Global Heat Pumps Market to Grow at 10.12% During 2023-2028, Impelled by Rising Adoption Rates of HVAC Systems

According to the latest report by IMARC Group, titled “Heat Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global heat pumps market reached a value of US$ 54.0 Billion in 2022. Heat pumps refer to devices that transfer heat from one place to another by circulating refrigerant through a cycle of condensation and evaporation. These pumps comprise numerous components, including condensers, compressors, evaporators and expansion valves, for their efficient functioning. The compressor is utilized to pump the refrigerant between two heat exchanger coils, wherein the refrigerant is evaporated at low pressure in one coil and is further condensed at high pressure in the other coil. These pumps are used to warm homes during winters and make the spaces cooler during warm and hot conditions. Since these systems are extremely energy efficient in nature, require lesser maintenance and are much safer to use as compared to combustion-based heating systems, they are gaining widespread preference on the global level.

Global Heat Pumps Market Trends:

The global market is primarily driven by the increasing sales of heating, ventilation, and air conditioning (HVAC) systems. Altering global climatic conditions and improving standards of living have increased the uptake of these systems, thereby impelling the demand for heat pumps. Apart from this, steadily increasing population, rapid urbanization and inflating per capita income levels have created the need for the expansion of residential spaces. This trend, coupled with the rising trend of renovation and modernization across the residential and commercial sectors, is boosting the sales of these pumps on a global level. Moreover, the widespread adoption of green buildings, owing to an enhanced preference for sustainable development among the masses, is expected to create a positive outlook for the market growth. Furthermore, since these pumps have an efficient conversion rate of energy to heat, and their utilization reduces carbon emissions, governments of various countries, such as the United States, are undertaking initiatives to promote their usage and offering numerous benefits on their installation. In confluence with this, the growing popularity of dual source heat pumps (DSHP) among users, owing to their improved efficiency and performance, is further facilitating the market growth. On account of the aforementioned factors, the market is projected to grow at a CAGR of 10.12% during 2023-2028.

Market Summary:

• On the basis of the rated capacity, the market has been divided into up to 10 kW, 10–20 kW, 20–30 kW and above 30 kW.
• Based on the product type, the market has been categorized into air source, ground source, water source, exhaust air and other types of heat pumps.
• On the basis of the end-use sector, the market has been segregated into residential, commercial, hospitality, retail, education, food and beverage, paper and pulp, chemicals and petrochemicals, and others.
• On the geographical front, the market has been classified into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.
• The competitive landscape of the market has been analyzed with the detailed profiles of the key players operating in the market. Some of these players include Daikin Industries, Ltd., Mitsubishi Electric Corporation, MIDEA GROUP, NIBE Industrier AB, Corp., Ingersoll Rand, Danfoss, Panasonic Corporation, GDC Group Limited, Viessmann Manufacturing Company Inc., Robert Bosch GmbH, and United Technologies Corporation.

Report Scope:

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