Heat Pump Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, South Korea, Germany - Size and Forecast 2024-2028

Published: Dec 2023 Pages: 176 SKU: IRTNTR41169

Heat Pump Market Forecast 2024-2028

The heat pump market size is forecast to increase by USD 43.45 billion at a CAGR of 8.9% between 2023 and 2028. The Global Heat Pump Market is experiencing robust growth, driven by increasing demand from the construction sector and the rising popularity of high-temperature heat pumps (HTHPs). With the emergence of building energy management systems (BEMS), there's a heightened focus on energy efficiency and sustainability, further propelling the market forward. Heat pumps are becoming indispensable solutions for heating and cooling applications in residential, commercial, and industrial buildings, contributing to the market's expansion. As the construction industry continues to evolve, the demand for heat pumps is expected to escalate, fostering market growth globally. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.

What will be the Size of the Heat Pump Market During the Forecast Period?

 Market Forecast 2024-2028

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The market is witnessing significant growth driven by the increasing demand for heat pumps, especially in the renewable heating systems sector. They play a crucial role in reducing carbon emissions and minimizing the carbon footprint associated with traditional heating methods. With a focus on sustainability, the market is witnessing a surge in installation of heat pumps, leveraging refrigerant technology to enhance efficiency. Additionally, advancements in ventilation systems and utility meters further contribute to the expanding market landscape. The industry also benefits from the utilization of raw materials like metals, iron & steel, adhesives, and rubber in manufacturing heat pump systems.

Market Dynamics

The market is experiencing robust growth driven by increasing awareness of energy efficiency and environmental sustainability. With rising concerns about carbon emissions and greenhouse gases, there's a growing demand for HVAC systems that utilize renewable energy sources like solar thermal and geothermal energy. Air-source and geothermal heat pumps are gaining traction for their ability to efficiently transfer heat while reducing carbon footprint. Smart home platforms and building automation further enhance energy usage patterns, promoting the adoption of these technologies. With advancements in renewable heating systems and the availability of raw materials, the industry is poised for continuous expansion.

Key Market Driver - Growing demand for heat pumps from the construction sector

The construction sector plays a crucial role in fuelling the demand. In addition, with the ongoing increase in the construction of commercial and residential buildings, the demand has been increasing mainly due to their wide spectrum of applications in buildings. Furthermore, air conditioning, refrigeration, and space heating are common applications of heat pumps in both residential and commercial buildings.

Moreover, other applications include hot water supply in commercial buildings, cold storage warehouses, and process heat and steam for industrial applications. Furthermore, heat pumps are now becoming central to both commercial and residential sectors in various countries. Hence, such factors are driving the market growth during the forecast period.

Significant Market Trends - Increased adoption of solar-powered heat pumps

Various government regulations to minimize the effect of GHGs, and the preference for fuels across industrial and commercial sectors have shifted toward renewables over the past few years with the growing environmental concerns and ongoing implementation. In addition, the same trend is having an impact on the industry.

Moreover, the surge in adoption is primarily due to the monetary benefits they offer. In addition, the installation along with a solar PV system offers dual benefits in terms of energy savings and reduced dependency on fossil fuels. Furthermore, this also helps organizations to cut down the overall cost structure and contribute toward minimizing carbon emissions in the atmosphere. Hence, such factors are setting a new tendency in the market growth and trends during the forecast year.

Major Market Challenge - Lack of awareness of using heat pumps

The main challenge that is faced by the market is the lack of awareness among potential consumers. In addition, it has been observed that many end-users are not aware that heat pumps make use of renewable energy and are significantly more efficient than other traditional equipment. Furthermore, this has led to a lower adoption rate of heat pumps. 

Moreover, a lack of awareness leads to misconceptions and misunderstandings of technology, potentially causing potential buyers to hesitate due to fears of high costs, inefficiency, or unsuitability for their needs. In addition, consumers are accustomed to traditional heating and cooling systems and may be resistant to change or hesitant to invest in a technology they do not fully understand. Hence, such factors are hindering the growth of the market during the forecast period.

Market Segmentation

The market research and growth report offers extensive research analysis on the market growth analysis , with a categorization based on Application, including residential, commercial, and industrial. It further segments the market by Product, encompassing air source heat pumps, ground source heat pumps, and exhaust air heat pumps. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. In the application segment of the market, heat pumps are gaining traction as key components of HVAC systems in residential and commercial buildings. They integrate seamlessly with smart home platforms, allowing users to optimize energy usage patterns and enhance overall efficiency. Heat pumps play a crucial role in reducing carbon emissions and mitigating the impact of greenhouse gases by harnessing renewable energy sources such as solar thermal systems and geothermal energy. Both air-source and geothermal heat pumps are utilized across various heating segments, offering efficient heat transfer mechanisms and contributing to the advancement of smart building systems worldwide.

