Heat Pump Market by Type (Air-to-Air, Water Source, and Geothermal), Application (Residential, Industrial, and Commercial), by Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global Trends and Forecast from 2022 to 2029

Published on: Apr 2022
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Market Size	CAGR	Dominating Region
USD 109.95 billion	9.5%	Asia Pacific

By Type	By Application	By Regions
Air-To-Air Water Source Geothermal	Residential Industrial Commercial	North America Europe Asia Pacific South America Middle East and Africa

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Heat Pump Market Overview

The global Heat Pump Market size is estimated to be valued at USD 48.58 billion in 2020 and is projected to reach USD 109.95 billion by 2029, recording a CAGR of 9.5%.

The enforcement of building codes and standards that prescribe minimum energy performance criteria for HVAC (heating, ventilation, and air conditioning) systems, encompassing heat pumps, stimulates demand for more efficient equipment and fosters market expansion. Intelligent home platforms furnish intricate insights into energy consumption patterns, enabling users to actively monitor and assess the efficacy of their heat pump systems in real-time. This enhanced visibility empowers users to discern avenues for further energy conservation and make well-informed decisions regarding their heating and cooling requisites.

Heat pump Market | Exactitude Consultancy

As per the U.S. Department of Energy, purchasers of properties in the United States equipped with qualifying heat pumps may avail themselves of a 30% tax credit, whether in connection with existing or new residential units. Italy’s Conto Termico incentive framework extends grants covering 30-35% of the expenses associated with installing renewable heating systems in edifices. Australia similarly extends nationwide subsidies to local governments for heat pump installations. Additionally, the heat pump industry is notably influenced by the availability of essential raw materials, such as metals like iron and steel, adhesives, rubber, chemicals, and plastics. Consequently, fluctuations in the prices of raw materials directly impact manufacturing costs, potentially constraining market growth to a certain extent.

The soil temperature in a majority of U.S. regions tends to be warmer than the ambient air during winters and cooler in summers. Ground source heat pumps leverage the consistent temperature of the ground to regulate the temperature of buildings. According to the Environmental Protection Agency (EPA), ground source heat pumps (GHPs) stand out as the most economically viable, environmentally sound, and energy-efficient systems for heating and cooling various structures, including residences, commercial establishments, educational institutions, and medical facilities. Consequently, the demand for heat pumps in the United States is anticipated to surge over the projected timeframe.

Heat Pump Market Segment Analysis

The air-to-air segment accounted for the biggest market share in the worldwide heat pump market by type, and this dominance is likely to continue during the forecast period. Heat is absorbed from the outside environment and transferred into indoor spaces such as residential homes, workplaces, institutions, and commercial structures using air-to-air heat pump technology. In terms of supplying heat during the cold season and air cooling during the hot summer days, the air-to-air heat pump is a worldwide technology. Air-to-air heat pumps are less expensive to install than other types of heating technology since they do not require drilling boreholes or the use of expensive equipment.

The residential sector accounted for the biggest proportion of the worldwide heat pump market by application. The adoption of heat pumps to provide heating solutions in cooler seasons and cooling solutions on hot days is fueled by climate change. Heat pumps are energy-efficient devices that are used in homes for space heating, cooling, and sanitary hot water generating. As a result, favourable government regulations, as well as financial incentives for installing energy-saving technologies, are helping to drive heat pump adoption in the residential sector.

Heat Pump Market Players

Market players focus on growth strategies, such as new product launches, collaborations, partnerships, operational expansion, mergers & acquisitions, and awareness campaigns. Companies operating the target market can focus on partnerships and collaborations, in order to develop advanced products which in turn create lucrative growth opportunities. Few of the important market players include Midea Group, Panasonic Corporation, Mitsubishi Electric Corporation, Denso Corporation, Samsung, Lg Electronics, Lennox International, Fujitsu General, Daikin Industries, Ltd and Carrier Global.

