Heat Pump Market Revenue Drivers, Growth Opportunities, Value Chain Analysis and Forecast Research Report, 2025
“The global heat pump market size was accounted for USD 58.6 billion, in 2018. It is projected to grow at a CAGR of 8.5% over the forecasted period, 2019 to 2025.”
The global heat pump market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development. Market Overview: 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 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. Impact of COVID-19 COVID-19 outbreak has caused disruption in the supply chain of heat pump systems production. Manufacturers are facing challenges owing to lockdown restrictions and interruption in manufacturing processing. During the pandemic, manufacturers are taking this downtime to enhance their installation capabilities and new product development.
The market is projected to foresee significant growth over the next few years. Various factors such as increasing awareness regarding carbon emission footprints, and supportive government policies are boosting the market growth. In the U.K., over 28,000 heat pumps have been installed in 2019, this number is expected to increase at a rate of 15-30% every year. Heat Pump Market Share Insights Key players in the market include Daikin Industries, Ltd., United Technologies Corporation, NIBE Group, Ingersoll-Rand, The Viessmann Group, Robert Bosch GmbH, The Danfoss Group, StiebelEltron, Mitsubishi Electric Corporation, and Vaillant Group. The companies in the market focus on strategic acquisitions, spending in R&D activities to remain competitive in the industry. For example, in 2018, StiebelEltron has signed a contract for acquiring DanfossVermepumpar AB. Request free sample to get a complete analysis of the market players @ https://www.millioninsights.com/industry-reports/global-heat-pump-market/request-sample 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: Technology Outlook:
Air Source Water Source Ground Source
Application Outlook:
Residential Industrial Commercial
Regional Outlook: 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. Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
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