- Air Source
- Water Source
North America and Europe Heat pump Market size was valued at USD 60,195.4 million in 2022 and is poised to grow at a significant CAGR of 13.7% over 2022–2028. The heat pump is a device that can provide heat to a building or particular area by transferring thermal energy from the outside using a refrigeration cycle. The technology used in the heat pump is similar to that of an air conditioner or refrigerator. Various heat pumps can also work in the other direction to cool a building by expelling heat from the enclosed area and sending it outside. Heat pumps are alternative for heating and cooling comfort. They are incredibly energy-efficient, and depending on the specific situation, they may save up to 50% on monthly energy bills. A heat pump can be utilized at homes as a primary heating source or as supplemental heating. Depending on the type, they can also provide domestic hot water heating and air conditioning. Such wide applications of Heat Pumps drive the growth of the North America and Europe heat pump market. High cost of the heat pumps and high initial installation cost are the key restraints for the growth of the heat pumps market. Heat pump prices are typically costly due to the quality of the equipment, energy efficiency, the complexity of the installation, the type of system, manpower, and others.
In February 2022, Taco Comfort Solutions partnered with Glen Dimplex to develop a complete packaged air-to-water heat pump system for residential heating, cooling, and DHW applications.
In January 2022, Daikin focus on designing and manufacturing innovative heating and cooling technologies with Altherma 3 H MT, the new medium-temperature hydro-split heat pump available in 16 markets in Central and Eastern Europe
Wide range of applications with heat pumps in residential, commercial, and industrial sectors are anticipated to propel the adoption of the heat pumps market over the forecast years. In the residential segment, heat pumps may be used for both heating and cooling and also for producing hygienic hot water. Heat pump technology's suitability for industrial applications is determined by the temperature levels required in production. Heat pumps are generally preferred by various industries including iron and steel/non-ferrous metals, chemical and petroleum, non-metallic minerals, paper, pulp and print, food and tobacco machinery, wood and wood products, and others. Moreover, the implementation of various state laws and programs to encourage the adoption of environmentally friendly and energy-efficient heat pumps will have a favorable impact on industry statistics. However, Adoption of alternative electric heating products due to lower cost compared with heat pumps by middle and low-income households decline the growth of the North America and Europe heat pump market.
The heat pump market is valued at USD 60,195.4 billion in 2022 and is poised to grow at a significant CAGR of 13.7% over 2023–2028.
The major players in the North America and Europe heat pump market are Daikin Industries, Ltd., Panasonic Corporation, Glen Dimplex Group, Stiebel Eltron, Vaillant Group International GmbH, Trane Technologies plc, Mitsubishi Electric Corporation, NIBE Industries AB, Viessmann Werke GmbH & Co. KG
The favorable government policies and energy efficiency standards, as well as building emission reduction targets coupled with development of advanced systems such as heat pumps attached to solar thermal systems are the opportunities for the market.
The increase in the adoption of geothermal heat pumps due to the use 25% to 50% less electricity than conventional heating and cooling systems is a on going trend in the North America and Europe heat pumps market.