Knowledge Sourcing Intelligence announces the publication of a new report on “Heat Pumps Market - Forecasts from 2020 to 2025" to their offering.
A heat pump is a device that helps to transfer heat from colder places to hot places with the help of mechanical energy. The rapid industrialization and urbanization, especially in developing economies is one of the key factors driving the market growth during the next five years.
According to the report, the heat pumps market is projected to increase at a CAGR of 6.04% over the forecast period 2019-2025.
Growth in the number of industries along with rapid urbanization is significantly driving the demand
The market for heat pumps is significantly being driven by the growth in the number of industries in the major developing economies of the world. The booming investments by companies in the developing economies of the world due to cheap labor rates and availability of numerous beneficial resources is significantly driving the demand for heat pumps across these industries and adding up to the market growth during the next five years. Also, the wide adoption of these pumps in the regions with extremely lower temperatures is one of the major driving factors for augmenting the demand for. Furthermore, the growing urban population in numerous countries throughout the world is further leading to the growth in the residential construction which is also one of the prime factors bolstering the demand for heat pumps. For instance, the urban population in China reached 59.15% by 2018 from 46.54% in 2008. Also, the residential construction is on the verge of expansion as the government initiatives towards the development of the residential sector is leading to the construction and development of new housing units. For instance, the Chinese government invested around US$255 billion for the redevelopment project of Shantytown in 2018 and constructed around 6 million housing units.
Asia Pacific to hold a significant share
Geographically, the Asia Pacific region is anticipated to hold a notable market share owing to the presence of considerably large industries in countries like India, China, and Vietnam among others. Furthermore, the rapid growth in the urban population in the various developing countries of this region further support the market growth significantly. Also, the rapid growth of industries in the APAC region is also one of the key factors which is projected to supplement the notable share of the region throughout the forecast period.
The major players covered as part of the report are Bosch, Panasonic, Carrier Corporation, Toshiba, Johnson Controls (York), and Electrolux among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/heat-pumps-market
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