The global heat pump market is projected to reach USD 83.5 billion by 2026 from an estimated market size of USD 53.2 billion in 2021, at a CAGR of 9.5% during the forecast period.

Northbrook, IL -- (SBWire) -- 03/31/2022 --The global Heat Pump Market is projected to reach USD 83.5 billion by 2026 from an estimated market size of USD 53.2 billion in 2021, at a CAGR of 9.5% during the forecast period. The factors driving the growth for Heat Pump Market are the supportive government laws and subsidies to enhance energy efficiency.

Residential is expected to be the most significant segment of the Heat Pump Market

The Heat Pump Market, by end user, is segmented into residential, commercial, and industrial. The residential segment accounted for the largest share of 71.3% of the Heat Pump Market in 2020. increasing Government initiatives to enhance energy efficiency in the residential sector is expected to drive the residential segment during the forecast period.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153294991

The heat pump technology is a promising solution for lowering greenhouse gas emissions. Heat pumps through aerothermal and geothermal technologies offer an energy-efficient approach to space heating. The heat pump is often regarded as a sustainable technology when used in heating, ventilation, and air conditioning (HVAC) systems. In the residential, commercial, and industrial sectors, heat pumps are widely used for space heating, cooling, and heating water. Air and land have massive reserves of thermal energy. Heat pumps extract the ambient heat from the air and land at low temperatures and increase the temperature through energy input, mainly electricity. The heat pump is cable of extracting up to 77% of the energy from the air. Thus, the use of heat pump can bring down the fossil fuel consumption considerably when compared to alternate mediums of heat transfer, subsequently lowering the carbon footprint. This factor is increasing the number of heat pump installations across all sectors and driving heat pump market growth.

Asia Pacific is expected to dominate the global Heat Pump Market

The Asia Pacific region is estimated to be the largest market for the Heat Pump Market, followed by North America. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American Heat Pump Market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=153294991

The major players in the heat pump market are SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea Group (China), Panasonic Corporation (Japan), and Mitsubishi Electric Corporation (Japan).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/heat-pump.asp