New York, US, March 13, 2023 (GLOBE NEWSWIRE) -- A global Engineering Equipment business-consulting firm, Maximize Market research, has published a market intelligence and competitive landscape report on the “Heat Pump Market”, which is a combination of primary and secondary data. The domain expert has analyzed the Heat Pump Market from a local and a global point of view. Over the forecast period, Maximize Market research expects the market to grow from USD 52.4 Bn in 2021 to USD 95.4 Bn in 2029 at a CAGR of 7.75 percent. As per the report, the Asia Pacific region is expected to dominate the global Heat Pump Market during the forecast period.
Heat Pump Market Report Scope and Research Methodology
| Market Size in 2021 | USD 52.4 Bn. |
| Market Size in 2029 | USD 95.4 Bn. |
| CAGR | 7.75 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 272 |
| No. of Tables | 118 |
| No. of Charts and Figures | 116 |
| Segment Covered | Type, Capacity and End-User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The Heat Pump Market report majorly focused on the market's dynamics including drivers, constraints, opportunities, and challenges. The report helps in understanding the market structure by providing a detailed analysis of market segments and estimations. The report also provides the regional development status of the Heat Pump Market. For the competitive analysis, the report presents in-depth information on the strategies of the Heat Pump industry’s leading players. Figures for supply, demand, price, gross margin and revenue are included in the Heat Pump Market report.
The bottom-up approach was used to estimate the global and regional Heat Pump Market size. Extensive primary and secondary research was conducted for the report on Heat Pumps. The primary research was conducted to gather the information, verify and confirm the crucial numbers arrived at a comprehensive engineering and calculations for market statistics, market forecasts, market size estimations, data triangulation and market breakdown. The secondary data was meticulously collected from the selected set of sources, which includes official databases of various organizations and government sites, white papers, annual reports, industry journals, releases of product manufacturers and suppliers in the Heat Pump industry along with paid databases. SWOT analysis was employed to provide the strengths and weaknesses of the Heat Pump Market.
Heat Pump Market Overview
A heat pump is part of a home heating and cooling system and is installed outside the home generally known as an important clean energy technology for the energy transition. It helps for the cooling of the home and is also capable of providing heat. Heat pumps pull heat from the cold outdoor air and transfer it indoors. They are powered by electricity and transfer heat using refrigerants. The two common types of heat pumps are air source and ground source.
Heat Pump Market Dynamics
The contribution of heat pump technology to reduce carbon footprint, lowering greenhouse gas emissions, and reduce the dependency of non-renewable energy sources are expected to influence the Heat Pump market growth. Heat pump technology is a solution for lowering greenhouse gas emissions. Through aerothermal and geothermal technologies heat pumps offer an energy-efficient approach to space heating. Heat pumps are used as heat sources in single-family and terraced houses is the factor expected to fuel the Heat Pump Market growth. Rising focus on sustainability, changing environmental conditions and climate change issues are the major factors responsible for the adoption of the Heat Pump Market growth.
Integration of advanced technologies like the Internet of Things for the monitoring of environmental conditions presents opportunities for the Heat Pump Market growth. Less awareness regarding energy efficiency, cost efficiency, and environmental benefits is expected to restrain the Heat Pump Market growth
Heat Pump Market Regional Insights
The European region is expected to be at a significant growth rate during the forecast period. The government’s policies to support more energy-efficient infrastructure in the region is expected to fuel the regional Heat Pump Market growth. Heat pumps are well-known products in private and commercial sectors expected to drive the Heat Pump Market growth.
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The Asia Pacific region dominated the Heat Pump Market in 2021 and is expected to continue the dominance over the forecast period. Rising demand for energy-efficient heating solutions in the residential and commercial sectors with growing awareness about climate change is expected to drive the Heat Pump Market growth. Adoption of clean heating and cooling systems to adopt clean and sustainable technology is expected to boost the regional Heat Pump market growth.
Heat Pump Market Segmentation
By Type
- Air-to-Air Heat Pump
- Air-to-Water Heat Pump
- Water Source Heat Pump
- Ground Source Heat Pump
- Hybrid Heat Pump
By Capacity
- Up to 10 kW
- 10–20 kW
- 20–30 kW
- Above 30 kW
By End User
- Residential
- Commercial
- Industrial
- Food & Beverage
- Paper & Pulp
- Chemicals & Petrochemicals
- Other
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Heat Pump Market Key Competitors include:
- Rheem(US)
- Emerson Electric Co (US)
- Lennox International (US)
- Carrier (US)
- Stiebel Eltron (Germany)
- GEA Group (Germany)
- Vissemann (Germany)
- NIBE (Sweden)
- Ingersoll Rand (Ireland)
- Glen Dimplex (Ireland)
- Johnson Control (Ireland)
- Trane Technologies (Ireland)
- Danfoss (Denmark)
- Midea (China)
- Samsung(South Korea)
- Gaungzhou Sprsun New Energy Technology Development Co. Limited (China)
- Panasonic (Japan)
- Daikin (Japan)
- Hitachi (Japan)
- Mitsubishi Electric Corporation (Japan)
- Fujitsu General(Japan)
- LG Electronics (South Korea)
- Thermax Limited (India)
Key questions answered in the Heat Pump Market are:
- What is Heat Pump?
- Who held the largest market share in Heat Pump Market?
- What is the CAGR of the Heat Pump Market?
- What is the expected Heat Pump Market size by 2029?
- What are the global trends in the Heat Pump Market?
- What are the major challenges that the Heat Pump Market could face in the future?
- What are the upcoming industry applications and trends for the Heat Pump Market?
- What are the factors contributing to the final price of Heat Pumps?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Heat Pump Market?
- Who are the leading companies and what are their portfolios in Heat Pump Market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Type, Capacity, End-User and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Engineering Equipment research firm, has also published the following reports:
Air Source Heat Pumps Market - The market size is expected to reach USD 65.94 billion by 2029 at a CAGR of 6.8 percent during the forecast period. The market is expected to be driven by the increasing demand for energy-efficient systems across the world and the benefits associated with the usage of air-source heat pumps.
Shell & Tube Heat Exchangers Market - The market size is expected to reach USD 10.43 billion by 2029 at a CAGR of 6.28 percent during the forecast period. The market is expected to be driven by the increasing penetration of shell and tube heat exchangers in the petrochemical industry.
Microchannel Heat Exchanger Market - The market size is expected to reach USD 38.12 billion by 2029 at a CAGR of 12.98 percent during the forecast period. The market is expected to be driven by the increasing demand from industries such as heat, air ventilation, cooling, and refrigeration.
Infusion Pumps Market - The market size is expected to reach USD 17.91 billion by 2029 at a CAGR of 8.8 percent during the forecast period. The market is expected to be driven by the increasing prevalence of chronic diseases such as diabetes, cancer and others.
Intravenous Infusion Pumps Market - The market size is expected to reach USD 9.11 billion by 2029 at a CAGR of 7.9 percent during the forecast period. The market is expected to be driven by the increasing incidence of chronic diseases and the increasing elderly population.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
