Heat Pump
Market: Industry Trend & Regional Analysis to 2035

Heat
pump market will record CAGR of 16% tiil 2035. Governments are actively
encouraging the uptake of heat pumps by means of diverse incentive initiatives
and policy measures. These encompass tax incentives, rebates, grants, and advantageous
regulatory frameworks. The impetus behind these governmental endeavors, which
seek to curtail carbon emissions and endorse environmentally sound heating and
cooling options, is projected to propel the heat pump market. The growing
emphasis on slashing carbon footprints and making the shift towards cleaner
energy resources is amplifying the request for these systems.

Anticipated growth in the industry is
set to be substantial, primarily driven
by the escalating levels of greenhouse gas emissions that have led to
detrimental environmental impacts. This upward trajectory will be bolstered by
the implementation of fresh strategies designed to bolster clean energy
options. Central to this growth are factors such as the impressive energy
efficiency and minimal carbon impact associated with these alternatives,
alongside the presence of attractive financial incentives. Furthermore, the
industry is capitalizing on the rising need for noiseless operations, further
contributing to its promising future. 

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The heat pump industry encountered notable
disturbances in both supply and demand as
a result of the strict lockdown measures implemented by numerous countries amid the
COVID-19 pandemic. These disruptions had adverse impacts on the sector, with
manufacturers grappling with extra hurdles stemming from elements like economic
downturns, diminished consumer buying capabilities, constrained international
trade, and the temporary halt of industrial and construction activities. Nevertheless,
despite these challenges, significant governments have undertaken promising
measures to tackle the reduced emission levels stemming from the
pandemic-induced decrease in industrial operations. 

With
increasing awareness of climate change and the need to reduce greenhouse gas
emissions, there has been a growing interest in renewable energy sources which in turn will drive the demand for ground source heat pumps. GSHPs utilize the constant
temperature of the earth to provide heating and cooling, making them an
attractive option for
environmentally conscious consumers. Many governments and utilities around the world have offered
incentives and subsidies to encourage the adoption of energy-efficient technologies, including ground source heat pumps.
These incentives can significantly offset the initial installation costs and make GSHPs more financially appealing. 

One of the
prominent trends in the commercial heat pump market was a strong emphasis on energy
efficiency and sustainability. Businesses were increasingly looking for heating
and cooling solutions that not only provided comfort but also reduced energy
consumption and greenhouse gas emissions. Heat pumps, which are known for their
high energy efficiency and low carbon footprint, were gaining traction as a
result. Many governments around the world were implementing or
enhancing incentives and regulations to promote the adoption of renewable and
energy-efficient technologies, including heat pumps. These measures included
tax credits, rebates, grants, and stricter building codes that favored the use
of heat pumps in commercial buildings.  

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Europe has been
placing a strong emphasis on transitioning to renewable energy sources to
reduce carbon emissions and combat climate change. Heat pumps, being a highly
energy-efficient and low-emission heating and cooling technology, were seeing
increased adoption as part of this transition. The European Union's F-Gas Regulation aimed to phase down
the use of high-global warming potential (GWP) refrigerants, such as HFCs. This
regulation encouraged the use of lower-GWP and environmentally friendly
refrigerants in heat pumps, leading to advancements in heat pump technology. 

Key
operating players in heat pump market are Vaillant Group, Carrier, STIEBEL ELTRON, Viessmann, Danfoss, Trane, Bosch Thermotechnology Corp., WOLF GmbH, Panasonic Corporation, Bard HVAC, DAIKIN INDUSTRIES, Glen Dimplex Group, Kensa Heat Pumps,
SAMSUNG, Johnson Controls, Mitsubishi Electric Corporation, NIBE Industrier AB, Finn Geotherm, OCHSNER, and Lochinvar. 

