Heat Pump Market | Discover Top Segments, Trends, Drivers and Challenges
Market Forecast and Growth Projections 2021-2025
The Global heat pump market is expected to grow by $ 11.04 bn, accelerating at a CAGR of over 9.60% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
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Heat Pump Market: Market Segments and Growth Forecasts
This research report will provide insights into the current market share of each segment along with growth projections for the next five years.
- The report segments the market by Product (Air source heat pumps, Ground source heat pumps, and Exhaust air heat pumps) and Geography (APAC, Europe, North America, South America, and MEA). Each market segment is analyzed for past performance leading to future growth projections based on current market scenario.
- The APAC region emerged as the leading segment in recent years. 56% of the market growth will originate from APAC during the forecast period. This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the Heat Pump Market size.
Heat Pump Market: Trends, Drivers, Challenges
The research report looks at the impact of various trends, drivers, and challenges for market growth during the forecast period. These insights will enable clients to design a growth strategy for their business and area of operations.
- A key market driver for the Heat Pump Market will be growing construction sector.
- Growing demand for high-temperature heat pumps (HTHPs) is another factor that will be instrumental in driving market growth during the forecast period.
- Disposal challenges and adverse environmental impacts of refrigerants is a hurdle that needs to be crossed on the path to success.
Heat Pump Market: Vendor Analysis
- The market is fragmented.
- The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
- Daikin Industries Ltd., Danfoss AS, Ingersoll Rand Inc, Johnson Controls International Plc, Lennox International Inc., Mitsubishi Electric Corp., NIBE Industrier AB, Rheem Manufacturing Co., Robert Bosch GmbH, and STIEBEL ELTRON GmbH and Co. KG are some of the major market participants.
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The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerate at a CAGR of over 9.60%.
- What is the incremental growth of the market?
The market is expected to grow by $ 11.04 bn through 2021-2025.
- What is a key factor driving this market?
Growing construction sector will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
APAC, Europe, North America, South America, and MEA are the key regions featured in this research report.
- Which is the leading geographic region for this market:
56% growth will originate from APAC
- Who are the leading market vendors?
The leading vendors in this market are Daikin Industries Ltd., Danfoss AS, Ingersoll Rand Inc, Johnson Controls International Plc, Lennox International Inc., Mitsubishi Electric Corp., NIBE Industrier AB, Rheem Manufacturing Co., Robert Bosch GmbH, and STIEBEL ELTRON GmbH and Co. KG
- What are the market segments covered in this report?
The market is segmented by Product (Air source heat pumps, Ground source heat pumps, and Exhaust air heat pumps) and Geography (APAC, Europe, North America, South America, and MEA)