The global heat pump market size is anticipated to reach USD
103.8 billion by 2025, accelerating at a CAGR of 8.5% over the forecast period,
according to a new report published by Grand View Research, Inc. The demand for
these pumps is anticipated to be driven by growing demand for energy-efficient
heating solutions in residential and commercial sectors over the forecast
period.
Growing consumption of fossil fuels, such as
coal, oil, and natural gas, to meet heating requirements has a harmful impact
on the environment. Growing awareness regarding climate changes and greenhouse
gas emissions is expected to boost the demand for energy-efficient products.
This, in turn, is expected to boost the consumption of these pumps over the
forecast period.
This is among the prominent industries showcasing
significant growth in terms of revenue. It is hugely influenced by government
standards and high-quality demand. Favorable government policies for
energy-efficient solutions and lowering carbon footprints are expected to boost
the demand for heat pumps over the forecast period. Many governments are
providing subsidies or incentives for the installation of heat pumps.
In terms of revenue, Asia Pacific accounted
for 41.2% of the overall share in 2018. The presence of local players in Asia
Pacific poses a substantial threat to the large global companies in terms of
product quality and price offered to the customers owing to the availability of
highly skilled workforce at low cost and low raw material cost. Mature markets
including North America and Europe are anticipated to register moderate growth
as the regions are in a race to innovate products and processes through
technological support. In addition, high demand for certified energy-efficient
products is expected to favor the industry growth over the forecast period.
The global heat pump market is extremely
competitive in nature and relies on technological developments and product
improvements. The end-use segments for heat pump include residential,
commercial, and industrial. Residential sector utilizes heating systems for
space heating, water heating, and other utility purposes. Industrial and
commercial buyers focus on factors including operational and energy cost
savings, maintenance cost, and the lifespan of these pumps.
For full research report on Heat Pump Market
visit here:
https://www.grandviewresearch.com/industry-analysis/heat-pump-market
Further key
findings from the report suggest:
- Air source is expected to be the largest and
fastest growing technology segment over the forecast period. The segment
is expected to advance at a CAGR of 8.6% from 2019 to 2025
- Residential application segment is expected to
hold a majority of the market share. The segment is expected to reach USD
85.6 billion by 2025
- Asia Pacific was the largest market in 2018
and is expected to grow at the fastest CAGR of 9.4% over the forecast
period. The growing demand for these pumps in emerging economies, such as
India, Japan, and China, is driving the industry growth in Asia Pacific
- CSA and MEA are expected to exhibit a growth
rate of 8.1% and 9.0% respectively. The regions are likely to present
significant opportunities for the industry growth over the forecast
period.
Get free request sample of this report
here : https://www.grandviewresearch.com/industry-analysis/heat-pump-market/request/rs1
Grand
View Research has segmented the global heat pump market based on technology,
application, and region:
Technology
Outlook (Revenue, USD Billion, 2014 - 2025)
- Air Source
- Water Source
- Ground Source
Application
Outlook (Revenue, USD Billion, 2014 - 2025)
- Residential
- Industrial
- Commercial
Regional
Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Sweden
- Norway
- Asia Pacific
- China
- Japan
- Australia
- Central & South
America
- Brazil
- Argentina
- Middle East and
Africa
- UAE
- Saudi Arabia
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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