Chicago, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The global Heat Pump Market size is projected to grow from USD 53.2 billion in 2021 to USD 83.5 billion by 2026, at a CAGR of 9.5% according to a new report by MarketsandMarkets™. Heat pump is an electrical device that uses electricity to transfer heat from one place to another. The heat pump only transfers heat and does not generate it. It is considered an energy-efficient alternative to furnaces and air conditioners in all climates. The factors driving the growth for heat pump market are the supportive government laws and subsidies to enhance energy efficiency.
Energy is an essential power source in homes, hospitals, and schools, among others. However, its production and usage result in the emission of greenhouse gases in significant volumes. Thus, major economies across the globe are aiming to reduce their dependency on non-renewable energy sources and are gradually inclining toward renewable energy sources to restrict the emission of greenhouse gases. The heat pump technology is a promising solution for lowering greenhouse gas emissions.
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Heat Pump Market Scope:
| Report Coverage | Details |
| Market Size | USD 83.5 Billion by 2026 |
| Growth Rate | 9.5% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2021-2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Heat Pump Market by Type, Rated Capacity, Refrigerant Type, End User, and Region. |
| Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Positive outlook toward use of geothermal energy |
| Key Market Drivers | Contribution of heat pump technology to reduce carbon footprint |
Residential is expected to be the fastest-growing segment in the heat pump market
The residential segment holds the largest share in the heat pumps market, followed by commercial. The residential segment accounted for the largest share of 71.3% of the heat pump market. increasing Government initiatives to enhance energy efficiency in the residential sector is expected to drive the residential segment during the forecast period.
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Heat Pump Market Dynamics:
Drivers:
- Contribution of heat pump technology to reduce carbon footprint
- Government laws and subsidies to enhance energy efficiency
Restraints:
- Less awareness regarding advantages associated with heat pumps in emerging economies
Opportunities:
- Increasing integration of Internet of Things (IoT) and other advanced technologies with heat pumps
- Positive outlook toward use of geothermal energy
Challenges:
- High initial installation costs
- Impact of COVID-19 on heat pump market
Asia Pacific is expected to be the largest region in the Heat Pump Industry
The Asia Pacific region is estimated to be the largest market for the heat pump market, followed by North America. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.
Key Market Players:
Major players operating in the Heat Pump Companies include Samsung (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan) and Mitsubishi Electric Corporation (Japan).
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