Residential heat pumps are widely installed in residential zones for maintaining warm and cool temperatures in homes. These are energy and environment-efficient and a popular alternative to air conditioners and furnaces. The residential heat pump market was valued at $33.5 billion in 2021 and is estimated to reach $77.5 billion by 2030, growing at a CAGR of 9.7% from 2022 to 2030.
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The global residential heat pump industry is segmented on the basis of type and
power source. By type, the market is classified as air source, water source,
and geothermal. By power source, the market is classified into electric-powered
and gas-powered. By region, the market is analyzed across North America,
Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Midea Group, Johnson Controls,
Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann,
Mitsubishi Electric Corporation, and Danfoss.
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The report focuses on the global residential heat pump market analysis and the
major products & applications, where residential heat pumps are used, and
roles of different key players that shape the market. Also, the report focuses
on the overall demand and residential heat pump market share in various
countries, presenting data in terms of both value and volume. The revenue is
calculated by proliferating the volume by region-specific prices, considering
the region-wise differentiated prices and residential heat pump market trends
are studied comprehensively.
IMPACT OF COVID-19 ON THE GLOBAL RESIDENTIAL HEAT PUMP MARKET
• Residential heat pumps are commonly used to warm the interior of homes.
However, due to the lockdown and severe controls implemented as a result of the
COVID-19 pandemic, heat pump production plants have suffered a significant
reduction in 2020, owing to a reduced workforce and a disturbed supply chain.
• COVID-19 hampered different industrial activities and disrupted the supply
chain, affecting practically all industries. Due to a lack of workers, most
businesses have shut down. As a result of COVID-19's influence, the global
residential heat pump market forecast has seen a significant drop.
• According to the United Nations Industrial Development Organization (UNIDO),
30.0%-70.0% of the pre-COVID-19 workforce of various industries, such as
electrical and other third-party vendors, migrated to their hometowns due to
uncertainties and loss of income during the lockdown. This unavailability or
less availability of workforce is expected to directly affect the production
and manufacturing activities, thereby resulting in decline in the residential
heat pump market growth during the forecast period.
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Key Findings of the Study
• On the basis of type, the air source segment dominated the global residential
heat pump market in 2021 and is projected to be the fastest-growing segment
during the forecast period.
• On the basis of power source, the electric powered segment dominated the
global residential heat pump market in 2021 and is also projected to be the
fastest-growing segment during the forecast period.
• On the basis of region, Asia-Pacific market is projected to grow fast during
the forecast period.
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