Heat Pumps Market Is Anticipated To Nearly Double By 2031, According To Future Market Insights
According to FMI’s recent study, the global heat pumps market was valued at around US$ 32 Bn in 2019 and is estimated to expand at a CAGR of 5% over the forecast period of 2020-2030, with a limited impact of the current pandemic situation on long-term growth forecasts. Increasing demand for tech-advanced cooling solutions with low carbon footprint, government initiatives to curb greenhouse gas emissions, and advancements in heating, ventilation, and air conditioning (HVAC) systems are factors contributing to the revenue pool of the global heat pumps market.
Request a FREE Sample of this Report in PDF @
https://www.futuremarketinsights.com/reports/sample/rep-gb-480
Amidst the global health crisis, cooling as well as heating
systems are critical to fulfil the immediate needs of consumers, such as
providing thermal comfort in hospitals and homes, preserving food and
medicines, and keeping data centers running. In line with this, refrigeration and
heat pumps are essential for consumers.
As the world attempts to fight the COVID-19 pandemic, it has
led to delayed production across several heat pump production facilities in
major coronavirus hit countries such as the US, China, and Germany, This is expected
to dampen heat pump sales by around US$ 1 Bn in 2020. Moreover, the COVID-19
pandemic will significantly impact consumer behavior in the short term, with
domestic shipments from China for air source heat pumps (ASHPs) registering
drop of over one-third in January 2020.
The global heat pumps market will witness v-shaped recovery
growth, owing to rising inclination towards innovative construction solutions,
especially in countries such as India, China, and Mexico.
Key Takeaways from Heat Pumps Market Study
- Air-water
heat pumps are finding immense use in domestic hot water, floor heating,
and space heating/cooling applications.
- Heat
pumps having flexible or twin-speed features to reduce energy consumption
and improve overall efficiency throughout are likely to garner substantial
traction over the forecast period.
- Demand
for CO2 refrigerant heat pumps is expected to increase, given its
excellent recyclability, low cost, and environment-friendly attributes.
- Hybrid
heat pumps are likely to see significant rise in adoption, owing to their
high efficiency, lower energy consumption, and cost effectiveness as
compared to other heat pumps.
- Air-source
heat pumps continue to grab huge attention of market players, owing to
their low installation cost and high demand in North America and Western
Europe.
“As the world
moves towards sustainable and green energy solutions, heat pumps are expected
to replace conventional heating systems rapidly in the near term. In addition,
the ongoing coronavirus (COVID-19) spread can alter how companies organize
their supply chains in the coming years, with more stress being layed on
decentralization”.
HEAT PUMPS MARKET TAXONOMY
The global heat pumps market is segmented into six
segments in detail to cover every aspect of the market and present complete
market intelligence to the readers.
Type
- Air-water
Heat Pumps
- Air-air
Heat Pumps
- Ground
Source Heat Pumps
- Hybrid
Heat Pumps
Power Source
- Electric
- Others
(Gas Driven)
End User
- Residential
- Commercial
- Industrial
Refrigerants
- HFC
- CO2
- Ammonia
- Hydrocarbon
- Others
System Type
- Air-source
Heat Pumps
- Ductless
Mini-split Heat Pumps
- Geothermal
Heat Pumps
- Absorption
Heat Pumps
Region
- North
America
- Latin
America
- Western
Europe
- Eastern
Europe
- APEJ
- Japan
- MEA
Comments
Post a Comment