USD 54.3 billion
Hybrid Heat Pump Market Size, Share, Growth Analysis, By Product(Compression Heat Pump and Absorption Heat Pump), By Application(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10G2024 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
61
|Figures:
75
Hybrid Heat Pump Market Insights
Hybrid Heat Pump Market size was valued at around USD 54.3 billion in 2021, and USD 58.76 billion in 2022 and is expected to reach a value of USD 110.55 billion by 2030, at a CAGR of 8.22% over the forecast period (2023–2030).
A hybrid heat pump helps minimize the cost of energy infrastructure by increasing effectiveness and decreasing emissions. Switching to electricity is an economic option based on emissions criteria. The hybrid heat pump can be seen as a simple, comfortable warming solution that is good for the environment and has fewer energy supply issues. Energy prices, changing outside temperatures, and the heat pump's changing load all affect which energy source is most effective and efficient to use while retaining strong comfort levels. When compared to traditional heating methods, hybrid heat pumps are appealing due to its efficiency. Pumps that are hybrid can run on both gas and electricity. With a reliable backup energy supply still present, hybrid pump appliances offer an evolutionary way to accept renewables as they become available. On the other hand, electric appliances are dependent on the supply of power. As a result, the hybrid system is crucial for providing heat at the time of a blackout or grid breakdown. The operating cost & peak power demand are both reduced when the fuel source is altered. Financial aid is being offered by various governments and corporate entities, which is expected to increase interest in hybrid heat pumps. It is also anticipated that greater awareness of ozone-depleting material emission from normal heating activities will help the global market.
US Hybrid Heat Pump Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Compression heat pumps
Fastest Growth
Compression heat pumps
Growth Rate
8.22% CAGR
Global Hybrid Heat Pump Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Hybrid Heat Pump Market Segmental Analysis
Global Hybrid Heat Pump Market is segmented based on Product, Application and region. Based on Product the Hybrid Heat Pump Market is segmented into Compression Heat Pump and Absorption Heat Pump. Based on Application the Hybrid Heat Pump Market is segmented into Residential, Commercial, Industrial. Based on region the global Hybrid Heat Pump Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Hybrid Heat Pump Market Analysis by Product
Compression heat pumps and absorption heat pumps are the two main product segments in the hybrid heat pump market. Due to the necessity of using a compressor to move a fluid, usually in the form of water vapour, from low pressure to a higher pressure and temperature, the compression heat pump segment dominates the hybrid heat pump market.
Hybrid Heat Pump Market Analysis by Application
The Hybrid Heat Pump Market is divided into three categories: residential, commercial, and industrial. Due to its large market share in the hybrid heat pump market, the residential sector rules the industry. The demand for heating in residential structures has risen due to the climatic change. In the industrial and residential sectors, heat pumps are typically used for dehumidification, heat recovery, space heating and cooling, and preheating domestic hot water.
Global Hybrid Heat Pump Market By Type
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Hybrid Heat Pump Market Regional Insights
The Asia Pacific region dominated the global market in 2022, and it is anticipated that it will maintain this lead throughout the forecast period. Due to the people's changing lifestyles and the fact that Asia Pacific is a developing region, hybrid heat pumps have been quickly adopted. The government is also promoting the use of hybrid heat pumps since they reduce air pollution by reducing carbon emissions from conventional energy sources used to heat homes, companies, and industries, which will spur market expansion throughout the forecast period. People are quickly embracing hybrid heat pumps that don't emit any emissions due to technology and environmental awareness.
In North America, the market for hybrid heating systems is expected to grow significantly over the next several years due to rising demand for energy-efficient HVAC systems in both residential and commercial buildings as well as government measures to support such solutions. Consumers in North America are becoming increasingly conscious of energy conservation and sustainability. Hybrid Heat Pumps provide a strong response to the needs of consumers who are increasingly seeking sustainable and energy-efficient heating and cooling solutions. Due to their efficiency, hybrid heat pumps can save a lot of energy, which over time can save consumers a sizable amount of money.
Global Hybrid Heat Pump Market By Region
- Largest
- Fastest
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Hybrid Heat Pump Market Dynamics
Hybrid Heat Pump Market Drivers
Growing demand for energy-efficient HVAC systems
- To cut down on energy use and greenhouse gas emissions, there is a growing demand for energy-efficient HVAC systems both in residential and commercial buildings. For this demand, hybrid heat pumps provide an efficient and economical option.
