Highly competitive market scenario due to presence of multiple regional manufacturers compelling leading players to acquire smaller ones
ROCKVILLE, MD / ACCESSWIRE / February 19, 2021 / Fact.MR's report on the global heat pumps market forecasts a positive trajectory for 2021, albeit at a modest rate, as end-use industries recover from the coronavirus pandemic induced downswing. Long-term growth prospects appear highly promising, with the forecast estimating a staggering CAGR of approximately 12% for the forthcoming decade.
The market is poised to experience significant gains, with demand for air-sourced heat pumps receiving major tailwinds. Besides, multiple product launches and collaborations are likely to spearhead future expansion prospects. In 2019, Carrier Corporation introduced a new high-efficiency water-to-water heat pump to harness energy from rivers, lakes and industrial process applications to deliver high temperature water up to 65o C for sanitary use or radiator heating.
Recently, in July 2020, heat pump manufacturer NIBE acquired Swedish company VEÅ AB, purchasing 60% of the latter's shares to strengthen their position across the Scandinavian nation for marketing commercial steam boilers intended for the primarily for the process industry. This initiative is also expected to provide the company further inroads for marketing its heat pumps to key end-use industries situated in the country. The company also acquired German heat pump manufacturer WATERKROTTE GmbH for a sum of € 26 million in October 2020.
'Growing emphasis on mitigating global carbon footprints is prompting governments to legislate stringent emission curbing regulations, leading housing companies to equip residential complexes with high efficiency heat pumps, expanding growth prospects,' says the Fact.MR analyst.
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Key Takeaways from Fact.MR's Heat Pumps Market Study
- Air source heat pumps to remain most preferred, on the back of reduced capital expenditure
- Demand for industrial heat pumps to remain high amid growing need for achieving power and fuel economy
- US to experience credible growth on the back of growing rectification applications in the oil & gas industry
- Sales across the UK to increase twofold by 2021-end, driven by the government's net zero carbon emission targets
- Germany and France to register impressive growth amid increased scramble to achieve climate and energy reduction objectives
- Burgeoning urban infrastructure to heighten uptake across key East Asian markets such as China, Japan and South Korea
Heat Pumps Market- Prominent Drivers
- Increasing government legislations to curb carbon emissions is heightening heat pumps uptake at a global level
- Manufacturers are emphasizing on production of geothermal heat pumps due to its ever-broadening scope
- Deepening technological penetration is prompting market players to equip heat pumps with IoT systems
Heat Pumps Market- Key Restraints
- Heat pumps are rendered unsuitable in cold weather conditions, particularly solar powered ones
- Heightened initial capital expenditure at the time of installing superior quality heat pumps may restrict uptake
Discover more about the heat pumps market with 145 figures and 82 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/3763/heat-pump-market
Prominent heat pump manufacturers in Fact.MR's report include United Technologies Corp. (Raytheon), Danfoss A/S, Daikin Industries Ltd., NIBE Group, GEA Group AG, Viessmann Group, BDR Thermea Group, Vaillant Group, Mayekawa Mfg. Co. Ltd., Thermax Limited and Glen Dimplex Deutschland GmbH. Besides, numerous regional players operate across key geographies, rendering the market quite competitive.
Manufacturers emphasize on portfolio diversification to cater to a wide range of suppliers, distributors and associated market players. For instance, in December 2020, Danfoss A/S announced the introduction of its new micro plate heat exchangers by doling out new products, permitting manufacturers of chillers and heat pumps to benefit from its Z-design technology to address refrigeration and design challenges.
In March 2020, the Vaillant Group introduced its aroTHERM plus air-to-water heat pump to be mounted across residential and commercial buildings. The monoblock heat pump functions with a natural and environmentally friendly refrigerant, capable of generating feed and hot water temperatures of up to 75o C and is extremely quiet, with noise levels not exceeding 29 dB(A).
More Valuable Insights on the Heat Pumps Market
Fact.MR, in its new offering, presents an unbiased analysis of the heat pumps market. The study delivers essential insights on the heat pumps market on the basis of type (air source, water source & ground source), application (residential, commercial & industrial) and rated capacity (up to 10 kW, 10-20 kW, 20-30 kW & above 30 kW) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Key Questions Covered in the Report
- How is the global heat pumps market expected to perform in 2021?
- Why is the US anticipated to capture a high revenue share?
- What drives the UK heat pumps market?
- How lucrative are the growth opportunities in the East Asian markets?
- Which drivers underpin the global heat pumps market growth?
- What challenges are anticipated across the predicted forecast period?
- Why are manufacturers relying on collaborations and acquisitions?
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