In the midst of the global health crisis, cooling and heating systems are essential to meet consumers’ immediate needs, such as providing thermal comfort in hospitals and homes, preserving food and medicine, and keeping data centers running. In line with this, coolant and heat pumps are essential for consumers.
As the world tries to combat the COVID-19 pandemic, it has delayed production across several heat pump production facilities in major coronavirus-hit countries such as the US, China and Germany, and this is expected to dampen heat pump sales across the US. billion in 2020. Moreover, the COVID-19 pandemic will significantly affect consumer behavior in the short term, with domestic shipments from China of air source heat pumps (ASHPs) dropping by more than a third in January 2020.
The global heat pump market will experience V-shaped recovery growth, due to the increasing inclination towards innovative building solutions, particularly in countries such as India, China and Mexico.
Key Takeaways from Heat Pump Market Study
- Air and water heat pumps find enormous use in domestic hot water, floor heating, and space heating/cooling applications.
- Heat pumps with flexible or dual speed features to reduce energy consumption and improve overall efficiency throughout are likely to gain significant traction during the forecast period.
- The demand for CO2 coolant pumps is expected to increase, due to its excellent recyclability, low cost, and eco-friendly features.
- Hybrid heat pumps are likely to see a significant rise in use, due to their higher efficiency, lower energy consumption, and cost effectiveness compared to other heat pumps.
- Air source heat pumps continue to attract significant interest from market players, due to their low installation cost and high demand in North America and Western Europe.
As the world moves towards sustainable and green energy solutions, heat pumps are expected to quickly replace conventional heating systems in the near term. In addition, the ongoing spread of the Coronavirus (COVID-19) could change how companies organize their supply chains in the coming years, with increasing pressure on decentralization.
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Heat Pump Market: Competitive Landscape
The study provides vital insights of the competition landscape of the Heat Pumps market, along with various strategies adopted by the prominent players. The global market for heat pumps is rather competitive, as manufacturers offer identical products. Some of the major manufacturers in the heat pump market are Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group and Danfoss Group Global.
Market participants invest in research and development activities to develop new products with better energy efficiency, and also focus on providing after-sales services.
In terms of volume, APEJ led global heat pump sales in 2019. China is expected to present the most lucrative opportunities for market participants during the forecast period.
However, the coronavirus (COVID-19) pandemic has resulted in negative disruption to the global supply chain. China, the United States and some European countries are major revenue contributors to the market.
Alerted by the massive rise in confirmed cases of COVID-19, governments in these key regions have enacted nationwide lockdowns, causing uncertainty in the economic system. Moreover, quarantine regulations have led to scarcity of personnel and raw materials, which has put pressure on heat pump sales.
The Global Heat Pump Market is divided into six sections detailing each aspect of the market and providing complete information about the market to the readers.
- Air and water heat pumps
- pneumatic heat pumps
- geothermal heat pumps
- Hybrid heat pumps
According to the power source
- Other (gas driven)
by end user
- Carbon Dioxide
According to the type of system
- air source heat pumps
- Small ductless heat pumps
- geothermal heat pumps
- heat sink pumps
- North America
- Latin america
- Western Europe
- Eastern Europe
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