The global Heat Pump Market is projected to reach a market size of USD 94.42 billion by 2023 from an estimated USD 54.34 billion in 2018, growing at a CAGR of 11.68% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for heat pumps, followed by Europe. This trend is expected to continue until 2023. The heat pump market is set to witness growth because of increased investments in the residential and commercial sectors, infrastructure developments, and the ability to reduce carbon emissions.
Heat pumps transfer heat from one point to another in the vital parts of cooling and heating processes, which use the air available outside and inside a particular space to perform these functions. The heat pumps extract the outside heat when it is warm outside and act like an air conditioner, thereby removing the heat from buildings, and vice versa. Reduction of primary energy demand and CO2 emissions devices is the major driver of the heat pump market. Increasing investments in construction and residential sectors would provide new growth markets for the suppliers of heat pumps.
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The significant contribution of heat pumping technology in the reduction of CO2 emissions drives the global market
Energy is necessary for our daily lives as it fuels businesses, powers homes, hospitals, and schools. However, energy production leads to the emission of greenhouse gases. Carbon dioxide (CO2), which is one of the greenhouse gases, is released in a substantial amount through the burning of fossil fuels, such as coal, oil, and natural gas. Many countries aim to reduce their primary energy demand due to the increasing CO2–emissions and implement policies to restrict the greenhouse gases in the environment. Heat pumps offer an energy-efficient way to provide space heating through aerothermal and geothermal technologies. Exhaust air, groundwater, and surface water (lake, river, or pond) are other examples of commonly used heat sources. Many countries are concerned regarding the increase of energy-related CO2 emissions as a result of using fossil fuels for energy generation. Carbon emissions associated with energy consumption and generation can be reduced greatly when heat pump systems are used instead of fossil-fueled systems. This is driving an increase in the number of factories, manufacturing units, and residential complexes with energy-efficient heat pump installations.
Asia Pacific is expected to be the largest heat pump market
In this report, the heat pump market has been analyzed concerning 4 regions, namely, Asia Pacific, Europe, North America, and Rest of the World (RoW). The governments in these countries are drawing up policies to ensure that energy-efficient equipment such as heat pumps are being installed in new buildings, which is expected to drive the market for heat pumps. The demand from China would lead the market in Asia Pacific. Growing investments in the residential and commercial sectors of the Chinese market is creating a huge demand for the heat pump market. Rising government regulations and policies for increasing energy efficiency and favorable incentives, a significant contribution of heat pumping technology in the reduction of CO2 emissions, implementation of large industrial and commercial projects, and refurbishment of the aging infrastructure in Asia Pacific & Europe would continue to create demand for the heat pump market.
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The global heat pump market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the Heat Pump Market include Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).
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