- What are the market drivers and barriers for the HP market?
- What are the key technology trends shaping the HP market in cold climates?
- How is the HP market expected to grow over the next decade?
- How is revenue in the HP market expected to differ by region?
- What approach should stakeholders take to exploit the CCHP’s opportunities?
2Q 2022
Cold-Climate Heat Pumps
Market Analysis and Forecasts for Residential Heat Pumps in Cold Climates
Although electrification technologies are becoming cost-effective and more reliable than fossil fuel systems in various climates, a heat pump (HP) running on electricity loses efficiency and performance when the outside temperature is below the freezing point. The cold-climate heat pump (CCHP) achieves better heating performance than the conventional HP in these cold regions. CCHP technology advances have broken down boundaries and allowed HP to expand its application range to cold climates.
Nevertheless, no clear guidelines or standards exist for CCHP and many installers are not yet fully aware of the distinction between a generic HP and a CCHP. So, the generic HP is still being installed in cold climates. This situation gives the CCHP substantial growth potential in those regions and suggests that manufacturers who provide CCHPs should take advantage of market opportunities by educating stakeholders. Utilities serving cold regions can also use CCHP technology to move one step closer to reducing CO2 emissions.
This Guidehouse Insights report forecasts residential HP technology for the cold regions of North America, Europe, and Asia Pacific. The forecast is broken down by HP types, such as air-source HP, HP water heaters, ground-source HP, and exhaust-air HP. The report also forecasts residential heating technologies such as boilers and furnaces to estimate the HP market’s potential in these northern regions. In this forecast, district heating, distributing a large amount of generated heat to individual households, is excluded. The forecasts extend through 2031.
Pages
38
Tables | Charts | Figures
32
Key Questions Addressed
Who Needs This Report
- Policymakers
- National or public organizations for standardization
- Manufacturers of residential HPs
- Utilities
- Investors in construction
- Investors in the residential real estate sector
Table Of Contents
1. Executive Summary
1.1 Introduction
1.2 Report Scope
1.3 Market Overview
2. Market Issues
2.1 Introduction
2.2 Cold-Climate Heat Pump
2.3 Market Drivers
2.3.1 Support through Policy, Carbon Tax, Rebates, and Incentives
2.3.2 Securing Clean Energy for Heating
2.3.3 High Efficiency
2.3.4 Technology Innovation
2.3.5 Utilizing Heat Pumps during Heat Waves
2.3.6 Increased Renewable Power Generation
2.4 Market Barriers
2.4.1 High Electricity Prices
2.4.2 Heating Cultures That Resist Heat Pumps
2.4.3 Technological Limits
2.4.4 Lack of Clear Cold-Climate Heat Pump Guidelines
2.4.5 Shortage of Experts and Lack of Awareness
2.4.6 Lack of Product Types in Certain Regions
2.5 Market Trends
2.5.1 Importance of the Residential Building Envelope
2.5.2 European Energy Market Trends
3. Technology Issues
3.1 Introduction
3.1.1 Air-Source Heat Pump
3.1.2 Heat Pump Water Heater
3.1.3 Ground-Source Heat Pump
3.1.4 Exhaust-Air Heat Pump
4. Market Forecasts
4.1 Forecast Methodology
4.2 Forecast Scope
4.3 Heat Pump Market Overview in Cold-Climate Regions
4.3.1 North America
4.3.2 Europe
4.3.3 Asia Pacific
4.4 Residential Heating Market Overview in Regions with Cold Climates
4.4.1 North America
4.4.2 Europe
4.4.3 Asia Pacific
5. Conclusions and Recommendations
5.1 Government Officials
5.2 Utilities
5.3 Manufacturers
6. Acronym and Abbreviation List
7. Table of Contents
8. Table of Charts and Figures
9. Scope of Study, Sources and Methodology, Notes
List of Charts and Figures
- Residential Heat Pump Revenue by Region, Cold-Climate World Markets: 2022-2031
- Residential Heat Pump Revenue by Type, Cold-Climate North America: 2022-2031
- Residential Heat Pump Revenue by Type, Cold-Climate Europe: 2022-2031
- Residential Heat Pump Revenue by Type, Cold-Climate Asia Pacific: 2022-2031
- Residential Heating Equipment Revenue by Type, Cold-Climate World Markets: 2022-2031
- Residential Heating Equipment Revenue by Type, Cold-Climate North America: 2022-2031
- Residential Heating Equipment Revenue by Type, Cold-Climate Europe: 2022-2031
- Residential Heating Equipment Revenue by Type, Cold-Climate Asia Pacific: 2022-2031
- Heating Efficiency and Annual Heating Cost Comparison
- Renewable Energy Shares vs. 2020 Targets (% of Consumption): 2018 and 2019
- Evolution of Household Consumers Electricity and Gas Prices in Europe
- Cascade Vapor Compression Configuration
- Ground-Source Heat Pump Configuration
- Exhaust-Air Heat Pump Configuration
List of Tables
- Residential Heat Pump Shipments by Region, Cold-Climate World Markets: 2022-2031
- Residential Heat Pump Shipments by Type, Cold-Climate North America: 2022-2031
- Residential Heat Pump Shipments by Type, Cold-Climate Europe: 2022-2031
- Residential Heat Pump Shipments by Type, Cold-Climate Asia Pacific: 2022-2031
- Residential Heat Pump Revenue by Region, Cold-Climate World Markets: 2022-2031
- Residential Heat Pump Revenue by Type, Cold-Climate North America: 2022-2031
- Residential Heat Pump Revenue by Type, Cold-Climate Europe: 2022-2031
- Residential Heat Pump Revenue by Type, Cold-Climate Asia Pacific: 2022-2031
- Residential Heating Equipment Revenue by Region, Cold-Climate World Markets: 2022-2031
- Residential Heating Equipment Revenue by Type, Cold-Climate World Markets: 2022-2031
- Residential Heating Equipment Revenue by Type, Cold-Climate North America: 2022-2031
- Residential Heating Equipment Revenue by Type, Cold-Climate Europe: 2022-2031
- Residential Heating Equipment Revenue by Type, Cold-Climate Asia Pacific: 2022-2031
- Electrification and Clean Heating Policy
- Carbon Tax
- Heat Pump Rebates and Incentives
- HP Heating Efficiency Test Standard Comparison
- Typical Thermal Performance of Existing Building Elements: U-value (W/m2 K)
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