Heat Pump Market to Reach $99.6 Bn, Globally, by 2026 at 7.7% CAGR

Allied Market Research

- Increase in adoption of heat pumps in the residential sector and benefits related to reduction of CO₂ emissions drive the growth of the global heat pump market

PORTLAND, Ore., Aug. 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Heat Pump Market by Type (Air-to-Air, Water Source, and Geothermal) and Application (Residential, Industrial, and Commercial): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global heat pump industry generated $55.2 billion in 2018, and is estimated to reach $99.6 billion by 2026, witnessing a CAGR of 7.7% from 2019 to 2026.

Drivers, restraints, and opportunities

Increase in adoption of heat pumps in the residential sector and benefits related to reduction of CO₂ emissions drive the growth of the global heat pump market. However, high cost of investments hinders the market growth. On the other hand, surge in prominence of geothermal heat pump technology and favorable regulatory policies offer new opportunities in the coming years.

COVID-19 Scenario

• The outbreak has caused lockdown of the manufacturing factories and as a result, there is a disruption in the production cycle. Accordingly, the supply chain has also got affected.
• With lockdown in effect, the demand from commercial sector will be reduced for sure. In addition, with governments and healthcare researchers outlining the fact that central air-conditioning aids in spreading the coronavirus, there would certainly be a steep decline in the production line.
• However, there hasn't been any threat projected for window air conditioners yet. But, disruption in the supply chain may pose a hindrance for the residents who want to install new systems.

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The air-to-air segment to maintain its leadership status during the forecast period

Based on type, the air-to-air segment contributed to nearly three-fourths of the total share of the global heat pump market in 2018, and is estimated to maintain its leadership status during the forecast period. This is attributed to its widespread acceptance and low installation cost in comparison to other heating technologies. However, the water source segment would witness the largest CAGR of 8.1% from 2019 to 2026, owing to rise in efforts to attain decarbonization in the heating system.