The global heat pump market is expected to grow at a CAGR of 11.68%, from 2018 to 2023, to reach a market size of USD 94.42 billion by 2023. Government regulations for increasing energy efficiency and favorable incentives, increasing investments in the residential and commercial sectors, and significant contribution of heat pumping technology in the reduction of CO2 are likely to drive the heat pump market during the forecast period.
The heat pump market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. The key players in the heat pump market include Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153294991
On the basis of the rated capacity of heat pumps, the market has been segmented into up to 10 kW, 10–20 kW, 20–30 kW, and above 30 kW. The up to 10 kW segment is estimated to have the largest market share, by value, in 2018. The demand from Asia Pacific and Europe is projected to drive the market for the up to 10 kW segment during the forecast period. The market for the up to 10 kW segment is projected to grow at the highest pace during the forecast period owing to the recent developments such as the requirements from the industrial sector, government regulations, policies, and higher performance and efficiency.
On the basis of end-users, the heat pump market has been segmented into residential, commercial, and industrial sectors. The residential segment of the heat pump market, by end-user, is estimated to have the largest market share and fastest growth, by value, in 2018. The upsurge in the infrastructural development projects, especially in China and India, rising standards of living & growing urbanization, and rising demand for renewable energy are expected to drive the market for heat pumps during the forecast period. For instance, in 2016, the Beijing Municipal Government began providing a subsidy of approximately USD 3,600 per household to replace 150,000 coal boilers with air-source heat pumps. Similarly, according to the Indian Ministry of Finance, India aims to invest USD 646 billion over the next 5 years, out of which 70% would be required for residential and commercial and urban infrastructure sectors.
Request For Sample Pages of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=153294991
Asia Pacific: The Key market for heat pumps during the forecast period.
The heat pump market has been segmented, on the basis of region, into Europe, North America, Asia Pacific, and Rest of the World. The market for Asia Pacific is projected to grow at the fastest rate, from 2018 to 2023, followed by Europe and North America. China is projected to grow at the highest CAGR from 2018 to 2023 owing to the increased investment in the residential and commercial sector. Moreover, the Chinese government has implemented “The National New-type Urbanization Plan (2014–2020),” which is classified into 3 categories; new-type city construction, smart city construction, and humanities city construction. The new-type city construction projects would be focused on green building, green traffic, innovation in industrial parks, and the urban environment would boost the demand for heat pumps during the forecast period. Europe is projected to grow at the second fastest rate owing to favorable government policies for energy efficiency and reduction of carbon emissions.