The Residential Heat Pump Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Residential Heat Pump Global Market Report 2024, The residential heat pump market size has grown rapidly in recent years. It will grow from $36.51 billion in 2023 to $41 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to energy efficiency regulations, rising energy costs, environmental awareness, market competitiveness, global warming concerns, urbanization..
The residential heat pump market size is expected to see rapid growth in the next few years. It will grow to $62.45 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to economic growth, carbon neutrality initiatives, climate change mitigation policies, rise in new construction, population growth in urban areas, energy storage solutions.. Major trends in the forecast period include integration with smart home systems, adoption of air-source heat pumps, geothermal heat pump installations, hybrid heat pump systems, advancements in heat pump technology..
The increasing demand for renewable energy is expected to boost the growth of the residential heat pump market going forward. Renewable energy is derived from natural sources that replenish themselves at a rate exceeding consumption. Heat pumps can be fueled by renewable energy sources such as solar panels or wind turbines, enhancing the sustainability for residential heating and cooling compared to conventional fossil fuel-based devices. For instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China’s annual PV installations surged by 57%, accounting for 42% of global demand, primarily driven by distributed PV, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. Therefore, the increasing demand for renewable energy is driving the growth of the residential heat pump market.
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The residential heat pump market covered in this report is segmented –
1) By Type: Water Source, Geothermal, Air Source
2) By Power Source: Electric Powered, Gas Powered, Other Power Sources
3) By Application: Single Family, Multi Family
Major companies operating in the residential heat pump market focus on developing innovative products, such as propane heat pumps, to provide reliable customer service. A propane heat pump is a heating and cooling system that uses propane as the refrigerant, which works by transferring heat from the outside air to the inside air in the winter and from the inside air to the outside air in the summer. For instance, in June 2023, Panasonic Holdings Corporation, a Japan-based manufacturer of electronic components, launched the Aquarea L heat pump series. The Aquarea L series is a line of air-to-water heat pumps using propane (R290) as the refrigerant for residential applications. It is designed with inverter compressor technology that allows the compressor to adjust its speed to match the demand for heat or cooling, which helps to improve efficiency. It is installed with Aquarea Smart Cloud technology, a cloud-based service allowing one to remotely control the heat pump from a smartphone or tablet.
The residential heat pump market report table of contents includes:
- Executive Summary
- Residential Heat Pump Market Characteristics
- Residential Heat Pump Market Trends And Strategies
- Residential Heat Pump Market – Macro Economic Scenario
- Global Residential Heat Pump Market Size and Growth
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- Global Residential Heat Pump Market Competitive Benchmarking
- Global Residential Heat Pump Market Competitive Dashboard
- Key Mergers And Acquisitions In Residential Heat Pump Market
- Residential Heat Pump Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Mitsubishi Corporation
- LG Electronics Inc.
- Midea Group
- Fujitsu Limited
- Johnson Controls International PLC
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