NEWARK, Del, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The global heat pump market is projected to reach a value of US$ 50714 Mn by 2032 while the market expands at an average CAGR of 4.3% from 2022 to 2032.
Scaling up from a value of US$ 33156 Mn in 2022, the target market will likely be driven by the growing investment in the construction and residential sectors. Favorable regulatory policies by governments across the world will further augment the growth of the heat pump market during the forecast period.
The swift expansion of the construction industry along with the rise in the execution of stringent new regulations for buildings and infrastructure by governments, worldwide, will have a positive impact on the target market. Policies such as subsidies for the purchase of heat pumps provided by the government, tax credit systems, and the growing use of renewable energy are fueling the demand for heat pumps.
In countries like the U.S., Australia, and European countries, governments provide subsidies for the purchase of heat pumps to assist in the reduction of carbon footprint and amplify the use of renewable energy sources for cooling and heating purposes.
China, Japan, and many countries in Europe have their own renewable energy policies for heating purposes, which encourage the use of heat pumps over conventional heating elements. Again, favorable government policies in the U.S. China, Japan, Europe, and South Korea are anticipated to be critical factors in propelling the demand for heat pumps for residential applications.
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Moreover, the escalating demand for eco-friendly and technologically-advanced devices for heating and cooling purposes will contribute to the rising demand for heat pumps. These pumps are gaining popularity as they help in the reduction of carbon intensity.
Heat pumps can assist in lowering electricity consumption for cooling and heating applications by half compared to other electric resistance heating appliances. All of these considerations help expand the heat pumps market during the forecast period.
“Implementation of favorable government regulatory policies coupled with availability of technologically enhanced heating and cooling devices will drive the global growth of the heat pumps market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising access to sustainable alternatives may hamper market growth.
- By product, the air-air heat pump segment will generate an opportunity of US$ 7,889 Mn.
- On the basis of refrigerant, CO2 refrigerant type will create a revenue opportunity of US$ 2,731 Mn.
- China’s heat pump market will grow at a healthy CAGR of 6.7%.
- The heat pump market in North America will expand at a CAGR of 4.1%
- Japan’s heat pump market will grow at a CAGR of 4.6%.
Competitive Landscape
Viessmann Group, Danfoss Group Global, United Technologies Corporation, Stiebel Eltron Group, Glen Dimplex Group, The Bosch Group, Mitsubishi Electric Corporation, Panasonic Corporation, NIBE Group, and Daikin Industries Limited among others are some of the major players in the heat pumps market profiled in the full version of the report.
Leading market players are focusing on developing new technology to take advantage of the existing market opportunities. These enterprises are employing tactics like mergers, acquisitions, and research and development activities to gain a competitive advantage.
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More Insights into Heat Pumps Market Report
In its latest report, FMI offers an unbiased analysis of the global heat pump market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (air-water heat pump, air-air heat pump, ground source heat pump, hybrid heat pump), power source (electric, others (gas driven)), end user (residential, commercial, industrial), refrigerants (HFC, CO2, Ammonia, hydrocarbon, others), system type (air-source heat pumps, ductless mini-split heat pumps, geothermal heat pumps, absorption heat pumps), and region.
According to the latest FMI reports, based on segmentation, the air-air heat pumps segment is expected to create a revenue growth opportunity of US$ 7,889 Mn during 2022-2032. Their high adoption rate, particularly in Western Europe, pushes the segment to grow. In terms of refrigerants, the demand for CO2 refrigerant is expected to rise during the forecast period, creating a growth opportunity of US$ 2,731 Mn.
Based on region, the heat pump market in China will exhibit significant growth during 2022-2032. Growing at a CAGR of 6.7%, the target market in this country will register high demand from the industrial, commercial, and residential sectors. Owing to the fact that heat pumps can effectively use clean energy for heating, these pumps are gaining extensive usage in China. Japan and the U.S. are the two other countries that will experience impressive market growth of heat pumps during the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Key Market Trends
2.1. Key Trends Impacting the Market
2.2. Product Innovation/ Development Trends
3. Market Introduction
3.1. Market Coverage/Taxonomy
3.2. Market Definition/Scope/Limitations
4. Key Success Factors
4.1. Installed Base Analysis
4.2. Overview of Components Used
5. Heat Pump Market Demand Analysis 2016-2021 and Forecast, 2022-2032
5.1. Historical Market Volume (‘000 Units) Analysis, 2016-2021
5.2. Current and Future Market Volume (‘000 Units) Projections, 2022-2032
5.3. Y-o-Y Growth Trend Analysis
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