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Global Residential Heat Pump Market Report to 2028 - Players Include Mitsubishi Electric, Danfoss, Daikin Industries and Carrier Global - ResearchAndMarkets.com

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Press release content from Business Wire. The AP news staff was not involved in its creation.
December 30, 2022 GMT

DUBLIN--(BUSINESS WIRE)--Dec 30, 2022--

The “Global Residential Heat Pump Market Size, Share & Industry Trends Analysis Report By Power Source (Electric Powered and Gas Powered), By Type (Air Source, Geothermal, and Water Source), By Regional Outlook and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.

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.

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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.

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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.

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.

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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

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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.

Scope of the Study

Market Segments Covered in the Report:

By Power Source

  • Electric Powered
  • Gas Powered

By Type

  • Air Source
  • Geothermal
  • Water Source

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

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Key Market Players

List of Companies Profiled in the Report:

  • Johnson Controls International PLC
  • Mitsubishi Electric Corporation
  • The Danfoss Group
  • Daikin Industries, Ltd.
  • Carrier Global Corporation
  • Midea Group Co., Ltd.
  • NIBE Industrier AB
  • Viessmann Group
  • Stiebel Eltron GmbH & Co. KG
  • The Glen Dimplex Group

For more information about this report visit https://www.researchandmarkets.com/r/jbu629

View source version on businesswire.com:https://www.businesswire.com/news/home/20221230005137/en/

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KEYWORD:

INDUSTRY KEYWORD: HVAC RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY MANUFACTURING

SOURCE: Research and Markets

Copyright Business Wire 2022.

PUB: 12/30/2022 06:56 AM/DISC: 12/30/2022 06:56 AM

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