According to the new market research report “Heat Pump Market by Type (Air-to-Air, Air-to-Water, Water Source, Geothermal, Hybrid) Refrigerant (R410A, R407C, R744) Rated Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, >30 kW) End User (Residential, Commercial, Industrial) Region – Global Forecast to 2026″, published by MarketsandMarkets™, The global Heat Pump Market is projected to reach USD 83.5 billion by 2026 from an estimated market size of USD 53.2 billion in 2021, at a CAGR of 9.5% during the forecast period. The factors driving the growth of Heat Pump Market are the supportive government laws and subsidies to enhance energy efficiency.
Air-to-Air Heat Pump: The largest segment of the Heat Pump Market
The Heat Pump Market, by type, is segmented into air-to-air heat pumps, air-to-water heat pumps, water source heat pumps, ground source (geothermal) heat pumps, and hybrid heat pumps. The air-to-air heat pump type is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to emit the lowest amount of CO2 compared to other heat pump types.
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The residential segment is expected to be the most significant Heat Pump Market
The Heat Pump Market, by end-user, is segmented into residential, commercial, and industrial. The residential segment accounted for the largest share of 71.3% of the Heat Pump Market in 2020. increasing Government initiatives to enhance energy efficiency in the residential sector is expected to drive the residential segment during the forecast period.
Asia Pacific is expected to dominate the global Heat Pump Market
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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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Heat Pump Market. These players include Samsung (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan) and Mitsubishi Electric Corporation (Japan).