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 (2021 to 2031).
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.
Click Here To get a Sample Report (Including Full TOC, Table & Figures):-https://www.factmr.com/connectus/sample?flag=S&rep_id=3763
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
- Air Source Heat Pumps
- Water Source Heat Pumps
- Ground Source Heat Pumps
- Air-to-Air Heat Pumps
- Air-to-Water Heat Pumps
- Electric Heat Pumps
- Geothermal Heat Pumps
- Heat Pump Up to 10 kW
- 10–20 kW Heat Pump
- 20–30 kW Heat Pump
- Heat Pump Above 30 kW
- 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
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.