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Global Heat Pump Market to Expand 2X by 2032

Visninger:1     Forfatter:Site Editor     Publiceringstid: 2022-08-26      Oprindelse:Websted

Heat pumps are an efficient and eco-friendly way to heat and cool buildings. In 2021, the global heat pump market reached a $1.4B value. This year (2022), the market is valued at $1.6B, according to market research published by FACT.MR.

In the study mentioned above, the global heat pump market is anticipated to expand to twice its size by 2032. Thus, it is expected to have a compound annual growth rate of 6.8 %, poising the global market to rise to $3.08B.

Given that the market had a CAGR of 2.0 % from 2017-2021, experts have concluded that the heat pump market has seen (and is yet to see) rapid growth. So, what are the factors that boost this industry?

Factors Driving the Global Heat Pump Market Expansion

1. Fast Urbanization and Construction

An increase in construction investments has paved the way for new growth in various markets. Among them is the global heat pump market. Urbanization, demographic change, and industrialization all put together to push the development of the heat pump market.

As the commercial and residential building sector grows, so does the demand for heat pumps.

2. Demand for Energy-efficient Heating/Cooling Systems

Many industries have shifted to using eco-friendly raw materials and resources, thanks to global warming and rapid changes in global climatic conditions. Such changes have led to a need for energy-efficient and environmental-friendly heating and cooling systems.

The market for heat pumps is seen to grow because consumers and contractors are now inclined toward bio-based and carbon-free sources.

3. Government Policies

Many governments, e.g., the U.S, German, U.K, and France (just to list a few), are implementing policies that aim at reducing their carbon footprint. Heat pumps are one of the trends that reduce fossil-fuel use.

The consumer need for 'green technology' compliments most government initiatives to raise awareness. Combined, these two factors drive the high global demand for heat pumps.

Market Competition

Many heat pump service providers are developing new, impressive strategies following consumer and government requirements. The companies are now collaborating with government agencies or NGOs to create new, innovative, and more energy-efficient heat pumps.

Consequently, many start-ups are doing their best in marketing, research, partnerships, and acquisitions to grow their consumer base. For instance, SPRSUN announced a new line of heat pumps ideal for cold climates – The R32 Cold-climate, Full-inverter, Heat Pumps.

The self-developed pumps not only make residents comfortable but also power hot water on top of cooling and heating.

Market Study (Summary)

Below are the key takeaways on the expected growth of the global heat pump market.

  • The market is expected to double its value until 2032

  • By application, residential sectors will see maximum growth compared to others

  • Market growth is caused by the integration of the Internet of things

  • Urbanization, climatic changes, government policies, and consumer needs have caused the rapid growth in the market

  • Governments across the Asia Pacific and North America are also opportunistic markets after the U.S

Types of Heat Pumps

Most heat pumps are reversible. Therefore, they can heat or cool the building. When heating the building, the pipes absorb heat from the outside environment and distribute it in the rooms. When cooling, the tubes absorb heat from the building and releases it outside.

There are four main heat pump categories; air, water, geothermal, and hybrid.

1. Water Source Heat Pumps

Water source heat pumps use water bodies for heat exchange. Underwater pumps are a better option if the heat pumps are close to the water bodies.

To heat the building/structure, the pumps absorb heat in the water and use this as a medium to heat the facility. Otherwise, the pumps absorb the heat in the building and release it to the water medium for cooling purposes.

Some water heat pumps are designed to use the water medium as a refrigerant. In such cases, the water in the pump is warmed or cooled until it reaches the temperature of free-flowing water.

During hot weather, the cold water essentially cools the building. In cold seasons, the water releases the heat to the colder interior environment. Such varieties of water-source heat pumps are best for areas with extreme climates.

Underwater pumps are cost-effective, but they require higher upfront costs to install.

2. Air Source Heat Pumps

Air source heat pumps work by transferring heat from the exterior to the structure's interior. There are three main types of air-to-air heat pumps – those that use vapor and those that use radiators.

