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Reversible Heat Pump Market Size

Report ID: GMI5547
Published Date: Aug 2024
Report Format: PDF

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Reversible Heat Pump Market Size

Reversible Heat Pump Market was valued at over USD 10.9 billion in 2023 and is projected to record over 15.5% CAGR from 2024 to 2032. The growing population and ongoing urbanization, coupled with the swift advancement of sustainable building infrastructure, have driven up the demand for energy-efficient heating and cooling systems, thereby shaping the industry landscape.

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For instance, in April 2024, Natural Resources Canada unveiled its Forward Regulatory Plan for 2024 to 2026 stipulating the new standards along with planned regulatory changes for energy efficiency ratings & other initiatives for the new systems to be deployed in the medium term. Moreover, shifting trends toward advanced technological systems along with formulation of strategic reforms to support fossil fuel independency will complement the business outlook.

Reversible Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Reversible Heat Pump Market Size in 2023:	USD 10.9 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	15.5%
2032 Value Projection:	USD 41.2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	95
Tables, Charts & Figures:	38
Segments covered:	Product, Application, and Region
Growth Drivers:	Increasing demand for efficient heating & cooling systems Ongoing investment to develop advanced infrastructure Encouraging regulatory policies
Pitfalls & Challenges:	Prevalence of conventional heating & cooling alternatives

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of reversible heat pump was worth over USD 10.9 billion in 2023 and is set to grow at 15.5% CAGR through 2032, fuelled by rising population, urbanization, and advancements in sustainable building infrastructure.

Reversible air source heat pump market is projected to cross USD 39 billion by 2032, owing to the rising living standards of the population along with the upsurging demand for efficient and compact heating & cooling technologies.

Europe reversible heat pump market is projected to reach over USD 29 billion by 2032, with stakeholders and agencies working together on R&D to boost efficiency and expand applications.

Carrier, Clivet S.p.A., DAIKIN INDUSTRIES Ltd., Glen Dimplex Group, Guangzhou SPRSUN New Energy Technology Development Co., Ltd., HITEMA INTERNATIONAL S.R.L, HOVAL, Johnson Controls, Keyter Technologies, S.L., Mitsubishi Electric Corporation, Panasonic Corporation, Rhoss Deutschland GmbH, Swegon Group AB, Systemair AB, Trane, and Yanmar.