The Worldwide Residential Heat Pump Industry is Expected to Reach $53 Billion by 2028: Integration of IOT and Other Sophisticated Technologies Drive Growth
The Global Residential Heat Pump Market size is expected to reach $53 billion by 2028, rising at a market growth of 9.0% CAGR during the forecast period.
Residential heat pumps are external units that are a part of heating and cooling systems. It can cool down home just like an air conditioning unit, but it can also heat it. A residential heat pump absorbs heat from chilly outdoor air and transmits it within the winter, and it removes heat from inside air to cool the home in the summer. They require electricity to run and transfer heat via refrigerant to keep them comfortable all year.
Homeowners may not need to construct separate heating and cooling systems because they can handle both. For improved functionality in colder locations, an electrically heated strip can be attached to the interior fan coil. Residential heat pump, unlike furnaces does not use fossil fuels, giving them more environmentally sustainable.
The reverse cycle chiller (RCC) design, unlike conventional residential heat pump, pumps water instead of air, allowing it to run more efficiently in cold conditions. The residential heat pump in an RCC system is connected to an enclosed water tank, which either heats or cools.
The heated or cooled air is then pumped away from the tank and into the ductwork with one or more warming zones through a fan and coil system. An RCC system can also circulate hot water via a radiant floor heating system, so user can thank RCC for keeping bare feet warm on a toasty tile floor this winter.
Heat pumps come in a variety of shapes and sizes, but they all work on the same basic principle, heat transmission. Instead of burning fuel to generate heat, the device transfers heat from one location to another. There's a secret to making it all work. Thermodynamics states that heat typically moves from high-temperature regions to low-temperature regions.
A heat pump uses a tiny quantity of electricity to reverse that process, extracting heat from a low-temperature area and pumping it to a higher-temperature location. As a result, heat is transported from a 'heat source' such as the ground or air to a 'heat sink' such as a home.
COVID-19 Impact Analysis
Several countries in the world have implemented state-wide lockdowns to stop the virus from spreading further, resulting in a slowdown in the international economy. COVID-19 has adversely affected both the manufacturing and services industries.
The pandemic has sparked profound recessions, according to the World Bank, and is projected to have a long-term effect on the international economy due to a drop-in investment and interruptions in international trade and supply chains.
The suspension of manufacturing activity and the decline in economic activity for commercial services in 2020 hampered the growth of the residential heat pump industry.
Market Growth Factors
Residential Heat Pump Technology's Contribution to Carbon Reduction
Energy is a vital source of power in many places, including homes, hospitals, and schools. However, its manufacturing and use result in considerable amounts of greenhouse gas emissions.
As a result, major economies throughout the world are attempting to minimize their reliance on non-renewable sources of energy and are gradually shifting toward alternative energy sources to reduce greenhouse gas emissions.
Residential heat pump technology has the potential to reduce greenhouse gas emissions. Residential heat pump, which use aerothermal and geothermal technology is a cost-effective way to heat a room.
Integration of IOT and Other Sophisticated Technologies with Residential Heat Pump
Real-time surveillance, predictive management, and remote diagnostics of components are all possible with Internet of Things (IoT)-based residential heat pump.
Smart thermostats in the Internet of Things (IoT)-based residential heat pump help monitor environmental changes and interact with their water heater equipment. Residential heat pump is rapidly being used by end customers from many industries.
However, they continue to operate and have the same designs. For ease of operation, automation and distant operations have been primary considerations in the development of next-generation residential heat pump. Residential heat pump now comes with LCD screens and warning lights to make them more user-friendly.
Market Restraining Factors
In emerging economies, there is a Lack of Understanding of the Benefits of Residential Heat Pump
The residential heat pump is a technically challenging piece of equipment. End users in emerging and undeveloped economies have a limited understanding of the fuel efficiency, cost-effectiveness, and environmental benefits connected with residential heat pump, as well as technical know-how.
This aspect is likely to limit their penetration in emerging markets. As reported by the United Nations Environment Program, contractors are unaware of ISO regulations for residential heat pump. In order to ensure the safety and quality of our products and services, ISO standards are crucial.
Chapter 3. Competition Analysis - Global 3.1 Cardinal Matrix 3.2 Recent Industry Wide Strategic Developments 3.2.1 Partnerships, Collaborations and Agreements 3.2.2 Product Launches and Product Expansions 3.2.3 Acquisition and Mergers 3.2.4 Geographical Expansions 3.3 Top Winning Strategies 3.3.1 Key Leading Strategies Percentage Distribution (2018-2022) 3.3.2 Key Strategic Move (Product Launches and Product Expansions 2018, Mar - 2022, May) Leading Players
Chapter 4. Global Residential Heat Pump Market by Power Source 4.1 Global Electric Powered Market by Region 4.2 Global Gas-Powered Market by Region
Chapter 5. Global Residential Heat Pump Market by Type 5.1 Global Air Source Market by Region 5.2 Global Geothermal Market by Region 5.3 Global Water Source Market by Region
Chapter 6. Global Residential Heat Pump Market by Region
Chapter 7. Company Profiles 7.1 Johnson Controls International PLC 7.1.1 Company Overview 7.1.2 Financial Analysis 7.1.3 Regional Analysis 7.1.4 Research & Development Expenses 7.1.5 Recent strategies and developments 7.1.5.1 Product Launches and Product Expansions 7.1.5.2 Acquisition and Mergers 7.2 Mitsubishi Electric Corporation 7.2.1 Company Overview 7.2.2 Financial Analysis 7.2.3 Segmental and Regional Analysis 7.2.4 Research & Development Expense 7.2.5 Recent strategies and developments 7.2.5.1 Product Launches and Product Expansions 7.2.5.2 Geographical Expansions 7.3 The Danfoss Group 7.3.1 Company Overview 7.3.2 Financial Analysis 7.3.3 Segmental and Regional Analysis 7.3.4 Research & Development Expenses 7.4 Daikin Industries, Ltd. 7.4.1 Company Overview 7.4.2 Financial Analysis 7.4.3 Regional & Segmental Analysis 7.4.4 Research & Development Expenses 7.4.5 Recent strategies and developments 7.4.5.1 Product Launches and Product Expansions 7.5 Carrier Global Corporation 7.5.1 Company Overview 7.5.2 Financial Analysis 7.5.3 Segmental and Regional Analysis 7.5.4 Research & Development Expenses 7.5.5 Recent strategies and developments 7.5.5.1 Product Launches and Product Expansions 7.6 Midea Group Co., Ltd. 7.6.1 Company Overview 7.6.2 Financial Analysis 7.6.3 Segment and Regional Analysis 7.6.4 Research & Development Expenses 7.6.5 Recent strategies and developments 7.6.5.1 Partnerships, Collaborations, and Agreements 7.6.5.2 Product Launches and Product Expansions 7.7 NIBE Industrier AB 7.7.1 Company Overview 7.7.2 Financial Analysis 7.7.3 Segmental and Regional Analysis 7.7.4 Research & Development Expenses 7.7.5 Recent strategies and developments 7.7.5.1 Product Launches and Product Expansions 7.7.5.2 Acquisition and Mergers 7.8 Viessmann Group 7.8.1 Company Overview 7.8.2 Recent strategies and developments 7.8.2.1 Product Launches and Product Expansions 7.9 Stiebel Eltron GmbH & Co. KG 7.9.1 Company Overview 7.10. The Glen Dimplex Group 7.10.1 Company Overview