Companies are mainly in the developing and they are competing closely with each other. Innovation is one of the most important and key strategy as it has to be for any market. However, companies in the market have also opted and successfully driven inorganic growth strategies like mergers & acquisition and so on.

In January 2022, Johnson Controls has acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.
In Oc 2021, Carrier Global acquired Nlyte Software, a leader in data center infrastructure management (DCIM) software. The development will add automated solutions to the HVAC business segment.
In June 2021, DENSO and NTT Data announced the completion of a joint verification test to improve mobility experiences by leveraging data on vehicle and human flows. The test aims to improve mobility experiences and services, as well as to assist businesses in attracting potential clients with the changing consumer behavior.
In September 2021, Carrier China, a part of Carrier Global, collaborated with Huadian Corporation for providing centrifugal chillers, which will be installed at Guangzhou Wanbo Central Energy Station, in China.

Who Should Buy? Or Key Stakeholders

Heat pump Companies
Research Organizations
Investors
Regulatory Authorities
Others

Heat Pump Market Regional Analysis

The Heat pump market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).

North America: includes US, Canada and Mexico
Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC
Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe
South America: includes Brazil, Argentina and Rest of South America
Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA

The major share is expected to be occupied by Asia Pacific for global heat pump market during the forecast period. The Asia Pacific area, followed by North America, is expected to be the largest market for heat pumps. During the forecast period, North America is expected to be the fastest-growing market. Government-led attempts to minimize air pollution produced by traditional sources of energy used for heating in the residential, commercial, and industrial sectors are likely to boost the growth of the Asia Pacific heat pump market.

Key Takeaways

The global Heat Pump Market is recording a CAGR of 9.5%.
The air-to-air segment accounted for the biggest market share in the worldwide heat pump market by type.
The residential sector accounted for the biggest proportion of the worldwide heat pump market by application.
The major share is expected to be occupied by Asia Pacific for global heat pump market during the forecast period.
One major market trend in the heat pump market is the increasing adoption of energy-efficient and environmentally sustainable heat pump technologies.

Key Market Segments: Heat Pump Market

Heat Pump Market by Type, 2020-2029, (USD Million)

Air-To-Air
Water Source
Geothermal

Heat Pump Market by Application, 2020-2029, (USD Million)

Residential
Industrial
Commercial

Heat Pump Market by Regions, 2020-2029, (USD Million)

North America
Europe
Asia Pacific
South America
Middle East and Africa

Important Countries in All Regions Are Covered.

Key Question Answered

What is the current market size of this high growth market?
What is the overall growth rate?
What are the key growth areas, applications, end uses and types?
Key reasons for growth
Challenges for growth
Who are the important market players in this market?
What are the key strategies of these players?
What technological developments are happening in this area?

Introduction
1. Market Definition
2. Market Segmentation
3. Research Timelines
4. Assumptions And Limitations
Research Methodology
1. Data Mining
  1. Secondary Research
  2. Primary Research
  3. Subject-Matter Experts’ Advice
2. Quality Checks
  1. Final Review
3. Data Triangulation
  1. Bottom-Up Approach
  2. Top-Down Approach
  3. Research Flow
4. Data Sources
Executive Summary
Market Overview
1. Global Heat Pumps Market Outlook
  1. Market Drivers
  2. Market Restraints
  3. Market Opportunities
2. Impact Of Covid-19 On Global Heat Pumps Market
Global Heat Pumps Market By Type, (USD Million) (Thousand Units)
1. Air-To-Air
2. Water Source
3. Geothermal
Global Heat Pumps Market By Application, (USD Million) (Thousand Units)
1. Residential
2. Industrial
3. Commercial
Global Heat Pumps Market By Region, (USD Million) (Thousand Units)
1. Introduction
2. Asia-Pacific
  1. China
  2. India
  3. Japan
  4. South Korea
  5. Australia
  6. South-East Asia
  7. Rest Of Asia-Pacific
3. North America
  1. United States
  2. Canada
  3. Mexico
4. Europe
  1. Germany
  2. United Kingdom
  3. France
  4. Italy
  5. Spain
  6. Russia
  7. Rest Of Europe
5. South America
  1. Brazil
  2. Argentina
  3. Colombia
  4. Rest Of South America
6. Middle East And Africa
  1. UAE
  2. Saudi Arabia
  3. South Africa
  4. Rest of Middle East and Africa

