Global heat pump market value is expected to surpass USD 84 billion by 2028, as reported in the latest study by Global Market Insights Inc. Growing adoption of next-generation heat pumps across residential and commercial sectors is set to drive the market growth. The transition toward sustainability is increasing the adoption of low-emission technologies owing to favorable government regulations and policies will fuel the product adoption. For instance, the UK government has provided incentives for cost-effective installation and generation of renewable heating technologies as per the Renewable Heat Incentive Scheme.

Water source segment is set to register over 6% CAGR through 2028. The regulatory shift toward energy conservation and reducing carbon emissions is projected to fuel the market statistics. The introduction of various incentives including Low or Zero Interest Loan along with Investment Grant, will incline the customers from traditional sources to non-traditional sources, thereby positively influencing the business outlook.

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Increasing urbanization rate coupled with the growing population has positively influenced the construction of commercial buildings, elevating the demand for heat pumps. The ability of the products to provide both heating and cooling along with high efficiency is set to stimulate the product installations across various sectors. In addition, the increasing product adoption in the district heating applications owing to their ability to offer heating and cooling across buildings will significantly boost the industry outlook.

Some prime findings of the heat pump market report include:

  • A paradigm shift toward the deployment of space heating systems across the residential and commercial establishments will boost the product deployment.
  • Shifting focus toward sustainable energy over conventional sources will boost the industry outlook.
  • Major players operating in the heat pump industry include Trane, Viessmann, Bard HVAC, and Mitsubishi Electric Corporation, among others.

Browse key industry insights spread across 420 pages with 627 market data tables & 43 figures & charts from the report, “Heat Pump Market Forecasts By Product (Air Source, Ground Source, Water Source), Application (Residential {Single Family, Multi Family}, Commercial {Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Industrial), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2021 – 2028” in detail along with the table of contents:

Europe heat pump market was valued at over USD 12 billion in 2020. The industry has witnessed ample growth in the demand for sustainable energy sources subject to the renewable incorporation targets in alignment with the 2019 UN Climate Change Conference. For instance, in July 2020, the EU commission has devised its investment plan to achieve the target and is anticipated to spend 30% of the EU’s wealth across climate-related schemes and measures over the years. Furthermore, most of the countries in the region have high space and process heating need owing to the climatic conditions, which results in the increasing demand for heat pump systems.

During the pandemic, the industry witnessed an adverse impact in more than 200 countries, and the government of several nations have imposed lockdowns to curb the corona virus. However, the heat pump market is anticipated to witness a substantial growth on account of focus of various countries on enhancing the supply chain and fast-tracking operations as the opportunity arises across North AmericaEurope, and Asia Pacific. Moreover, manufacturers need innovative approaches and new forms of collaborations to elevate the overall resilience in reducing the impacts of the widespread pandemic on the supply chain.