Heat Pump Market Top Companies to Watch Out Danfoss Group Global, Daikin Industries, Ltd, StiebelEltron Gmbh & Co.KG, Bosch Thermotechnik GmbH, NIBE Global Group, Thermsaver Inc., Glen Dimplex Group, Viessmann Group, Mitsubishi Electric, Corporation, and

Heat pump is a device that collects heat from sources such as air, water, and ground, and transfers the heat to another location, typically against a temperature gradient. Heat pumps have many advantages such as low running costs, less maintenance, less carbon emissions, and long life span among others.

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Increasing consumption of energy in buildings is one of the major factors driving growth of the market

One of the major factors attributed to growth of the market is the rising consumption of energy in buildings. For instance, according to the International Energy Agency (IEA) analysis, in 2015, building and building construction sectors were accounted for around 37% of the global final energy consumption and around 40% of total direct and indirect CO2 emissions whereas, energy consumed by transportation sector was 28%, by iron, steel, and cement manufacturing industries was 30%, and others 5%, respectively.

Global Heat Pumps Market: Regional Insights

Asia Pacific is expected to grow with highest CAGR in the global heat pump market over the forecast period. Rapid urbanization, industrialization, and favorable government investments for the development of buildings are some of the factors leading to increasing investments in construction sector for building houses in emerging economies such as India and China.

Key players in Heat Pump Market

Key players operating in the global heat pump market include Danfoss Group Global, Daikin Industries, Ltd, StiebelEltron Gmbh & Co.KG, Bosch Thermotechnik GmbH, NIBE Global Group, Thermsaver Inc., Glen Dimplex Group, Viessmann Group, Mitsubishi Electric, Corporation, and Enertech Group Ltd.

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