Table
of Contents:

Chapter
No. 1. Executive Summary

1.1. Definition & Objective

1.2. Market Evaluation & forecast parameter

1.3. Research Methodology

1.4. Data Validation Sources

1.4.1. Secondary Research

1.4.2. Primary Research

Chapter No. 2. Market Overview

Chapter No. 3. Heat Pump Market: Market Dynamics

3.1. Business Model

3.1.1. Value Chain Analysis

3.1.2. Profit Margins

3.2. Market Driving Factors

3.3. Key industry pitfall & challenges

3.4. Market Opportunities

3.5. Impact of Inflation & economics slowdown

3.5.1. Optimistic view

3.5.2. Realistic view

3.5.3. Pessimistic view

3.6. Porter’s Five Forces Analysis

3.7. PESTLE Analysis

3.8. Regulatory Norms & Directives

3.9. Pricing Trend Analysis

3.10. Go to market strategy

3.11. Competitive Market Benchmarking

3.11.1. Company Market Share

3.11.2. Strategy framework

3.11.3. Recent Acquisitions & Mergers

Chapter No. 4. Heat Pump Market – Product Segment
Analysis

4.1. Overview Dynamics

4.1.1. Market Revenue Share, By Product, 2022 &
2035

4.1.2. Key Market Trends, Growth Factors, &
Opportunities

4.2. Air Source

4.2.1. Market Size and Forecast, By 2022-2035

4.3. Ground Source

4.3.1. Market Size and Forecast, By 2022-2035

4.4. Water Source

4.4.1. Market Size and Forecast, By 2022-2035

Chapter No. 5. Heat Pump Market – Application Segment
Analysis

5.1. Overview Dynamics

5.1.1. Market Revenue Share, By Application, 2022
& 2035

5.1.2. Key Market Trends, Growth Factors, &
Opportunities

5.2. Residential

5.2.1. Market Size and Forecast, By 2022-2035

5.3. Commercial

5.3.1. Market Size and Forecast, By 2022-2035

5.4. Industrial

5.4.1. Market Size and Forecast, By 2022-2035

Chapter No. 6. Heat Pump Market – Region Segment
Analysis

6.1. Overview

6.1.1. Global Market Revenue Share, By Region, 2022
& 2035

6.1.2. Global Market Revenue, By Region, 2022 – 2035

6.2. North America

6.2.1. North America Market Revenue, By Country, 2022
– 2035

6.2.2. North America Market Revenue, By Product, 2022
– 2035

6.2.3. North America Market Revenue, By Application,
2022 – 2035

6.2.4. U.S.

6.2.4.1. U.S. Market Revenue, By Product, 2022 – 2035

6.2.4.2. U.S. Market Revenue, By Application, 2022 –
2035

6.2.5. Canada

6.2.5.1. Canada Market Revenue, By Product, 2022 –
2035

6.2.5.2. Canada Market Revenue, By Application, 2022 –
2035

6.3. Europe

6.3.1. Europe Market Revenue, By Country, 2022 – 2035

6.3.2. Europe Market Revenue, By Product, 2022 – 2035

6.3.3. Europe Market Revenue, By Application, 2022 –
2035

6.3.4. Austria

6.3.4.1. Austria Market Revenue, By Product, 2022 –
2035

6.3.4.2. Austria Market Revenue, By Application, 2022
– 2035

6.3.5. Norway

6.3.5.1. Norway Market Revenue, By Product, 2022 –
2035

6.3.5.2. Norway Market Revenue, By Application, 2022 –
2035

6.3.6. Denmark

6.3.6.1. Denmark Market Revenue, By Product, 2022 –
2035

6.3.6.2. Denmark Market Revenue, By Application, 2022
– 2035

6.3.7. Finland

6.3.7.1. Finland Market Revenue, By Product, 2022 –
2035

6.3.7.2. Finland Market Revenue, By Application, 2022
– 2035

6.3.8. France

6.3.8.1. France Market Revenue, By Product, 2022 –
2035

6.3.8.2. France Market Revenue, By Application, 2022 –
2035

6.3.9. Germany

6.3.9.1. Germany Market Revenue, By Product, 2022 –
2035

6.3.9.2. Germany Market Revenue, By Application, 2022
– 2035

6.3.10. Italy

6.3.10.1. Italy Market Revenue, By Product, 2022 –
2035

