Rockville, June 20, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the Heat Pump Market reached a valuation of US$ 71.29 Billion in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 9.0% CAGR, reaching US$ 168.76 Billion. Some of the factors that drive the growth of the heat pump market include replacement of conventional fuel-based heating method by heat pump technology and significant adoption of heat pump technology in residential applications as a cost-effective heating method.
Moreover, heat pump technology contributed substantially to the reduction of CO2 emissions and also complies with regulatory norms. As a result, growing environmental concerns and favorable regulatory policies further fuel the global heat pump market growth.
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The industry remains influenced by continued improvements in electricity generation from renewable heating and cooling technology, and exploration on future heat pump implementations. Adoption of eco-friendly alternatives to conventional heating appliances for arresting carbon emissions and growing demand for Integration of IoT with heat pumps continues to fuel the sales of heat pumps.
Latest trends of heat pumps, growing demand for industrial heat pumps, and rising adoption of heat pump technology in residential applications are the factors driving the expansion of the market for heat pumps. The IoT (Internet of Things) based heat pumps enable predictive maintenance, real-time monitoring and remote diagnostics of components. The Internet of Things based heat pumps consist of smart thermostats that help monitor environmental changes and communicate with their water heater equipment. End users from different sectors are increasingly adopting heat pumps.
Key Takeaways from the Market Study
- According to Fact.MR, a CAGR of 3.9% was recorded for the Heat Pump market from 2017-2021
- In FY 2021, the Heat Pump market reached a valuation of US$ 65.4 Billion
- The market is likely to register a Y-o-Y growth rate of 8.0% in 2022
- By Product Type, the Air Source Heat Pumps Segment is expected to dominate the market, documenting an 8.9% value CAGR
- As per Fact.MR’s projections, the market for Heat Pump in the US will likely expand at an 8.8% CAGR
- The Chinese Heat Pump market is expected to expand at an 8.6% CAGR
“The increasing need to curb dependence on fossil fuels and look for an energy-efficient alternative to furnaces and air conditioners and change in climate conditions across the globe will emerge as the major factor driving market growth,” comments an analyst at Fact.MR.
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Competitive Landscape
Prominent players in the Heat Pump Industry are taking advantage of the rapidly increasing demand for the Heat Pump in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
- In January 2022, Johnson Controls had acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.
- In October 2021, Carrier Global acquired Nlyte Software, a leader in data center infrastructure management (DCIM) software. The development is expected to add automated solutions to the HVAC business segment.
- In September 2021, Carrier China, a part of Carrier Global, collaborated with Huadian Corporation for providing centrifugal chillers, which will be installed at Guangzhou Wanbo Central Energy Station, in China.
- In June 2021, DENSO and NTT Data announced the completion of a joint verification test to improve mobility experiences by leveraging data on vehicle and human flows. The test aims to improve mobility experiences and services, as well as to assist businesses in attracting potential clients with the changing consumer behavior.
Prominent Market Players
- Trane Inc.
- Midea Group
- NIBE Group
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Daikin Industries, Ltd.
- Glen Dimplex Group
- Viessmann Werke GmbH & Co KG
- Flamingo Heat Pumps
- Efficiency Maine
- Ingersoll Rand, Plc.
- Melrose Industries Plc.
Key Segments Covered in the Heat Pump Industry Survey
- By Product Type:
- Air Source
- Water Source
- Ground Source
- By Rated Capacity:
- Up to 10 kW
- 10–20 kW
- 20–30 kW
- Above 30 kW
- By Application:
- Residential
- Commercial
- Industrial
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East Africa
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Heat Pump market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (air source heat pumps, water source heat pumps, and ground source heat pumps), system type (air-to-air heat pumps, air-to-water heat pumps, electric heat pumps, and geothermal heat pumps), rated capacity (heat pump up to 10 kw, 10–20 kw heat pump, 20–30 kw heat pump, and heat pump above 30 kw), application (residential sector, commercial sector, hospitality sector, retail sector, education sector, industrial sector, food & beverage sector, paper & pulp sector, and chemicals & petrochemicals sector) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
Check out more related studies published by Fact.MR Research:
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Reciprocating Pumps Market: The global reciprocating pumps market is estimated at USD 7.1 Billion in 2022 and is forecast to surpass USD 13.5 Billion by 2032, growing at a CAGR of 6.6% during 2022-2032. The global reciprocating pumps market accounts for ~9% of the global industrial pumps market in 2022.
Rotary Pumps Market: The global rotary pumps market is estimated at USD 6.7 Billion in 2022 and is forecast to surpass USD 11.2 Billion by 2032, growing at a CAGR of 5.3% during 2022-2032. The global rotary pumps market accounts for ~9% of the global industrial pumps market in 2022.
Mining Pumps Market: The global mining pumps market is estimated at USD 2,375 Million in 2022 and is forecast to surpass USD 3,780 Million by 2032, growing at a CAGR of 4.8% from 2022 to 2032. The global mining pumps market accounts for ~5% of the global industrial pumps market in 2022.
Crane Pumps Market: Overhead cranes used in shipping, warehousing and steel manufacturing industries have also been witnessing significant growth over the past few years and are expected to register significant growth in the crane pumps market over the forecast period.
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