Air Source Heat Pump Market is Projected to Register a CAGR Value of 12% During Forecast Period 2021-2031

Heat pump market

Due to rapid urbanization and industrialization, East Asia continues to create a pool of market opportunities

SEOUL, SOUTH KOREA, December 3, 2021 /EINPresswire.com/ – The global COVID-19 pandemic has turned several industries upside down, causing disruptions in their daily operations, limiting supplies of raw materials, hampering production and growth.

The report provides actionable and valuable air source heat pump market insights. The latest report from Fact.MR provides details of the current market scenario in various regions along with historical data and market forecast. The report also provides information related to sales and demand of the Air Source Heat Pump market across various industries and regions.

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The market study carried out by Fact.MR gives exclusive information on how the market will grow. The study identifies crucial trends that will determine the growth of the Air Source Heat Pump market. This newly released report sheds light on key dynamics such as the drivers, restraints, and opportunities for key market players as well as emerging players related to production and supply. The latest report from Fact.MR offers a detailed market analysis of Air Source Heat Pumps

This newly published and insightful report sheds light on Air Heat Pump market insights, key dynamics its impact on the entire value chain from suppliers to end-users, and the growth of the Air Heat Pump market.

According to a recent report by Fact.MR, global sales of heat pumps reached 11 million units in 2018, showing growth of ~ 10% year over year in 2019.Consumers are looking for eco-friendly alternatives to traditional heating systems. The report also suggests that the thriving trend towards decarbonizing buildings for a carbon-free future will continue to be a major contributor to the robust surge in market revenues.

A wave of energy efficiency and sustainable heating technologies sweeping across the residential as well as commercial and industrial sectors has resulted in a remarkable surge in the acceptance of heat pumps. Given the rapid transition to renewable heating systems, heat pump manufacturers are concentrating on integrating the latest technologies into their highly efficient and cost-effective offerings. According to the report, heat pump manufacturers are also investing in product innovations with a view to customization in order to meet the requirements of regionally specific climatic conditions.

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As energy-efficient products continue to play an important role in reducing greenhouse gas (GHG) emissions and regulating electricity consumption in the private and commercial sectors, it is very likely that sales of heat pumps will continue to be strongly influenced by their sustainability quotient. In addition, the rapid expansion of the construction industry coupled with the increasing frequency of innovation in HVAC systems will continue to be a strong driver of the heat pump market’s growth.

Air heat pumps remain preferred

According to the study, the overall performance of heat pumps has improved significantly, which should allow them to enter the markets currently dominated by gas boilers. Compared to water and geothermal heat pumps, the air source variants will continue to have higher market shares. With a sales share of ~ 70% in 2018, manufacturers’ expenditures for air source heat pumps are likely to increase in the near future.

Suitable for a wide range of applications and characterized by low investment and installation costs, air-to-water heat pumps are experiencing a rapidly growing demand. However, as manufacturers recognize the operating limits of air source heat pumps in colder regions, they are concentrating on adding the “dual source” offerings to their portfolio. In addition, new heat pumps designed with variable or dual speed features to maximize efficiency and power savings are likely to give manufacturers an additional advantage, thereby giving them a competitive advantage.

According to the study, the residential sector contributes significantly to the growth of the heat pump market with a share of ~ 60%. Rising government spending on infrastructure measures and incentives to introduce renewable systems, especially in developing regions, remain the key aspects for market consolidation in the housing sector.

It is also noteworthy that various high-end products with technically mature properties are manufactured for critical applications in the commercial sector. Continuous efforts to explore opportunities for heat pump installations in the futuristic commercial developments, coupled with government funding for projects including the UK’s RHI (Renewable Heat Incentive) for commercial real estate, will create lucrative opportunities for manufacturers.

The Fact.MR study comes to the conclusion that East Asia continues to create a pool of opportunities on the heat pump market due to rapid urbanization and industrialization. The growing consumer preference for green technologies, which complements government awareness initiatives, will remain a major growth driver associated with the heat pump market in the East Asian region.

This Fact.MR study provides a long-term perspective and growth analysis of the global heat pump market for the period between 2019 and 2029. According to the study, the heat pump is expected to have a volume CAGR of ~ 12% during the forecast period.

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Key Question Answered in the Air Heat Pump Market Report survey:

Sales and demand of air source heat pumps
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Restrictions That Shape Market Growth
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Further valuable insights into the market for air heat pumps

Fact.MR offers in its new report an unbiased market analysis of Air Heat Pump, sales and demand of Air Heat Pump and analyzes forecast statistics up to 2019 and beyond. The study reveals growth forecasts based on various criteria.

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December 02, 2021, 21:30 GMT


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