Global Heat Pump Market is expected to grow at a healthy CAGR of 21.8% in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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Global heat pump market is a highly consolidated market, which includes specific number of key players as well as local players. The market has witnessed increased various strategic developments owing to favourable market scenario. The market will have a prominent growth in upcoming years due to growing government regulations on increasing energy efficiency and usage of heat pumping technology for CO2–emissions reduction are the factors fuelling the growth of the market .
The market has witness developments in terms of merger and acquisitions, partnerships or product launches that expand the product portfolio for the customers which further meets the rising demand of innovative technology which further help the companies to sustain their position in the market. For instance, In February 2019, Panasonic Corporation and Systemair unveiled a strategic partnership for developing sustainable HVAC solutions for both residential and commercial premises. In the first phase Panasonic corporation will introduce eco-friendly and high efficient heat pump chillers by incorporating Systemair's reversible cooling technology. This provides Panasonic a technological advantage by using Systemair's developed technology. This creates long term business opportunities for the company in European market.
Mitsubishi Electric Corporation is the dominating player in the global heat pump market. The other key players existing in the market includes Stiebel Eltron Gmbh & Co.KG (DE), Danfoss A/S, Robert Bosch GmbH, NIBE Industrier AB, Glen Dimplex Group, Viessmann Manufacturing Company Inc., Mitsubishi Electric Corporation, Carrier Corporation, Geothermal International Ltd, Airwell , Midea Group , Total Comfort, Inc , and Panasonic Corporation among others.
Mitsubishi Electric Corporation
Mitsubishi Electric Corporation headquartered in Tokyo, Japan which was founded in 1921. The company performs its business from five segments such as industrial automation systems, energy and electric systems, home appliances, information and communication systems, electronic devices, others.
The company offers its product in the following categories such as heat pump & air conditioning, factory automation, automotive equipment, visual information systems.
- In June 2019, the company launched M-Series of product line which include outdoor and indoor units can be used for light commercial and residential applications. This product is best suited for homeowners due to its efficiency measures. Thus, this will help to increase the adoption of product and to increase the demand for the product in the market
The company has wide global presence across the globe such as Europe, America, Asia-Pacific, Middle East and Africa. In addition to it, the company also generates its revenue from the various subsidiary companies such as Mitsubishi Electric Engineering (Japan), Mitsubishi Electric Automation, Inc. (U.S.), TMEIC (Japan), Mitsubishi Electric Building Techno-Service (Japan), Mitsubishi Electric US, Inc. (U.S.) and others.
DANFOSS A/S:
Danfoss A/s headquartered in Nordborg, Denmark which was founded in 1933. The Company performs its business through following segments which include Danfoss Power Solutions, Danfoss cooling, Danfoss drives, Danfoss heating. The product offered by the company are AC drives, appliance controls, burner components, compressors, condensing units, differential pressure and flow controllers, electronic controls, energy metering, energy recovery devices, filters, sight glasses and switches, floor heating; ice and snow melting, heat exchangers, mobile electrification, motors, pumps, radiator and room thermostats, sensors and transmitters, soft starters, software, stations and domestic hot water, steering, valves.
For instance,
- In October 2018, DANFOSS GROUP GLOBAL announced package solutions for heat pump, refrigeration and air conditioning applications. These heat pumps are highly efficient and have low GWP. This will help the company to expand their product reach in heat pump market which will lead the company to provide wide range of products across all regions
The company has strong distribution networks across the globe such as North America, Asia-Pacific, Europe, Africa, and Latin America.The company also generates its revenue from its subsidiaries company which includes Kavlico thin-film sensor technology from Sensata Technologies (Germany), Prosa S.r.l. (Italy), Visedo Oy (Finland), IKUSI Telecontrol (business unit of IKUSI Electrónica, S.L.) (Spain), AAIM Controls Inc. (U.S.).
PANASONIC CORPORATION
Panasonic Corporation has headquartered in Osaka, Japan and it was founded in1918. The company performs its business through automotive & industrial system, appliances, eco solutions, and connected solutions. The product offered by the company are professional AV solutions, projector, professional displays, broadcast & professional video, mobile PC / tablet, security systems, video intercom, business communication systems, HD visual communications system, IP phone, document scanner, multi-function laser, electronic whiteboard,business fax, POS workstation, optical disc archive solution, bLu-ray disc, SD memory card, linkray3D multiview anatomy system, air conditioning, ventilation, air purification, etc., photovoltaic, lighting, wiring devices, factory flexible wiring system, housing equipment devices, industrial devices & solutions, automation controls, targeting ITS by Panasonic, visual sort assist, out-of-stock detection.
- In February 2019, Panasonic Corporation and Systemair unveiled a strategic partnership for developing sustainable HVAC solutions for both residential and commercial premises. In the first phase Panasonic Corporation will introduce eco-friendly and high efficient heat pump chillers by incorporating Systemair's reversible cooling technology. This provides Panasonic technological advantage by using Systemair's developed technology. This creates long term business opportunities for the company in European market
The company has wide presence across the globe which includes Americas, Asia-Pacific, Europe, Middle East and Africa. In addition the company also generates revenue from its subsidiaries which include Panasonic Homes Co., Ltd. (Japan), Panasonic Smart Factory Solutions Co., Ltd. (Japan), Panasonic Semiconductor Solutions Co., Ltd. (Japan), SANYO Electric Co., Ltd. (Japan), Panasonic Corporation of North America (U.S.) and others.
