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Commercial Heat Pump Market Trends

Report ID: GMI5956
Published Date: Jun 2023
Report Format: PDF

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Commercial Heat Pump Market Trends

The commercial heat pump industry is driven by variety of factors, including ongoing demand for energy-efficient cooling and heating solutions along with accelerating deployment of these units across several establishments including schools, hospitals, shopping malls, offices. Respective government agencies across different regions have introduced stringent building energy performance standards to keep a check on the overall carbon footprint. Growing measures to limit the harmful greenhouse gas emissions will further proliferate the business scenario. Moreover, growing construction expenditure coupled with rising disposable incomes across emerging as well as developed economies will garner new opportunities across the commercial heat pump market landscape.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of commercial heat pump recorded over USD 15.2 billion in 2023 and will showcase 12.3% CAGR from 2024 to 2032, due to the surging awareness regarding the environmental impacts of traditional heating and cooling systems.

North America market share is expected to witness over 8% CAGR during 2023 to 2032, driven by the emergence of favorable regulatory policies to support the paradigm transition towards green energy alternatives.

The hospitality applications will grow substantially through 2032, owing to the growing demand for efficient heating and cooling solutions in hotels, resorts, restaurants, and other hospitality establishments.

Some of the top industry players include include Rheem Manufacturing Company, Daikin, SAMSUNG, Carrier, Mitsubishi Electric Corporation, Bosch Thermotechnology Corp., Trane, FUJITSU GENERAL, and GREE Commercial, LG Electronics.