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Variable Speed Heat Pump Market Share

Report ID: GMI7868
Published Date: Jan 2024
Report Format: PDF

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Variable Speed Heat Pump Market Share

The variable speed heat pump industry is characterized by dynamic competition influenced by various factors including technological innovations, product differentiation, and organic & inorganic growth ventures, among others. Industry participants are making substantial investments in research and development endeavors to enhance efficiency, decrease energy consumption, and improve overall performance. These efforts aim to secure a competitive advantage by building a diversified portfolio.

For instance, in January 2023, Lennox has announced that its Dave Signature Collection SL25XPV heat pump unit has been honored as a winner of GOOD DESIGN Award 2022. The company has innovatively developed the SL25XPV, incorporating variable-capacity, inverter-driven technology to ensure ultra-efficiency. With system ratings reaching up to 24 SEER/15.5 EER/11.8 HSPF, the SL25XPV demonstrates exceptional heating performance and efficiency, particularly in low ambient conditions. The new product range is designed to ensure optimal performance, reliability, and efficiency, contributing to the reduction of GHG emissions and transformation of the overall HVAC sectors.

Variable Speed Heat Pump Market Companies

The key market players operating across the industry include:

Trane
Carrier
Lennox International Inc.
Rheem Manufacturing Company
Daikin Comfort Technologies North America, Inc.
American Standard Heating and Air Conditioning
Hayward Industries, Inc
Johnson Controls
FUJITSU GENERAL
Mitsubishi Electric
GE Appliances
Panasonic Corporation
Allied Air Enterprises LLC
Dettson
Transom Corporation
Bryant Heating & Cooling Systems

Major companies operating across the variable speed heat pump industry are emphasizing on the integration of advanced technologies and components, including compressors and fans, to enhance the performance heat pumps and deliver smart and reliable solutions. Moreover, the variable speed heat pump manufactures are also undertaking several mergers and acquisitions to reshape competition dynamics and attain economies of scale, diversified product portfolios, and gain a competitive advantage over the other players.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of Variable speed heat pump market size crossed USD 46.3 billion in 2023 and is expected to register 13% CAGR from 2024-2032 owing to rising need for effective space heating and cooling technologies along with the rapid development of building infrastructure worldwide.

Variable speed heat pump industry from the residential segment is expected to register 13.4% CAGR from 2024-2032 owing to the increasing replacement of sustainable heating and cooling units across the residential infrastructure.

Asia Pacific variable speed heat pump industry size recorded over USD 21.5 billion in 2023 and is expected to register commendable CAGR from 2024-2032 owing to rising emphasis on energy-efficient systems, supported by government initiatives facilitating emission reduction.

Rheem Manufacturing Company, Daikin Comfort Technologies North America, Inc., American Standard Heating and Air Conditioning, Hayward Industries, Inc, Johnson Controls, FUJITSU GENERAL, and Mitsubishi Electric are some of the major variable speed heat pump companies worldwide.