New York, USA, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Research Dive has added a new report on the global residential heat pump market to its offerings. The global residential heat pump market is anticipated to surpass $77,459.80 million by 2030, rising at a CAGR of 9.7% from 2022 to 2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Residential Heat Pump Market
The COVID-19 pandemic adversely impacted the growth of the global residential heat pump market in 2020. This is mostly due to the implementation of strict lockdown restrictions on transportation activities and massive disruptions in supply chains. Moreover, the demand for residential heat pumps significantly plummeted during the pandemic owing to the financial crisis and the stoppage of various maintenance and construction projects. All these factors hindered the market growth amidst the pandemic period. However, the government of numerous regions is focusing on meeting the net zero carbon emission goal in the post-pandemic period, which is expected to propel the residential heat pump market in the coming years.
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Factors Influencing the Residential Heat Pump Market Growth
The key factors driving the growth of the global residential heat pump market are a substantial increase in the implementation of residential heat pumps owing to their benefits such as high flexibility, efficiency, and clean operation and rising awareness about embracing energy-efficient and eco-friendly energy sources worldwide. Furthermore, in recent times, there has been a rise in the integration of innovative technologies like digitalization and the internet of things (IoT) in residential heat pumps. This is expected to unlock ground-breaking opportunities for the market’s growth in the forecast period. However, high upfront costs and intricate installation procedures of residential heat pumps are projected to hamper the market growth in the forecast period.
Segment Analysis of the Residential Heat Pump Market
The market is segmented based on type, power source, and region.
Air Source Sub-Segment to Dominate the Market
The air source sub-segment of the type segment is projected to witness leading growth and hit $54,022.10 million in the forecast period. This growth is mainly owing to the rising implementation of air source residential heat pumps, as they are highly suitable and beneficial in residential buildings and low environmental impact projects.
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Electric Powered Sub-Segment to Observe Highest Growth
The electric powered sub-segment of the end user segment is estimated to experience the highest growth by garnering $57,093.90 million in the forecast period. This growth is mostly because electric powered residential heat pumps are highly affordable as they work on electricity and do not emit any type of toxic releases.
Asia-Pacific Region to Observe Rapid Growth
The report analyzes the global residential heat pump market across several regions, such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to witness swift growth with a CAGR of 10.3% in the forecast period. The growth of this region’s market is mainly due to the increasing execution of government policies such as the launch of the coal-to-electricity project, which has boosted the installation of air source heat pumps and residential geothermal heat pumps in countries such as China in this region.
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Key Players of the Global Market
The key players in the global residential heat pump market are
- Johnson Controls
- Daikin
- Carrier Corporation
- NIBE
- Mitsubishi Electric Corporation
- Viessmann
- Midea Group
- Stiebel Eltron
- Danfoss
- Glen Dimplex
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in September 2022, Hanwha Q CELLS, a leading provider of total energy solutions, launched residential solar-storage-heat pump solution in Europe. This launch has strengthened the position of the Hanwha Q CELLS in the global residential heat pump market- Inquire here to grab full report
Moreover, the report offers other key details such as business tactics, financial performance, and product/service range of the leading players along with Porter’s five forces analysis and SWOT analysis.
More about Residential Heat Pump Market:
- Residential Heat Pumps: A Great Alternative to Air Conditioners
- Residential Heat Pumps: A Technology to Save Energy and Environment Together
- 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
