Global Residential Heat Pump Market to Surpass $77,459.8 Million by 2030, Owing to the Increasing Adoption of Energy-efficient Systems to Reduce Carbon Emissions

A heat pump can regulate the flow of the refrigerant, helping to either heat or cool a home. Heat pump is a highly energy efficient alternative to conventional air conditioners and furnaces that are applicable in all climatic conditions. Heat pumps are completely sustainable and environmental-friendly unlike the furnaces that require the burning of fossil fuel and even air conditioners that release immense amount of CFCs (chlorofluorocarbons) which degrades the environment. Residential heat pumps favor both heating and cooling mechanisms, refraining the need for an instalment of separate or alternative systems.

Impact of COVID-19 on the Market

The outbreak of coronavirus has had a negative impact on the growth of the global residential heat pump market, owing to the prevalence of lockdowns in various countries across the globe. Redundant lockdowns led to the closure various manufacturing units of heat pump, adversely affecting the distribution and supply chain. Stringent import-export restriction imposed by the government during the pandemic made it difficult for companies to procure raw materials required for the production of heat pumps.

Residential Heat Pump Market Trends and Developments

The key companies operating in the residential heat pump market are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global liver disease treatment market to grow exponentially.

For instance, in August 2019, Swegon AB, a Sweden-based company revolving around the products on indoor environment, offering solutions for ventilation, heating, cooling and climate optimization, acquired Klimax AS, a major distributor of products for heating and cooling of indoor climate in Norway, in order to maximize Swegon AB’s presence in the global heat pump market.

In July 2020, Daikin Applied, a global corporation that designs, manufactures and sells heating, ventilation and air conditioning (HVAC) products, systems, parts and services for commercial buildings, launched a new product called Daikin SmartSource® Dedicated Outdoor Air System (DOAS), for cost-effective heating and cooling in all environmental conditions using 100 percent of fresh, outside air.

In August 2020, Carrier, a world leader in high-technology heating, air conditioning and refrigeration solutions, collaborated with ServiceTitan, a dominant company providing all-in-one software and operating system for residential and commercial service and replacement contractors, in order to strategize and streamline workflows of Carrier and Bryant so as to improve their sales opportunities, ameliorate profits, and augment business growth.

Forecast Analysis of Global Residential Heat Pump Market

The global residential heat pump market is anticipated to witness a remarkable growth during the forecast period (2022-2030), owing to the prevalence of stringent restrictions imposed by the government of various countries for the adoption of energy-efficient systems. Heat pumps are extremely sustainable, substantially reducing the carbon emissions than other conventional heating or cooling systems. In addition, persistent technological development and implementation of IOT in residential heat pumps are further expected to create massive opportunities for the growth of the market. However, extortionate installation charges of residential heat pump are expected to impede the growth of the residential heat pump market during the forecast period.

According to the report published by Research Dive, the global residential heat pump market is expected to generate a revenue of $77,459.8 million by 2030, growing expeditiously at a CAGR of 9.7% during the forecast period. The major players of the market include Johnson Controls, Midea Group, Glen Dimplex, Daikin, Danfoss, Stiebel Eltron, Carrier Corporation, Danfoss, Viessmann, Mitsubishi Electric Corporation, NIBE, and many more.

Most Profitable Region

The Asia-Pacific region is expected to have the largest market share, and is expected to grow exponentially with a CAGR of 10.3% during the forecast period. Severe restrictions imposed by the government in this region in order to cut down the carbon emissions and rigorous initiatives on gradual shift from coal incineration to heat pump systems are the factors expected to drive the growth of the regional residential heat pump market. In addition, presence of prominent players of the market in this region is further expected to bolster the growth of the regional market.