The global heat pumps market is expected to grow at a CAGR of around 10% during 2019-2024. Heat pumps are electrical devices that extract heat from a source and transfer it to another via electronic or mechanical means. They perform this function by circulating the refrigerant through a cycle of evaporation and condensation. They work like air conditioners in warmer months, and the process is reversed during colder weather. In comparison with conventional heating and cooling units, heat pumps consume around 40% less energy to operate. As a result, they act as an energy-efficient alternative to furnaces and air conditioners for climates that require moderate heating or cooling. The increasing focus on improving environmental performance and the growing number of initiatives to minimize heat generation from fossil fuels in recent years is spurring the demand for heat pumps around the world.
The introduction of green building standards and codes to enhance the deployment of sustainable technologies is aiding in minimizing carbon emissions. The consequent rise in the demand for sustainable and cost-effective heating and cooling solutions to reduce electricity consumption is impelling the market growth. Additionally, manufacturers are financing research and development (R&D) activities to improve the existing mechanism of heat pumps and enhance their performance and efficiency. For instance, they are introducing two-speed compressors that enable industrial heat pumps to perform extreme heating or cooling with high efficiency, which can significantly reduce their power consumption. Another innovation in the industry includes the integration of heat pumps with furnace systems for creating dual-fuel heat pumps.
IMARC Group’s latest report provides a deep insight into the global heat pumps market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the heat pumps market in any manner.
The report has also analyzed the competitive landscape of the market with some of the key players being Daikin, Mitsubishi Electric, Midea Group, Nibe, Ingersoll-Rand, Danfoss, Panasonic, Glen Dimplex, Viessmann, Robert Bosch, United Technologies, etc.
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