Albany, NY -- (SBWIRE) -- 10/17/2014 -- Changing energy consumption patterns mean that consumers are now warming up to renewable and alternative sources of energy. These energy sources include solar, wind, and geothermal energy. The demand for heat pumps will likely witness greater demand as investments in renewable energy scale higher. The heat pumps market will largely benefit from the industry-friendly government policies. Because of the growth in the global heat pump market, other conventional heating products such as boilers have suffered a slump in demand.

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With an emphasis on the development of buildings that are energy efficient, the heat pump market will have to cater to growing demand in the coming years. These products are especially conspicuous in buildings in countries such as France, Norway, Japan, and Switzerland.

Which heat pump types will dominate the market in the coming years?

The heat pump market is composed of various types of pumps. However, the coming years will witness the dominance of three major pump types - CO2, gas-driven and hybrid. CO2 pumps are ozone-friendly and energy efficiency, making them a preferred choice in many renewable energy projects. Both commercial and residential renewable energy projects will continue to show healthy demand for CO2 heat pumps. On similar lines, the market for gas heat pumps will also gain traction because it is an eco-friendly technology, and offers cost-effective cooling and heating in residential, commercial, and industrial buildings. According to some companies in the gas heat pumps market, their products offer up to 150% energy efficiency.

Within the heat pumps market, the various applications include: space heating, space cooling, heat recovery, dehumidification, as well as water heating. The media include air to water heat pumps, air to air heat pumps, and ground source pumps.

According to market research experts, the global heat pumps market will witness double-digit compounded annual growth rate (CAGR), reaching well above 10% between 2014 to 20. By the end of 2014, this market is estimated to cross the 60 million unit mark. And, by the end of 2020, the number of heat pumps sold globally is estimated to exceed the 115 million unit mark. By value, this market is projected to surpass USD 115 billion by the end of 2020. Among all segments, the ground-to-water heat pump has shown the highest rate of growth. But it will soon be displaced by the air-to-water segment, which is expected to pick up pace and grow fastest by the end of this decade thanks to robust demand from China and the United States.

Segmentation of the global heat pump market

By application, the market for global heat pumps can be segmented as: residential, commercial, and industrial. On similar lines, the market can be segmented on the basis of type as: air to water, ground to air, and air to air. Further, this market can be studied from the perspective of the geographical market as: Europe, North America, Asia Pacific, and Rest of the World.

Despite the positive growth prospects of the global heat pump market, it will have to contend with a number of challenges, going forward. The greatest one among these will be creating higher consumer awareness, as buyers the world over are still not aware of available alternatives to conventional heating products such as boilers. Thus, taking the awareness levels beyond the established markets of Japan, Switzerland, Norway and France is a challenge as well as an opportunity for players in the global heat pump market.

Leading players in the global heat pump market are: Danfoss Heat Pumps, Baxi, Earth Energy Limited, DeLonghi-Climaveneta, Geothermal International Ltd (GI), ICS Heat Pump Technology, Global Energy Systems and Technology, Ideal Boilers, Mitsubishi Electric, Keston Boilers, NIBE, Transen Sustainable Energy Systems Limited, TEV Limited, and Worcester Bosch.

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