Charting Heat Pump Titans’ Soaring Global Influence: Future Market Insights Report
The Heat Pumps industry report is a thorough source of information and analysis on the Heat Pumps industry and is provided by Future Market Insights, a reputable ESOMAR Certified Market Research and Consulting Firm. This report examines the driving factors, market potential, and forecast information for Heat Pumps, illuminating the breadth and key findings of the study. The predictions stretch a decade to 2032 and include detailed revenue and shipping breakdowns. The report also evaluates significant industry participants, their market shares, the competitive environment, and regional views.
The global heat
pump market is anticipated to secure a valuation of US$ 34.3
billion in 2023 and reach US$ 58.7 billion by 2033. The global market is
estimated to capture a CAGR of 5% during the forecast period.
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Amidst the global health crisis, cooling, as well as heating
systems, are critical to fulfilling 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 Billion 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 pump market will witness v-shaped recovery
growth, owing to a 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 a 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”.
Key Companies Profiled:
- Viessmann
Group
- Danfoss
Group Global
- United
Technologies Corporation
- Stiebel
Eltron Group
- Glen
Dimplex Group
- The
Bosch Group
- Mitsubishi
Electric Corporation
- Panasonic
Corporation
- NIBE
Group
- Daikin
Industries Limited
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.
By Type
- Air-water
Heat Pumps
- Air-air
Heat Pumps
- Ground
Source Heat Pumps
- Hybrid
Heat Pumps
By Power Source
- Electric
- Others
(Gas Driven)
By End User
- Residential
- Commercial
- Industrial
Refrigerants
- HFC
- CO2
- Ammonia
- Hydrocarbon
- Others
By System Type
- Air-source
Heat Pumps
- Ductless
Mini-split Heat Pumps
- Geothermal
Heat Pumps
- Absorption
Heat Pumps
By Region
- North
America
- Latin
America
- Western
Europe
- Eastern
Europe
- APEJ
- Japan
- MEA
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