Government initiatives and regulations
- To use a range of incentives, including tax credits, subsidies, and rebates, governments all over the world are pushing energy-efficient solutions, including hybrid heat pumps. In the next years, this is anticipated to further propel market expansion.
Technological advancements
- As a result of technological advancements, hybrid heat pumps are now more efficient, reliable, and cheap. In a bid to improve technology and lower production costs, manufacturers are investing in R&D.
Hybrid Heat Pump Market Restraints
High initial costs
- As compared to traditional HVAC systems, installing a hybrid heat pump system might be more expensive at first, which may act as a big deterrent for some consumers.
Lack of awareness
- Despite the increased attention being paid to sustainability and energy efficiency, some consumers may still be unaware of the benefits of hybrid heat pumps.
Competition from other technologies
- Geothermal heating and cooling systems, air-source heat pumps, and other energy-efficient heating and cooling technologies fight with hybrid heat pumps.
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Hybrid Heat Pump Market Competitive Landscape
To gain a market advantage, these companies are competing on a range of factors, such product quality, price, and innovation. To maintain their market dominance, established players focus on technological advancements and research and development. Starting companies and new players are also entering the market with trying to cut products and services, which is expected to increase the level of rivalry. The market for hybrid heat pumps faces competition from alternative energy-efficient heating and cooling technologies, such as geothermal heating and cooling systems and air-source heat pumps, in addition to competition from businesses within the industry.
Hybrid Heat Pump Market Top Player’s Company Profiles
- Bosch Thermotechnology Ltd.
- Mitsubishi Electric Corporation
- LG Electronics Inc.
- Carrier Corporation
- Fujitsu General Ltd.
- NIBE Industrier AB
- Danfoss A/S
- Panasonic Corporation
- Trane Technologies plc
- Viessmann Werke GmbH & Co. KG
- Vaillant Group
- BDR Thermea Group
- Glen Dimplex Group
- Haier Group Corporation
- Rheem Manufacturing Company
- A.O. Smith Corporation
- Gree Electric Appliances Inc. of Zhuhai
- Ariston Thermo Group
Hybrid Heat Pump Market Recent Developments
- In February 2022, with a war chest of JPY600 billion ($5.2 billion), Daikin is rumored to be chasing the acquisition of producers of refrigerated display cases as well as European heat pump sales and servicing firms.
- In May 2021, for residential premises, Bosch Terotechnology has introduced a new line of hybrid heat pumps with an integrated gas condensing boiler that can supply both hot water and heating.
- In March 2021, in response to the rising demand for energy-efficient heating solutions, Mitsubishi Electric announced plans to increase the capacity of its hybrid heat pump production at its factory in the UK.
Hybrid Heat Pump Key Market Trends
- The demand for energy-efficient heating systems has significantly increased as emphasis is being paid to cutting down on energy use and carbon emissions. Because they combine the benefits of both electric and gas heating, hybrid heat pumps are a desirable option since they provide a more effective and affordable solution.
- Innumerable governments all over the world are providing subsidies and incentives to encourage the use of renewable energy sources. Many of these incentives are applicable to hybrid heat pumps, and regulations requiring the use of more power heating systems also boost the use of hybrid heat pumps.
- With manufacturers developing new and improved models that are more effective and user-friendly, the hybrid heat pump industry is experiencing tremendous technological advancements. Compressors with variable speeds, smart controls, and better insulation are among these improvements.
- Due to its simple installation and minimal maintenance requirements, air-source hybrid heat pumps are becoming more and more popular. They are a well-liked choice for home and commercial applications and are perfect for usage in moderate climates.
Hybrid Heat Pump Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Hybrid Heat Pump market analysis, hybrid heat pump helps minimize the cost of energy infrastructure by increasing effectiveness and decreasing emissions. To use a range of incentives, including tax credits, subsidies, and rebates, governments all over the world are pushing energy-efficient solutions, including hybrid heat pumps. In the next years, this is anticipated to further propel market expansion. With manufacturers developing new and improved models that are more effective and user-friendly, the global market is experiencing tremendous technological advancements. Compressors with variable speeds, smart controls, and better insulation are among these improvements.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 54.3 billion |
| Market size value in 2031 | USD 110.55 billion |
| Growth Rate | 8.22% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hybrid Heat Pump Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hybrid Heat Pump Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hybrid Heat Pump Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hybrid Heat Pump Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hybrid Heat Pump Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hybrid Heat Pump Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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