Heat Pumps Market is projected to grow at a CAGR 6.04%

Heat Pumps Market is projected to grow at a CAGR 6.04%

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new report on “Heat Pumps Market - Forecasts from 2020 to 2025” to their offering.

Fluctuating energy prices, increasing carbon emissions, favorable government policies, the conducive construction market, increasing consumer spending on clean energy are the prime factors are that estimated to drive the market growth.  

As per the report, the market pertaining to Heat Pumps Market is expected to reach US$70.319 billion by 2025, from US$49.463 billion in 2019.

The increasing requirement of space and water heating requirements in Asian, European, and North American countries, along with the boost in solutions pertaining to energy efficiency are expected to augment the need demand for heat pumps, especially in these regions. The growth will be buttressed by favorable government support. The demand is further expected to be strengthened by the swift product innovation brought about by the market players rendering the landscape quite competitive. From the technological point of view, there are three types of heat pumps which are namely - Air source heat pump (ASHP), Ground source heat pumps (GSHP), and Water source heat pump (WSHP). The ASHP functions by transferring the heat from outside after the absorption of the same and to an indoor space of either a commercial or a residential establishment through the means of heat radiator. According to the US department of energy, an ASHP is capable of providing 1 ½ - 3 times more heat energy that energy it consumes to provide the aforesaid. Albeit in use for quite some time, the enhanced degree of performance and efficiency brought about by the recent technological advancements like, enhance coil design, the grooved interior of copper tubing to increase the area of the surface, integration of electric motors and two-speed compressor design, thermostatic expansion valves that enable control of the flow of the refrigerant to an indoor coil with relatively more precision, incorporation of variable-speed blower that extends efficiency and offsets the negative externalities brought about by dirty coils an filters and restricted ducts. These technological advances will lead to the achiever of a healthy share of this segment in the market, in the next few years.

The next category is that of GSHP which has gained wide recognition because of its high efficiency and use of technologies pertaining to renewable energy for space heating and cooling. The basis of its function is the relatively constant temperature of the earth at a depth which is cooler than the air above growing in the summer and warmer than the air above ground in the winter. A GSHP is capable of transferring of heat stored in the Earth into the interior without the need for tapping into geothermal activities like hot springs is adding the garnering of support for this segment of heat pumps from all the stakeholders and also due to its potential to reduce energy consumption thereby minimize greenhouse gas emissions. The other category is that of WSHP which are heat pumps that employ the use of water as a source of heat for heating and cooling, whereby the extracted heat from either a moving or stationary body of water such as a river or lake takes place. They are used in two kinds of heat pump systems-geothermal systems and water loop systems (either open or closed-loop system).  In the closed-loop system, the heat exchanger is put in the water body and the fluid is pumped through that. Thus, developments like the reported collaboration between the Spanish air conditioning equipment manufacturers association, AFEC, and Spain’s association of electric power companies, AEL?C, in May 2020 to promote heat pumps are poised to stimulate the market growth in the next few years.  Moreover, the aforesaid have aided into the mobilizations which not only have the scope in aiding in facilitation economic reactivation a byproduct of lockdown due to CoVID 19 but also promote the fulfillment of goals that have bee set out by the Integrated National Plan for Energy and Climate (PNIEC) as well as in the European Green Deal. Within the purview of the agreement activities such as joint analysis, collaboration projects, sharing of synergies and information, and study, dissemination and promotion actions for the heat pump will be carried out

As a part of the report, the major players operating in the heat pumps market, which have been covered are Enertech Group, Bosch, Panasonic, Danfoss, Carrier Corporation, Viessmann Group, STIEBEL ELTRON GmbH & Co. KG, Glen Dimplex, Toshiba, Johnson Controls (York), and Electrolux.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/heat-pumps-market

This report segmented the heat pumps market on the basis following terms

  • By Type
    • Air Source Heat Pumps
    • Water Source Heat Pumps
    • Ground Source (Geothermal) Heat Pumps
  • By Capacity
    • Up to 10kW
    • 10 to 30 kW
    • Above 30kW
  • By End user
    • Commercial
    • Residential
    • Industrial
  • By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Russia
    • Netherlands
    • Others
  • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others
  • Rest of the World