Company Profiles* (Business Overview, Company Snapshot, Types Offered, Recent Developments)
1. Midea Group
2. Panasonic Corporation
3. Mitsubishi Electric Corporation
4. Denso Corporation
5. Samsung
6. Lg Electronics
7. Lennox International
8. Fujitsu General
9. Daikin Industries, Ltd
10. Carrier Global *The Company List Is Indicative

LIST OF TABLES

TABLE 1 GLOBAL HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 2 GLOBAL HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 3 GLOBAL HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 4 GLOBAL HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 5 GLOBAL HEAT PUMPS MARKET BY REGION (USD MILLIONS), 2020-2029

TABLE 6 GLOBAL HEAT PUMPS MARKET BY REGION (THOUSAND UNITS), 2020-2029

TABLE 7 NORTH AMERICA HEAT PUMPS MARKET BY COUNTRY (USD MILLIONS), 2020-2029

TABLE 8 NORTH AMERICA HEAT PUMPS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029

TABLE 9 US HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 10 US HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 11 US HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 12 US HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 13 CANADA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 14 CANADA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 15 CANADA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 16 CANADA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 17 MEXICO HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 18 MEXICO HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 19 MEXICO HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 20 MEXICO HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 21 SOUTH AMERICA HEAT PUMPS MARKET BY COUNTRY (USD MILLIONS), 2020-2029

TABLE 22 SOUTH AMERICA HEAT PUMPS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029

TABLE 23 BRAZIL HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 24 BRAZIL HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 25 BRAZIL HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 26 BRAZIL HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 27 ARGENTINA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 28 ARGENTINA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 29 ARGENTINA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 30 ARGENTINA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 31 COLOMBIA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 32 COLOMBIA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 33 COLOMBIA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 34 COLOMBIA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 35 REST OF SOUTH AMERICA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 36 REST OF SOUTH AMERICA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 37 REST OF SOUTH AMERICA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 38 REST OF SOUTH AMERICA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 39 ASIA-PACIFIC HEAT PUMPS MARKET BY COUNTRY (USD MILLIONS), 2020-2029

TABLE 40 ASIA-PACIFIC HEAT PUMPS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029

TABLE 41 INDIA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 42 INDIA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 43 INDIA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 44 INDIA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 45 CHINA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 46 CHINA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 47 CHINA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 48 CHINA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 49 JAPAN HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 50 JAPAN HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 51 JAPAN HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 52 JAPAN HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 53 SOUTH KOREA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 54 SOUTH KOREA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 55 SOUTH KOREA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 56 SOUTH KOREA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 57 AUSTRALIA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 58 AUSTRALIA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 59 AUSTRALIA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 60 AUSTRALIA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 61 SOUTH-EAST ASIA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 62 SOUTH-EAST ASIA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 63 SOUTH-EAST ASIA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 64 SOUTH-EAST ASIA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 65 REST OF ASIA PACIFIC HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 66 REST OF ASIA PACIFIC HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 67 REST OF ASIA PACIFIC HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 68 REST OF ASIA PACIFIC HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 69 EUROPE HEAT PUMPS MARKET BY COUNTRY (USD MILLIONS), 2020-2029

TABLE 70 EUROPE HEAT PUMPS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029

