Sales of Heat Pump Is Expected to Accelerate at A Whopping 9.0% CAGR by 2033

The heat pump market was valued at US$ 65.4 billion in FY 2021, and it is anticipated that it would expand by 8.0% year over year in 2022 to reach US$ 71.29 billion. Additionally, growth is anticipated to pick up during the assessment period of 2022-2032, increasing at a staggering 9.0% CAGR to reach US$ 168.76 Billion.A heat pump is a refrigeration device with a mechanical compression cycle that can be turned around to either heat or cool a particular space. As a result, it is widely employed in applications for space cooling and heating. It is made up of two main parts: an indoor air handler and an outdoor unit known as a heat pump but looking very much like a central air conditioner.

The offer in this portion accompanies many open doors including fabricating items, appropriation, retail, and showcasing administrations. Broad rounds of essential and a far reaching optional exploration have been utilized by the examiners at Fact.MR to show up at different assessments and projections for Demand of Heat Pump Market both at worldwide and provincial levels.

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Market Players: –

  • Trane Inc.
  • Midea Group
  • NIBE Group
  • Panasonic Corporation
  • Mitsubishi Electric Corporation
  • Daikin Industries, Ltd.
  • Glen Dimplex Group
  • Viessmann Werke GmbH & Co KG
  • Flamingo Heat Pumps
  • Efficiency Maine
  • Ingersoll Rand, Plc.
  • Melrose Industries Plc

Heat Pump Market- Competitive Landscape

Prominent players in the Heat Pump Industry are taking advantage of the rapidly increasing demand for the Heat Pump in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:

  • In January 2022, Johnson Controls had acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.
  • In October 2021, Carrier Global acquired Nlyte Software, a leader in data center infrastructure management (DCIM) software. The development is expected to add automated solutions to the HVAC business segment.
  • In September 2021, Carrier China, a part of Carrier Global, collaborated with Huadian Corporation for providing centrifugal chillers, which will be installed at Guangzhou Wanbo Central Energy Station, in China.
  • In June 2021, DENSO and NTT Data announced the completion of a joint verification test to improve mobility experiences by leveraging data on vehicle and human flows. The test aims to improve mobility experiences and services, as well as to assist businesses in attracting potential clients with the changing consumer behavior.

Key Segments Covered in the Heat Pump Industry Survey

  • By Product Type :
    • Air Source
    • Water Source
    • Ground Source
  • By Rated Capacity :
    • Up to 10 kW
    • 10–20 kW
    • 20–30 kW
    • Above 30 kW
  • By Application :
    • Residential
    • Commercial
    • Industrial

Regional analysis includes

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
  • EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
  • CIS & Russia
  • Japan
  • Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)

How Fact.MR Assists in Making Strategic Moves?

The data provided in the Heat Pump Market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.

The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players.