Heat Pump Market worth over $94 Bn by 2030

Heat Pump Market size is set to surpass USD 94 billion by 2030, according to a new research report by Global Market Insights Inc.
 

Integration of energy-efficient heating technologies in industrial, residential, and commercial applications will have a positive impact on the industry landscape. Governments worldwide are introducing new initiatives to reduce carbon emissions from conventional heating systems. Initiatives such as offering tax credits, subsidies, and other forms of financial assistance will encourage the adoption of energy-saving heating solutions.
 

In line with government efforts emphasizing on the benefits of sustainable heating systems and growing consumer interest, industry players are ramping up their production capacity to meet demand. In September 2022, Panasonic revealed plans to invest USD 144.4 million in its heat pump factory in Czechia to enhance manufacturing capacity. The expanded manufacturing unit will increase Panasonic’s annual production capacity to 500,000 units by March.
 

Ground source heat pumps in demand across the commercial sector

The ground source heat pump market accounted USD 3.5 billion in 2021 owing to their eco-friendly features, ability to control humidity, and low heat losses. Advancements in geothermal technology have enabled the utilization of these products in large commercial buildings including schools and colleges. They are also gaining popularity due to sustainable characteristics and retrofit applications. New investments in the implementation of horizontal ground source heat pumps and green building infrastructure trends will complement the demand for this pump.
 

Browse key industry insights spread across 602 pages with 940 market data tables & 33 figures & charts from the report, “Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application (Residential {Single Family, Multi Family}, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Industrial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/heat-pump-market
 

Rising heat pump usage across residential construction sector

The residential heat pump market is predicted to observe a 5% growth rate till 2030. Rapid commercialization and the growing urban population will consolidate product demand in the sector. Stringent mandates imposed by governments worldwide to support energy conservation will accelerate the adoption of residential heat pumps.
 

New residential projects and rising disposable income across developing and developed countries will drive the installation of compact and efficient heating technologies. In 2022, Construction firm Arc-Tech (Scotland) commenced work at the country’s largest net zero housing development called Western Villages. The project will contain a series of Air Source and Water Source heat pumps that will distribute hot water to a Heat Interface Unit (HIU) in each plot.
 

Growing product demand across Europe region

Europe heat pump market is anticipated to be more than USD 29 billion by 2030. Governments across the region are focusing on reducing the impact of climate change and are introducing initiatives to curb GHG emissions. Such initiatives have accelerated the demand for low-carbon energy systems in EU countries. Manufacturers in the region are also taking part in new research and development activities. With extensive efforts and resources dedicated to reversing the environmental impact and promoting sustainable systems, the demand for heat pump systems would grow across Europe at a sustainable rate.
 

Product development initiatives to strengthen industry outlook

Key participants operating in the industry are Bosch Thermotechnology Corp., Viessmann, Finn Geotherm UK Limited, Panasonic Corporation, Stiebel Eltron GmbH & Co. KG, Daikin, Vaillant Group, Carrier, NIBE Industrier AB, Samsung, Mitsubishi Electric Corporation, Lochinvar, Danfoss, Bard HVAC, WOLF GmbH, OCHSNER, Johnson Controls, and Kensa Heat Pumps. The competitive landscape features the introduction of advanced product portfolios along with strategic partnerships to enhance their position in the market.