Heat Pump Market to Reach $99.6 Bn, Globally, by 2026 at 7.7% CAGR: Allied Market Research

- Increase in adoption of heat pumps in the residential sector and benefits related to reduction of CO₂ emissions drive the growth of the global heat pump market

PORTLAND, Oregon, June 30, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Heat Pump Market by Type (Air-to-Air, Water Source, and Geothermal) and Application (Residential, Industrial, and Commercial): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global heat pump industry generated $55.2 billion in 2018, and is estimated to reach $99.6 billion by 2026, witnessing a CAGR of 7.7% from 2019 to 2026.

Drivers, restraints, and opportunities

Increase in adoption of heat pumps in the residential sector and benefits related to reduction of CO₂ emissions drive the growth of the global heat pump market. However, high cost of investments hinders the market growth. On the other hand, surge in prominence of geothermal heat pump technology and favorable regulatory policies offer new opportunities in the coming years.

COVID-19 Scenario

• The outbreak has caused lockdown of the manufacturing factories and as a result, there is a disruption in the production cycle. Accordingly, the supply chain has also got affected.
• With lockdown in effect, the demand from commercial sector will be reduced for sure. In addition, with governments and healthcare researchers outlining the fact that central air-conditioning aids in spreading the coronavirus, there would certainly be a steep decline in the production line.
• However, there hasn't been any threat projected for window air conditioners yet. But, disruption in the supply chain may pose a hindrance for the residents who want to install new systems.

Get detailed COVID-19 impact analysis on the Heat Pump Market: https://www.alliedmarketresearch.com/request-for-customization/5341?reqfor=covid

The air-to-air segment to maintain its leadership status during the forecast period

Based on type, the air-to-air segment contributed to nearly three-fourths of the total share of the global heat pump market in 2018, and is estimated to maintain its leadership status during the forecast period. This is attributed to its widespread acceptance and low installation cost in comparison to other heating technologies. However, the water source segment would witness the largest CAGR of 8.1% from 2019 to 2026, owing to rise in efforts to attain decarbonization in the heating system.

The residential segment to maintain its dominance by 2026

Based on application, the residential segment accounted for the highest market share of the global heat pump market, accounting for nearly three-fourths of the total share in 2018, and is expected to maintain its dominance by 2026. This is attributed to climatic changes promoting adoption of heat pumps to offer heating solutions during cooler seasons and cooling solutions during hot days. However, the commercial segment would register the highest CAGR of 8.3% from 2019 to 2026, owing to versatility, long-term reliability, and low maintenance of heat pumps.

Download Sample PDF (222 Pages): https://www.alliedmarketresearch.com/request-sample/5341

Asia-Pacific to dominate by 2027, North America to grow steadily

Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2018, accounting for more than two-fifths of the global heat pump market, and is expected to maintain its lead position during the forecast period. Moreover, this region is expected to maintain the highest CAGR of 8.1% from 2019 to 2026. This is due to high adoption of the system in China with population relying on cost- and energy-effective energy products. However, North America is expected to register a CAGR of 7.4% during the forecast period.

Leading market players

• Daikin Industries Ltd.
• Ingersoll Rand Plc
• Glen Dimplex Group
• Mitsubishi Electric Corporation
• Melrose Industries PLC
• StiebelEltron
• NIBE Industrier AB
• ViessmannWerke GmbH & Co. KG
• Vaillant Group
• Panasonic Corporation

Interested in Procure Data? Visit: https://www.alliedmarketresearch.com/purchase-enquiry/5341

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Similar Reports We Have:    

String Inverter Market: The global string inverter market size was valued at $3.1 billion in 2019, and is projected to reach $4.6 billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027.

Diesel Generator Market: The global diesel generator market size was valued at $20.8 billion in 2019, and is expected to reach $37.1 billion by 2027, registering a CAGR of 9.8% from 2020 to 2027.

Macrofiltration Market: The global macrofiltration market size was valued $6.2 billion in 2019, and is projected to reach $9.9 billion by 2027, at a CAGR of 6.2% from 2020 to 2027.

Forklift Battery Market: The global forklift battery market size was valued at $4.3 billion in 2018, and is projected to reach $7.4 billion by 2026, growing at a CAGR of 7.04% from 2019 to 2026.

Dosing Pumps Market: The global dosing pumps market was valued at $5.90 billion in 2018 and is projected to reach $8.99 billion by 2026, growing at a CAGR of 5.4% from 2019 to 2026.

Pre-Book Now with 12% Discount:

Micro Combined Heat & Power Market- Global Opportunity Analysis and Industry Forecast, 2020-2027

Combined Heat Power Market- Global Opportunity Analysis and Industry Forecast, 2020–2027

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com 
Follow Us on: LinkedIn Twitter

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg