Global CO2 Heat Pump Hot Water Supply Systems Market to reach USD 3.04 billion by 2026

May 04, 2020

As per the report titled ‘Global CO2 Heat Pump Hot Water Supply Systems Market Research Report 2020’, available with Market Study Report LLC, global CO2 heat pump hot water supply systems market size was worth USD 1823 million in 2020 and is anticipated to grow with a CAGR of 7.5% through 2026, to attain a valuation of USD 3041.4 million.

A CO2 heat pump directs heat energy from heat source to heat sink with CO2 as the medium. Growing focus among manufacturers towards development of pumping technology with lower CO2 emissions to ease environmental burden, in tandem with stringent government regulations regarding energy efficiency are driving the CO2 heat pump hot water supply systems market.

However, high installation cost of energy-efficient pumps and lack of awareness regarding product benefits in developing and underdeveloped nations will hamper the market growth during the forecast period.

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Based on the product type, water source segment currently holds 39% market share. Water based CO2 heat pumps systems operate opposite to that of an air conditioning system. It utilizes a refrigerant cycle with a compressor and heat exchangers to extract heat from the surrounding air and transfers this heat to water. Furthermore, it can be also be used for space heating in well-insulated homes, thereby encouraging the product adoption.

Speaking of the application scope, residential segment accounted for 50% of total market share. Increasing investments in residential construction projects along with the development of smart cities with green building codes are supporting the segment growth.

As per the regional analysis, CO2 heat pump hot water supply systems market in Asia Pacific is expected to grow considerably during the study period. Ongoing expansion of the residential and commercial sector coupled with rapid industrialization in emerging economies like India and China are contributing towards APAC market growth.

Key players in global CO2 heat pump hot water supply systems market are Sanden, ENSO, Mitsubishi, Daikin, Nihon Itomic, AAON, Sujing Group, DunAn Group, and enEX.

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