New York, USA, May 24, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global residential heat pump market is anticipated to rise at a healthy CAGR of 9.7%, thereby garnering a revenue of $77,459.80 million in the 2022-2030 timeframe. This latest report, published by Research Dive, provides a brief outlook of the current framework of the residential heat pump market including its major facets like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2030. All the important market statistics are also provided in this report to help new players gain insights about the market with ease.
Dynamics of the Market:
Drivers: Since the last few years, there is an increasing demand for sustainable energy sources, which is expected to become the main growth driver of the residential heat pump market in the 2022-2030 timeframe. Along with this, rising popularity of home geothermal heat pumps is anticipated to boost the market in the forecast timeframe.
Opportunities: Government regulations and mandates to implement energy-efficient systems in order to reduce carbon footprint is anticipated to provide huge growth opportunities to the market in the forecast timeframe. Also, advanced technologies like Internet of Things (IoT) and digitization for residential heat pumps is predicted to push the market forward.
Restraints: High upfront costs associated with heat pumps is, however, expected to hamper the growth of the residential heat pump market.
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Impact of Covid-19 Pandemic on the Market:
The Covid-19 pandemic has disrupted industrial processes across all sectors, and hence has negatively impacted their corresponding global markets. The global residential heat pump market, unfortunately, is no exception to this phenomenon. The pandemic and the subsequent lockdowns in various countries had disrupted the heat pump production operations. Along with this, ban on imports and exports led to a shortage of raw materials like iron castings and stainless-steel components, which further hampered the growth of the market. However, government initiatives to bring the economy back on track is expected to boost the market in the upcoming years.
Segments of the Market:
The report has fragmented the residential heat pump market into certain segments based on type, power source, and region.
Type: Air Source Sub-segment to be the Most Dominant
By type, the air source sub-segment is expected to have the highest market share and reach a revenue of $54,022.10 million by 2030. Air source heat pumps are efficient and clean energy sources for buildings that have minimal carbon emissions. Also, these heat pumps require low maintenance as they use electricity for powering fans and compressors. Both these advantages are expected to be the main growth drivers of this sub-segment.
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Power Source: Electric Powered Sub-Segment to Generate the Highest Revenue
By power source, the electric powered sub-segment is expected to be the most dominant and reach $57,093.90 million by 2030. Electric-powered residential heat pumps are much more economical than their counterparts, as they run on electricity. Also, due to the same reason, they do not emit any toxic or combustible gases which makes them extremely safe to use. All these factors are expected to contribute to the growth of this sub-segment in the analysis timeframe.
Region: Market in Asia-Pacific Region to be the Fastest Growing
By regional analysis, the residential heat pump market in the Asia-Pacific region is predicted to be the most dominant as well as the fastest growing one, surging at a healthy CAGR of 10.3%. Increasing number of heat pump installations, especially in countries like Japan and China, along with government initiatives in various countries to cut down on carbon emissions is expected to be the primary growth driver of the market in this region.
Prominent Market Players:
Some leading market players of the residential heat pump market are
- Midea Group
- Carrier Corporation
- Viessmann
- Johnson Controls
- Glen Dimplex
- Mitsubishi Electric Corporation
- Daikin
- NIBE
- Danfoss
- Stiebel Eltron
These players are adopting several business strategies like mergers, acquisitions, and partnerships to gain a commanding position in the market.
For instance, in January 2022, Mestek Canada, a leading manufacturer of specialty HVAC systems, announced the acquisition of Transom Corp., a high-lift, low-ambient heat pump designing and manufacturing company. This acquisition will help Mestek Canada to increase its market share by catering to a larger customer base.
Finally, the Research Dive report also summarizes many crucial aspects of the residential heat pump market including latest strategic developments, SWOT analysis, product portfolio, and financial performance of the key players.
Region: Asia-Pacific has an Aggressive Growth rate for Residential Heat Pump Market (Avail Customization) @ https://www.researchdive.com/request-for-customization/3641
Some Trending Article Links:
- Residential Heat Pumps: A Great Alternative to Air Conditioners
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- Global Residential Heat Pump Market to Surpass $77,459.8 Million by 2030, Owing to the Increasing Adoption of Energy-efficient Systems to Reduce Carbon Emissions
