May 2020 | Report Format: Electronic (PDF)
The global heat pump market size is anticipated to reach USD 103.8 billion by 2025, accelerating at a CAGR of 8.5% over the forecast period, according to a new report published by Grand View Research, Inc. The demand for these pumps is anticipated to be driven by growing demand for energy-efficient heating solutions in residential and commercial sectors over the forecast period.
Growing consumption of fossil fuels, such as coal, oil, and natural gas, to meet heating requirements has a harmful impact on the environment. Growing awareness regarding climate changes and greenhouse gas emissions is expected to boost the demand for energy-efficient products. This, in turn, is expected to boost the consumption of these pumps over the forecast period.
This is among the prominent industries showcasing significant growth in terms of revenue. It is hugely influenced by government standards and high-quality demand. Favorable government policies for energy-efficient solutions and lowering carbon footprints are expected to boost the demand for heat pumps over the forecast period. Many governments are providing subsidies or incentives for the installation of heat pumps.
In terms of revenue, Asia Pacific accounted for 41.2% of the overall share in 2018. The presence of local players in Asia Pacific poses a substantial threat to the large global companies in terms of product quality and price offered to the customers owing to the availability of highly skilled workforce at low cost and low raw material cost. Mature markets including North America and Europe are anticipated to register moderate growth as the regions are in a race to innovate products and processes through technological support. In addition, high demand for certified energy-efficient products is expected to favor the industry growth over the forecast period.
The global heat pump market is extremely competitive in nature and relies on technological developments and product improvements. The end-use segments for heat pump include residential, commercial, and industrial. Residential sector utilizes heating systems for space heating, water heating, and other utility purposes. Industrial and commercial buyers focus on factors including operational and energy cost savings, maintenance cost, and the lifespan of these pumps.
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https://www.grandviewresearch.com/industry-analysis/heat-pump-market
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Further key findings from the report suggest:
Air source is expected to be the largest and fastest growing technology segment over the forecast period. The segment is expected to advance at a CAGR of 8.6% from 2019 to 2025
Residential application segment is expected to hold a majority of the market share. The segment is expected to reach USD 85.6 billion by 2025
Asia Pacific was the largest market in 2018 and is expected to grow at the fastest CAGR of 9.4% over the forecast period. The growing demand for these pumps in emerging economies, such as India, Japan, and China, is driving the industry growth in Asia Pacific
CSA and MEA are expected to exhibit a growth rate of 8.1% and 9.0% respectively. The regions are likely to present significant opportunities for the industry growth over the forecast period.