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Heat Pump Market Trends

Report ID: GMI1426
Published Date: Jul 2024
Report Format: PDF

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Heat Pump Market Trends

The heat pump industry is set to grow owing to rising retrofitting and construction of energy efficient building infrastructure driven by increasing urbanization along with increasing inclination toward clean energy alternatives. Favorable grants and policies to accelerate the deployment of energy efficient systems and ongoing replacement of traditional heating systems has favored the business dynamics. Moreover, stringent regulatory framework to curb emissions, shifting consumer preference for smart and reliable heating & cooling systems driven by increasing disposable incomes and varying climatic conditions, augmenting the business dynamics.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of heat pump was reached USD 54 billion in 2023 and is anticipated to register 13.6% CAGR between 2024 and 2032, driven by rising demand for efficient heat and cooling solutions and the shifting inclination towards energy efficiency.

The residential segment in the heat pump market is expected to record 13.5% CAGR through 2032, driven by increasing population and the rising demand for space heating and cooling.

Asia Pacific heat pump market is likely to exceed USD 60 billion by 2032, due to the ongoing infrastructure expansion, rapid population growth and urbanization.

Bosch Thermotechnology Corp., Carrier, DAIKIN INDUSTRIES, Ltd., Finn Geotherm UK Limited, FUJITSU GENERAL, Glen Dimplex Group, GREE ELECTRIC APPLIANCES, INC., Johnson Controls, and Kensa Heat Pumps, among others.