Global Heat Pumps Market Report 2022 – Market Forecast, Trends And Strategies

The global heat pumps market size is expected to grow from $111.22 billion in 2021 to $119.56 billion in 2022 at a compound annual growth rate (CAGR) of 7.5%. The global heat pump market size is expected to grow to $165.26 billion in 2026 at a CAGR of 8.4%.

What is the Global Heat Pumps Market?

The heat pumps market consists of sales of heat pumps by entities (organizations, sole traders, and partnerships) that produce heat pumps that move heat from a cool space to a warm space, making the cool space cooler and the warm space warmer. Only goods and services traded between entities or sold to end consumers are included.

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What drives the Global Heat Pumps Market?

Government regulations and policies to improve energy efficiency are boosting the demand for renewable energy sources, thereby contributing to the growth of the heat pumps market. Heat pumps offer a low carbon footprint, minimal installation time, and reduce energy consumption in household and industrial applications. Energy efficiency has tremendous potential to boost economic growth and reduce greenhouse gas emissions. The government of various countries is adopting energy conservation policies. For instance, the UK government formed an Energy Efficiency Office embracing various departments to monitor, coordinate, and develop energy conservation policies. Moreover, in the USA, all industries consuming more than one million GJ/A (100) are required to report their energy conservation and consumption efforts to the Department of Energy for seeking guidance on greater efficiency of energy use. Therefore, growing efforts to reduce energy usage are likely to propel the demand for energy-efficient products including heat pumps.

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Global Heat Pumps Market Segments
The global heat pumps market is segmented:
By Product Type: Air Source, Air-to-Air, Air-to-Water, Water Source, Ground Source
By Rated Capacity: Up to 10 kW, 10–20 kW, 20–30 kW, Above 30 kW
By End-User: Residential, Commercial, Industrial
By Geography: The regions covered in the heat pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Heat Pumps Global Market Report 2022provides market size and growth forecasts for the global heat pumps market, global heat pumps market share, heat pumps market segments and geographies, heat pumps market competitive landscape including leading competitors’ revenues, profiles and market shares. The heat pumps market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Heat Pumps Industry Playersinclude Daikin Industries Ltd, Carrier, NIBE, Mitsubishi Electric Corporation, LG, Johnson Controls, Hitachi, Robert Bosch GmbH, Stiebel Eltron, and Ingersoll Rand. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.