Global Heat Pump Market 2024-2028
The heat pump market is forecasted to grow by USD 43.45 bn during 2023-2028, accelerating at a CAGR of 8.9% during the forecast period. The report on the heat pump market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by growing demand for heat pumps from the construction sector, growing demand for high-temperature heat pumps (HTTPS), and the emergence of building energy management systems (BEMS).
Technavio's heat pump market is segmented as below:
By Application
- Residential
- Commercial
- Industrial
By Product
- Air source heat pumps
- Ground source heat pumps
- Exhaust air heat pumps
By Geographical Landscape
- APAC
- North America
- Europe
- South America
- Middle East and Africa
This study identifies the increased adoption of solar-powered heat pumps as one of the prime reasons driving the heat pump market growth during the next few years. Also, policies supporting the growth of renewable power and the advent of smart heat pumps will lead to sizable demand in the market.
The report on the heat pump market covers the following areas:
- Heat pump market sizing
- Heat pump market forecast
- Heat pump market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading heat pump market vendors that include Bard HVAC, Daikin Industries Ltd., Danfoss AS, Dantherm Group AS, DENSO Corp., Emerson Electric Co., Fujitsu Ltd., Glen Dimplex Europe Holdings Ltd., Guangdong Aoxin Heat Pump Air Conditioning Co. Ltd., Hayward Holdings Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Kensa Group, Lennox International Inc., Mitsubishi Electric Corp., NIBE Industrier AB, Nortek, Rheem Manufacturing Co., Robert Bosch GmbH, and STIEBEL ELTRON GmbH and Co. KG. Also, the heat pump market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.