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According to a new report Global Heat Pump Market, published by KBV Research, The Global Heat Pump Market size is expected to reach $102.5 billion by 2025, rising at a market growth of 8.6% CAGR during the forecast period. The increasing demand for renewable energy sources, together with significant government help in the form of subsidies, incentives, and other financial benefits. Growth in the construction and housing market for single-unit and multi-unit dwellings is expected to fuel demand for heat pumps throughout the forecast period.
The Air Source market is the major revenue contributor in the Global Heat Pump Market by Technology. The Water Source market would grow at a CAGR of 12.1% during (2019 - 2025). Additionally, The Ground Source market is expected to witness highest CAGR of 10.7% during (2019 - 2025).
The Residential market dominated the Global Heat Pump Market by Application 2018. Additionally, The Commercial market is expected to witness highest CAGR of 11.8% during (2019 - 2025). One of the major factors making a contribution to the development of the global heat pump market is the expanding construction industry. The market for heat pumps has gone up significantly in recent years as a result of the rise in the construction of commercial and residential buildings. In both residential and commercial buildings, air conditioning, refrigeration, and space heating are few of the widely known applications of heat pumps. The Industrial market is expected to witness a CAGR of 10% during (2019 - 2025).
Asia Pacific is the dominant market in the Global Heat Pump Market. North America is the second largest market in 2018 and is projected to grow over the coming years with a prominent CAGR. The gradual growth of the U.S. construction industry in addition to repair & renovation projects is expected to drive demand for technologically sophisticated and compact heating systems in the residential sector. European demand for energy-efficient goods is expected to be significant. It is estimated that favorable government policies to reduce energy consumption would fuel demand for these pumps. It is expected that the growing construction sector will contribute to market growth.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of United Technologies Corporation (Carrier Corporation), Daikin Industries Ltd., NIBE Industrier AB, Viessmann Group, Ingersoll-Rand PLC, Stiebel Eltron GmbH & Co. KG, Robert Bosch GmbH (Bosch Thermotechnology Corporation), Panasonic Corporation, Mitsubishi Electric Corporation and The Glen Dimplex Group.
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