The global heat pump market is expected to grow from USD 53.2 billion in 2021 to USD 83.5 billion by 2026, at a CAGR of 9.5% during the forecast period. The factors driving the growth for heat pump market are the Contribution of heat pump technology to reduce carbon footprint and the Government laws and subsidies to enhance energy efficiency.
Heat pumps extract the ambient heat from the air and land at low temperatures and increase the temperature through energy input, mainly electricity. The heat pump is cable of extracting up to 77% of the energy from the air. Thus, the use of heat pump can bring down the fossil fuel consumption considerably when compared to alternate mediums of heat transfer, subsequently lowering the carbon footprint. This factor is increasing the number of heat pump installations across all sectors and driving the heat pump market growth.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153294991
Energy is an essential power source in homes, hospitals, and schools, among others. However, its production and usage result in the emission of greenhouse gases in significant volumes. Thus, major economies across the globe are aiming to reduce their dependency on non-renewable energy sources and are gradually inclining toward renewable energy sources to restrict the emission of greenhouse gases.
The heat pump technology is a promising solution for lowering greenhouse gas emissions. Heat pumps through aero thermal and geothermal technologies offer an energy-efficient approach to space heating. The heat pump is often regarded as a sustainable technology when used in heating, ventilation, and air conditioning (HVAC) systems.
The Asia Pacific region is estimated to be the largest market for the Heat Pump Market, followed by North America. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American Heat Pump Market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=153294991
Some of the top players in the Heat Pump Market include Samsung (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan) and Mitsubishi Electric Corporation (Japan).
About MarketsandMarkets™:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/heat-pump.asp
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/heat-pump-market-153294991.html