April 13, 2020
According to recent study titled ‘Global Heat Pump Market Size By Product, By Application, Commercial, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global heat pump market is expected to cross 16 million units by the year 2026.
Rising environmental concerns along with growing adoption of energy efficient heating solutions is supporting the growth of heat pump market. Benefits such as high efficiency and cost-effectiveness are favoring the product adoption. Increasing investments across residential and commercial establishments are expected to foster the market growth over the forecast timeline. Growing consumer inclination towards sustainable technologies will further escalate the product demand. In addition, ongoing urbanization in tandem with favorable government initiatives and declining equipment cost will create new growth opportunities for the market players.
Based on the product terrain, water source heat pumps segment is expected to grow rapidly in during the study phase, owing to stringent government regulations for abatement of greenhouse gases with a key focus on minimizing energy losses. These pumps use heat energy from sun and require small amount of electricity with the source of water being lakes and rivers. High energy to heat ratio, quieter operations, and extended lifespan, coupled with the elimination of deep excavations are major benefits fueling the product adoption.
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As per the application spectrum, residential sector will display an escalated demand for heat pumps. Ongoing development of new residential spaces alongside rapid urbanization are favoring the installation of efficient heat pumps. Long lifespan, low carbon emission, and reduced operational costs are some underlying factors supporting the product demand. Favorable government incentives, in consort with escalating energy price are boosting the adoption of heat pumps across the residential sector.
Considering the regional outlook, Europe heat pump market is anticipated to witness a growth rate of 5% through 2026, pertaining to surging demand for heating appliances across residential sector to counter adverse climatic conditions.
Prominent players of global heat pump market are Daikin, Mitsubishi Electric, Carrier Corp., Danfoss, Bosch Thermotechnology, Glen Dimplex, and Modine.
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