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Reversible Heat Pump Market to reach $40 Bn by 2032
- Published Date: April 14, 2023
Reversible Heat Pump Market size is anticipated to exceed USD 40 billion by 2032, according to the latest research report by Global Market Insights Inc.
Rapid urbanization and commercialization across the world are shaping the industry scenario. The burgeoning population, coupled with accelerating private and public expenditure towards the expansion of residential establishments, multi-story buildings, and commercial structures, is bolstering the heating and cooling needs of developers and end consumers.
Consistent advancements in technology to propel water source reversible heat pumps demand
The water source reversible heat pump industry is said to expand at 5% CAGR from 2023 to 2032. The ability of water-source heat pumps to deliver a minimal carbon footprint is primarily contributing to its extensive demand. Additionally, increased efforts by industry players to develop new and affordable products with diverse digital and smart capabilities is also propelling segment development. In June 2022, Euroklimat S.p.A., a cooling system solution, launched a new reversible air-to-water heat pump range with R290 propane refrigerant known as VHERA.
Browse key industry insights spread across 355 pages with 511 market data tables & 28 figures & charts from the report, “Reversible Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial) & Forecast, 2023 - 2032”, in detail along with the table of contents:
Increasing focus on carbon-neutral heating solutions to boost product usage in commercial buildings
The commercial application reversible heat pump market is estimated to amass a valuation of over USD 13 billion by the end of 2032. The soaring prevalence of stringent building energy codes implemented by regulators, along with surging demand for space heating & cooling from large establishments, is stimulating product adoption for commercial purposes. The U.S. Government aims to construct zero-carbon-ready buildings by 2030, which is set to drive the uptake of sustainable heating solutions in the buildings sector.
Increasing need for heating solutions in developing countries to push APAC industry growth
The Asia Pacific reversible heat pump industry is projected to surpass a valuation of USD 4 billion by 2032. The region is witnessing an appreciable momentum due to the increasing demand for space heating & cooling solutions as well as hot water across colder regions. Moreover, the upgradation of residential and commercial building structures across urban and sub-urban areas is fueling the utilization of these pumps. According to IEA, China was the largest consumer of heat pumps in 2022, accounting for more than 45% of new installations globally.
Positive efforts to improve production capacity to shape the competitive landscape
The reversible heat pump market involves companies such as Carrier, Glen Dimplex Group, Trane, Panasonic Corporation, Systemair AB, Swegon Group AB, Johnson Controls, Keyter Technologies, S.L., and Rhoss Deutschland GmbH, among others. These firms are focusing on strategic acquisitions and product innovation tactics to stay ahead in the market. For instance, in October 2022, Daikin, a Japanese AC manufacturing company, announced the expansion of its production facility in Güglingen, Germany, to improve its heat pump manufacturing capacity.