Market Overview:
The global heat pump market size is expected to reach USD 193.08 billion by 2032,exhibiting the CAGR of 8.9% during the forecast period.
Market Overview:
Polaris Market Research, a leading market research firm, has recently released its latest update on Heat Pump Market. The research report provides an extensive outlook of the industry, covering future trends, growth trends, and industry-valued market forecasts. It offers a thorough analysis of the Heat Pump Market share, size, dynamics, country-level, and projection outlook. Also, the research report covers segmental analysis and offers extensive information about growth prospects and the technological landscape for the market.
The research report traces major trends shaping the future growth landscape of the market. Along with all the major growth drivers, the study sheds light on the industry restraints and challenges that may impede the Heat Pump Market growth. It covers the current industry developments, offering an analysis of how activities such as partnerships, product launches, and mergers shape the industry’s prospects. Furthermore, several industry facets are presented in the report by identifying the major market influencers.
Download Free Sample PDF Copy of the Report:
https://www.polarismarketresearch.com/industry-analysis/heat-pump-market/request-for-sample
Some of the Heat Pump Market key players are:
- Bosch Thermotechnology Corp.
- Carrier Global Corporation
- Daikin Industries, Ltd.
- Danfoss A/S
- Fujitsu General Limited
- Hitachi, Ltd.
- Johnson Controls International plc
- Lennox International Inc.
- LG Electronics Inc.
- Midea Group
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Rheem Manufacturing Company
- Samsung Electronics Co., Ltd.
- Trane Technologies plc
Regional Assessment:
This section of the research report offers a detailed regional analysis based on market size, share, and CAGR. Also, it highlights the growth potential of every region and country in the Heat Pump Market. Besides, the study includes accurate and reliable information concerning consumption and production in various regions across the globe. The research report provides insightful information on major trends anticipated to determine the progress of these segments over the forecast period.
Heat Pump Market, Regional Outlook (Revenue – USD Billion, 2019-2032)
- North America
- Technology Outlook
- Water Source
- Air Source
- Geothermal
- Others
- Capacity Outlook
- Up to 10 kW
- 10-20 kW
- 20-50 kW
- Above 50 kW
- End-use Outlook
- Commercial
- Residential
- Industrial
- Operation Type Outlook
- Electric
- Hybrid
- Technology Outlook
- Europe
- Technology Outlook
- Water Source
- Air Source
- Geothermal
- Others
- Capacity Outlook
- Up to 10 kW
- 10-20 kW
- 20-50 kW
- Above 50 kW
- End-use Outlook
- Commercial
- Residential
- Industrial
- Operation Type Outlook
- Electric
- Hybrid
- Technology Outlook
Recent Developments in Heat Pump Industry
- LG Launches Updated Therma V R290 Monobloc Residential Heat Pump (November 2023)
LG introduced an enhanced version of its Therma V R290 Monobloc residential heat pump, which utilizes propane refrigerant with a reduced global warming potential. The updated model achieves an impressive seasonal coefficient of performance (SCOP) of over 5, enhancing energy efficiency for residential heating and cooling. - Panasonic Unveils 1.5 Ton Interior Central Heat Pump (October 2023)
Panasonic launched the Interior 1.5 Ton Central Heat Pump, designed to efficiently heat and cool indoor spaces, marking a significant addition to their residential heat pump offerings. - Johnson Controls Receives $33 Million Grant for Electric Heat Pump Production (November 2023)
Johnson Controls was awarded a $33 million grant from the U.S. Department of Energy (DOE) to support the domestic production of electric heat pumps. This funding will help expand operations at three manufacturing facilities in the U.S., further boosting the company’s capacity in the sustainable heating and cooling market.
Urbanization and population growth are driving the heat pump market. As urban areas expand globally, the demand for efficient heating and cooling solutions rises. Traditional energy sources become strained, prompting a shift toward sustainable alternatives like heat pumps, which utilize renewable energy sources. Heat pumps offer compact and versatile solutions, ideal for densely populated urban environments. They can reduce reliance on fossil fuels and mitigate environmental impact, making them increasingly favored.