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According to a new report, published by KBV research, The Global Residential Heat Pump Market size is expected to reach $53 billion by 2028, rising at a market growth of 9.0% CAGR during the forecast period.
The Gas Powered market would exhibit a CAGR of 11.5% during (2022 - 2028). Natural gas, LPG, solar-heated water, or geothermal-heated water are all examples of heat sources. Absorption residential heat pump are sometimes known as gas-fired residential heat pump since natural gas is the most frequent heat source. Coolers that work on the same idea as absorbing (or gas-fired) coolers are also available.
The Air Source market is leading the Global Residential Heat Pump Market by Type in 2021, thereby, achieving a market value of $40.6 billion by 2028. It is because air source is considered as an environmentally friendly heating medium since it transfers heat from the air source without emitting any carbon dioxide. As a result, it is regarded as an excellent option for household heating. An air-source residential heat pump (ASHP) is a residential heat pump that really can absorb heat from the outside and release it inside a structure utilizing the same vapor-compression refrigeration technique and equipment like air conditioners, but in the reverse direction.
The Asia Pacific market region shows high growth rate in the Global Residential Heat Pump Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $24.1 billion by 2028. The North America market would showcase a CAGR of 8.2% during (2022 - 2028). Additionally, The Europe market is experiencing a CAGR of 8.7% during (2022 - 2028).
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 Johnson Controls International PLC, Mitsubishi Electric Corporation, The Danfoss Group, Daikin Industries, Ltd., Carrier Global Corporation, Midea Group Co., Ltd., NIBE Industrier AB, Viessmann Group, Stiebel Eltron GmbH & Co. KG, The Glen Dimplex Group
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