Global Heat Pump Market Revenue to Hit USD 94 Billion by 2030: Global Market Insights Inc.

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Sep 19, 2022, 06:10 ET

The water source heat pump market is anticipated to reach USD 1 billion by 2030 on account of high demand for HVAC systems and the rising number of renovation activities in non-residential structures.

SELBYVILLE, Del., Sept. 19, 2022 /PRNewswire/ -- The global heat pump market is expected to record a valuation of USD 94 billion by 2030, according to the latest research study by Global Market Insights Inc.

Rapidly increasing population and a growing number of household units in developing regions will boost the demand for power-saving space heating solutions. Renewable heating systems are particularly gaining traction in the service sector, with a growing need for energy-efficient technologies. Several governments worldwide are spreading awareness regarding the harmful impact of fossil fuel-based energy systems, which continue to prevail across commercial as well as residential users.

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The water source heat pump market is anticipated to reach USD 1 billion by 2030. High demand for HVAC systems and the rising number of renovation activities in non-residential structures will influence the product adoption. These heat pumps are widely used in the hospitality sector, hospitals, and private properties, due to high-efficiency heating and cooling capabilities. They are also the preferred low-carbon sources of heating with optimum performance reliability and low retrofitting & installation costs.

The study indicates substantial product demand from commercial applications, supported by dramatic growth in investments across the servicing sector. Development of advanced infrastructure for hospitals, universities, office centers, and hotels, are pushing the demand for sustainable heating technologies.

The Latin America heat pump market size is poised to witness steady expansion, with a fast-growing population across the region. The report indicates a spurt in consumer expenditure for installing space heating solutions as a key industry driver. A positive outlook toward clean energy alternatives and favorable acceptance of eco-friendlier HVAC systems will foster heat pump deployment in the region. LATAM has a high prevalence of climatic changes and disasters, while it also accounts for 8.4% of global carbon emissions. With significant concerns associated with environmental challenges, consumers will gradually shift to energy-saving heating & cooling systems.

Major companies operating in the heat pump market are Finn Geotherm UK Limited, Bosch Thermotechnology Corp., Viessmann, Panasonic CorporationDaikin, Carrier, NIBE Industrier AB, Trane, Vaillant Group, Mitsubishi Electric Corporation, Lochinvar, Danfoss, WOLF GmbH, Johnson Controls, Kensa Heat Pumps, and many others. These leaders are implementing effective strategies for innovative product development.

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Partial Table of Contents (ToC) of the report:

Chapter 3 Heat Pump Market

3.1 Industry ecosystem analysis

3.2 Innovation & sustainability landscape

3.4 COVID-19 impact on the industry outlook

3.5 Industry impact forces

3.5.1 Growth drivers

3.5.1.1 North America

3.5.1.1.1 Increasing demand for energy-efficient systems

3.5.1.1.2 Favorable measures to reduce carbon footprints

3.5.1.2 Europe

3.5.1.2.1 Positive transition toward clean energy alternatives

3.5.1.2.2 Growing demand for advanced space heating technologies

3.5.1.2.3 Positive outlook toward adoption of energy-efficient systems

3.5.1.3 Asia Pacific

3.5.1.3.1 Rapid urbanization and commercialization

3.5.2 Industry Pitfalls and Challenges

3.5.2.1 Availability of economical alternatives

3.6 Growth potential analysis

3.7 Porter's Analysis

3.8 Competitive landscape, 2021

3.9 PESTEL Analysis

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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