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Heat Pump Market: Segmented: By Type (Air-to-Air and Air-to-Water); By Technology (Water Source, Air Source and Ground Source); By Application (Residential, Industrial and Commercial); and Region - Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Heat Pump Market is anticipated to surpass USD 1,04,713 million by 2030 from USD 51,500 million in 2020 at a CAGR of 10.19% throughout the forecast period, i.e. 2020-2030
The heat pump is a mechanical compression cycle refrigeration device that supports reversing functionality and activity to either cool or heat a restricted room. It moves heat from one stage to the other in the important parts of the cooling and heating processes. The heat pump consists of two major parts, namely an indoor air handler and an outside arm. The outdoor device contains a pump that circulates a refrigerant that collects and removes heat as it passes through indoor and outdoor systems. The heat pump absorbs the outside heat when it becomes warm outside and serves as an air conditioner, reducing the heat from the buildings, and vice versa.
Heat Pump Market is expected to project a CAGR of 10.19% during the forecast period, 2020-2030
The market is anticipated to grow on the back of increasing the adoption of heat pumps in the residential areas and the benefits related to the reduction of CO2. Development in the building and housing sector for single-unit and multi-unit dwellings is expected to fuel demand for heat pumps over the forecast era. Improved customer purchasing habits are anticipated to raise sales from restaurants and other commercial outlets, which are projected to surge demand for such pumps in the industrial sector.
The Air-to-Air segment to grow with the highest CAGR
The global Heat Pump Market is segmented by type into Air-to-Air and Air-to-Water. The air-to-air segment held the largest market share of xx% in the year 2019, owing to its widespread acceptance and low installation cost in comparison to other heating technologies.
The Air Source segment to grow with the highest CAGR
The market for a heat pump is also segmented by technology into Water Sources, Air sources, and Ground Sources. The air source segment is estimated to hold the largest market share in the year 2019. Air Source Heat Pump soaks up heat from the outside air and transfers it to an indoor space, including a home, office, or building for space heating and cooling appliances, through a heat radiator.
A residential segment to grow with the highest CAGR
The global Heat Pump Market is segmented by application into Residential, Industrial, and Commercial. Among these, the residential segment is estimated to hold the largest market share in 2019. These pumps are highly energy-efficient products used for space heating, cooling, and sanitary hot water generation applications in homes. Favorable policy initiatives and tax rebates are given to construct energy-saving goods that are projected to boost demand for heat pumps in the residential sector.
Significant Contribution of Heat Pumping Technology in Reduction of CO2
Energy is essential in our everyday lives because it fuels industries, and drives houses, clinics, and colleges. Nevertheless, carbon extraction factors in the release of greenhouse gases. CO2, which is one of the greenhouse gases, is emitted to a significant degree by consuming fossil fuels such as coal, oil, and natural gas. Most countries plan to reduce their primary energy consumption as a consequence of rising CO2 pollution and adopt measures to eliminate greenhouse gases in the atmosphere.
High Cost
Heat exchangers are costly, requiring drilling for some heat-pump types or large spaces to be efficient, and the heat pump industry mostly competes on price rather than efficiency. Heat pumps are already at a price difficulty when it comes to initial investment compared to conventional heating solutions like boilers, so the drive towards more efficient heat pumps and air conditioners is often led by legislative measures on minimum efficiency standards. Electricity rates will also influence the attractiveness of heat pumps.
Asia Pacific to grow with the highest CAGR during 2020-2030
The global Heat Pump Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA. Among these, the market in the Asia Pacific is estimated to hold the largest market share of xx% in the year 2019, owing to the high adoption of the system in China with the population relying on cost-and energy-effective products.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Heat Pump Market size was estimated at USD 51,500 million in 2020 and is expected to reach USD 1,04,713 million by 2030
Daikin Industries Ltd., Vaillant Group, Ingersoll Rand Plc, Viessmann Werke CmbH & Co. KG, Glen Dimplex Group, Panasonic Corporation
The Air-to-Air segment to grow with the highest CAGR and The Air Source segment to grow with the highest CAGR are anticipated to hold Heat Pump Market
Drivers: Significant Contribution of Heat Pumping Technology in Reduction of CO2
The heat pump is a mechanical compression cycle refrigeration device that supports reversing functionality and activity to either cool or heat a restricted room. It moves heat from one stage to the other in the important parts of the cooling and heating processes.
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