TABLE 71 GERMANY HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 72 GERMANY HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 73 GERMANY HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 74 GERMANY HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 75 UK HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 76 UK HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 77 UK HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 78 UK HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 79 FRANCE HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 80 FRANCE HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 81 FRANCE HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 82 FRANCE HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 83 ITALY HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 84 ITALY HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 85 ITALY HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 86 ITALY HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 87 SPAIN HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 88 SPAIN HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 89 SPAIN HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 90 SPAIN HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 91 RUSSIA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 92 RUSSIA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 93 RUSSIA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 94 RUSSIA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 95 REST OF EUROPE HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 96 REST OF EUROPE HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 97 REST OF EUROPE HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 98 REST OF EUROPE HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 99 MIDDLE EAST AND AFRICA HEAT PUMPS MARKET BY COUNTRY (USD MILLIONS), 2020-2029

TABLE 100 MIDDLE EAST AND AFRICA HEAT PUMPS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029

TABLE 101 UAE HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 102 UAE HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 103 UAE HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 104 UAE HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 105 SAUDI ARABIA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 106 SAUDI ARABIA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 107 SAUDI ARABIA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 108 SAUDI ARABIA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 109 SOUTH AFRICA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 110 SOUTH AFRICA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 111 SOUTH AFRICA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 112 SOUTH AFRICA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

TABLE 113 REST OF MIDDLE EAST AND AFRICA HEAT PUMPS MARKET BY TYPE (USD MILLIONS), 2020-2029

TABLE 114 REST OF MIDDLE EAST AND AFRICA HEAT PUMPS MARKET BY TYPE (THOUSAND UNITS), 2020-2029

TABLE 115 REST OF MIDDLE EAST AND AFRICA HEAT PUMPS MARKET BY APPLICATION (USD MILLIONS), 2020-2029

TABLE 116 REST OF MIDDLE EAST AND AFRICA HEAT PUMPS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029

LIST OF FIGURES

FIGURE 1 MARKET DYNAMICS

FIGURE 2 MARKET SEGMENTATION

FIGURE 3 REPORT TIMELINES: YEARS CONSIDERED

FIGURE 4 DATA TRIANGULATION

FIGURE 5 BOTTOM-UP APPROACH

FIGURE 6 TOP-DOWN APPROACH

FIGURE 7 RESEARCH FLOW

FIGURE 8 GLOBAL HEAT PUMPS MARKET BY TYPE, USD MILLION, 2020-2029

FIGURE 9 GLOBAL HEAT PUMPS MARKET BY APPLICATION, USD MILLION, 2020-2029

FIGURE 10 GLOBAL HEAT PUMPS MARKET BY REGION, USD MILLION, 2020-2029

FIGURE 11 PORTER’S FIVE FORCES MODEL

FIGURE 12 GLOBAL HEAT PUMPS MARKET BY TYPE, USD MILLION, 2020-2029

FIGURE 13 GLOBAL HEAT PUMPS MARKET BY APPLICATION, USD MILLION, 2020-2029

FIGURE 14 GLOBAL HEAT PUMPS MARKET BY REGION, USD MILLION, 2020-2029

FIGURE 15 HEAT PUMPS MARKET BY REGION 2020

FIGURE 16 MARKET SHARE ANALYSIS

FIGURE 17 MIDEA GROUP: COMPANY SNAPSHOT

FIGURE 18 PANASONIC CORPORATION: COMPANY SNAPSHOT

FIGURE 19 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT

FIGURE 20 DENSO CORPORATION: COMPANY SNAPSHOT

FIGURE 21 SAMSUNG: COMPANY SNAPSHOT

FIGURE 22 LG ELECTRONICS: COMPANY SNAPSHOT

FIGURE 23 LENNOX INTERNATIONAL: COMPANY SNAPSHOT

FIGURE 24 FUJITSU GENERAL: COMPANY SNAPSHOT

FIGURE 25 DAIKIN INDUSTRIES, LTD: COMPANY SNAPSHOT

FIGURE 26 CARRIER GLOBAL: COMPANY SNAPSHOT

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