Vapor-compression air-source heat pumps work like air conditioners or fridges, while the others use hot water (radiator). Both systems are effective compared to other types of heat pumps. They also cost less to install because the units are outdoors.

Air Source Heat Pump

However, these heat pumps are only ideal for areas with temperate climates. They do not have the techniques to heat the facilities in weather with freezing temperatures. The reason is that during winter, the heating capacity of these pumps drops below bearable levels.

Nonetheless, air heat pumps can last for nearly two decades (or more), thus saving on costs. In the long run, you will recover your investment. There are two types of air-source heat pumps.  

Ductless (mini-split)

Mini-split pumps are for facilities that do not have a duct system. As a result, the pumps can't be connected to the ducts (as in typical air heat pumps). Such units are used in structures that previously used hot water radiators as a heating systems.

Ductless pumps use small splits in the walls which connect to the main outdoor heat pump. The indoor, ductless systems are usually mounted on the floor, ceiling, or walls, approximately 50 feet from the central unit. An outdoor heat pump can be connected to four internal ductless units.  

Exhaust Pumps

These air heat pumps use manufactured or building exhaust to warm/cool a building. The exhaust is warmer than the surrounding environment, so the air is heated and cooled through evaporation and condensation processes. These pumps require easy access to steady exhaust.

3. Geothermal Source Heat Pumps

Also called ground-source heat pumps, these units use underground temperatures for heating and cooling. Just like underwater pumps, these units need a refrigerant (water) and an underground pipe network. Therefore, evaporation and condensation processes are not necessary to function.  

10-25KW High COP Geothermal Water Source Heat Pump for House Heating & Cooling

The pipes underground provide a channel for the water to absorb or release heat until it matches the ground's temperature. Then, this water is pumped above the ground (to the structure) to cool or heat the building respectively.

These pipes are dug in vertical, u-shaped loops. If there is enough space, pipes are drilled horizontally. In scarce water, contractors use another fluid medium with ambient temperature properties.

4. Hybrid Heat Pumps

Lastly, hybrid heat pumps are used to cut down on the drawbacks of other types of heat pumps. They use additional sources of energy to enhance their heating and cooling properties.

Air-source heat pumps are not favorable for icy climates but have other added advantages. To solve this problem, providers designed hybrid heat pumps to heat a freezing structure effectively.

Two examples of hybrid pumps are:

  • Solar-powered  – they use sunlight or solar panels as a power source to drive the heating/cooling unit.

  • Gas-fired – they use natural gas or ammonia-water to release more warmth to the facility's interior.

Looking to Install a Heat Pump?

Many people are switching from traditional HVAC systems to more effective and eco-friendly heat pumps. To help you research and purchase, below are a few questions you should ask yourself.

1. What is your budget?

When installing heat pumps, there are upfront costs and future expenses. Many heat pumps have a higher upfront cost than traditional ACs, but they are more efficient. Generally, if you spend less upfront, you are more likely to incur high long-term charges.

2. What type of heat pump do you want?

Now that you already know the types of heat pumps in the market and their advantages and drawbacks, you are in a better position to make a choice. However, if you are torn, consider consulting an expert for further guidance.

3. What is the pump's insulation properties?

A house with adequate insulation retains more heat, which comes in handy during winter. First, ensure you check how well-insulated your attic, walls, ceiling, and floors are. This step will reduce the costs of installing and operating the heat pump long-term.

4. How reliable is your provider?

Whether you are looking for inverter pumps, cold climate heat pumps, or air/geothermal/water source pumps, your provider should have it all!

Heat Pump Service Provider Near You

Are you thinking of switching to eco-friendly heating/cooling systems for your residential, industrial, or commercial building? SPRSUN offers self-developed heat pumps with extra features and benefits. SPRSUN experts are always ready to answer your queries. Contact us today for a free quote and heat pump installation/repair services in Europe and Asia as well.

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