Dublin, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The "Heat Pump Market Size and Share Analysis by Type, End User - Global Industry Growth and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
An outside component of your home's heating and cooling system is a heat pump. It can chill your house, much like a conventional air conditioner, but it may also generate heat. A heat pump carries heat from chilly exterior air to your home during the winter months, and during the summer months, it removes heat from inside air to cool your house.
They are heated and cooled throughout the year using refrigerant, which is powered by electricity. It's possible that homeowners won't need to build separate heating and cooling systems because they can manage both functions.
For extra functionality in colder areas, the interior fan coil may be equipped with an electric heat strip. Heat pumps are more ecologically friendly than furnaces since they don't consume fossil fuel.
In 2030, it is anticipated that the worldwide heat pump market will bring in $105,462.1 million. The market is growing favorably as a result of the replacement of traditional fuel-based heating systems in such products and the widespread use of heat pump technology in residential uses as a cost-effective heating technique.
Additionally, this technique conforms with legal standards and significantly lowers CO2 emissions. As a result, the market is becoming more and more crowded due to favorable regulatory rules and increased environmental concerns.
Majority of Consumer Need Was for Air-to-Air Type Heat Pumps
Air-to-air heat pumps held a roughly 75% market share of the heat pump industry. Some of the significant factors propelling the use of these types are their quick and simple installation, extended lifespan, and low emissions.
They function by collecting heat from the external air and transferring it via the central heating network to an enclosed environment. Significant expenditures in the creation of systems that are specifically designed for use in locations with harsh climatic conditions will further promote commercial growth for the leading manufacturers.
Residential Sector Is Responsible for Largest Share
The need for heat pumps in the residential sector generated more than $40 billion in income. This is largely because heat pumps are now widely used to offer cooling solutions during the summer and heating solutions during the winter.
Climate change and government measures to improve energy performance in the residential industry are hence the driving forces behind the demand for these systems.
Increased Heat Pump Installation Will Reduce Carbon Footprint
Fossil fuel energy production results in massive GHG emissions, which, together with ozone depletion, cause climate change. In order to minimize harmful emissions, major nations throughout the world are working to transition quickly away from non-renewable sources and toward sustainable ones.
This technology is seen as a good way to reduce greenhouse gas emissions. Depending on whether they are being used for heating or cooling, these pumps extract the heat from the air and then utilize power to either raise or reduce its temperature.
When compared to other HVAC systems, these pumps may generate up to 77% of the heat from the air, which significantly reduces the need for non-renewable energy sources and subsequently lowers carbon emissions.
Company Profiles
- Samsung Electronics Co. Ltd.
- Midea Group Co. Ltd.
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Johnson Controls International plc
- Daikin Industries Ltd.
- Carrier Global Corporation
- LG Electronics Inc.
- Trane Technologies plc
- DENSO CORP.
- GEA Group Aktiengesellschaft
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Analysis Period
1.4 Market Data Reporting Unit
1.4.1 Value
1.5 Market Size Breakdown by Segment
1.5.1 Market Segmentation by Type
1.5.2 Market Segmentation by End User
1.5.3 Market Segmentation by Region
1.6 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
Chapter 3. Executive Summary
Chapter 4. Definition of Market Segments
4.1 By Type
4.1.1 Air-to-Air
4.1.2 Water Source
4.1.3 Geothermal
4.2 By End User
4.2.1 Residential
4.2.2 Commercial
4.2.3 Industrial
Chapter 5. Industry Outlook
5.1 Market Dynamics
5.1.1 Trends
5.1.1.1 Involvement of players in various strategic developments
5.1.2 Drivers
5.1.2.1 Increasing installation of heat pumps to reduce carbon footprint
5.1.2.2 Increasing demand for energy-efficient solutions
5.1.3 Impact Analysis of Drivers on Market Forecast
5.1.4 Restraints
5.1.4.1 High installation costs of heat pumps
5.1.5 Impact Analysis of Restraints on Market Forecast
5.2 Impact of COVID-19
5.3 Porter's Five Forces Analysis
Chapter 6. Global Market Size and Forecast
6.1 Overview
6.2 Market Revenue, by Type (2017-2030)
6.3 Market Revenue, by End User (2017-2030)
6.4 Market Revenue, by Region (2017-2030)
For more information about this report visit https://www.researchandmarkets.com/r/xtggtu-pump-market?w=12
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