Heat Pumps Market growth drivers in 2017 & Challenges by 2024

Asia Pacific Heat Pumps Market is set to witness fastest growth in the forecast timeframe. Growing construction accompanied by favorable regulatory policies on energy efficiency particularly in Japan, India and China will fuel the regional demand. Rising demand from the residential segment owing to increasing infrastructure development has enhanced the product development in this region.

Heat Pumps Market size is estimated to benefit from rising demand for energy efficient buildings along with growing global construction industry. Increased necessity for renewable energy sources coupled with regulatory compliance through subsidies will propel the industry growth. Increasing consumer consciousness pertaining to GHG emission effects from conventional warming equipment is the key factor driving the product demand. Rise in demand for the thermal exchange activities in several applications is set to surge the heat pumps market.

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Residential, Industrial and Commercial are major end-use segments of the industry. Residential buildings are major contributor of the thermal activities particularly in North America and Europe. Rising demand for warming in residential segment due to the changing climatic conditions has enhanced the product scope. Heat pumps market has witnessed escalating trend in developed nations due to growing residential applications.

Imposition of stringent construction regulations particularly in Europe, U.S., China, Japan and South Korea is the driving factor of industry demand. Increasing demand for renewable energy sources in thermal exchange devices coupled with government initiatives to reduce carbon footprints will drive the demand. Moreover, government promotions for heat pumps uses over conventional warming equipment has encouraged the product penetration.

Rising pollution levels due to rapid industrialization and increasing population will encourage the energy efficient and ecofriendly equipment. Low costs coupled with high operating capacity are the major factors stimulating the product penetration.

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Shifting consumer preference towards ecofriendly and green technology is estimated to surge the business growth. Extensive R&D along with technological innovations in the energy efficient equipment will fuel the product development. Depletion of conventional energy sources and petroleum reserves accompanied by growing energy demand and regulatory compliance will create new avenues for the heat pumps market growth.

High initial costs and low consumer consciousness about fuel efficient substitutes are major restraining factors of the industry demand. Lack of government compliance in some regions is a major factor impacting the industry growth. Technical installation complications in existing structures may hamper the heat pumps market.

Heat pumps market is further segmented based on product as geothermal, air to air and air to water pumps. Air to water is the dominating segment account for a major share in the overall industry in 2016. The segment is set to witness significant growth owing to its increasing applications.

Geothermal heat pumps market is estimated to surpass USD 130 billion up to 2024. Superior comfort and silent operation are the key properties driving the product demand. Geothermal products have relatively superior efficiency due to thermal exchange from ground which is at stable temperature. The segment will witness stagnant growth owing to decreasing demand particularly in Europe.

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Europe dominates the global industry share and is expected to remain dominating. As per EHPA, increasing heat pumps usage will reduce the overall energy imports. EU annual expenditure on energy imports is worth over USD 420 billion. The region held more than 7 million operating products in 2014. Shifting preference for renewable energy sources will drive the regional demand. Increasing product usage in Germany, Sweden, Italy, France, Finland and Norway has registered over 80% of the renewable energy production.

Global heat pumps market share is highly competitive. The major industry players include Viessmann Group, Danfoss Group Global, The Bosch Group, United Technologies Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, NIBE Group and Daikin Industries Ltd.

The companies have focused on financial options on installation and purchase with several payments offers. Capacity expansion, product innovations and mergers to enhance penetration in new markets are the major strategies adopted by the key players.

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