The global demand for Heat Pump Market is presumed to reach the market size of nearly USD 142.95 MN by 2028 from USD 77.7 MN in 2021 with a CAGR of 9.1% under the study period 2022 - 2028.
A heat pump refers to the mechanical-compression cycle refrigeration system used to transfer heat energy to a thermal reservoir. They consist of a condenser, a compressor, an expansion valve and an evaporator. They work on electricity and transfer heat using refrigerants. They transfer thermal energy by absorbing heat from a cold space and releasing it into a warmer one. Heat pumps are available in various forms, such as geothermal heat pumps, water source heat pumps, air-source heat pumps, exhaust air heat pumps, solar-assisted heat pumps etc. They are used in places with ventilation and air conditioning needs. They offer enhanced safety, lower running costs, less maintenance, and reduced carbon emissions
Market Dynamics
The key factor driving the demand for the heat pump market is the rising demand for energy-efficient and cost-effective space heating and cooling applications. Low operational cost, high security and less maintenance are other factors contributing to the demand for this market. In addition, increasing integration of the Internet of Things (IoT) and other advanced technologies with heat pumps are expected to create lucrative growth opportunities for this market in the upcoming years. Furthermore, growing environmental concerns and favourable regulatory policies boost the demand for the heat pump market. However, less awareness regarding the advantages associated with heat pumps among emerging economies can obstruct the demand for the heat pump market.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of heat pump. The growth and trends of heat pump industry provide a holistic approach to this study.
Market Segmentation
This section of the heat pump market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Technology
- Air Source
- Water Source
- Ground Source
By Application
- Commercial
- Residential
- Industrial
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Heat Pump market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Heat Pump Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the heat pump market include Carrier, Daikin Industries, Ltd, NIBE Group, Viessmann Group, Glen Dimplex, BDR Thermea Group, Midea Group, Hitachi, Ltd., Ingersoll Rand Plc., STIEBEL ELTRON GmbH & Co. KG, Vaillant Group, Robert Bosch GmbH, The Danfoss Group. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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