Heat pumps provide efficient space and water heating with minimal environmental impact. They utilize renewable energy from the air, water, or ground to mobilize heat and distribute it within buildings to improve indoor thermal comfort. Heat pumps offer an energy-efficient alternative to conventional heating systems as they use 25% to 50% less energy to produce the same amount of heating. The global Heat Pump Market is estimated to be valued at US$ 140 billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of energy-efficient equipment driven by stringent government regulations regarding carbon emission levels has propelled the demand for heat pumps. Major economies are introducing incentives and regulations to minimize dependency on fossil fuels for heating needs. For instance, the European Union's SAVE directive aims to reduce the energy consumption of space and water heating equipment by 25% compared to 2020 levels. This is expected to drive replacement demand for conventional heating systems with eco-friendly heat pump-based solutions. Rising environmental consciousness among consumers coupled with incentives for green building construction is also fueling the sales of heat pumps for residential and commercial heating across regions.
Segment Analysis
The heat pump market can be segmented by type and application. Based on type, the air source heat pump segment dominated the market in 2022. Air source heat pumps are more energy efficient compared to other heating and cooling systems like gas furnaces and air conditioners. As concerns over environmental impact and energy costs increase, the adoption of air source heat pumps is growing rapidly as they provide an affordable clean heating and cooling solution.
Key Takeaways
The Global Heat Pump Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The rising demand for energy-efficient heating and cooling systems due to increasing environmental concerns and stringent government regulations regarding carbon emissions is expected to drive the adoption of heat pumps globally.
Regional analysis: Asia Pacific dominated the global heat pump market in 2022 and is expected to continue its dominance during the forecast period. The growing construction industry and rising disposable income in countries like China and India are increasing the demand for space heating and cooling in residential and commercial buildings. This is driving the growth of heat pump market in the region.
Key players: Key players operating in the heat pump market are Mitsubishi Electric Corporation, Glen Dimplex Deutschland GmbH, NIBE Industrier AB, Stiebel Eltron GmbH & Co. KG, Danfoss A/S, Viessmann Werke GmbH & Co. KG, Carrier Global Corporation, Panasonic Corporation, and Vaillant Group. Mitsubishi Electric Corporation offers an extensive range of heat pump products for both residential and commercial applications under its "Eco Cute" and "Ecodan" brands.
For More Insights, Read: https://www.newswirestats.com/heat-pump-market-demand-growth-and-regional-outlook-by-2030/
