Heat Pump Market, by Type (Air-water Heat Pump, Air-air Heat Pump, Ground Source Heat Pump, Hybrid Heat Pump), by Power Source (Electric, Others (Gas Driven)), by End User (Residential, Industrial, Commercial), by Refrigerants (HFC, CO2, Ammonia, Hydrocarbon, Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
A heat pump is a mechanical device that transmits thermal energy from a source to a thermal reservoir. Heat pumps transfer heat energy in the opposite direction of spontaneous heat transfer by absorbing heat from cold space and releasing it a warmer one. Refrigerator and air conditioner are the most commonly known heat pumps. Refrigerator and air conditioner work only on cooling cycle, whereas heat pumps can operate on fully reversible cooling cycle. Increasing demand for eco-friendly and technologically advanced devices in heating and cooling applications is expected to boost the demand for heat pumps. Growing demand for eco-friendly devices worldwide is directly proportional to the global heat pumps demand, as heat pumps are very useful in reducing CO2 emission.
Market Dynamics
Heat pumps require low operation and maintenance cost, which is the major factor boosting its demand. Moreover, growing demand for heat pumps for residential application and significant contribution of heat pump technology in reducing carbon emissions is a major factor that is expected to boost the growth of heat pump market globally. Significant growth of construction industry combined with growing implementation of strict regulatory policies by governments, especially in China, South Korea, Japan, and the U.S. are expected to boost the demand for heat pumps for residential application. Moreover, subsidies on purchase of heat pumps provided by the government, tax credit schemes and increasing use of energy are expected to boost the market.
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