Australia Heat Pump Market Size & Outlook, 2022-2030
Australia heat pump market, 2018-2030 (US$M)
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Australia heat pump market highlights
- The Australia heat pump market generated a revenue of USD 772.9 million in 2022 and is expected to reach USD 1,436.5 million by 2030.
- The Australia market is expected to grow at a CAGR of 8.1% from 2023 to 2030.
- In terms of segment, air source was the largest revenue generating technology in 2022.
- Geothermal is the most lucrative technology segment registering the fastest growth during the forecast period.
Heat pump market data book summary
| Market revenue in 2022 | USD 772.9 million |
| Market revenue in 2030 | USD 1,436.5 million |
| Growth rate | 8.1% (CAGR from 2022 to 2030) |
| Largest segment | Air source |
| Fastest growing segment | Geothermal |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Source, Water Source, Geothermal |
| Key market players worldwide | Carrier Global Corp Ordinary Shares, Daikin Industries Ltd, Robert Bosch Engineering & Business Solutions, Lennox International Inc, Johnson Controls International PLC, Hitachi Ltd, Ingersoll Rand Inc, Palomar Holdings Inc, Haier, Panasonic Holdings Corp, Danfoss A/S, Fujitsu Ltd, LG Electronics Inc ADR, Samsung Electronics Co Ltd, Midea Group |
Other key industry trends
- In terms of revenue, Australia accounted for 0.9% of the global heat pump market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China heat pump market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 749.8 million by 2030.
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Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Australia heat pump market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat pump market will help companies and investors design strategic landscapes.
Air source was the largest segment with a revenue share of 85.19% in 2022. Horizon Databook has segmented the Australia heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.
According to IMF, the GDP of Australia contracted by 2.4% in 2020, and in 2021 the country’s economy is expected to be recovered with the GDP of 4.5% in 2021 and 2.8% in 2022 respectively. The Australian economy made a recovery amidst the global pandemic surpassing expectations owing to the rise in demand for commodities globally.
The demand for heat pumps is likely to witness growth over the forecast period on account of the rising government initiatives to encourage the use of energy-efficient products. Heat pumps provide cost-effective heating and cooling of spaces by using low quantities of fossil fuel as compared to conventional systems.
However, due to higher upfront costs and a longer payback period than other heating and cooling systems, consumers in Australia prefer conventional heating and cooling systems. Higher installation cost of heat pumps is often a potential roadblock for heat pump’s adoption over conventional systems.
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Target buyers of Australia heat pump market databook
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Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Australia heat pump market , including forecasts for subscribers. This country databook contains high-level insights into Australia heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Australia heat pump market size, by technology, 2018-2030 (US$M)
Australia Heat Pump Market Outlook Share, 2022 & 2030 (US$M)
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