Heat Pumps Market Projected to Reach USD 118.10 billion by 2030, at a 11.37% CAGR – Report by Market Research Future (MRFR)
Heat Pump Market Growth Opportunity Accelerated by Growing Technology and Increasing Demands to Condense Carbon Footprint
New York, US, May 31, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Heat Pumps Market Research Report Information by Capacity, Region, Type, and End-User – Forecast Till 2030”, the heat pumps market is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 11.37%. The reports even share prediction regarding the growing revenue share of the market which is likely to attain a market of USD 118.10 billion by the end of 2030. As per the study documents, the market was worth around USD 49.9 billion in 2021.
Heat Pumps Market Overview:
In recent years, the global Heat Pumps industry has displayed enormous advancement. The primary aspect causing a surge in the performance of the market is the growing installation of a Heat Pump to Condense Carbon Footprint.
Competitive Analysis
The catalog of the top leaders across the global Market for Heat Pumps includes players such as:
- Midea (China)
- Danfoss (Denmark)
- Ingersoll Rand (Ireland)
- Panasonic (Japan)
- Glen Dimplex (Ireland)
- Daikin (Japan)
- Stiebel Eltron (Germany)
- Hitachi (Japan)
- Among others.
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Heat Pumps Market USP Covered
Market Drivers
In recent years, the global Heat Pumps industry has displayed enormous advancement. The primary aspect causing a surge in the performance of the market is the growing installation of a Heat Pump to Condense Carbon Footprint. Furthermore, factors such as rising demand for heat pumps for heating & cooling applications in commercial & residential buildings and technology integration with cutting-edge technologies are also likely to enhance the market’s performance over the coming years.
Market Restraints
However, some aspects may limit the market’s performance. The main aspect limiting the market’s development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 118.10 billion |
| CAGR during 2022-2030 | 11.37% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Capacity, End User, and Region |
| Key Market Opportunities | Increasing investments in the commercial and residential sector |
| Key Market Dynamics | Government regulations for increasing energy efficiency Rapid industrialization and increasing population would encourage energy-efficient equipment |
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Heat Pumps Market Segment Analysis
Among all the types, the air-to-air segment secured the leading position across the global heat pumps market in 2021. The Air-to-air technology guarantees minimal carbon footprint, cost-effectiveness, low maintenance, and simple installation while offering an efficient source of hot water for spacing heating and cooling applications, making it an ideal choice for various application areas. The heat pump utilizes a hydronic distribution system or fan coils/ducted ventilation systems to ensure that heat is dispersed evenly across the provided space.
Among all the capacities, the up to 10 kW capacity segment secured the leading position across the global market for heat pumps in 2021, given their appropriateness and high energy efficiency. Furthermore, the increasing use of heat pumps in single-family homes will likely catalyze the segment’s development over the coming years.
Among all the end-use sectors, the residential segment secured the leading position across the global heat pumps market in 2021, given to changing climatic circumstances. Furthermore, encouraging government policies and tax breaks for installing energy-saving devices will likely catalyze the segment’s development over the coming years.
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Heat Pumps Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Heat Pumps industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Heat Pumps Market Regional Analysis
The research documents by MRFR indicate that the North American Region carried the top position across the global Heat Pumps industry in 2021, with the largest revenue contribution of nearly USD 21.51 billion. The Region has Canada and the U.S. as the leading development contributors. Further, the U.S. Heat Pumps Market held the largest market share, and Canada was the fastest-growing market in the North American Region. The main aspect supporting the regional market expansion is the rising consumer demand for energy-efficient systems. Furthermore, the government initiatives to promote emission reduction are another crucial aspect enhancing the performance of the regional market. Moreover, factors such as the rise in family units & population development and clean heating and cooling systems to adopt clean and sustainable technology are also likely to positively influence the development of the regional market over the coming years.
The European Region is predicted to ensure the second position across the global Heat Pumps industry over the assessment period. The Region has France, Germany, and the U.K. as the leading development contributors. Further, the German Heat Pumps Market held the largest market share, and the U.K. was the fastest-growing market in the European Region. The main aspect supporting the regional market expansion is the government measures to lower carbon emissions. Furthermore, factors such as rising investments in the construction of greenhouse infrastructure and growing environmental concerns are also likely to positively influence the performance of the regional market over the evaluation timeframe.
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The Asia-Pacific regional market for Heat Pumps is predicted to experience significant development over the assessment era. The Region has China and India as the leading development contributors. The main aspect supporting the regional market’s development is the escalating demand for energy-effectual heating resolutions in the commercial and residential sectors. Furthermore, the escalating awareness regarding climate change and greenhouse gas emissions is also believed to be one of the crucial aspects enhancing the regional market’s development.
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