The Heat Pumps market in China is expected to rise at nearly 6.7% CAGR over the forecast period. China, one of the largest markets in Asia-Pacific to generate high demand for heat pumps in all three sectors including commercial, residential and industrial. Heat pumps can effectively use clean energy for heating, so they have been widely used in China. The country is expected to reach a value of about US$ 21,011.7 Mn by 2032.
The reduction of initial energy demand and carbon emissions from such devices has been identified as a key driver of the heat pump market. Increased investment in the construction and residential sectors will provide heat pump suppliers with new growth markets. The market is expected to grow at a significant value CAGR of 5.4% between 2022 and 2030.
According to FMI, the Asia Pacific region will dominate the heat pump market, followed by North America. By the end of 2032, APAC and North America are expected to have a combined revenue share of 73.9% of the global market.
As a result, rising environmental concerns and permissive regulatory policies are propelling the heat pump market forward. Heat pumps that use natural refrigerants are gaining popularity. Natural refrigerants such as ammonia (R717), carbon dioxide (R744), and hydrocarbon are becoming more popular due to their environmental friendliness.
Key heat pump suppliers are focusing on product differentiation through innovation in terms of integrating new technologies, expanding application areas, and increasing efficiency. The latest technologies being integrated by key players are hybrid heat pumps with gas boilers, gas heat pumps, inverter-driven compressors, and smart heat pumps. The growth of Heat Pumps is likely to grow at a growth rate of 4.5% by Volume over the assessment period of 2022-2032.
Rising demand for eco-friendly and technologically-advanced devices for heating and cooling applications is likely to lift the demand for heat pumps. For the reduction in carbon intensity heat pumps are very valuable.
They can help to reduce electricity consumption for cooling and heating applications by half as compared to other electric resistance heating appliances. Modern technology heat pumps such as ground-source heat pumps (GSHP) use only three-fourths of environmental energy and one-fourth of electrical as compared to conventional heat pumps.
CO2 Refrigerant Heat Pumps are expected to generate an absolute dollar opportunity of US$ 2,731 Mn from 2022 to 2032. Because of their ease of use, low cost, and environmentally friendly properties, demand for these CO2 refrigeration heat pumps is increasing.
CO2 refrigerator heat pumps are currently available in China, Japan, and other Asian markets. CO2 refrigerators are frequently used on air source heat pumps, which have lower overall installation costs than ground heat pumps used for domestic water heating.
Key Players:
- Viessmann Group
- Danfoss Group Global
- United Technologies Corporation
- Stiebel Eltron Group
- Glen Dimplex Group
- The Bosch Group
- Mitsubishi Electric Corporation
- Panasonic Corporation
- NIBE Group
- Daikin Industries Limited
