Reversible Heat Pump Market Size- By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial), Regional Outlook & Forecast, 2024 - 2032
Report ID: GMI5547
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Published Date: August 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 16
Tables & Figures: 38
Countries covered: 24
Pages: 95
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Reversible Heat Pump Market
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Reversible Heat Pump Market Size
Reversible Heat Pump Market was valued at over USD 10.9 billion in 2023 and is projected to record over 15.5% CAGR from 2024 to 2032. The growing population and ongoing urbanization, coupled with the swift advancement of sustainable building infrastructure, have driven up the demand for energy-efficient heating and cooling systems, thereby shaping the industry landscape.
For instance, in April 2024, Natural Resources Canada unveiled its Forward Regulatory Plan for 2024 to 2026 stipulating the new standards along with planned regulatory changes for energy efficiency ratings & other initiatives for the new systems to be deployed in the medium term. Moreover, shifting trends toward advanced technological systems along with formulation of strategic reforms to support fossil fuel independency will complement the business outlook.
Reversible Heat Pump Market Trends
The rising demand for efficient space heating & cooling technologies along with significant initiatives by the government toward the deployment of efficient and reliable technologies. In addition, the increasing investment toward the expansion of real estate sector along with stringent regulatory mandates toward reducing the carbon emissions have accelerated the demand for heat pump systems which will further stimulate the heat pump market landscape.
Reversible Heat Pump Market Analysis
Reversible air source heat pump market is projected to cross USD 39 billion by 2032, owing to the rising living standards of population along with the upsurging demand for efficient and compact heating & cooling technologies. Moreover, growing customer inclination toward sustainable heating & cooling technologies across several establishments coupled with ongoing research & development initiatives will accelerate the reversible air source heat pump systems.
Ground source or geothermal heat pumps are gaining wide acceptance across residential & commercial verticals owing to the accelerating investments in the green building infrastructure across single and multiple housing units. Environmentally friendly attribute, reliability, reduction in heat losses, and humidity control features are some of the key features to GHP units.
Residential applications are anticipated to witness 15% growth rate from 2024 to 2032, on account of the rising population which further led to an increase in the heating & cooling demand across various geographies. The establishment of multi-story buildings and large residential spaces along with the increasing urbanization rate across developing and developed nations have led to accelerate the residential heat pump industry.
Commercial heat pump industry is set to witness an appreciable momentum owing to the introduction of stern building energy performance standards by respective administrations coupled with growing demand for space heating and cooling from large infrastructures. Furthermore, robust economic structures and government initiatives to boost foreign investments in the service sector are expected to further drive business growth.
Europe reversible heat pump market is estimated to surpass USD 29 billion by 2032. Industry stakeholders, in partnership with government agencies, are focusing on launching new research and development initiatives aiming to improve product efficiency ratings and broaden deployment potential across new verticals. Moreover, the initiation of new ventures coupled with encouraging regulatory policies, backed by various financial support schemes will favor the Europe heat pump industry landscape.
Reversible Heat Pump Market Share
The growing demand for effective & reliable space conditioning technologies to counter mounting energy consumption along with introduction of stern mandates to encourage energy efficiency will shape the reversible heat pump industry dynamics. Moreover, key manufacturers including Carrier, Trane, Panasonic Corporation, DAIKIN INDUSTRIES Ltd., and Johnson Controls, are focusing on restructuring their research & development investments to expand and enhance product portfolios to gain a new customer base.
Reversible Heat Pump Market Companies
Major participants that are actively operating across the market consist of:
Reversible Heat Pump Industry News
This reversible heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032 for the following segments:
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Market, By Product
Market, By Application
The above information has been provided for the following regions and countries: