Global Heat Pumps Market is valued at approximately USD 5.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9.5% over the forecast period 2020-2027. The development of the building and housing sectors for single-unit and multi-unit dwellings is expected to fuel the demand for heat pumps. Rising customer buying patterns are projected to boost restaurant and other commercial establishment sales, driving demand for these pumps in the commercial sector much higher over the forecast period. In recent years, these pumps have become increasingly popular, and they now account for the majority of global building sales. According to the International Energy Agency (IEA), annual air-to-air heat pump shipments in the United States increased from 2.3 million in 2015 to 3.1 million in 2019. Furthermore, the government of the United Kingdom has created various government schemes, such as the Domestic RHI and the Non-Domestic RHI, to promote the implementation and use of green heating technology in existing households. Over the projected period, such policies are expected to accelerate market growth. Similarly, the US DOE estimates that the latest FER requirements for furnace fans would save about 3.99 quads of electricity, 34 million metric tons of carbon dioxide, and more than USD 9 billion in electric bills for American citizens by 2030. According to a recent state statute, the city of Maine is looking for installers to help achieve a five-year target of 100,000 heat pumps. In addition, the New Ambler heat pump project aims to significantly reduce fuel costs in the villages. However, high installation cost of heat pumps, may impede market growth over the forecast period of 2020-2027.

The regional analysis of the global Heat Pumps Market is considered for the key regions such as North America, Asia Pacific, Latin America, Europe, and Rest of the World. North America is the leading region across the world in terms of market share due to several reasons, such as climatic conditions, the convenience to extend the equipment, government tax credit benefits, and regulations. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2020-2027. Favorable government initiatives are anticipated to provide necessary support for the growth of this market.
Major market player included in this report are:
Trane Inc. (Ingersoll Rand Inc.)
Midea Group
NIBE Group
Panasonic Corporation
Mitsubishi Electric Corporation
Daikin Industries, Ltd.
Stiebel Eltron Gmbh & Co. KG (DE)
Glen Dimplex Group
Viessmann Werke GmbH & Co KG
Flamingo Heat Pumps
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Air Source
Water Source
Geothermal (Ground) Source
By end use industry:
Industrial
Commercial
Institutional
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year 2017, 2018
Base year 2019
Forecast period 2020 to 2027.

Target Audience of the Global Heat Pumps Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors