Sales Of Heat Pumps Are Projected To Accelerate At A Healthy CAGR Of 9% By 2031

According to a recent report by Fact.MR, a market research and competitive intelligence provider, sales of heat pumps are expected to reach a valuation of US$ 140 Bn by 2031, rising at a robust CAGR of around 9% over the forecast period.

Heat pumps continue to gain traction as a viable and ecological alternative to conventional heating equipment, owing to the efforts of several economies for progressing towards a low-carbon future by using cleaner energy to run transportation, heating, cooling, and other applications. Rapid climate changes have not only increased the heating needs for residential buildings but also led to the development of dual-source options in heat pumps for effective temperature regulations in both, warm and cold climates.

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Key Takeaways from Market Study

Global heat pump market to top US$ 140 Bn by 2031.
Air source heat pumps projected to reach around US$ 80 Bn by 2031.
Water source heat pumps projected to record above 6% CAGR over the next 10 years.
Ground source heat pumps expected to reach valuation of US$ 20 Bn by 2031.
Market in East Asia holds share of more than 50%.
Market in Japan to record 5% CAGR over forecast period of 2021- 2031.

Key Segments Covered in Heat Pump Industry Research

Product Type

Air Source Heat Pumps
Water Source Heat Pumps
Ground Source Heat Pumps

System Type

Air-to-Air Heat Pumps
Air-to-Water Heat Pumps
Electric Heat Pumps
Geothermal Heat Pumps
Rated Capacity
Heat Pump Up to 10 kW
10-20 kW Heat Pump
20-30 kW Heat Pump
Heat Pump Above 30 kW

Application

Use of Heat Pumps in Residential sector
Use of Heat Pumps in Commercial Sector
Use of Heat Pumps in Hospitality Sector
Use of Heat Pumps in Retail Sector
Use of Heat Pumps in Education Sector
Use of Heat Pumps in Industrial Sector
Use of Heat Pumps in Food & Beverage Sector
Use of Heat Pumps in Paper & Pulp Sector
Use of Heat Pumps in Chemicals & Petrochemicals Sector

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Competitive Landscape

Heat pump market has not only witnessed the provision of ecologically and economically feasible products, but also premium products with advanced features for critical commercial and industrial applications.

Companies are heavily spending in research and development operations as well as innovation centers to acquire a competitive advantage in the market.

Top manufacturers of heat pumps are adapting to contemporary trends and developing high-end products to tap latent opportunities. The production of premium or advanced heat pumps tend to be limited, but represent a high market value. As a result, the heat pump market shows a high level of consolidation for high-end products.

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How Insights and Analysis by Fact.MR Make Difference? 

The in-depth assessment of various growth dynamics of the Heat Pump Market and insights on market estimations help all market participants to stay ahead in the curve of growth with a worldwide economic impact of COVID-19. Some of the insights that can make the difference are: 

Most rapidly expanding region and the top revenue-generating region.
Trends that are outliers to the historical growth of various regional markets.
Products, services, and technologies that will attract sizable research and investment funding by governments of different countries
Macroeconomic dynamics that may make a characteristic change in the growth trajectory of the overall Heat Pump Market. 

Apart from these insights, the authors of the report by Fact.MR shed light on the following dynamics and answers relevant questions: 

What is the share of the most lucrative region in the global Heat Pump Market by the end of the forecast period?
Which is the most profitable product segments for most players?
Will top end-use industries continue to contribute sizable shares to the global Heat Pump Market?
Which regulatory frameworks in developed markets will change the course of strategies by top international players?
Which microeconomic trends will be key to the expansion of new markets over the forecast period?
Which government policies can prove to be a game-changer for new entrants?
Which technology trends might disrupt the demand in key end-use industries?
Which application areas are most likely to see innovation in the near future?
What is the intensity of competition and degree of consolidation in market shares, and will these remain the same throughout the forecast period?

For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html

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This release was published on openPR.