Heat Pumps Market is Booming and Predicted to Hit US$ 93.7 Billion by 2028

IMARC Group, a leading market research company, has recently releases report titled “Heat Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global heat pumps market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the heat pumps market?

The global heat pumps market size reached US$ 54.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.7 Billion by 2028, exhibiting a growth rate (CAGR) of 10.12% during 2023-2028.

What are heat pumps?

Heat pumps are energy-efficient systems that provide both heating and cooling for residential and commercial spaces. Operating on the principle of transferring heat from one place to another, they extract warmth from the outdoor air, ground, or water sources and deliver it indoors during colder months. In warmer periods, the process is reversed to expel heat from indoor spaces. Heat pumps offer a sustainable alternative to traditional heating and cooling methods, as they consume less electricity and produce fewer greenhouse gas emissions. This technology's versatility, offering year-round climate control, coupled with its eco-friendly attributes, positions heat pumps as a pivotal solution for modern energy-efficient buildings and a strategic step towards reducing carbon footprints.

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What are the growth prospects and trends in the heat pumps market?

The increasing emphasis on energy efficiency and environmental sustainability represents one of the key factors driving the growth of the market across the globe. As the global awareness of climate change and its implications intensifies, governments, organizations, and individuals are seeking eco-friendly alternatives to conventional heating and cooling systems which is contributing to the growth of the market. Heat pumps, known for their low energy consumption and reduced carbon emissions, align perfectly with these sustainability goals which are driving its demand among consumers, thus boosting the growth of the market. The market is also driven by rising energy costs. Traditional heating and cooling methods reliant on fossil fuels are becoming cost-prohibitive, which is prompting consumers and businesses to explore more economical options which is fueling the market growth. Apart from this, many governments implementing stringent policies to curb greenhouse gas emissions and promote energy-efficient technologies are creating a positive outlook for the market across the globe.

Who are the key players operating in the heat pumps industry?

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Daikin Industries Ltd.
Mitsubishi Electric Corporation
MIDEA GROUP
NIBE Industries
AB Corp.
Ingersoll Rand
Danfoss
Panasonic Corporation
GDC Group Limited
Viessmann Manufacturing Company Inc.
Robert Bosch GmbH
United Technologies Corporation

What is included in market segmentation?

The report has categorized the heat pumps market based on rated capacity, product type, end use sector and region.

Breakup by Rated Capacity:

Up to 10 kW
10–20 kW
20–30 kW
Above 30 kW

Breakup by Product Type:

Air Source Heat Pump
Ground Source Heat Pump
Water Source Heat Pump
Exhaust Air Heat Pump
Others

Breakup by End Use Sector:

Residential
Commercial
Hospitality
Retail
Education
Food Beverage
Paper Pulp
Chemicals Petrochemicals
Others

Breakup by Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

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Key Highlights of the Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
SWOT Analysis
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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