Global Heat Pump Market size to exceed $68bn by 2026

Heat Pump Market size is expected to surpass USD 68 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

The heat pump industry outlook is estimated to witness strong growth on account of soaring demand for cost effective, reliable and energy efficient heating technologies. Minimal heat transfer losses and low maintenance requirements are some of the key underlying factors driving the market growth. Moreover, the paradigm shifts toward the adoption of energy-efficient products along with rising levels of consumer spending on thermal comfort will positively impact the market forecast. Increasing refurbishment activity across commercial and residential sector will further enhance the market outlook.


 

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Focus toward enhancing sustainability across the heating & cooling sector to drive the North America market share

The North America heat pump market demand has witnessed a significant turnaround over the past decade with a positive outlook toward the incorporation of sustainable technologies. These technologies are gaining traction as secondary heating equipment in colder climates and primary cooling & heating equipment in mild climates across the region. Ongoing investments toward the development of residential infrastructure coupled with growing awareness toward the rising carbon emissions has positively influenced the market opportunities across the region. The heating & cooling sector accounts for a significant market share across the primary energy consumption. These systems are witnessing a significant demand on account of minimizing the electricity bills and improve the overall efficiency of the power systems. For instance, as per the Energy Information Administration, the heating & cooling demand accounted for 49.8% of the U.S. residential electricity consumption in 2018.
 

Browse key industry insights spread across 460 pages with 648 market data tables & 54 figures & charts from the report, “Global Heat Pump Market Trends By Product (Air Source, Ground Source, Water Source), By Application (Residential {Single Family, Multi Family}, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/heat-pump-market
 

Rise in commercialization uplifting the demand of heat pumps globally

Over the last decade, ongoing growth across the service sector coupled with the introduction of stringent building energy efficiency norms has augmented the market statistics for heat pumps across the commercial establishments. It has been analyzed that a typical heat pump system can efficiently collect heat from ground or air sources and concentrate it inside the building structure. For instance, GSHP has the ability to reduce electricity consumption by up to 72% compared to the electric resistance heating systems. In addition, the systems can also help to improve humidity control by maintaining about 50% relative indoor humidity, making it more suitable for humid areas. Furthermore, favorable government measures to construct energy efficient building structures will create new market opportunities for the industry players globally. For instance, the Massachusetts Clean Energy Center provides rebates on retrofit and new geothermal heat pump systems for qualifying institutional, commercial, and residential building owners. Enduring construction activities to renovate the old commercial buildings including educational institutes, retail infrastructure, and offices will play a pivot role in driving the market size on a global scale.
 

Favorable government policies propelling the demand for ground source heat pump market share

Increasing adoption of next-generation ground source heat pumps across the residential sector in line with the soaring electricity prices will boost the heat pump market growth. Ground source is a type of heat pump, that do not use a transfer fluid, but circulate the refrigerant via pipes directly in the ground with better efficiency. To further enable the transition toward sustainability, respective governments have announced favorable policies & regulations to accelerate the adoption of low emission technologies. In addition, market demand has witnessed further proliferation with the introduction of incentive measures to mitigate the adoption barriers associated with advanced energy technologies. For instance, as per The Renewable Heat Incentive Scheme Regulation, UK, the government has offered to provide incentives to cost-effective generation and installation of renewable heating technologies to contribute toward the fulfillment of the country’s carbon budgets. Introduction of renewable energy targets by respective governments will further enhance the market growth opportunities in the coming years.
 

Key players operating across global heat pump market includes Mitsubishi Electric Corporation, WOLF GmbH, Viessmann, Glen Dimplex, Bosch Thermotechnology, Trane, Valliant Group, Daikin, MODINE Manufacturing Company and amongst others. New technological innovations and collaboration are few significant strategies followed by key market players to sustain a competitive edge over other participant in the heat pump industry.
 

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