Residential Heat Pump Market Is Expected to Reach $77.5 Billion by 2030: Allied Market Research
Allied Market Research
4 min read
Allied Market Research
Surge in installation of residential heat pumps in homes for maintaining warm and cool temperature drive the growth of the residential heat pump market. Asia-Pacific is contributed to the highest share in terms of revenue in 2021, holding more than one-third of the total market share. The supply of raw materials such as iron and sensors was decreased due to transportation restrictions, which, in turn, adversely affected the market during the pandemic.
Portland, OR, July 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global residential heat pump market generated $33.5 billion in 2021, and is projected to reach $77.5 billion by 2030, witnessing a CAGR of 9.7% from 2022 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Surge in installation of residential heat pumps in homes for maintaining warm and cool temperature along with adoption of energy and cost efficient systems drive the growth of the residential heat pump market. Moreover, technological advancements are expected to offer lucrative opportunities for the market growth.
COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operations due to fewer resources. Therefore, a major decline in growth rate was observed in the global residential heat pump market.
The manufacturing facilities of heat pumps have been highly impacted by the lockdown. The supply of raw materials such as iron and sensors was decreased due to transportation restrictions, which, in turn, adversely affected the manufacturing of residential heat pumps, thereby affecting the global market.
The report offers detailed segmentation of the global residential heat pump market based type, power source, and region.
Based on type, the air source segment held the highest market share in 2021, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 10.0% from 2022 to 2030. Other segments in the report are water source and geothermal.
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Based on power source, the electric powered segment held the largest market share in 2021, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 10.1% from 2022 to 2030. The report also analyzes the air powered segment.
Based on region, Asia-Pacific is contributed to the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 10.3% during the forecast period. Other regions analyzed in the report include North America, Europe, and LAMEA.
Leading players of the global residential heat pump market analyzed in the research include Midea Group, Johnson Controls, Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.
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