A new market study, titled “Global Heat Pump Market Size, Status and Forecast 2020-2023” has been featured on Market Research Future.
As per the analysis of market Research Future (MRFR), the global heat pump market is optimistic for continued market growth due to a combination of various factors. MRFR has projected a CAGR of 11.08% in the heat pump market over the forecast period of 2018-2023. A heat pump is a device which is able to transfer heat from one place to another and consists of four major components, namely, condenser, compressor, evaporator, and expansion valve. They are extensively used in buildings for heating, ventilating, and air conditioning (HVAC) applications.
Leading Players analyzed in the Global Heat Pump Market are:
Midea (China), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Panasonic (Japan), Daikin (Japan), Danfoss (Denmark), and Hitachi (Japan) are the major players operating in the heat pump market.
Get Free Sample Copy of “Heat Pump Market Research Report- Forecast till 2023” at: https://www.marketresearchfuture.com/sample_request/7012
Industry Highlights
Heat pumps are designed to transfer heat from one place to another, with the help of electricity. Refrigerators and air conditioners are the two examples with heat pump technology. Advantages of heat pump include, less use of electricity, most efficient alternative to fuel, oil, and electric systems regarding heating and cooling. Heat pumps also have financial benefits due to its high efficiency, leading to contributing towards the reduction of CO2 emissions.
The increased development of various building structures has promoted the heat pump market. The necessity to reduce carbon emissions due to rising global warning concerns is motivating innovation the market for heat pumps. Additionally, the advances in aerothermal and geothermal technologies are further promoting the expansion of the heat pump market.
The expansion of the renewables is a key driving force behind the increasing popularity of heat pumps. Heat pumps run on electricity rather than fossil fuels due and align with global renewable energy targets. With the rise in residential construction across the globe, a growing number of builders, as well as house owners, are showcasing increased interest in heat pumps. Moreover, the proliferation of green buildings has contributed significantly to the growth of the market. Green buildings are focused on energy conservation and leaving minimal effects on the environment, and thus, heat pumps are widely used in green buildings.
Segmentation
The global heat pump market has been segmented based on type, capacity, and end-user.
By Type
By Capacity
Up to 10 kW
10-20 kW
20-30 kW
Above 30 kW
By End-User
Industrial
Commercial
Residential
By Regions
North America
Asia-Pacific
Europe
Rest of the World
Regional Analysis
The regional study of the heat pump market includes regions such as Europe, North America, Asia Pacific and the rest of the world.
The heat pump market globally is anticipated to observe considerable growth through the forecast period due to increasing investments in the commercial and residential sectors together with the requirement to lessen carbon emissions.
The Asia Pacific region holds the principal stake in the heat pump market due to intensifying investments in the residential and business sectors in nations such as India and China, generating demand for the heat pump market increasingly. Furthermore, the leadership in these nations are outlining policies to safeguard that energy-efficient equipment such as heat pumps that are being installed in modern buildings.
Europe is the second largest market for heat pump. Favorable government regulations, along with incentives, drive the market in Europe. Increased focus on renewables energy is also driving the market since the majority of the total renewable energy in Europe is produced through this technology. Moreover, the usage of heat pumps has grown in the region for the achievement of 2050 climate targets.
Moreover, the European region holds the subsequent principal stake in the heat pump market with financing in the restoration of aging electrical infrastructure and mounting focus on using energy-efficient devices to decrease carbon emissions.
Industry Updates
May 2019 - A. O. Smith, a manufacturer of both residential and commercial water heaters and boilers, launched its Commercial Heat Pump Water Heater (CHP-120). The heat pump has the highest efficiency and has 50% more storage capacity as compared to any other heat pump available in the market. It is ideally suitable for light commercial applications such as schools, restaurants, retail buildings and is Energy Star qualified.
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