According to a new market research report "Heat Pump Market by Type (Air-to-Air and Air-to-Water), Rated Capacity (Up to 10 kW, 10-20 kW, 20-30 kW, and Above 30 kW), End-User (Residential, Commercial, and Industrial), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from an estimated USD 54.34 billion in 2018 to USD 94.42 billion by 2023, at a CAGR of 11.68%, during the forecast period.
Early buyers will receive 10% customization on this report
The market is set to witness growth because of increased investments in the residential and commercial sectors, infrastructure developments, and ability to reduce carbon emissions.
The up to 10 kW segment is expected to be the largest Heat Pump Market, by rated capacity, in 2018.
Up to 10 kW rated capacity heat pumps are expected to hold a large share of the total market, in 2018. This dominance is attributed to its large-scale application in the residential and commercial sectors, and growing investments in those sectors.
The residential end-user segment is expected to generate significant demand for heat pumps during the forecast period.
The increase in urbanization has led to the demand for smart buildings. These buildings require efficient heat pumps, leading to the growth of the Heat Pump Market. Smart buildings are not only green/sustainable but are also intelligent; these buildings are equipped with advanced technologies, which include heat pumps. Heat pumps provide a comfortable and standard living environment. Governments are relying on smart buildings, which ensure a lower carbon footprint, 40% reduction in the usage of water, and less electricity consumption. Thus, developers and owners of buildings are trying to meet energy-efficiency guidelines using equipment such as heat pumps.
Asia Pacific: The Key market for heat pumps during the forecast period.
In this report, the Heat Pump Market has been analyzed concerning 4 regions, namely, Asia Pacific, Europe, North America, and Rest of the World (RoW). The governments in these countries are drawing up policies to ensure that energy-efficient equipment such as heat pumps are being installed in new buildings, which is expected to drive the market for heat pumps. The demand from China would lead the market in Asia Pacific. Growing investments in the residential and commercial sectors of the Chinese market is creating a huge demand for the Heat Pump Market. Rising government regulations and policies for increasing energy efficiency and favorable incentives, a significant contribution of heat pumping technology in the reduction of CO2 emissions, implementation of large industrial and commercial projects, and refurbishment of the aging infrastructure in Asia Pacific & Europe would continue to create demand for the Heat Pump Market.
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 such as 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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: email@example.com