A recent study shows that the adoption of heat pumps with green heating solutions and replacement of conventional heating systems is expected to steer the market towards a positive growth scenario.
This is according to a study analyst on the 'Heat Pumps market Study' published by Future Market Insights.
In a statement, Future Market Insights reported that the global heat pumps market is projected to reach a valuation of $16 billion by 2029, expanding at a CAGR of 7% during the forecast period (2019-2029).
Key study insights:
- Amongst product types, the air-air heat pumps segment is expected to be dominant over the forecast period, owing to factors such as low installation cost and high demand in Western Europe and North America.
- Demand for CO2 refrigerant heat pumps is anticipated to multiply due to their low cost and easy recyclability.
- Heat pumps with variable or dual-speed features, which can improve efficiency and electrical savings, are expected to gain significant traction.
- In terms of value, the adoption rate of hybrid heat pumps is projected to increase significantly, owing to their low initial cost, high efficiency, and intermediate energy consumption.
- Rising innovative construction projects, especially in countries like India, China, and Mexico, are expected to amplify demand for heat pumps.
- The rapid growth in demand for air-water heat pumps, especially in China, South Korea, and Japan, for domestic hot water, floor heating, and space heating/cooling is expected to fuel the growth of the overall heat pumps market.
The report offers essential insights into the competitive scenario of the heat pumps market, along with strategies of prominent market participants. Some key participants mentioned in the heat pumps market report are Mitsubishi Electric, Danfoss Group Global, and United Technologies Corporation.
The global heat pumps market is highly competitive due to the presence of a large number of players. However, the market has been moving towards consolidation with ongoing mergers and acquisitions by prominent players. Furthermore, players in emerging markets are focusing on rapid business expansions and increasing value-addition in their product offerings.
These insights are based on a report on Heat Pumps Market by Future Market Insights.