New Strategic Report on Heat Pump Market 2019 Analysis Along Top Key Players


Rockville, USA, 2019-Jul-22 — /EPR Network/ —  A new report published by Fact.MR report on heat pump market offers an extensive market forecast for the period, 2019-2029. Wide-ranging dynamics influencing the heat pump are identified and their degree of impact has been assessed and covered in the report. The report offers qualitative and quantitative analysis of the macro- and microeconomic factors impacting heat pump market growth. It also provides in-depth insights into the competitive landscape of heat pump market to assist the readers in implementing and devising well-informed decisions.

Key Factors Shaping the Growth of Heat Pump Market

  • Heat pumps continue to gain traction as a viable and ecological alternative to conventional heating equipment, owing to the efforts of several economies for progressing toward a low-carbon future, by using cleaner energy to run transportation, heating, cooling, and other applications.
  • With 11 million units installed worldwide in 2018, heat pump technology has become a paramount among global heating equipment suppliers. Rapid climate changes have not only increased the heating needs for residential buildings, but also led the development of dual-source options in heat pumps for effective temperature regulations in both warm and cold climates.
  • Significant growth in adoption of HVAC (heating, ventilation, and air conditioning) systems, on the back of changing climatic conditions, rapid urbanization, and demographic transformations, has also been complementing the demand for heat pumps.

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As per the study, residential sector contributes substantially, to the growth of heat pump market, accounting for ~60% shares. Increasing government spending on infrastructural activities along with incentives to adopt renewable systems, especially in developing regions, remain the key aspects for market consolidation in residential sector.

It is also pertinent to note that various high-end products with technically advanced features are being manufactured for critical applications in commercial sector. Continuous efforts in exploring possibilities of heat pump installations in the futuristic commercial developments, coupled with government funding for projects, including the U.K.’s non-domestic RHI (Renewable Heat Incentive) for commercial properties, will create lucrative opportunities for the manufacturers.

The Fact.MR study finds that East Asia continues to create a pool of opportunities in the heat pump market, on the back of rapid urbanization and industrialization. Increasing preference for green technology among consumers, complementing the governments’ awareness initiatives, will remain a vital growth influencer associated with the heat pump market in the East Asian region.

This Fact.MR study offers a long-term perspective and growth analysis of the global heat pump market for the period between 2019 and 2029. According to the study, the heat pump is estimated to record a volume CAGR of ~12% during the forecast period.

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