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Heat Pump Market Size Worth $136.8 Billion by 2030 at CAGR of 8.1%: Grand View Research, Inc.

 

The global heat pump market size is anticipated to reach USD 136.84 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The market is primarily driven by the increasing prices for non-renewable energy sources and various government initiatives to boost the use of energy-efficient renewable energy sources.

These products are employed in both heating and cooling applications, which is achieved by transferring thermal energy in the form of heat; they can be used as a heater in winter and air conditioner in the summer. In addition, these products help reduce carbon emission thereby lowering the greenhouse gas emission and aiding in increasing the air quality.

Key Insights & Findings from the report:

  • The air source technology segment has contributed to 81.1% of the global revenue share in 2021 due to their high efficiency, low carbon emissions, and increased demand in residential and commercial buildings.
  • The penetration of heat pumps in the industrial sector is expected to witness a CAGR of 7.8% from 2022 to 2030 due to the growing demand for industrial heating and cooling.
  • Geothermal technology in Europe is foreseen to witness an increase in demand at the CAGR 9.9%, owing to the need for switching to low-cost energy substitutes because of the increasing oil prices.
  • The heat pump demand in Japan is likely to expand at a CAGR of 9.3% over the forecast period on account of the increased demand for energy-efficient and eco-friendly air conditioning.

Read 152-page market research report, “Heat Pump Market Size, Share & Trends Analysis Report By Technology (Water Source, Air Source, Ground Source), By Application (Commercial, Residential, Industrial), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.

Heat Pump Market Growth & Trends

The increased demand for air conditioning due to the growth of the housing sector and commercial establishments along with the government subsidies for increasing energy efficiency and reducing the carbon footprint have boosted the demand for these products. Furthermore, the demand has increased in residential facilities due to their cost-effective air conditioning.

As the government bodies of various countries are trying to implement energy conservation policies due to their high energy efficiency and low carbon emissions. The U.K. government has come up with energy efficiency offices to coordinate, monitor, and develop energy conservation policies as their energy efficiency strategy.

The COVID-19 outbreak adversely impacted the growth of the global residential and commercial industry because of the lockdowns in various parts of the world, which led to the closure of heat pump manufacturing facilities to curb the spread of the virus. Furthermore, the restricted travel rules made it difficult to obtain raw materials for the production of these products.

Advancements in technologies and new product launches amid the COVID-19 pandemic restrictions are anticipated to drive the growth of the market. For instance, Daikin Europe has launched Daikin Altherma 3 R, a high capacity R-32 refrigerant split air to the water heat pump which offers cooling along with heating and domestic hot water set-up.

Heat Pump Market Segmentation

Grand View Research has segmented the global heat pump market based on technology, application, and region:

Heat Pump Technology Outlook (Revenue, USD Million, 2017 – 2030)

  • Air Source
  • Water Source
  • Ground Source

Heat Pump Application Outlook (Revenue, USD Million, 2017 – 2030)

  • Commercial
  • Residential
  • Industrial

Heat Pump Regional Outlook (Revenue, USD Million, 2017 – 2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • Sweden
    • Norway
  • Asia Pacific
    • China
    • Japan
    • Australia
    • India
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • UAE
    • Saudi Arabia

List of Key Players of the Heat Pump Market

  • Carrier
  • Daikin Industries, Ltd
  • NIBE Group
  • Viessmann Group
  • Glen Dimplex
  • BDR Thermea Group
  • Midea Group
  • Hitachi, Ltd.
  • Ingersoll Rand Plc.
  • STIEBEL ELTRON GmbH & Co. KG
  • Vaillant Group
  • Robert Bosch GmbH
  • The Danfoss Group

Check out more related studies published by Grand View Research:

  • Geothermal Heat Pumps Market – The global geothermal heat pumps market size is expected to reach USD 16.4 billion by 2027 registering a CAGR of 7.2%, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising need for renewable energy sources coupled with extensive government support, in terms of incentives, subsidies, and other monetary benefits.
  • Residential Heat Pump Market  The global residential heat pumps market size is expected to reach USD 17.6 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.5% over the forecast period. Rising spending on construction of new environmental friendly buildings in order to cut down the greenhouse gas emissions is expected to be a key driver for the market.
  • Industrial Pumps Market  The global industrial pumps market size is expected to reach USD 92.98 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2022 to 2030. The market is primarily driven by the increasing investments in the exploration and production activities by the oil & gas companies, coupled with the rising adoption in the oil & gas industry across the globe.