The global heat pump market size is anticipated to attain USD 103.8 billion by the end of 2025 and is projected to grow at the CAGR of 8.5% during the forecast period 2019 to 2025, according to the new report by Million Insights.The increasing need for energy-efficient heating solutions in the commercial and residential sector is driving the market growth.
Furthermore, increasing consumption of fossils like natural gas, coal and oil has an adverse impact on the environment. In addition, rising awareness about climatic changes and greenhouse gases emission is projected to bolster the demand for heat pumps.Supportive government initiatives with greater emphasis on energy-efficiency are significantly contributing to market growth.
Additionally, the government focus on reducing carbon footprints which in turn, is projected to support the market growth. The government also provides incentives, subsidies for installing heat pumps.
In 2018, Asia Pacific dominated the market with the highest revenue share of 41.2% in the global market. Local players across the region are posing threat to international players. These players offer high-quality products at affordable prices. Mature markets such as Europe and North America are estimated to expand a moderate rate during the forecast period. Technological advancements are projected to boost the demand for energy-efficient products.
Heat pumps market is heavily competitive in nature and highly dependent on technology developments. The end-use segment includes industrial, commercial, and residential. In the residential sector, heating systems are installed for water heating, space heating and other applications. Commercial & industrial buyers focus on operational& maintenance cost savings.
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Further key findings from the report suggest:
• Air source segment is expected to hold the largest share in the market. It is projected to expand at a CAGR of over 8.6% over the forecast period.
• Depending on application, residential segment is projected to account for USD 85.6 billion by the end of 2025.
• Asia Pacific is estimated to expand at the fastest CAGR of over 9% during the forecast period.
• MEA and CSA markets are projected to grow at the CAGR of 9.0% and 8.1% respectively.
Million Insights has segmented the global heat pump market based on technology, application and region:
Heat PumpTechnology Outlook (Revenue, USD Billion, 2014 - 2025)
• Air Source
• Water Source
• Ground Source
Heat Pump Application Outlook (Revenue, USD Billion, 2014 - 2025)
Heat Pump Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia