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Variable Speed Heat Pump Market Trends

Report ID: GMI7868
Published Date: Jan 2024
Report Format: PDF

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Variable Speed Heat Pump Market Trends

The variable speed heat pump industry is witnessing robust growth on account of increasing focus on energy efficiency, sustainability, and growing environmental awareness to mitigate greenhouse gas emissions. These systems outperform fixed-speed counterparts, offering enhanced efficiency that resulted into lower energy consumption and operational costs. The increasing consumer shift towards reliable and efficient heating & cooling solutions, coupled with elevated environmental concerns, is driving the investments in eco-friendly HVAC solutions among both residential and commercial users. In addition, favorable government policies, credit schemes and tax benefit programs for adoption of heat pumps will further accelerate the product deployment.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of Variable speed heat pump market size crossed USD 46.3 billion in 2023 and is expected to register 13% CAGR from 2024-2032 owing to rising need for effective space heating and cooling technologies along with the rapid development of building infrastructure worldwide.

Variable speed heat pump industry from the residential segment is expected to register 13.4% CAGR from 2024-2032 owing to the increasing replacement of sustainable heating and cooling units across the residential infrastructure.

Asia Pacific variable speed heat pump industry size recorded over USD 21.5 billion in 2023 and is expected to register commendable CAGR from 2024-2032 owing to rising emphasis on energy-efficient systems, supported by government initiatives facilitating emission reduction.

Rheem Manufacturing Company, Daikin Comfort Technologies North America, Inc., American Standard Heating and Air Conditioning, Hayward Industries, Inc, Johnson Controls, FUJITSU GENERAL, and Mitsubishi Electric are some of the major variable speed heat pump companies worldwide.