Heat Pump Market is Expected to Grow with a CAGR 9.3% from 2022 to 2028

Heat Pump
  • Heat Pump Market

As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e.,Type, Capacity, Refrigerant Type, End User, and Region); the Global Heat Pump Market accounted for USD 52.7 Billion in the 2021.

“Key Factors Likely to Drive Growth of Heat Pump Market”

The heat pump works on the principle of mechanical-compression cycle refrigeration that could also be reversed to heat or cool the preferred area of a facility. Hence, there are an increasing number of areas used for area heating and cooling applications. Heat pumps are composed of primary components, which consist of a doors unit that is pretty just like that of the primary air-conditioner and indoor air handler. The increasing need to diminish dependence on fossil fuels and the search for an energy-green opportunity for furnaces and air conditioners are expected to drive the demand for warmth pumps over the forecast period.

Contribution of warmth pumps generation to lessen carbon footprint: Energy is a vital strength supply in homes, hospitals, and schools, amongst others. However, its manufacturing and utilization bring about the emission of greenhouse gases in sizable volumes. Thus, foremost economies throughout the globe are aiming to lessen their dependency on non-renewable electricity and are steadily inclining in the direction of renewable electricity to limit the emission of greenhouse gases.

The heat pump technology is a promising solution for reducing greenhouse fuel emissions:

Heat pumps through aerothermal and geothermal technology provide a power-green method for area heating. The heat pump is frequently seen as a sustainable generation whilst utilized in heating, ventilation, and air conditioning (HVAC) systems. In the residential, commercial, and business sectors, heat pumps are broadly used for area heating, cooling, and heating water. Heat pumps extract the ambient heat from the air and land at low temperatures and increase the temperature through power input, in particular electricity.

Increasing integration of the Internet of Things (IoT):

The Internet of Things (IoT)-primarily based onheat pumps permits real-time monitoring, predictive maintenance, and far-flung diagnostics of components. The Internet of Things (IoT)-is primarily based on heat pumps including smart thermostats that help monitor environmental modifications and communicate with their water heater equipment. End customers from unique sectors are an increasing number of people adopting heat pumps.

Asia Pacificheld the largest market share due to several factors like the growing demand for energy-efficient heating solutions in the residential and commercial coupled with the rising awareness about climate change and greenhouse gas emissions.

Asia Pacificexpected to grow at the maximum Compound Annual Growth Rate (CAGR) over the forecast duration due to government initiatives to diminish carbon emissions along with the growing environmental concerns which have increased the demand for sustainable heating systems in the region.

Some of the key players in the GlobalHeat Pump Marketinclude-Samsung (South Korea), Denso Corporation (Japan), Midea Group (China), Panasonic Corporation (Japan), Mitsubishi Electric Corporation (Japan), Johnson Controls (Ireland), Daikin Industries Ltd. (Japan), Carrier (US), LG Electronics (South Korea), Trane Technologies (Ireland), GEA Group Aktiengesellschaft (Germany), Fujitsu General (Japan), Thermax Limited (India), Lennox International (US), Danfoss A/S (Denmark), Glen Dimplex (Ireland), Viessmann (Germany), Nibe (Sweden), Guangzhou Sprsun New Energy Technology Development Co. Ltd. (China), Rheem (US), Emerson Electric Co. (US) and others.