Global Residential Heat Pump Market Predicted to Hit $77,459.80 Million, Growing at 9.7% CAGR from 2022 to 2030 [200-Pages] | Informative Business Growth by Research Dive
- Rising demand for environment-friendly energy sources worldwide is fueling the global residential heat pump market growth.
- The COVID-19 pandemic has negatively impacted the market. The Asia Pacific region is likely to lead the market in the future.
NEW YORK, May 26, 2022 /PRNewswire/ -- Research Dive has added a new report to its offerings titled, "Residential heat pump Market by Type (Recyclable, Reusable, and Degradable), Application (Food & Beverages, Pharmaceuticals & Healthcare, and Chemical), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030".
The global residential heat pump market is expected to garner $77,459.80 million by 2030, growing at a CAGR of 9.7% from 2022 to 2030. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
Key Segment Findings of the Residential Heat Pump Market:
The market is segmented based on type, power source, and region.
- The air source sub-segment of the type segment is anticipated to observe highest growth and surpass $54,022.10 million in the estimated period. This growth is mainly because of the rising adoption of air source residential heat pumps, as these type of heat pumps are greatly suitable for residential buildings and low environmental impact projects.
- The electric powered sub-segment of the end user segment is anticipated to lead the market and collect a revenue of $57,093.90 million in the estimated period. This growth is mainly because electric powered residential heat pumps are cost-effective as they function using electricity and do not give out any toxic emissions.
- Among region, the Asia Pacific residential heat pump market is projected to observe speedy growth with a CAGR of 10.3% in the estimated period. The growth of this region market is mostly owing to the rising implementation of government policies such as initiation of coal-to-electricity project, which has resulted in the rising deployment of air source heat pumps and residential geothermal heat pumps in nations like China in this region.
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Residential Heat Pump Market Dynamics
The key factors fueling the growth of the global residential heat pump market are a significant rise in the demand for residential heat pumps owing to their properties such as high efficacy, flexibility, and clean operation and growing awareness about adopting energy efficient and environment-friendly energy sources across the globe. In addition, recently there has been a rise in the integration of advanced technologies like digitalization and the internet of things (IoT) in residential heat pumps. These technologies facilitates the addition of smart controllers in residential heat pumps, thus providing real-time energy efficacy, enhanced load profiles, competent usage of electricity, and reduced operating expenses. This factor is projected to open doors to innovative opportunities for the market growth in the projected period. However, high upfront costs and complex installation process of residential heat pumps are estimated to deter the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Residential Heat Pump Market:
The COVID-19 pandemic has made a negative impact on the growth of the global residential heat pump market in 2020. This is mainly owing to the execution of strict lockdown and restrictions on transport activities and disruptions in supply chains. Also, the demand for residential heat pumps has significantly plummeted. All these factors are hindering the market growth amidst the pandemic period. However, with the relaxation of the pandemic crisis, the government of various regions are focusing on meeting the net zero carbon emission objective, which is likely to fuel the residential heat pump market in the coming years.
Top Players of the Global Residential Heat Pump Market
The major players of the global residential heat pump market are
- Mitsubishi Electric Corporation
- Johnson Controls
- Daikin
- Carrier Corporation
- Stiebel Eltron
- Glen Dimplex
- NIBE
- Viessmann
- Midea Group
- Danfoss, and others
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. – Ask to get access for the key companies Development strategic Report
For instance, in March 2022, British Gas, the leading UK energy and home services firm, launched novel air source heat pump. This launch has strengthen the position of the British Gas in the global residential heat pump market.
Moreover, the report offers other key details such as business tactics, financial performance, and product/service range of the leading players along with Porter's five forces analysis and SWOT analysis.
More about Residential Heat Pump Market:
- Global Residential Heat Pump Market to Surpass $77,459.8 Million by 2030, Owing to the Increasing Adoption of Energy-efficient Systems to Reduce Carbon Emissions
- Residential Heat Pumps: A Great Alternative to Air Conditioners
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