Global Heat Pump Market trends estimates high demand by 2024

Fuelled by the rising preference of consumers toward more energy efficient and environment friendly products, heat pumps are predicted to gain more demand in the coming years. In addition, the growth in the construction industry and the stringent regulations introduced by governments in developing nations for promoting renewable energy globally will stimulate the growth of the global heat pump market. 

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This study provides an extensive assessment of the global heat pump market and comprises historical data and thoughtful insights into this market. The prime technological advancements taking place in the market and how these advancements will influence the development of this market have also been presented. A detailed review of the drivers, inhibitors, trends, and opportunities also forms a key part of this study.

The market has been studied based on various analysis tools such as SWOT analysis and Porter’s five forces model. The key vendors operating in the global heat pump market and their contributions in this market have also been presented. The growth of this market in key geographies and the segments leading the market all through the forecast period have also been described under this study.

Overview of the Global Heat Pump Market

Heat pumps are the devices utilized for transferring heat energy to a destination known as ‘heat sink’ from a source of heat. They utilize certain quantity of external power in order to accomplish the task of moving energy to a heat sink from the heat source. Though freezers and air conditioners are apt examples of heat pumps, still the term ‘heat pump’ is generic and can be utilized for heating, ventilating, and air conditioning (HVAC) devices utilized for space cooling and space heating. Owing to the rising requirement for renewable energy generation, the heat pump market is on the boom and is presenting promising solutions to various applications in different kinds of buildings.

The growing financial support from numerous government and corporate organizations globally for the advancements of heat pumps will provide impetus to the development of the global heat pump market. In addition, the growing awareness about greenhouse gas emissions caused by conventional heating activities will augment the development of the overall market. Furthermore, the dearth of conventional resources of energy will also positively impact the growth of the heat pump market.

On the other hand, the high cost involved in installment and the absence of consumer awareness will impede the development of the global heat pump market. In addition, the technical difficulty faced in the installment of heat pump units in the already present infrastructures may also negatively impact the development of the global heat pump market.

In terms of type, the report categorizes the global heat pump market into ground-to-air, ground-to-water, and air-to-water. Of these, the segment of ground-to-water heat pumps is the leading segment in the market, while the segment of air-to-water heat pumps holds a significant share in nations such as Norway, Switzerland, France, and Japan. The report further states that though the segment of ground-to-water is the leading segment, still the development of the overall heat pump industry is fuelled by the segment of air-to-water.

By application, the report segments the market into industrial, commercial, and residential sectors. In these primary application segments, heat pumps are mainly employed for pre-heating domestic hot water, space heating and cooling, dehumidification in industrial and domestic sectors, and heat recovery.

In terms of geography, the report categorizes the market into Asia Pacific, North America, Europe, and Rest of the World (RoW).

Key Players in the Global Heat Pump Market

The top players in the market are Danfoss Heat Pumps, Baxi, DeLonghi-Climaveneta, Geothermal International Ltd (GI), Earth Energy Limited, Global Energy Systems and Technology, Ideal Boilers, ICS Heat Pump Technology, Keston Boilers, NIBE, Mitsubishi Electric, TEV Limited, Worcester Bosch, and Transen Sustainable Energy Systems Limited, among others.

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