Heat Pump Market by Type, Refrigerant, Rated Capacity, End-user and Region – Global Forecast to 2026 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Heat Pump Market by Type (Air-to-Air, Air-to-Water, Water Source, Geothermal, Hybrid) Refrigerant (R410A, R407C, R744) Rated Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, >30 kW) End-user (Residential, Commercial, Industrial), and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global heat pump market is projected to reach USD 83.5 billion by 2026 from an estimated market size of USD 53.2 billion in 2021, at a CAGR of 9.5% during the forecast period.
The factors driving the growth for heat pump market are the supportive government laws and subsidies to enhance energy efficiency.
Air-to-Air heat pump segment dominates the global market
The air-to-air heat pump segment is estimated to have the largest market share and is expected to grow at the with a CAGR of 9.5% during the forecast period. The air-to-air heat pump type is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to emit the lowest amount of CO2 compared to other heat pump types.
Residential segment to lead the global heat pumps market
The residential end user segment holds the largest share in the heat pumps market, followed by commercial. The government initiatives to enhance energy efficiency in the residential sector is expected to drive the residential segment during the forecast period.
Asia Pacific dominates the global heat pumps market in terms of annual growth rate
The Asia Pacific region is estimated to be the largest market for the heat pump market, followed by North America. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.
Market Dynamics
Drivers
- Contribution of Heat Pump Technology to Reduce Carbon Footprint
- Government Laws and Subsidies to Enhance Energy Efficiency
Restraints
- Less Awareness Regarding Advantages Associated with Heat Pumps in Emerging Economies
Opportunities
- Increasing Integration of Internet of Things (IoT) and Other Advanced Technologies with Heat Pumps
- Positive Outlook Toward Use of Geothermal Energy
Challenges
- High Initial Installation Costs
- Impact of COVID-19 on Heat Pump Market
Companies Mentioned
- Carrier Global
- Daikin Industries, Ltd.
- Danfoss A/S
- DENSO Corporation
- Emerson Electric Co.
- Fujitsu General
- GEA Group Aktiengesellschaft
- Glen Dimplex Group
- Guangzhou Sprsun New Energy Technology Development
- Johnson Controls
- Lennox International
- LG Electronics
- Midea Group
- Mitsubishi Electric Corporation
- Nibe
- Panasonic Corporation
- Rheem
- Samsung
- Thermax Limited
- Trane Technologies
- Viessmann
For more information about this report visit https://www.researchandmarkets.com/r/t3w56q
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