The Heat Pumps Global Market Report 2023 by The Business Research Company, provides heat pumps market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Heat Pumps Global Market Report 2023, the global heat pumps market size will grow from $115.74 billion in 2022 to $127.71 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global heat pumps is expected to grow to $160.04 billion in 2027 at a CAGR of 5.8%.
Government regulations and policies to improve energy efficiency are boosting the demand for renewable energy sources, thereby contributing to the growth of the heat pumps market. Heat pumps offer a low carbon footprint, minimal installation time, and reduce energy consumption in the household and industrial applications. Energy efficiency has tremendous potential to boost economic growth and reduce greenhouse gas emissions. The government of various countries is adopting energy conservation policies.
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The heat pumps market is segmented:
1) By Product Type: Air Source, Air-to-Air, Air-to-Water, Water Source, Ground Source
2) By Rated Capacity: Up to 10 kW, 10–20 kW, 20–30 kW, Above 30 kW
3) By End User: Residential, Commercial, Industrial
Major companies operating in the heat pumps industry are focusing on developing new technology for cost-effective heating, which is likely to gain popularity in the heat pumps market. The heat pump manufacturers are developing new pump technology including contractor-friendly designs, higher efficiencies, and innovative two-stage compressors that run at lower speeds, consume less energy, and are cost-effective. For instance, in July 2020, Daikin Industries, Ltd. announced the launch of Daikin SmartSource, Dedicated Outdoor Air System (DOAS). It is a next-generation heat pump technology that allows efficient and cost-effective cooling and heating in all conditions and achieves 49% higher efficiency than other heat pumps
The heat pumps market report table of contents includes:
1. Executive Summary
2. Heat Pumps Market Characteristics
3. Heat Pumps Market Trends And Strategies
4. Heat Pumps Market – Macro Economic Scenario
5. Heat Pumps Market Size And Growth
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26. Africa Heat Pumps Market
27. Heat Pumps Market Competitive Landscape And Company Profiles
29. Key Mergers And Acquisitions In The Heat Pumps Market
29. Heat Pumps Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Natus Medical
- Maico Diagnostics
- Inventis
- William Demant
- Amplivox
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