4 CARRIER GLOBAL CORPORATION
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.5 GLEN DIMPLEX HEATING & VENTILATION (GDHV)
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.6 NIBE GROUP
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.7 VIESSMANN GROUP
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.8 MITSUBISHI ELECTRIC CORPORATION
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.9 DANFOSS
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.10 STIEBEL ELTRON AG
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
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