Heat Pump Market Growth & Trends
The global heat pump market size is anticipated to reach USD 136.84 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The market is primarily driven by the increasing prices for non-renewable energy sources and various government initiatives to boost the use of energy-efficient renewable energy sources.
These products are employed in both heating and cooling applications, which is achieved by transferring thermal energy in the form of heat; they can be used as a heater in winter and air conditioner in the summer. In addition, these products help reduce carbon emission thereby lowering the greenhouse gas emission and aiding in increasing the air quality.
The increased demand for air conditioning due to the growth of the housing sector and commercial establishments along with the government subsidies for increasing energy efficiency and reducing the carbon footprint have boosted the demand for these products. Furthermore, the demand has increased in residential facilities due to their cost-effective air conditioning.
As the government bodies of various countries are trying to implement energy conservation policies due to their high energy efficiency and low carbon emissions. The U.K. government has come up with energy efficiency offices to coordinate, monitor, and develop energy conservation policies as their energy efficiency strategy.
The COVID-19 outbreak adversely impacted the growth of the global residential and commercial industry because of the lockdowns in various parts of the world, which led to the closure of heat pump manufacturing facilities to curb the spread of the virus. Furthermore, the restricted travel rules made it difficult to obtain raw materials for the production of these products.
Advancements in technologies and new product launches amid the COVID-19 pandemic restrictions are anticipated to drive the growth of the market. For instance, Daikin Europe has launched Daikin Altherma 3 R, a high capacity R-32 refrigerant split air to the water heat pump which offers cooling along with heating and domestic hot water set-up.
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Heat Pump Market Report Highlights
The air source technology segment has contributed to 81.1% of the global revenue share in 2021 due to their high efficiency, low carbon emissions, and increased demand in residential and commercial buildings
The penetration of heat pumps in the industrial sector is expected to witness a CAGR of 7.8% from 2022 to 2030 due to the growing demand for industrial heating and cooling
Geothermal technology in Europe is foreseen to witness an increase in demand at the CAGR 9.9%, owing to the need for switching to low-cost energy substitutes because of the increasing oil prices
The heat pump demand in Japan is likely to expand at a CAGR of 9.3% over the forecast period on account of the increased demand for energy-efficient and eco-friendly air conditioning
Access Press Release@ https://www.grandviewresearch.com/press-release/global-heat-pump-market
Heat Pump Market Segmentation
Grand View Research has segmented the global heat pump market based on technology, application, and region:
Heat Pump Technology Outlook (Revenue, USD Million, 2017 - 2030)
Air Source
Water Source
Ground Source
Heat Pump Application Outlook (Revenue, USD Million, 2017 - 2030)
Commercial
Residential
Industrial
Heat Pump Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Sweden
Norway
Asia Pacific
China
Japan
Australia
India
Central & South America
Brazil
Argentina
Middle East & Africa
UAE
Saudi Arabia
List of Key Players of the Heat Pump Market
Carrier
Daikin Industries, Ltd
NIBE Group
Viessmann Group
Glen Dimplex
BDR Thermea Group
Midea Group
Hitachi, Ltd.
Ingersoll Rand Plc.
STIEBEL ELTRON GmbH & Co. KG
Vaillant Group
Robert Bosch GmbH
The Danfoss Group
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