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Residential Heat Pump Market Trends

Report ID: GMI5700
Published Date: May 2023
Report Format: PDF

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Residential Heat Pump Industry Trends

Growing efforts to mitigate carbon emissions are contributing to the shift toward more energy-efficient space heating and cooling solutions in recent years, which may foster residential heat pump market expansion. Additionally, varying climatic conditions, alongside increasing investments in R&D initiatives worldwide will generate lucrative prospects for the advancement of residential heat pump technologies by 2032.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of residential heat pump exceeded USD 41.3 billion in 2023 and is projected to grow at 13.3% CAGR during 2024 to 2032, owing to a positive scenario for energy-efficient cooling & heating solutions globally.

Air source residential heat pump industry share was more than 94% in 2022, due to its ease of installation, low installation and operational cost, and low maintenance.

Asia Pacific residential heat pump sector will cross a valuation of USD 48 billion by 2032, on account of rising investments across the real estate sector along with growing disposable income in the region.

Some of the major residential heat pump industry contenders are Lochinvar, Kensa Heat Pumps, Panasonic Corporation, Viessmann, Glen Dimplex Group, Vaillant Group, and Mitsubishi Electric Corporation, among others.