Heat Pump Market Overview:
Heat Pump Market size is expected to grow at USD 215.36 billion by 2032, with 8.73% CAGR during the forecast period.
Growth demand for energy-efficient and economical space heating, as well as cooling applications within residential and commercial housing, is anticipated to fuel market expansion.
Key Players:
Midea (China)
Ingersoll Rand (Ireland)
Glen Dimplex (Ireland)
Stiebel Eltron (Germany)
Panasonic (Japan)
Daikin (Japan)
Danfoss (Denmark)
Hitachi (Japan), among others
COVID-19 Impact on Heat Pump Market
The many lockdown measures implemented by governments throughout the world to stop the COVID-19 virus's spread have made it challenging to access the raw ingredients needed for production. The stop in residential and commercial facility construction is another way that the pandemic has negatively impacted this sector.
Reduced Demand: Economic uncertainties caused by the pandemic resulted in a reduction in consumer spending. Many people postponed or canceled their non-essential purchases, including heat pumps, leading to a decline in market demand.
Market Segmentation
By kind, the heat pump market is divided based on location, type, and application. The industry is divided into three types according to type: water source, geothermal, plus air-to-air. A substantial portion of the heat pump market is made up of air-to-air systems. The pump industry is split into three categories based on application: domestic, industrial, as well as commercial. Because of its use in heat pumps, cooling, space heating, and other applications, the residential segment dominates the others. The areas of North America, Europe, the Asia-Pacific, plus LAMEA are examined separately.
By technology: As technology improved, it was noted that while a heat pump was operating, it released less carbon dioxide, which was a positive step toward a decarbonized tomorrow. Eco-friendly technology was thusly discovered. The air-to-air section can transport heat from the outdoor environment to the internal environment thanks to this technology. It may also be used to generate heat during the winter and summer. According to market trends for heat pumps, the furnace fan that was recently identified conserves 3.99 quads of energy, sparing you money on the electric bill.
Regional Classification
In share of the market for heat pumps, North America is responsible for a sizable portion and is expected to grow through 2027. North America is made up of the US and Canada, while Europe is made up of several other regions, including the UK, Italy, Spain, France, and Germany, and Latin America is made up of Mexico and Brazil.
In terms of market share, Asia-Pacific is expected to account for a sizable portion, while Japan, China, plus India contribute a sizable portion of heat pump industry revenue. As per the heat pump worldwide market overview, it was noted that heat pumps throughout Japan are utilized in refrigerators and also for space heating and cooling in a variety of residential settings.
Industry News
In addition to other places, energy is a crucial power source in homes, offices, and schools. Nevertheless, its creation and use lead to a sizable amount of greenhouse gas emissions. Therefore, to reduce greenhouse gas emissions, developed economies throughout the world are gradually shifting away from non-renewable energy sources as well as toward renewable ones.
A promising method for reducing greenhouse gas emissions involves heat pump technology. Geothermal plus aerothermal heat pumps provide a room heating method that is energy-efficient. Whenever utilized in heating, ventilation, as well as air conditioning (HVAC) systems, the heat pump is frequently recognized as a sustainable technology. Heat pumps are commonly used for space heating, cooling, plus water heating within commercial, residential, and industrial sectors. Huge thermal energy reserves exist in both the air and the ground. Heat pumps use energy input, primarily electricity, to raise the temperature while extracting ambient heat from the air plus low-temperature surfaces.
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