Heat Pumps Market to Hit US$ 50 Bn Mark by 2030; Production Standstill Amidst COVID-19 Spread to Dampen Sales Prospects
According to FMI’s recent study, the heat pumps market was valued at around US$ 32 Bn in 2021 and is estimated to expand at a CAGR of 5.4% over the forecast period of 2022-2030, with a limited impact of the current pandemic situation on long-term growth forecasts.
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Increasing demand for tech-advanced cooling solutions with
low carbon footprint, government initiatives to curb greenhouse gas emissions,
and advancements in heating, ventilation, and air conditioning (HVAC) systems
are factors contributing to the revenue pool of the heat pumps market.
Amidst the health crisis, cooling as well as heating systems
are critical to fulfil the immediate needs of consumers, such as providing
thermal comfort in hospitals and homes, preserving food and medicines, and
keeping data centers running. In line with this, refrigeration and heat pumps
are essential for consumers.
As the world attempts to fight the COVID-19 pandemic, it has
led to delayed production across several heat pump production facilities in
major coronavirus hit countries such as the US, China, and Germany, This is
expected to dampen heat pump sales by around US$ 1 Bn in 2022.
Moreover, the COVID-19 pandemic will significantly impact
consumer behavior in the short term, with domestic shipments from China for air
source heat pumps (ASHPs) registering drop of over one-third in January 2022.
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The heat pumps market will witness v-shaped recovery growth,
owing to rising inclination towards innovative construction solutions,
especially in countries such as India, China, and Mexico.
Key Takeaways from Heat Pumps Market Study
- Air-water
heat pumps are finding immense use in domestic hot water, floor heating,
and space heating/cooling applications.
- Heat
pumps having flexible or twin-speed features to reduce energy consumption
and improve overall efficiency throughout are likely to garner substantial
traction over the forecast period.
- Demand
for CO2 refrigerant heat pumps is expected to increase, given its
excellent recyclability, low cost, and environment-friendly attributes.
- Hybrid
heat pumps are likely to see significant rise in adoption, owing to their high
efficiency, lower energy consumption, and cost effectiveness as compared
to other heat pumps.
- Air-source
heat pumps continue to grab huge attention of market players, owing to
their low installation cost and high demand in North America and Western
Europe.
“As the world moves towards sustainable and green energy
solutions, heat pumps are expected to replace conventional heating systems
rapidly in the near term. In addition, the ongoing coronavirus (COVID-19)
spread can alter how companies organize their supply chains in the coming
years, with more stress being layed on decentralization”.
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Heat Pumps Market : Competitive Landscape
The study provides vital insights of the competition
landscape in the heat pumps market, along with various strategies adopted by
prominent players. The heat pumps market is fairly competitive, with
manufacturers offering identical products. Some of the key manufactures in the
heat pumps market are Panasonic Corporation, Mitsubishi Electric Corporation,
Daikin Group, NIBE Group, and Danfoss Group Global.
Market participants are investing in R&D activities to
develop new products with better energy efficiency, and are also focusing on
providing aftersales services.
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