Based on the recently published study by Fact.MR, the global sales of heat pumps acquired a count of 11 million units in 2018. With such advancement it is estimated that the concerned market will record Y-o-Y growth of ~10% in 2019. In order to attain deeper insights about associated market facets, readers can go through the report titled “Heat Pump Market Forecast, Trend Analysis & Competition Tracking: Global Market Insights 2019 to 2029”. It has been mentioned that gains across the heat pump market are majorly driven by the continued consumer expedition for ecological alternative to conventional heating systems. Furthermore, it is also stated that the booming trend of decarbonizing buildings, pointing the zero-carbon future would continue to expressively contribute towards the robust hike in revenue shares.
According to this smart Fact.MR report, increasing operation of stringent policies for curbing the release of greenhouse gases across the globe is expected to foster new growth prospects for heat pump manufacturers. With such provisions brought into play, the global heat pump market is anticipated to deliver ~12% CAGR through 2029.
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Preference for Air Source Heat Pump Stays Compact
In the recent past, performance of heat pumps has been notably impressive, which is likely to permit them to overtake those markets currently dominated by gas boilers. While drawing a comparison between ground-source and water-source heat pumps, the air source options would continue to acquire higher market shares. Interestingly, air source heat pumps delivered ~70% revenue share in 2018, and it is expected that manufacturers’ spending on air source heat pumps is projected to experience an upsurge in the coming years.
Moreover, the popularity of air source heat pumps is steered by their broad range of applications together with low capital and installation costs. However, identifying the operational limitations of air-source heat pumps especially in colder regions, several manufacturers are focusing on including the ‘dual-source’ assistances in their portfolios.
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East Asia Outshines as Lucrative Market for Heat Pumps
The Fact.MR study diligently discourses the regional bifurcation across the global heat pump market. It has been observed that East Asia functions positively to create a wider set of opportunities in the heat pump market, backed by rapid urbanization and industrialization. Furthermore, increasing fondness for green technology among consumers along with supplementing the governments’ awareness initiatives, would be seen as a major growth influencer for the heat pump market across East Asian region.
The final section of the report talks about the competitive scenario active across the global heat pump market. Some of the leading players operating in the concerned market include names like Viessmann Group, United Technologies Corporation, Daikin Industries Ltd., NIBE Group, GEA Group AG, Emerson Electric Co. and a lot more. Each of these players is assessed in terms of sales footprint, company overview, product portfolio and strategic overview. Overall, this study works to highlight important data points beneficial for new entrants and existing investors to frame future plans.
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