Heat Pumps Market is segmented by Type(Air Source, Air-to-Water, Water Source, Geothermal(ground) Source), End-User Vertical (Residential, Industrial, Commercial), and Geography.
Market Overview
The heat pump market is expected to register a CAGR of 27% during the forecast period (2020 - 2025).
· The increasing need to curb the dependence on fossil fuels and to look for an energy-efficient alternative to furnaces and air conditioners are expected to drive the demand for the heat pumps over the forecast period. As heat pumps move heat rather than generate heat, heat pumps can provide equivalent space conditioning at as little as one-quarter of the cost of operating conventional heating or cooling appliances.
· Various initiatives by the government such as the Domestic RHI and the Non-Domestic RHI by the government of the United Kingdom is a financial incentive scheme set up to encourage the installation and usage of renewable heating technologies in existing homes. Such initiatives are expected to fuel market growth over the forecast period.
· The increasing disposable income in the hands of the people and the growing awareness has resulted in heat pumps getting increasingly adopted in the residential, commercial as well as industrial sectors. For instance, according to the Air Conditioning, Heating, and Refrigeration Institute (AHRI) in 2018, The United States had 2.94 million air-source heat pump shipments.
· In June 2019, the government of Maine signed a bill that aims at doubling the number of heat pump installations in Maine to 20,000 annually, and to 100,000 in total, by 2025.
· Also according to the European heat Pump Association in May 2019, heat pumps are heating slightly less than 10% of all buildings. This presents the heat pump providers with a lucrative opportunity to tap the untapped market thereby boosting the market growth over the forecast period.
· However, the high installation cost of heat pumps is one of the factors that could hinder the market growth over the forecast period.
Scope of the Report
Heat pumps are the devices that transfer heat energy from a source of heat to a thermal reservoir moving heat energy in the opposite direction of spontaneous heat transfer, by absorbing heat from a cold space and releasing it to a warmer space. This report segments the market by Type(Air Source, Water Source, Geothermal(ground) Source), End-User Vertical (Residential, Industrial, Commercial), and Geography.
Remark：
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