6.3.10.2. Italy Market Revenue, By Application, 2022 –
2035

6.3.11. Switzerland

6.3.11.1. Switzerland Market Revenue, By Product, 2022
– 2035

6.3.11.2. Switzerland Market Revenue, By Application,
2022 – 2035

6.3.12. Spain

6.3.12.1. Spain Market Revenue, By Product, 2022 –
2035

6.3.12.2. Spain Market Revenue, By Application, 2022 –
2035

6.3.13. Sweden

6.3.13.1. Sweden Market Revenue, By Product, 2022 –
2035

6.3.13.2. Sweden Market Revenue, By Application, 2022
– 2035

6.3.14. UK

6.3.14.1. UK Market Revenue, By Product, 2022 – 2035

6.3.14.2. UK Market Revenue, By Application, 2022 –
2035

6.3.15. Netherlands

6.3.15.1. Netherlands Market Revenue, By Product, 2022
– 2035

6.3.15.2. Netherlands Market Revenue, By Application,
2022 – 2035

6.4. Asia Pacific

6.4.1. Asia Pacific Market Revenue, By Country, 2022 –
2035

6.4.2. Asia Pacific Market Revenue, By Product, 2022 –
2035

6.4.3. Asia Pacific Market Revenue, By Application,
2022 – 2035

6.4.4. China

6.4.4.1. China Market Revenue, By Product, 2022 – 2035

6.4.4.2. China Market Revenue, By Application, 2022 –
2035

6.4.5. Japan

6.4.5.1. Japan Market Revenue, By Product, 2022 – 2035

6.4.5.2. Japan Market Revenue, By Application, 2022 –
2035

6.4.6. Australia

6.4.6.1. Australia Market Revenue, By Product, 2022 –
2035

6.4.6.2. Australia Market Revenue, By Application,
2022 – 2035

6.4.7. South Korea

6.4.7.1. South Korea Market Revenue, By Product, 2022
– 2035

6.4.7.2. South Korea Market Revenue, By Application,
2022 – 2035

6.5. Middle East & Africa

6.5.1. Middle East & Africa Market Revenue, By
Country, 2022 – 2035

6.5.2. Middle East & Africa Market Revenue, By
Product, 2022 – 2035

6.5.3. Middle East & Africa Market Revenue, By
Application, 2022 – 2035

6.5.4. Saudi Arabia

6.5.4.1. Saudi Arabia Market Revenue, By Product, 2022
– 2035

6.5.4.2. Saudi Arabia Market Revenue, By Application,
2022 – 2035

6.5.5. Turkey

6.5.5.1. Turkey Market Revenue, By Product, 2022 –
2035

6.5.5.2. Turkey Market Revenue, By Application, 2022 –
2035

6.5.6. South Africa

6.5.6.1. South Africa Market Revenue, By Product, 2022
– 2035

6.5.6.2. South Africa Market Revenue, By Application,
2022 – 2035

6.6. Latin America

6.6.1. Latin America Market Revenue, By Country, 2022
– 2035

6.6.2. Latin America Market Revenue, By Product, 2022
– 2035

6.6.3. Latin America Market Revenue, By Application,
2022 – 2035

6.6.4. Brazil

6.6.4.1. Brazil Market Revenue, By Product, 2022 –
2035

6.6.4.2. Brazil Market Revenue, By Application, 2022 –
2035

6.6.5. Mexico

6.6.5.1. Mexico Market Revenue, By Product, 2022 –
2035

6.6.5.2. Mexico Market Revenue, By Application, 2022 –
2035

6.6.6. Argentina

6.6.6.1. Argentina Market Revenue, By Product, 2022 –
2035

6.6.6.2. Argentina Market Revenue, By Application,
2022 – 2035

Chapter No. 7. Company Profile

7.1. NIBE Industrier AB

7.1.1. Business Overview

7.1.2. Financial Analysis

7.1.3. Type Offerings

7.1.4. Strategies & recent developments

7.1.5. SWOT Analysis

7.2. Vaillant Group

7.3. Carrier

7.4. STIEBEL ELTRON

7.5. Viessmann

7.6. Danfoss

7.7. Trane

7.8. Bosch Thermotechnology Corp.

7.9. WOLF GmbH

7.10. Panasonic Corporation

7.11. Bard HVAC

7.12. DAIKIN INDUSTRIES

7.13. Glen Dimplex Group

7.14. Kensa Heat Pumps

7.15. SAMSUNG

7.16. Johnson Controls

7.17. Mitsubishi Electric Corporation

7.18. Finn Geotherm

7.19. OCHSNER

7.20. Lochinvar

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