by Brianna Crandall — April 11, 2014—Cutting-edge India-based market research and industry analysis company Industry Experts has announced the publication of its Heat Pumps (Heating, Cooling and Hot Water) – A Global Market Overview report, which predicts that the global heat pump market will reach $116 billion in 2020.
Bolstered by increasing consumer preference for more environmentally friendly and energy-efficient technology options, the demand for heat pumps is anticipated to grow at a robust rate. The phenomenon is well backed by energy policies, regulations and incentives by the government, according to the report.
Among various types of heat pump technologies, gas-driven, hybrid and CO2 heat pumps are expected to gain the market share in the coming years. Since CO2 heat pumps offer a climate- and ozone-friendly and energy-efficient technology alternative, demand for these heat pumps has reportedly been witnessing an increase across the residential and commercial sectors.
Gas heat pumps (GHPs) offer an eco-friendly alternative for heating and cooling in commercial, industrial and residential buildings, with the capability of achieving up to 150% efficiency, according to the report.
Heat pump types analyzed in this study for space cooling, space heating and sanitary hot water heating include air-to-air, air-to-water, and ground-source heat pumps. The global heat pumps market is estimated at 58.3 million units in 2013, and is forecasted to grow at a compound annual growth rate (CAGR) of 10.6% between 2014 and 2020. The heat pumps market worldwide is further projected to reach 116.9 million units by 2020.
In terms of value, global demand for heat pumps is anticipated to reach a projected US$116.6 billion by 2020, from an estimated $56.9 billion in 2013. Sales of air-to-water heat pumps were the fastest growing segment from 2007 to 2010, at a CAGR of 21.5%. This type reached 1.3 million units in 2010 from an estimated 730 thousand units in 2007. Further, volume sales of air-to-water heat pumps are likely to surpass the other heat pump categories by registering a 2014-2020 CAGR of 13.6% in regions such as the United States and China.