By Application

The residential segment is estimated to witness significant growth during the forecast period. The main use of residential heat pumps is for heating and cooling homes. In addition, they can replace traditional heating and cooling systems such as furnaces and air conditioners. Furthermore, heat pumps can be particularly efficient in moderate climates, where the temperature does not regularly drop to extreme lows.

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The residential segment was the largest segment and was valued at USD 46.17 billion in 2018. Moreover, air-source heat pumps are commonly used in residential applications. In addition, they extract heat from the outdoor air to warm the home in winter, and they can reverse the process to provide cooling in summer. Furthermore, heat pumps can be used to provide hot water for domestic use. In addition, they are often referred to as heat pump water heaters and are much more energy-efficient than traditional electric water heaters. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period. Furthermore, factors such as reduced cost of installation of air-source heat pumps, ongoing development of larger commercial and institutional buildings, and government initiatives to minimize greenhouse emissions are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Regional Analysis

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APAC is estimated to contribute 43% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.  There is a significant growth of the market in APAC due to continued contributions from markets in China, Japan, India, Vietnam, South Korea, Malaysia, and Australia. In addition, the growing commercial construction sector is the key driving factor in countries such as China and India. Moreover, the main factor for the increased demand in APAC is the growth in the construction industry. Furthermore, growing urbanization, increased spending on infrastructural development, and the advent of affordable housing projects are growth drivers for the construction industry in the region. Hence, such factors are driving the market growth in APAC during the forecast period.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Daikin Industries Ltd: T he company offers warmth pump that includes Air to Water heat-pump systems which provides a total solution for domestic heating and hot water supply 

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

Bard HVAC, Danfoss AS, Dantherm Group AS, DENSO Corp., Emerson Electric Co., Fujitsu Ltd., Glen Dimplex Europe Holdings Ltd., Guangdong Aoxin Heat-Pump Air Conditioning Co. Ltd., Hayward Holdings Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Kensa Group, Lennox International Inc., Mitsubishi Electric Corp., NIBE Industrier AB, Nortek, Rheem Manufacturing Co., Robert Bosch GmbH, and STIEBEL ELTRON GmbH and Co. KG

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Market Analyst Overview

The market is experiencing significant growth due to rising awareness about energy efficiency and environmental concerns. Heat pumps, integral components of HVAC systems, are key players in the heating segment of smart building systems and building automation. They utilize renewable heating systems, such as solar thermal systems and geothermal heat pumps, to optimize energy usage patterns and reduce the emission of greenhouse gases. These pumps leverage geothermal energy and renewable heating systems to transfer heat efficiently, enhancing energy efficiency and minimizing the carbon footprint. With advanced features like smart home platforms and building automation, they contribute to energy-efficient and sustainable heating solutions. As demand grows, the heat pump industry continues to innovate, utilizing various raw materials including metals, iron & steel, adhesives, and rubber for installation of heat pumps and production.

The market encompasses various sectors, including the Heating & Cooling segment, where innovative solutions leverage renewable sources like wind and solar power. With a focus on water heating, these systems optimize heat transfer while utilizing environmentally friendly refrigerants. Ventilation systems and utility meters play crucial roles in managing airflow and monitoring energy consumption. They are adaptable, utilizing rooftop and ground space for installation while ensuring efficient ventilation and heat dissipation. In industries like food processing, water-sourced heat pumps are preferred, ensuring optimal temperature control. VRF heat pumps enhance cooling and heating systems, catering to diverse needs. The market relies on materials like chemicals and plastics, with considerations for soil temperature to maximize efficiency.

The market is driven by various factors, including the need for eco-friendly refrigerant solutions to reduce greenhouse gas emissions. Utilizing rooftop space efficiently, heat pumps, particularly water and water-sourced heat pumps, are gaining traction in diverse sectors, from residential to food processing facilities. VRF heat pump technology revolutionizes heating, cooling, and ventilation systems, offering enhanced efficiency. As the market evolves, there's a shift away from natural gas, fuel oil, and propane towards electricity and renewable sources, reflecting the demand for sustainable alternatives to fossil fuel-based solutions. With a focus on environmental sustainability, the global market continues to innovate, offering efficient and environmentally friendly heating and cooling solutions.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

  • Application Outlook 
    • Residential
    • Commercial
    • Industrial
  • Product Outlook
    • Air source heat-pumps
    • Ground source heat-pumps
    • Exhaust air heat-pumps
  • Geography Outlook
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Market Scope

