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Heat Pump Compressors Market Size
- Report ID: GMI5696
- Published Date: May 2023
- Report Format: PDF
Heat Pump Compressors Market Size
Heat Pump Compressors Market size surpassed USD 12.5 billion in 2022 and is expected to grow at 12% CAGR from 2023 to 2032 owing to the growing demand for renewable space heating and cooling solutions globally.
As per the U.S. EPA, space heating makes up nearly 42% of energy use in U.S. residences while 36% of energy use is attributed to the country's commercial buildings. To cater to the growing demand amid a rapid clean energy transition, governments across the world are investing heavily in renewable heating systems, which may increase the heat pump compressors market demand.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Heat Pump Compressors Market Size in 2022: | USD 12.9 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 12.9% |
| 2032 Value Projection: | USD 43 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 725 |
| Tables, Charts & Figures: | 1,216 |
| Segments covered: | Product, Type |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The widespread availability of low-cost conventional heating and cooling systems such as gas boilers and others may affect product adoption. Moreover, gas boiler technology has gained high popularity owing to its low cost of fuel, ease of availability, and economic viability. Additionally, volatile prices of raw materials used for manufacturing heat pump compressors also add to the final cost of the product, which may shift consumer interest towards low-cost alternatives.
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Heat Pump Compressors Market Scope
