Heat Pump Market Size [2023-2030] | Industry Analysis by Share, Trends, And Growth Forecast Report
Fortune Business Insights
6 min read
Fortune Business Insights
Heat Pump Market to Gain from Increasing Demand from Residential and Commercial Sectors: Fortune Business Insights
Pune, India, March 08, 2023 (GLOBE NEWSWIRE) -- The global heat pump market size is projected to gain impetus from a rise in the demand for heating and cooling due to an ever-increasing population. Fortune Business Insights, in an upcoming report, titled, “Heat Pump Market Size, Share and Global Trend By Type (Air Source Heat Pump, Water Source Heat Pump, Ground Source Heat Pump), By Application (Residential, Commercial, Industrial) and Geography Forecast till 2026,” states that heat pumps provide economic benefits by decreasing the overall energy expenses. It is projected to boost the global market growth during the forecast period.
The report highlights the CAGR and estimated heat pump market share of the global market between the period of 2019 to 2026. It further provides an elaborate analysis of the market’s competitive landscape as well as the factors that are likely to challenge the overall market growth. It doesn’t fail to offer detailed information on those major factors that will drive the market growth.
Air Source Heat Pump to Lead Global Market Owing to Increasing Usage in Households
In terms of type, the global heat pump market is divided into ground source heat pump, water source heat pump, and air source heat pump. Out of these, the air source heat pump is one of the most commonly used pumps that is used to eliminate heat from the air and then pass on heat to either the exterior or interior of the house, depending on the season. This segment is likely to lead the global heat pump market during the forthcoming years. Water source heat pumps are used with the hydronic heat distribution system. During the summer season, it transfers heat from the outside air and then passes it to the water in the hydronic system.
COVID-19 Impact
Amid the COVID-19 pandemic, the power generation and supply for a particular day are planned on the basis of the demand. The lockdown has taken a huge toll on the demand for electricity from the commercial and industrial sectors. But, the availability of fuel and plant operations was not affected as these are classified as essential services by regulatory bodies. Our research reports will help you pave the way toward success by providing in-depth analysis of the overall industry.
Rising Number of New Single and Multi-family Housing Units to Favor Growth in North America
Geographically, the global heat pump market is categorized into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. Amongst these regions, North America is set to exhibit notable growth for the heat pump market. It will occur due to a rise in the number of modern single and multi-family housing units. It is resulting in an urgent need for heating and air-conditioning. Combined with this, high rates of migration from the neighboring nations are also playing a crucial role in the market growth in this region.
Europe, on the other hand, is anticipated to accomplish its decarbonization target by 2050. Also, the increasing demand from commercial and residential sectors for heating and cooling systems is expected to propel the heat pump market growth in this region. The government is undertaking several initiatives to put forward eco-friendly policies as heat pumps are associated with renewable energy and biomass. In Asia Pacific, air conditioning and refrigeration to preserve food and cool spaces are projected to drive market growth.
Segmentation of Report:
The heat pump market can be segmented by type and application.
By type, the market can be divided into air source heat pumps, water source heat pumps, and ground source heat pumps. Air source heat pumps extract heat from the air, while water source heat pumps extract heat from water sources such as rivers or lakes. Ground source heat pumps extract heat from the ground. Each type of heat pump has its own advantages and disadvantages, and the choice of heat pump type depends on factors such as geographic location, building size, and energy requirements.
By application, the market can be segmented into residential, commercial, and industrial. Residential applications include heating and cooling of homes and apartments. Commercial applications include heating and cooling of commercial buildings such as offices, hotels, and retail spaces. Industrial applications include heating and cooling of factories, warehouses, and other manufacturing facilities.
The heat pump market is expected to continue to grow as more governments and organizations implement regulations requiring the use of energy-efficient heating and cooling systems. The market is also driven by the need to reduce carbon emissions and move towards renewable energy sources. Advances in heat pump technology, such as the development of hybrid heat pumps that combine different types of heat pumps or use renewable energy sources such as solar power, are expected to drive growth in the market.
Industry Development:
Vattenfall has been selected as a preferred partner to deliver district heating infrastructure for the Argent Related and Barnet Council’s 180-acre development project. The district heating network delivered by Vattenfall’s new business venture UK Energy Solutions will serve 6700 new homes which include UK’s largest installation of the heat pump.
A strategic partnership between Systemair and Panasonic aimed to provide a sustainable solution for commercial and residential premises. Panasonic will introduce high efficiency and eco-friendly heat pump chillers incorporating Systemair’s innovative reversible cooling technology.
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