The global heat pump market to grow at a CAGR of 10.25% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global heat pump market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of heat pumps in various end-user segments and the average price of various types of heat pumps. The report also includes a discussion of the key vendors operating in this market.
According to the report, the volatility in oil prices and the rising prices of electricity have led consumers to shift their emphasis toward low-cost alternative energy sources such as geothermal energy. Noteworthy cost savings and environmental benefits are the key drivers for geothermal heat pump market. Moreover, various initiatives taken by governments are adding impetus to the already growing demand for geothermal heat pumps.
Including De-super heaters for heat recovery will be a key trend for market growth. De-super heaters are the major components found in advanced heat pump technology today. These can recover the heat wasted from the pumps' cooling. This recovered heat is then used to heat water for household purposes. A heat pump equipped with a de-super heater has the capability to heat water 200%-300% more efficiently than a conventional electric water heater.
Further, the report states that the important factor that is hindering small businesses and enterprises, as well as many households from using heat pumps over traditional methods, is the high price and installation costs of heat pumps. Although in the long term, the savings realized from the use of heat pumps can offset the high initial costs, yet the market faces significant challenges because of the capital-intensive nature of heat pumps.
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- Mitsubishi Electric
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