(EnergyIndustry.Net, April 25, 2022 ) The global Heat Pump Market is expected to grow from an estimated USD 53.2 billion in 2021 to USD 83.5 billion by 2026, 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.
The heat pump technology is a promising solution for lowering greenhouse gas emissions. Heat pumps through aerothermal and geothermal technologies offer an energy-efficient approach to space heating. The heat pump is often regarded as a sustainable technology when used in heating, ventilation, and air conditioning (HVAC) systems. In the residential, commercial, and industrial sectors, heat pumps are widely used for space heating, cooling, and heating water. Air and land have massive reserves of thermal energy. Heat pumps extract the ambient heat from the air and land at low temperatures and increase the temperature through energy input, mainly electricity. The heat pump is cable of extracting up to 77% of the energy from the air. Thus, the use of heat pump can bring down the fossil fuel consumption considerably when compared to alternate mediums of heat transfer, subsequently lowering the carbon footprint. This factor is increasing the number of heat pump installations across all sectors and driving heat pump market growth.
Air-to-Air Heat Pump: The largest segment of the Heat Pump Market
The Heat Pump Market, by type, is segmented into air-to-air heat pumps, air-to-water heat pumps, water source heat pumps, ground source (geothermal) heat pumps, and hybrid heat pumps. 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.
Asia Pacific is expected to dominate the global Heat Pump Market
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.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Heat Pump Market. These players include Samsung (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan) and Mitsubishi Electric Corporation (Japan).
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