According to IMARC Group’s latest report, titled “Heat Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global heat pumps market size reached US$ 54.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.7 Billion by 2028, exhibiting a growth rate (CAGR) of 10.12% during 2023-2028.
Heat pumps are advanced electrical devices that use mechanical or electronic methods to transfer heat from one source to another. It is achieved by circulating a refrigerant through a cycle of evaporation and condensation. These devices can be used both as cooling units during the warmer months and as heating systems in colder weather. Compared to traditional heating and cooling systems, heat pumps are more energy-efficient and consume less energy to operate, making them a cost-effective and eco-friendly alternative. Globally, the increasing focus on environmental sustainability is driving the growth of the heat pump market. As individuals and businesses look for ways to reduce their carbon footprint and energy consumption, heat pumps are becoming an increasingly attractive option due to their low environmental impact and high energy efficiency.
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Heat Pumps Market Trends:
The adoption of green building standards and codes has brought about a positive impact on the deployment of sustainable technologies, resulting in a reduction in carbon emissions. This has led to an increase in demand for cost-effective and sustainable heating and cooling solutions, further boosting the market growth. Additionally, leading manufacturers are investing in research and development (R&D) activities to improve the efficiency of heat pumps, which is accelerating the market growth.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Daikin Industries Ltd.
- Mitsubishi Electric Corporation
- MIDEA GROUP
- NIBE Industries
- AB Corp.
- Ingersoll Rand
- Danfoss
- Panasonic Corporation
- GDC Group Limited
- Viessmann Manufacturing Company Inc.
- Robert Bosch GmbH
- United Technologies Corporation
Key Market Segmentation:
The report has categorized the heat pumps market based on rated capacity, product type, end use sector and region.
Breakup by Rated Capacity:
- Up to 10 kW
- 10–20 kW
- 20–30 kW
- Above 30 kW
Breakup by Product Type:
- Air Source Heat Pump
- Ground Source Heat Pump
- Water Source Heat Pump
- Exhaust Air Heat Pump
- Others
Breakup by End Use Sector:
- Residential
- Commercial
- Hospitality
- Retail
- Education
- Food & Beverage
- Paper & Pulp
- Chemicals & Petrochemicals
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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