Heat Pump Market to Grow USD 11760 Million by 2028 at a CAGR of 5.4% | Valuates Reports

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Oct 03, 2022, 11:00 ET

BANGALORE, India, Oct. 3, 2022 /PRNewswire/ -- The Global Heat Pump Market is Segmented by Type (Parallel Hybrid, Electric, Turboshaft and Turboelectric), by Application (Multicopter, Quadcopter): Global Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Energy & Utilities Category.

Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Heat Pumps market is projected to reach USD 11760 Million by 2028 from an estimated USD 8577.8 Million in 2022, at a CAGR of 5.4% during 2023 and 2028.

Major factors driving the growth of the Heat Pumps market are:

The heat pump market is expanding as a result of favorable government regulations and incentives to improve energy efficiency. Increased demand for energy-efficient and economical space heating and cooling applications in residential and commercial housing is anticipated to fuel heat pump market expansion.

The government's initiatives, including tax breaks for individuals and businesses as well as clean heating and cooling programs, are anticipated to have a favorable impact on the heat pump market expansion.

Additionally, heat pumps are far safer than combustion-based systems. Heat pumps have an effective rate of converting energy to heat while reducing carbon emissions. Compared to combustion-based heating systems, heat pumps require less maintenance. The expansion of the heat pump market is anticipated to be fueled by all these benefits.

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TRENDS INFLUENCING THE GROWTH OF THE HEAT PUMP MARKET:

The residential heat pump market is anticipated to develop as a result of rising heat pump usage. For all climates, heat pumps provide an effective replacement for furnaces and air conditioners. Heat pumps use cleaner electricity and are substantially more efficient than conventional boilers, lowering the carbon footprint of the home. Additionally, switching to a heat pump helps prevent erratic gas and oil prices. A heat pump extracts heat from the earth or the air at a low temperature, raises it to a higher temperature, and then transports it into a building to produce heating and hot water.

The desire by governments to enact tax breaks is anticipated to fuel the demand for heat pumps even further. For instance, the UK has declared that heat pump installation is exempt from paying VAT. The cost of installation was recently significantly decreased by the UK government's announcement of 0% VAT on the installation of heat pumps and biomass boilers for a period of five years.

Compared to heating systems that use combustion, heat pumps require less upkeep. Compared to combustion-based heating systems, heat pumps are safer. They are safe to use, and because they use electricity instead of fuel to produce heat, they pose fewer safety risks than similar appliances. These factors are expected to further fuel the Heat pump market growth during the forecast period.

Heat pumps powered by the Internet of Things (IoT) allow for component real-time monitoring, proactive maintenance, and remote diagnosis. Smart thermostats that help monitor environmental changes and connect with their water heater equipment are part of the Internet of Things (IoT)-based heat pumps. Heat pumps are being adopted by end customers from various industries more frequently. Their structures and methods of functioning, however, have not changed. The development of next-generation heat pumps has placed a high priority on automation and remote control. These elements are anticipated to increase demand for heat pumps and produce profitable opportunities for market participants.

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HEAT PUMP MARKET SHARE

With a combined market share of around 40%, China has the largest market, followed by Europe and Japan.

Global Heat Pumps' key players include Daikin, Mitsubishi, Atlantic, NIBE Industrier, Hitachi, etc. Global top five players hold a share of about 45%.

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Key Companies:

Daikin
Mitsubishi
Atlantic
NIBE Industrier
Hitachi
Bosch
Panasonic
Aermec
STIEBEL ELTRON
CIAT
Fujitsu
Vaillant
Danfoss Group
Carrier
Rheem
Johnson Controls
Calorex
Kensa
Maritime Geothermal
Thermia
ClimateMaster
Bryant
Midea
GREE Electric
Sirac
Anywhere
Fuerda
Tongyi Electrical
AMITIME
Zhengxu.

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SIMILAR REPORTS:

- Due to the COVID-19 pandemic, the global Industrial Heat Pumps market size is estimated to be worth USD 573.5 Million in 2021 and is forecast to a readjusted size of USD 573.5 Million by 2028 with a CAGR of 7.6% during the review period.

- Due to the COVID-19 pandemic, the global Geothermal Heat Pump market size is estimated to be worth USD 4480.2 Million in 2021 and is forecast to a readjusted size of USD 4480.2 Million by 2028 with a CAGR of 9.6% during the review period.

- In 2020, the global CO2 Heat Pump Hot Water Supply Systems market size was USD 1970.7 Million and it is expected to reach USD 3269.5 Million by the end of 2027, with a CAGR of 7.5% during 2021-2027.

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- In 2020, the global District Heating and Cooling market size was USD 186770 million and it is expected to reach USD 365480 million by the end of 2027, with a CAGR of 10.1% during the forecast period 2021-2027.

- Due to the COVID-19 pandemic, the global Heat Exchanger market size is estimated to be worth USD 16140 Million in 2022 and is forecast to a readjusted size of USD 22630 Million by 2028 with a CAGR of 5.8% during the review period.

- Due to the COVID-19 pandemic, the global Waste Heat to Power market size is estimated to be worth USD 2407.1 million in 2022 and is forecast to be a readjusted size of USD 3207.4 million by 2028 with a CAGR of 4.9% during the forecast period.

- The global Electric Heat Tracing market size is projected to reach USD 3256.6 Million by 2028, from USD 2703.4 Million in 2021, at a CAGR of 2.7% during 2022-2028.

- The HVAC pumps market size was valued at USD 31,560.5 million in 2021, and is projected to reach USD 55,457.0 million by 2031, registering a CAGR of 5.7% from 2022 to 2031.

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