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Ground Source Heat Pump Compressors Market Size

Report ID: GMI11200
Published Date: Sep 2024
Report Format: PDF

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Ground Source Heat Pump Compressors Market Size

Ground Source Heat Pump Compressors Market was valued at USD 1 billion in 2023 and is set to grow at CAGR of 4.6% from 2024 to 2032.

Ground Source Heat Pump Compressors Market

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Increasing adoption of energy-efficient HVAC systems and growing inclination toward enhancing overall energy efficiency will complement the business landscape. Favorable initiatives including financial rebates, tax benefits, and subsidies for adopting heat pumps are encouraging more consumers and businesses to invest in these technologies. Moreover, increasing demand for space heating and cooling has accelerated the adoption of low-carbon technologies will further proliferate the industry outlook.

Ground Source Heat Pump Compressors Market Report Attributes
Report Attribute	Details
Base Year:	2023
Ground Source Heat Pump Compressors Market Size in 2023:	USD 1 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	4.6%
2024 – 2032 Value Projection:	USD 1.6 Billion
Historical Data for:	2021-2023
No. of Pages:	75
Tables, Charts & Figures:	26
Segments covered:	Type and Region
Growth Drivers:	Increasing adoption of energy efficient systems Favorable regulatory landscape and supportive financial policies toward adoption of heat pump systems Stringent mandates toward reducing carbon emissions
Pitfalls & Challenges:	Prevalence of alternative heating & cooling technologies

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Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The market size of ground source heat pump compressors was worth USD 1 billion in 2023 and is expected to register 4.6% CAGR from 2024 to 2032, due to the increasing adoption of energy-efficient HVAC systems and growing inclination toward enhancing overall energy efficiency worldwide.

Ground source heat pump compressors industry from the scroll segment is predicted to hit USD 620 million by 2032, due to rising energy costs, increased environmental awareness, government incentives, and technological advancements across ground source heat pumps.

Europe ground source heat pump compressors industry is expected to reach over USD 470 million by 2032, due to variations in climatic conditions across various geographies, along with increasing demand for efficient space heating & cooling solutions in the region.

CAREL INDUSTRIES S.p.A., Copeland LP, Danfoss, DAIKIN APPLIED, LG Electronics, Midea Group Co., Ltd, Mitsubishi Electric Corporation, Panasonic Industry, Tecumseh Products Company LLC, and Trane, are some of the major ground source heat pump compressors companies worldwide.