LONDON--(BUSINESS WIRE)--Technavio, a global technology research and advisory company, has announced in its the top five leading vendors in its recent global heat pump market report: Carrier, Daikin, Danfoss, Mitsubishi and NIBE. The full research report, which must be obtained from the company, also lists 46 other prominent vendors that are expected to impact the market during the forecast period.

Domestic heat pumps typically have a coefficient of performance (COP) in the range of 2-4.5 and cooling energy-efficiency ratio (EER) in the range of 2.5-4, which means heating or cooling in the same factor as the electricity utilized. Apart from solar energy, heat pumps are at present the only source of heating that offer a COP of more than 1, making them the most efficient space heating option available. Thus, heat pumps are the most viable option in continental climatic zones, and the major demand is expected from these regions during the forecast period.

Although the number of countries using heat pumps is more consolidated in Europe, APAC continues to dominate the market for heat pumps globally. Japan has maintained its position as the globally leading heat pump market by value in 2015, followed by China. Germany remains the leading nation with the highest share of heat pumps in the EU, followed by France.

The global heat pump market is highly fragmented with the presence of many vendors. The market is characterized by the presence of well diversified international, regional, and local vendors. Many local and regional vendors provide highly-customized, and energy-efficient heat pumps at lower prices than those provided by international vendors. Although several local and regional vendors are emerging in the market, they find it difficult to compete with international vendors in terms of quality, features, and services.

“The competitive business environment in this market is expected to intensify further in the future, with increased product extensions and technological innovations. It is predicted that international players may grow inorganically during the forecast period by acquiring regional or local players,” says Gaurav Mohindru, a lead tools and components analyst from Technavio.

Heat pumps are attaining a mass market and are gaining wide popularity among the public. The market is predicted to witness technological advances in heat pump technology. Also, the growing focus on changing the energy mix worldwide will compel the bigger players to invest more in R&D. This will make it difficult for the regional and local players to compete due to lack of funds and resources.

Top five heat pump market vendors:

Carrier Corporation
Carrier Corporation offers high technology heating, air-conditioning, and refrigeration solutions. The company serves three markets, including residential and light commercial (for homes and small facilities); commercial building and multi-level facilities; and refrigeration systems for food retail and transportation. It provides furnaces, central air conditioners, air filters, split systems, heat pumps, and other home comfort solutions.

The company is a manufacturer of air conditioning systems and chemical products worldwide. It offers air conditioning systems for use in offices, residences, restaurants, data centers, hospitals, marine applications, and warehouses. The company manufactures air conditioning equipment, chemicals, refrigeration equipment, oil hydraulics, and electronics and defense system products. It has a wide geographical presence across Asia, Africa, Oceania, North America, Latin America, Europe, and the Middle East.

Danfoss is involved in developing, manufacturing, and selling of mechanical and electronic products. The company offers domestic air source heat pumps and commercial air and ground source heat pumps.

Mitsubishi Electric
Mitsubishi Electric manufactures and markets electrical and electronic products and systems worldwide. Its products are used in energy and electric systems, industrial automation, information and communication systems, electronic devices, and home appliances.

NIBE is a Sweden-based company that is manufacturer of products for household and commercial use. It employs 10,000 people in its operations spread across Europe, North America, Asia, and Australia.
has announced the top five leading vendors in its recent global heat pump market report. This research report also lists 46 other prominent vendors that are expected to impact the market during the forecast period.

Technavio develops more than 2000 pieces of research every year, covering more than 500 technologies across 80 countries. It employs approximately 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.