Heat Pump Market Revenue To Reach $115,435.6 Million by 2030, says P&S Intelligence

NEW YORK, April 27, 2022 /PRNewswire/ -- The heat pump market size is forecast to advance at a CAGR of 8.8% since standing at $53,821.2 million in 2021, which is expected to reach $115,435.6 million by 2030, according to P&S Intelligence. The replacement of the conventional fuel-based heating technology in residences has been a major driving force for the market growth. In addition, heat pumps contribute significantly to the reduction of the emission of carbon dioxide and also abide by the regulatory norms.

The market has been significantly taken aback by the COVID-19 pandemic, but with the improvement in the situation, the market has started to consolidate once again. With development projects restarting, there is a need for the installation of these HVAC systems in the newly constructed dwellings and commercial spaces.

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Key Findings of Heat Pump Market Report

• Air-to-air heat pumps dominated the heat pump market, with around 80% share, in 2021. Quick installation, long life, and low emissions are some of the strongest factors accelerating the usage of these variants.
• The demand for heat pumps in the residential sector generated the highest revenue, of around $40 billion, in 2021. This is chiefly attributable to the adoption of heat pumps to provide heating and cooling solutions in a growing number of homes.
• The need for these systems is aggravated by climate change and government initiatives to enhance energy efficacy in the residential sector. As per the International Energy Agency, heat pump sales share for newly constructed buildings in the U.S. touched 40% for single-family houses and about 50% for multi-family buildings in 2020.
• The APAC heat pump market is likely to advance with a CAGR of around 9% in the coming years. The increase in residential and commercial construction activities, including for offices, hotels, and educational institutions, is powering the market forward.
• This technology can decrease greenhouse gas emissions by decreasing the utilization of non-renewable sources of energy extensively, compared to alternative HVAC technologies, which is why it is important in the highly polluted APAC region.
• The incorporation of machine learning and AI in heat pumps can also decrease electricity consumption and enhance the efficiency of the heating and cooling process. That is why manufacturers are integrating different technologies in their heat pumps to lower energy consumption.
• The creation of energy from fossil fuels leads to ozone depletion and, in turn, climate change. Thus, major countries are trying to reduce their dependence on non-renewable sources and swiftly adopting renewable sources, to curtail harmful emissions. For instance, in November 2021, the Indian government set new strategies to fight climate change and attain net-zero emissions by 2070.

Browse detailed report on Global Heat Pump Market Trends, Business Strategies, Regional Outlook and Analysis Through 2030

One of the major players in the heat pump market, Panasonic, has revealed its residential rooftop solar heat pump solutions with PV-based charging function, to save energy by keeping bathwater temperatures at constant levels. Other players in the industry include DENSO Corporation, Mitsubishi Electric Corporation, Midea Group, Samsung Electronics Co. Ltd., Johnson Controls International, Daikin Industries Ltd., Carrier Global Corporation, LG Corporation, Trane Technologies plc, and GEA Group AG.

Heat Pump Market Segmentation Analysis

By Product Type

• Consumables
• Instruments

By Procedure Type

• Disinfection
• Sterilization 

By End User

• Hospitals & Clinics
• Infection Control Service Providers
• Ambulatory Surgical Care Centers

By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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About P&S Intelligence

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SOURCE P&S Intelligence