The global heat pump market is expected to grow from USD 53.2 billion in 2021 to USD 83.5 billion by 2026, at a CAGR of 9.5% during the forecast period. The factors driving the growth for heat pump market are the Contribution of heat pump technology to reduce carbon footprint and the Government laws and subsidies to enhance energy efficiency.
Heat pumps extract the ambient heat from the air and land at low temperatures and increase the temperature through energy input, mainly electricity. The heat pump is cable of extracting up to 77% of the energy from the air. Thus, the use of heat pump can bring down the fossil fuel consumption considerably when compared to alternate mediums of heat transfer, subsequently lowering the carbon footprint. This factor is increasing the number of heat pump installations across all sectors and driving the heat pump market growth.
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Energy is an essential power source in homes, hospitals, and schools, among others. However, its production and usage result in the emission of greenhouse gases in significant volumes. Thus, major economies across the globe are aiming to reduce their dependency on non-renewable energy sources and are gradually inclining toward renewable energy sources to restrict the emission of greenhouse gases.
The heat pump technology is a promising solution for lowering greenhouse gas emissions. Heat pumps through aero thermal and geothermal technologies offer an energy-efficient approach to space heating. The heat pump is often regarded as a sustainable technology when used in heating, ventilation, and air conditioning (HVAC) systems.
The Asia Pacific region is estimated to be the largest market for the Heat Pump Market, followed by North America. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American Heat Pump Market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.
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Some of the top players in the Heat Pump Market include Samsung (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan) and Mitsubishi Electric Corporation (Japan).