Heat Pump Market 2020 Size, Demand, Cost Structures, and Future Forecasts to 2026

A heat pump is a mechanical-compression cycle refrigeration system that can be reversed to either heat or cool desired space. It has main four components, which include condenser, expansion valve, evaporator, and compressor.

As per the report published by Allied Market Research, the global heat pump market was pegged at $52.4 billion in 2018 and is projected to reach $94.7 billion by 2026, growing at a CAGR of 7.7% from 2019 to 2026.

The global heat pump market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2018, holding more than two-fifths of the market. Moreover, the region is projected to portray the highest CAGR of 8.1% during the forecast period.

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Based on type, the air-to-air segment accounted for the largest heat pump market share of around 75% in 2018 and is anticipated to be the largest market during the forecast period.

As compared to electric resistance heating, i.e., furnaces and baseboard heaters, air-to-air heat pumps save 50% energy and that is why they are known to be energy efficient.

Based on application, the residential application segment dominated the global market in 2018. Residential buildings and housing spaces represent the need for space heating and cooling due to climate changes. This provides a scope of utilization for heat pumps in the residential sector and make it a prominent application segment over others.

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Key Findings Of The Study:
• Based on type, the air-to-air segment emerged as the global leader by acquiring a 78% market share in 2018. Superior energy efficiency, its use as a legitimate space heating alternative in colder regions, and cost-competitive use are the factors that drive their use across the globe.
• Based on application, the residential segment acquired more than 75% market share in 2018 in response to an increase in need for economical and energy-efficient space heating, cooling, and sanitary hot water.
• Asia-Pacific emerged as the global leader in the global heat pump market with around 40% market share in 2018. This is attributed to high adoption of a heat pump as an alternative to fuel-based heating methods, growth inresidential spaces and resulting demand for heating products, and favorable government regulation.

The global heat pump market report includes an in-depth analysis of the major market players such as Daikin Industries Ltd., Ingersoll Rand Plc, Glen Dimplex Group, Mitsubishi Electric Corporation, Melrose Industries PLC, StiebelEltron, NIBE Industrier AB, ViessmannWerke GmbH & Co. KG, Vaillant Group, and Panasonic Corporation.

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