Residential Heat Pump Market Research Report for Complete Analysis of Current Scenario

Rising demand for energy-efficient residential heat pumps among people, to maintain a warm and cool climate in their homes, may act as the major driving factor for the market.

According to a new report published by Allied Market Research, titled, “Residential Heat Pump Market," 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.

Residential heat pumps are widely installed in residential zones for maintaining warm and cool temperature in homes. These are an energy and environment efficient and a popular alternative to air conditioners and furnaces.

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.

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 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.

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.

Analyst Review

According to analysts, the global residential heat pump market possesses a substantial scope for growth in the future. Continuous increase in demand for residential heat pump installation in residential sectors, owing to growing demand for a comfortable temperature in cooler areas is expected to drive the growth of residential heat pump market. However, high cost of residential heat pump devices and its installation is a major limitation to the market growth. Growing disposable income of people and affordability for expensive machines among people in the developing regions is likely to surge the residential heat pump market share in the next few years. According to the analysts, Asia-Pacific is projected to register faster growth as compared to North American and European markets.