Heat Pump Industry Overview
The global heat pump market size is anticipated to reach USD 136.84 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The market is primarily driven by the increasing prices for non-renewable energy sources and various government initiatives to boost the use of energy-efficient renewable energy sources.
These products are employed in both heating and cooling applications, which is achieved by transferring thermal energy in the form of heat; they can be used as a heater in winter and air conditioner in the summer. In addition, these products help reduce carbon emission thereby lowering the greenhouse gas emission and aiding in increasing the air quality.
Heat Pump Market Segmentation
Grand View Research has segmented the global heat pump market based on technology, application, and region:
Based on the Technology Insights, the market is segmented into Air Source, Water Source, and Ground Source
- The air source technology segment led the heat pump market and accounted for a revenue share of 81.1% in 2021.
- Air source technology is an efficient source of hot water, along with spacing heating and cooling applications by ensuring low carbon footprint, low maintenance, easy installation process, and cost-effective.
- The ground source segment is projected to register a CAGR of 9.0% over the forecast period. The increased growth in demand for these products can be attributed to their supply of stable temperature by maintaining consistency regardless of the outside temperature along with their low operating costs, energy-efficient features, and the use of renewable energy sources thereby helping to mitigate the pollution.
Based on the Application Insights, the market is segmented into Commercial, Residential, and Industrial
- The residential application segment has led in the year 2021 by accounting for 80.5% of global heat pump revenue.
- Residential applications for hot water along with space heating and cooling have witnessed a rise in demand due to the increasing population which in turn leads to the growth in demand for cost-effective and convenient air conditioning techniques.
- The industrial application segment is likely to register a CAGR of 7.8% over the forecast period. Heat pumps find application in such as paper & pulp, food & beverage, chemical, automotive, and other prominent industries due to the rising focus to reduce the costs of energy, maintenance costs, and environmental effects amid emission of large amounts of greenhouse gases into the environment from the industries.
Heat Pump Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market for heat pumps is comprised of both multinational and local manufacturers, making it one of the competitive industries in the world due to the continuous growth in demand for air conditioning in the forthcoming years. The companies their products through various platforms, such as company websites, e-commerce websites, retailers, distributors, and end-users.
Some prominent players in the global 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
Order a free sample PDF of the Heat Pump Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment