According to Future Market Insights (FMI), the heat pump market will increase by 3.6% annually in 2022, reaching a value of about US$ 33.1 Bn. The initial reduction of energy consumption and carbon emissions from such devices is recognised as a key market driver for heat pumps. Greater residential and construction investment will open up new markets for heat pump suppliers. Between 2022 and 2030, the market is projected to grow at a significant rate (CAGR) of 5.4% in terms of value.
The Asia-Pacific region is expected to hold a dominant position in the heat pump market, followed by North America, according to FMI. APAC and North America are anticipated to hold a combined revenue share of 73.9% of the global market by the end of 2030.
FMI provides an analysis of half-yearly comparisons and significant information regarding the market for heat pumps’ prospects for expansion. The growth of the construction industry and the increased enforcement of strict new building regulations by governments around the world, particularly in the United States, China, Japan, Europe, and South Korea, are expected to have a significant impact on the demand for heat pumps for residential applications.
Get Access To Sample Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-480
FMI analysis shows the difference between the BPS values seen in the heat pump market in H1 2022 and the outlook for H1 2022 The forecast shows a decrease of 17 units. Additionally, the market is anticipated to increase by 89 BPS in H1 2022 compared to H1 2021.
As consumers demand more technologically advanced and environmentally friendly heating and cooling equipment, the market for heat pumps is expected to grow. Particularly helpful for lowering carbon intensity are heat pumps. They can assist in reducing the amount of electricity used for cooling and heating applications by half when compared to conventional electric resistance heating appliances.
Heat pumps’ initial reduction in energy consumption and carbon emissions from various devices is acknowledged as one of their main commercial benefits. Greater residential and construction spending will expand the markets available to heat pump manufacturers.
The demand for CO2 refrigerant heat pumps is rising.
From 2022 to 2030, CO2 Refrigerant Heat Pumps are anticipated to create a $2,731 Mn absolute dollar opportunity. These CO2 refrigeration heat pumps are increasingly in demand due to their simplicity of use, low cost, and green attributes. Currently, China, Japan, and other Asian markets offer CO2 refrigerator heat pumps. When compared to ground-source heat pumps, which are used for domestic water heating, air-source heat pumps have lower overall installation costs, making them a popular choice for CO2 refrigerators.
Customization Report Before Buying, Visit: https://www.futuremarketinsights.com/customization-available/rep-gb-480
The market for heat pumps in the United States
The North American U.S. heat pump market is anticipated to grow by volume by 2.1% in 2022. Because of various factors, including weather, the ease of obtaining resources, the advantages of receiving government tax credits, and regulations, the supply of heat pumps has gradually increased in the North American region, particularly in the United States. By the end of 2022, the US market will have generated US revenues totalling $6,816.0 Mn, according to the study.
Why is the demand for heat pumps growing in Japan
Japan is anticipated to grow at a CAGR of 4.6% between 2022 and 2030. The heat pump technology uses air temperature and renewable heat output to convert heat to renewable heat with minimal power consumption. Japan tries to promote this technology because it has so many benefits. For heat pumps, Japan is regarded as a developed country. In the past ten years, more than 35,000 water heating system units have been released onto the market. By 2030, the nation’s GDP is projected to be $3,475.4 million USD.
Competitive Landscape
Several key manufacturers of Heat Pumps supplies are also focusing on developing new technology-driven in higher quantities to capitalize on existing opportunities in the market. Through mergers & acquisitions, and research & development activities, these players have been able to expand their market footprint. Emergence of various manufacturers has also been witnessed in this space.
For Instance,
- In 2022, Viessmann Group has taken a majority stake in Pacifica Home Services Ltd. (PHS), simultaneously backing the re-investment of the Management team. PHS is a specialist in both the installation and maintenance of integrated HVAC solutions with a further specialization in heat pumps.
- In 2020, Glen Dimplex Group launch a new M Flex air-to-water heat pump which is available in two versions, either with six to nine or with nine to 16 kW heat output. Both the outdoor and the indoor units have a compact and space-saving design. The design features reassuringly high-quality materials, clearly accentuated surfaces and excellent workmanship.
Explore Our Trending Reports of FMI’s Industrial Automation Market Insights Landscape
Western Europe Metal Recycling Equipment Market – As per Future Market Insights, Western Europe is estimated to account for a significant share in the global metal recycling equipment market between 2022 and 2032.
Europe 3D Laser Scanner Market – Based on Future Market Insight’s recent analysis, Europe is the largest region in terms of revenue, accounting for nearly 30% share of the 3D laser scanner market.
Europe Powered Lawn Mowers Market – Europe is anticipated to capture a powered lawn mowers market share of 28% in 2022, where Russia, followed by France, the UK are considered as some of the most lucrative markets in the region.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
Contact Us:
Future Market Insights, Inc
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: [email protected]
Browse All Reports: https://www.futuremarketinsights.com/reports
The post Heat Pumps Market In China Is Expected To Rise At Nearly 6.7% CAGR Over The Next Decade. Get More Insights From Future Market Insights, Inc. appeared first on Future Market Insights.