Report Coverage

Details

Page number

176

Base year

2023

Historic period

2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 8.9%

Market Growth 2024-2028

USD 43.45 billion

Market structure

Fragmented

YoY growth 2023-2024(%)

7.7

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 43%

Key countries

US, China, Japan, South Korea, and Germany

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Bard HVAC, Daikin Industries Ltd., Danfoss AS, Dantherm Group AS, DENSO Corp., Emerson Electric Co., Fujitsu Ltd., Glen Dimplex Europe Holdings Ltd., Guangdong Aoxin Heat-Pump Air Conditioning Co. Ltd., Hayward Holdings Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Kensa Group, Lennox International Inc., Mitsubishi Electric Corp., NIBE Industrier AB, Nortek, Rheem Manufacturing Co., Robert Bosch GmbH, and STIEBEL ELTRON GmbH and Co. KG

Market dynamics

Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research and Growth Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
  • Precise estimation of the market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
  • Growth of the market across APAC, North America, Europe, South America, and the Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2023
    • 3.4 Market outlook: Forecast for 2023-2028
      • Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)

    4 Historic Market Size

    • 4.1 Global heat pump market 2018 - 2022
      • Exhibit 18: Historic Market Size – Data Table on global heat pump market 2018 - 2022 ($ billion)
    • 4.2 Application Segment Analysis 2018 - 2022
      • Exhibit 19: Historic Market Size – Application Segment 2018 - 2022 ($ billion)
    • 4.3 Product Segment Analysis 2018 - 2022
      • Exhibit 20: Historic Market Size – Product Segment 2018 - 2022 ($ billion)
    • 4.4 Geography Segment Analysis 2018 - 2022
      • Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ billion)
    • 4.5 Country Segment Analysis 2018 - 2022
      • Exhibit 22: Historic Market Size – Country Segment 2018 - 2022 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2023 and 2028
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2023 and 2028
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2023 and 2028
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2023 and 2028

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 30: Chart on Application - Market share 2023-2028 (%)
      • Exhibit 31: Data Table on Application - Market share 2023-2028 (%)
    • 6.2 Comparison by Application
      • Exhibit 32: Chart on Comparison by Application
      • Exhibit 33: Data Table on Comparison by Application
    • 6.3 Residential - Market size and forecast 2023-2028
      • Exhibit 34: Chart on Residential - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 35: Data Table on Residential - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 36: Chart on Residential - Year-over-year growth 2023-2028 (%)
      • Exhibit 37: Data Table on Residential - Year-over-year growth 2023-2028 (%)
    • 6.4 Commercial - Market size and forecast 2023-2028
      • Exhibit 38: Chart on Commercial - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 39: Data Table on Commercial - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 40: Chart on Commercial - Year-over-year growth 2023-2028 (%)
      • Exhibit 41: Data Table on Commercial - Year-over-year growth 2023-2028 (%)
    • 6.5 Industrial - Market size and forecast 2023-2028
      • Exhibit 42: Chart on Industrial - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 43: Data Table on Industrial - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 44: Chart on Industrial - Year-over-year growth 2023-2028 (%)
      • Exhibit 45: Data Table on Industrial - Year-over-year growth 2023-2028 (%)
    • 6.6 Market opportunity by Application
      • Exhibit 46: Market opportunity by Application ($ billion)
      • Exhibit 47: Data Table on Market opportunity by Application ($ billion)

