Asia-Pacific was estimated to be the largest heat pumps market in 2019 with China being the largest market contributing to a substantial percentage of the global revenue share. The attractive government subsidies and the stringent efforts taken towards improving the sustainability factor has contributed to the growth of heat pump installation in China. The consistent investment in district heating networks is influencing the market for high-capacity heat pumps in commercial and small industrial spaces. With more than 400 heating projects in line, the vendors can potentially convert this opportunity for adopting heat pumps over boilers. Going forward, the vendors can rely on smart district heating projects for viable growth scenarios. While the sales of air source heat pumps have attained maturity, implementation of newer technologies, and eco-friendly refrigerants in heat pumps of compact sizes can find suitable adoption. While the clean energy contribution is expected to reach over 70% by 2021, relying on geothermal sources for heating, ventilation, and air conditioning appliances is more prominent during the forecast period.

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However, the arrival of the COVID-19 pandemic has disrupted the flow of sales of heat pumps in Asia-Pacific. Major Asia-Pacific countries such as India, China, and Australia, among others have suffered economic losses, which resulted in the decline of the heat pumps industry in the region. However, these countries are expected to revive economically in the 2nd half of the year. Building and construction industries are gradually getting back to the pre-COVID levels. Hotels, restaurants, schools, and shopping malls will create a slow and steady demand for heat pumps in the region.

The Asia-Pacific heat pumps market is segmented based on product type, capacity, and end-user. Based on product type, the heat pumps market is segmented into air source, water source, and ground source. Based on capacity, the heat pumps market is segmented into <10KW, 10KW-20KW, >20KW. Based on end-user, the market is classified into commercial, industrial, and residential.  The residential end-user segment was by far the largest market for heat pumps with extensive utilization of air source heat pumps. The rise in disposable income, growing urbanization levels, and expansion of distribution networks to cater to the domestic aftersales services have eventually led to the dominance of the segment across the Asian countries.

Country-wise, the market is segmented into China, Japan, India, and the Rest of Asia-Pacific. China is anticipated to lead the way with increasing commercialization and industrialization. Growth is expected from growing markets of India, Indonesia, Malaysia, and Thailand where low product awareness and high cost of installation were the major challenges for adoption till 2019.

Research Methodology

The market study of the Asia-Pacific heat pumps market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Asia-Pacific Heat Pumps Market Research and Analysis by Product Type
2. Asia-Pacific Heat Pumps Market Research and Analysis by Capacity
3. Asia-Pacific Heat Pumps Market Research and Analysis by End-User

The Report Covers

• Comprehensive research methodology of the Asia-Pacific heat pumps market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Asia-Pacific heat pumps market.
• Insights about market determinants that are stimulating the Asia-Pacific heat pumps market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.