Northbrook, IL -- (SBWIRE) -- 07/18/2019 -- The heat pump market is projected to grow from an estimated USD 54.34 billion in 2018 to reach USD 94.42 billion by 2023, growing at a CAGR of 11.68%, during the forecast period. Heat pumps transfer heat from one point to another in the vital parts of cooling and heating processes, which use the air available outside and inside a particular space to perform these functions. The heat pumps extract the outside heat when it is warm outside and act like an air conditioner, thereby removing the heat from buildings, and vice versa. Reduction of primary energy demand and CO2-emissions devices is the major driver of the heat pumps market. Increasing investments in construction and residential sectors would provide new growth markets for the suppliers of heat pumps.

The residential end-user segment is expected to generate significant demand for heat pumps during the forecast period.
The increase in urbanization has led to the demand for smart buildings. These buildings require efficient heat pumps, leading to the growth of the heat pump market. Smart buildings are not only green/sustainable but are also intelligent; these buildings are equipped with advanced technologies, which include heat pumps. Heat pumps provide a comfortable and standard living environment. Governments are relying on smart buildings, which ensure a lower carbon footprint, 40% reduction in the usage of water, and less electricity consumption. Thus, developers and owners of buildings are trying to meet energy-efficiency guidelines using equipment such as heat pumps.

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Asia Pacific: The Key market for heat pumps during the forecast period.
In this report, the heat pump market has been analyzed concerning 4 regions, namely, Asia Pacific, Europe, North America, and Rest of the World (RoW). The governments in these countries are drawing up policies to ensure that energy-efficient equipment such as heat pumps are being installed in new buildings, which is expected to drive the market for heat pumps. The demand from China would lead the market in Asia Pacific. Growing investments in the residential and commercial sectors of the Chinese market is creating a huge demand for the heat pump market. Rising government regulations and policies for increasing energy efficiency and favorable incentives, a significant contribution of heat pumping technology in the reduction of CO2 emissions, implementation of large industrial and commercial projects, and refurbishment of the aging infrastructure in Asia Pacific & Europe would continue to create demand for the heat pump market.

Major Market Developments
- In December 2017, The Glen Dimplex Group acquired Real Flame, a gas fireplace company based in Melbourne, Australia. Combined with the existing brands of Dimplex, Nobo, Masport, Osburn, and Escea, Glen Dimplex Australia now holds an unrivalled position in the Australian heating and fireplace market.
- In February 2016, Midea Group and Midea Carrier signed an agreement to provide climate control solutions to 12 new sports arenas and auxiliary facilities in Barra and Deodoro Olympic Parks in Brazil.
- In July 2016, Daikin established a new AC production base in Vietnam. Daikin would invest approximately 10 billion yen in the Thang Long Industrial Park II located in the suburbs of the capital of Hanoi in the Socialist Republic of Vietnam.

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Some of the top players in the heat pump industry such as Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).

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