    7 Market Segmentation by Product

    • 7.1 Market segments
      • Exhibit 48: Chart on Product - Market share 2023-2028 (%)
      • Exhibit 49: Data Table on Product - Market share 2023-2028 (%)
    • 7.2 Comparison by Product
      • Exhibit 50: Chart on Comparison by Product
      • Exhibit 51: Data Table on Comparison by Product
    • 7.3 Air source heat pumps - Market size and forecast 2023-2028
      • Exhibit 52: Chart on Air source heat pumps - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 53: Data Table on Air source heat pumps - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 54: Chart on Air source heat pumps - Year-over-year growth 2023-2028 (%)
      • Exhibit 55: Data Table on Air source heat pumps - Year-over-year growth 2023-2028 (%)
    • 7.4 Ground source heat pumps - Market size and forecast 2023-2028
      • Exhibit 56: Chart on Ground source heat pumps - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 57: Data Table on Ground source heat pumps - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 58: Chart on Ground source heat pumps - Year-over-year growth 2023-2028 (%)
      • Exhibit 59: Data Table on Ground source heat pumps - Year-over-year growth 2023-2028 (%)
    • 7.5 Exhaust air heat pumps - Market size and forecast 2023-2028
      • Exhibit 60: Chart on Exhaust air heat pumps - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 61: Data Table on Exhaust air heat pumps - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 62: Chart on Exhaust air heat pumps - Year-over-year growth 2023-2028 (%)
      • Exhibit 63: Data Table on Exhaust air heat pumps - Year-over-year growth 2023-2028 (%)
    • 7.6 Market opportunity by Product
      • Exhibit 64: Market opportunity by Product ($ billion)
      • Exhibit 65: Data Table on Market opportunity by Product ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 67: Chart on Market share by geography 2023-2028 (%)
      • Exhibit 68: Data Table on Market share by geography 2023-2028 (%)
    • 9.2 Geographic comparison
      • Exhibit 69: Chart on Geographic comparison
      • Exhibit 70: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2023-2028
      • Exhibit 71: Chart on APAC - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 72: Data Table on APAC - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 73: Chart on APAC - Year-over-year growth 2023-2028 (%)
      • Exhibit 74: Data Table on APAC - Year-over-year growth 2023-2028 (%)
    • 9.4 North America - Market size and forecast 2023-2028
      • Exhibit 75: Chart on North America - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 76: Data Table on North America - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 77: Chart on North America - Year-over-year growth 2023-2028 (%)
      • Exhibit 78: Data Table on North America - Year-over-year growth 2023-2028 (%)
    • 9.5 Europe - Market size and forecast 2023-2028
      • Exhibit 79: Chart on Europe - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 80: Data Table on Europe - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 81: Chart on Europe - Year-over-year growth 2023-2028 (%)
      • Exhibit 82: Data Table on Europe - Year-over-year growth 2023-2028 (%)
    • 9.6 South America - Market size and forecast 2023-2028
      • Exhibit 83: Chart on South America - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 84: Data Table on South America - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 85: Chart on South America - Year-over-year growth 2023-2028 (%)
      • Exhibit 86: Data Table on South America - Year-over-year growth 2023-2028 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2023-2028
      • Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
      • Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
    • 9.8 US - Market size and forecast 2023-2028
      • Exhibit 91: Chart on US - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 92: Data Table on US - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 93: Chart on US - Year-over-year growth 2023-2028 (%)
      • Exhibit 94: Data Table on US - Year-over-year growth 2023-2028 (%)
    • 9.9 China - Market size and forecast 2023-2028
      • Exhibit 95: Chart on China - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 96: Data Table on China - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 97: Chart on China - Year-over-year growth 2023-2028 (%)
      • Exhibit 98: Data Table on China - Year-over-year growth 2023-2028 (%)
    • 9.10 Germany - Market size and forecast 2023-2028
      • Exhibit 99: Chart on Germany - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 100: Data Table on Germany - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 101: Chart on Germany - Year-over-year growth 2023-2028 (%)
      • Exhibit 102: Data Table on Germany - Year-over-year growth 2023-2028 (%)
    • 9.11 Japan - Market size and forecast 2023-2028
      • Exhibit 103: Chart on Japan - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 104: Data Table on Japan - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 105: Chart on Japan - Year-over-year growth 2023-2028 (%)
      • Exhibit 106: Data Table on Japan - Year-over-year growth 2023-2028 (%)
    • 9.12 South Korea - Market size and forecast 2023-2028
      • Exhibit 107: Chart on South Korea - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 108: Data Table on South Korea - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 109: Chart on South Korea - Year-over-year growth 2023-2028 (%)
      • Exhibit 110: Data Table on South Korea - Year-over-year growth 2023-2028 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 111: Market opportunity by geography ($ billion)
      • Exhibit 112: Data Tables on Market opportunity by geography ($ billion)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 113: Impact of drivers and challenges in 2023 and 2028
