Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application (Residential {Single Family, Multi Family}, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Industrial),

Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application (Residential {Single Family, Multi Family}, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Industrial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The global heat pump market is anticipated to register exponential growth by 2030. Over the last decade, emissions from the residential and industrial sectors have increased dramatically, which has raised concerns among administrative bodies worldwide. Sustainable heating solutions are at the forefront of reversing climate change, encouraging large-scale initiatives for the implementation of heat pumps.
Various countries across Europe have ramped up the installation of these heating devices. For instance, Germany and Sweden are two of the most significant implementers of ground source heat pumps, with Germany featuring 410,00 and Sweden with 650,000 units. Globally, Sweden ranks number 1 in terms of per capita installation rate.
Extensive R&D activities are supporting the development of advanced heat pumps. A group of researchers from the University of Glasgow designed a novel flexible heat pump featuring an integrated heat storage system. This unique concept is expected to significantly reduce power consumption.
Meanwhile, heat pump manufacturers are rolling out innovative products that meet user requirements. In March 2022, Panasonic unveiled Eco Cute solution comprising of an air source heat pump and a hot water storage unit that can be utilized with residential rooftop solar to heat water. The new offering helps users save energy by using the electricity generated in the daytime.
The heat pump market is segregated into product, application, and region.
Based on product, the industry is bifurcated into the ground source, water source, and air source. Among these, the ground source heat pump industry generated more than USD 3.5 billion in 2021 and is anticipated to witness significant growth over the projected timeframe.
The rising demand for these systems can be attributed to their long list of features enabling the reduction of heat losses and cost. They are predominantly installed in commercial buildings as these systems can be easily upgraded in the case of retrofit structures and are environmentally friendly.
With respect to application, the market landscape is fragmented into commercial, residential, and industrial. The commercial sector is likely to emerge as a major end-user for heat pump manufacturers. With increasing urbanization and growing investments in massive commercial buildings including retail stores, medical centers, malls, and sports centers, the demand for energy-efficient heating systems will escalate dramatically.
From a regional perspective, the Asia Pacific heat pump industry is projected to grow at a considerable pace due to the rising standard of living in the region. Countries like India and China have recently experienced massive internal migration from rural to urban spaces for job opportunities and lifestyle upgradation. Substantial economic growth in developing countries across the region and increasing standard of living will complement the adoption of advanced heat pumps in APAC.