Residential Heat Pumps Market: 10 To 20 kW Expected to Dominate Growth
According to TechSci Research report, “Global Residential Heat Pumps Market - By Region, Competition, Forecast & Opportunities, 2028”, Global
Residential Heat Pumps Market is anticipated to grow at a 8.0% CAGR in the
forecast period, 2024-2028, Many
governments are providing subsidies or incentives and tax credits & rebates
for the installation of Residential Heat Pumps are expected to further fuel the
demand for energy-efficient heat pumps, thereby, benefitting the growth of heat
pump industry. Across Europe, nearly 3 million Residential Heat Pumps were sold
in 2022, an increase of almost 40% compared with the previous year. Russia’s
invasion of Ukraine fuelled this trend as natural gas and electricity prices
rose significantly, encouraging consumers to switch to heat pumps, which are
far more efficient than conventional heating technologies. Last year, the
European Commission also announced its plans to double the deployment rate of
heat pumps, as initially proposed in the IEA’s 10-Point Plan to Reduce the
European Union’s Reliance on Russian Natural Gas. Most EU countries provide
financial incentives that make this target achievable. An accelerated rollout
of Residential Heat Pumps would also contribute significantly to the bloc’s
wider decarbonisation goals and improve air quality where coal and oil boilers
are replaced. Some more nascent markets such as Poland and Czechia doubled in
size last year, though Italy, France and Germany accounted for almost half of
all sales in Europe. In the Nordics, where Residential Heat Pumps are a
long-established heating solution, nearly five times as many units were sold
per household than in the rest of Europe. Across Europe, nearly 3 million Residential
Heat Pumps were sold in 2022, an increase of almost 40% compared with the
previous year. Russia’s invasion of Ukraine fuelled this trend as natural gas
and electricity prices rose significantly, encouraging consumers to switch to
heat pumps, which are far more efficient than conventional heating
technologies. Last year, the European Commission also announced its plans to
double the deployment rate of heat pumps, as initially proposed in the IEA’s
10-Point Plan to Reduce the European Union’s Reliance on Russian Natural Gas.
Most EU countries provide financial incentives that make this target
achievable. An accelerated rollout of Residential Heat Pumps would also
contribute significantly to the bloc’s wider decarbonisation goals and improve
air quality where coal and oil boilers are replaced. Some more nascent markets
such as Poland and Czechia doubled in size last year, though Italy, France and
Germany accounted for almost half of all sales in Europe. In the Nordics, where
Residential Heat Pumps are a long-established heating solution, nearly five
times as many units were sold per household than in the rest of Europe.
In terms of new sales, the Nordic and
Baltic countries have the highest share of air-to-air units, which account for
around 50% to 80% of installations. Similarly, purchases of such units are also
high in Southern Europe. In Germany and Poland, air-to-water Residential Heat
Pumps are the technology of choice. Hybrid systems, which combine Residential
Heat Pumps with gas boilers, are popular in Italy for instance, where they
accounted for more than 40% of sales in the air-to-water segment in 2022.
Ground- and water-source Residential Heat Pumps are the most efficient models –
and the most expensive. The need for drilling works and additional space mean
that they account for less than 10% of European sales today.
In France, Residential Heat Pumps outsold
fossil fuel boilers in buildings for the first time in 2022, coinciding with
the first year of a national ban on gas boilers in new buildings. While demand
for fossil fuel boilers is declining in other major European countries, they
still have a higher market share than heat pumps. In Germany and Italy, for
example, there were twice as many fossil fuel boilers sold than Residential
Heat Pumps in 2022. At the same time, there are proposals to phase out the most
polluting technologies and fuels. Plans by the German government suggest that
new heating systems must be largely based on renewables from 2024 onwards.
Across Europe, seventeen countries have implemented or announced bans on
installations of boilers that run exclusively on some form of fossil fuel.
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The heat pump segment
with up to 10-20 kW capacity accounted for a market share of 21.3% in 2023. The
growth is attributed to capacity type being suitable for a wide range of uses
such as in hotels, swimming pools, factories, restaurants, and schools. The
majority of Residential Heat Pumps in this capacity provide quiet operation,
are environment-friendly, offer high efficiency, and have a wide range of
hydraulic options and communication protocols. ThermoWise, a heat pump with a
10-20 kW capacity introduced its new product DKRS-200SN4-M2. This particular
product is capable of maintaining its temperature at a high 65 degrees Celsius
and it widely caters to schools, prisons, and hotels, among others where higher
demand for hot water is required.
Major companies operating in the Global Residential
Heat Pumps market are:
- Alpex Solar Pumps
- Aqua Group
- Bright Solar Limited
- C.R.I. Pumps Private Limited
- Crompton
- LORENTZ
- Dankoff Solar
- Duke Plasto Technique Private Limited
- EcoSoach
- Ecozen Solutions
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“The residential application segment dominated the
market in 2023 by accounting for a revenue share of over 86.0%. Rapid
urbanization coupled with increasing demand for energy-efficient products is
expected to drive demand for Residential Heat Pumps in residential sector.
Favorable government initiatives and tax rebates offered on energy-saving
product installation are also expected to propel demand for Residential Heat
Pumps over coming years.
The industrial application segment is expected to
witness a CAGR of around 8.0% over the forecast period. Increasing demand for
waste heat recovery Residential Heat Pumps is projected to drive demand over
coming years. Residential Heat Pumps are used in multiple industrial processes
including dehumidification, evaporation processes, distillation, and water
heating or cooling applications. Food & beverage, chemical, and petroleum
are major end-use sectors of Residential Heat Pumps that are expected to drive
market growth.” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
Residential Heat Pumps Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Type (Air Source, Water Source,
Geothermal (Ground) Source), By Capacity (Up To 10 kW, 10 To 20 kW), By Region,
Competition, 2018-2028”, has
evaluated the future growth potential of global Residential Heat Pumps market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global Residential Heat Pumps market.
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