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 114: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 115: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 116: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 117: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 118: Matrix on vendor position and classification
            • 12.3 Bard HVAC
              • Exhibit 119: Bard HVAC - Overview
              • Exhibit 120: Bard HVAC - Product / Service
              • Exhibit 121: Bard HVAC - Key offerings
            • 12.4 Daikin Industries Ltd.
              • Exhibit 122: Daikin Industries Ltd. - Overview
              • Exhibit 123: Daikin Industries Ltd. - Business segments
              • Exhibit 124: Daikin Industries Ltd. - Key news
              • Exhibit 125: Daikin Industries Ltd. - Key offerings
              • Exhibit 126: Daikin Industries Ltd. - Segment focus
            • 12.5 Danfoss AS
              • Exhibit 127: Danfoss AS - Overview
              • Exhibit 128: Danfoss AS - Business segments
              • Exhibit 129: Danfoss AS - Key news
              • Exhibit 130: Danfoss AS - Key offerings
              • Exhibit 131: Danfoss AS - Segment focus
            • 12.6 Dantherm Group AS
              • Exhibit 132: Dantherm Group AS - Overview
              • Exhibit 133: Dantherm Group AS - Product / Service
              • Exhibit 134: Dantherm Group AS - Key offerings
            • 12.7 DENSO Corp.
              • Exhibit 135: DENSO Corp. - Overview
              • Exhibit 136: DENSO Corp. - Business segments
              • Exhibit 137: DENSO Corp. - Key news
              • Exhibit 138: DENSO Corp. - Key offerings
              • Exhibit 139: DENSO Corp. - Segment focus
            • 12.8 Emerson Electric Co.
              • Exhibit 140: Emerson Electric Co. - Overview
              • Exhibit 141: Emerson Electric Co. - Business segments
              • Exhibit 142: Emerson Electric Co. - Key news
              • Exhibit 143: Emerson Electric Co. - Key offerings
              • Exhibit 144: Emerson Electric Co. - Segment focus
            • 12.9 Fujitsu Ltd.
              • Exhibit 145: Fujitsu Ltd. - Overview
              • Exhibit 146: Fujitsu Ltd. - Business segments
              • Exhibit 147: Fujitsu Ltd. - Key news
              • Exhibit 148: Fujitsu Ltd. - Key offerings
              • Exhibit 149: Fujitsu Ltd. - Segment focus
            • 12.10 Ingersoll Rand Inc.
              • Exhibit 150: Ingersoll Rand Inc. - Overview
              • Exhibit 151: Ingersoll Rand Inc. - Business segments
              • Exhibit 152: Ingersoll Rand Inc. - Key offerings
              • Exhibit 153: Ingersoll Rand Inc. - Segment focus
            • 12.11 Johnson Controls International Plc
              • Exhibit 154: Johnson Controls International Plc - Overview
              • Exhibit 155: Johnson Controls International Plc - Business segments
              • Exhibit 156: Johnson Controls International Plc - Key news
              • Exhibit 157: Johnson Controls International Plc - Key offerings
              • Exhibit 158: Johnson Controls International Plc - Segment focus
            • 12.12 Lennox International Inc.
              • Exhibit 159: Lennox International Inc. - Overview
              • Exhibit 160: Lennox International Inc. - Business segments
              • Exhibit 161: Lennox International Inc. - Key offerings
              • Exhibit 162: Lennox International Inc. - Segment focus
            • 12.13 Mitsubishi Electric Corp.
              • Exhibit 163: Mitsubishi Electric Corp. - Overview
              • Exhibit 164: Mitsubishi Electric Corp. - Business segments
              • Exhibit 165: Mitsubishi Electric Corp. - Key news
              • Exhibit 166: Mitsubishi Electric Corp. - Key offerings
              • Exhibit 167: Mitsubishi Electric Corp. - Segment focus
            • 12.14 NIBE Industrier AB
              • Exhibit 168: NIBE Industrier AB - Overview
              • Exhibit 169: NIBE Industrier AB - Business segments
              • Exhibit 170: NIBE Industrier AB - Key news
              • Exhibit 171: NIBE Industrier AB - Key offerings
              • Exhibit 172: NIBE Industrier AB - Segment focus
            • 12.15 Rheem Manufacturing Co.
              • Exhibit 173: Rheem Manufacturing Co. - Overview
              • Exhibit 174: Rheem Manufacturing Co. - Product / Service
              • Exhibit 175: Rheem Manufacturing Co. - Key offerings
            • 12.16 Robert Bosch GmbH
              • Exhibit 176: Robert Bosch GmbH - Overview
              • Exhibit 177: Robert Bosch GmbH - Business segments
              • Exhibit 178: Robert Bosch GmbH - Key news
              • Exhibit 179: Robert Bosch GmbH - Key offerings
              • Exhibit 180: Robert Bosch GmbH - Segment focus
            • 12.17 STIEBEL ELTRON GmbH and Co. KG
              • Exhibit 181: STIEBEL ELTRON GmbH and Co. KG - Overview
              • Exhibit 182: STIEBEL ELTRON GmbH and Co. KG - Product / Service
              • Exhibit 183: STIEBEL ELTRON GmbH and Co. KG - Key offerings

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 184: Inclusions checklist
                • Exhibit 185: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 186: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 187: Research methodology
                • Exhibit 188: Validation techniques employed for market sizing
                • Exhibit 189: Information sources
              • 13.5 List of abbreviations
                • Exhibit 190: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

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              Key Questions Answered

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              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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