- The heat pump market is estimated to grow at a CAGR over 7% from 2015 to 2020. Rising need for renewable energy resources along with extensive governmental support is boosting the market. Also, awareness regarding green house gas emissions (from conventional heating activities) is predicted to enhance market conditions in the forecast period.
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The sector of residential is responsible for most of the heating operations in North America and Europe. Rapid climatic changes have increased the heating needs of residential buildings. Growth in the construction industry coupled with governmental strategies is also predicted to augment revenues of the heat pump market in the future.
The worldwide market will be driven by demand for technologically-advanced and eco-friendly devices. Also, shift towards green technology would enhance market demand in the upcoming years. Legislative support, higher investments, energy demands, and depleting oil & gas resources will positively affect the market.
Higher initial installment costs coupled with lack of consumer awareness will restrain the market. Lack of governmental support in some geographical regions will also slow down market progress. Based on technologies, the heat pump market is segmented into Co2, gas driven and hybrid. Co2 pumps are estimated to undergo notable growth in the years ahead.
The market is also divided into products. These are air to air, geothermal, and air to water. Geothermal pumps will observe lethargic growth due to declining demand for them in Europe. Air to water pumps are anticipated to witness a CAGR over 10 to 12 percent in the forecast period.
Europe contributed the highest share in the heat pump market. It will maintain its position over the coming years. The energy union of Europe stated that, about 6.7 million pumps were installed in the region in 2013. Europe accounted for over 224 GW of the overall capacity. North America was the second largest market.
It was followed by Europe. Asia Pacific is considered the fastest growing region during the forecast period. This is owing to demand for renewable energy in Japan, China, and India. Some of the players in the market are The Glen Dimplex Group, Mitsubishi Electric, Geothermal International, and Danfoss Group Global.
Rising competition among heat pump market players has led to cost-reductions and higher-efficiency in heat pump products.
Information Source: Grand View Research
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