The Heat Pumps Market size is expected to grow from USD 62.58 billion in 2023 to USD 99.87 billion by 2028, at a CAGR of 9.80% during the forecast period (2023-2028).
The heat pump works on the principle of mechanical-compression cycle refrigeration that can even be reversed to heat or cool the desired space of a facility. Hence, the market studied is growing for cooling applications and space heating.
The competitive rivalry in the global heat pumps market is high owing to the presence of some major players such as Trane Inc., Midea Group, Panasonic Corporation, Mitsubishi Electric Corporation, and Daikin Industries Ltd, amongst others. Their ability to continually innovate their offerings has enabled them to gain a competitive advantage over other players in the market. These players have expanded their market footprint through R&D activities, mergers & acquisitions.
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