Heat Pump Market: Ground Source Segment Is Projected To Register A CAGR Of 9.0%

 Heat Pump Industry Overview

The global heat pump market size was estimated at USD 67.7 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 8.1% from 2022 to 2030. The industry growth is expected to be driven by increased demand for energy-efficient and cost-effective space heating and cooling applications in residential and commercial housing. The various lockdown measures put in place by governments across the world to curb the spread of the COVID-19 virus have made it difficult to obtain the raw materials required for the manufacture. Furthermore, the pandemic has adversely affected this industry due to the halt in the construction of residential and commercial facilities.

Air Source technology is expected to dominate the market in the U.S. over the forecast period due to the rising awareness about the adverse effects of greenhouse gas emissions. Furthermore, the increasing population along with the increasing need for ecofriendly air conditioning in the housing sector is expected to drive the demand for air source technology in the U.S.

Gather more insights about the market drivers, restrains and growth of the Global Heat Pump market

 

The government initiatives including rebates, incentive plans, personal and corporate tax credits, and clean heating & cooling initiatives are expected to positively influence the growth of the market. The U.S. federal government has implemented renewable energy rebate programs in the country since 1998 for offering discounts on installing renewable energy systems including ground source systems in the buildings.

The various advantages of heat pumps such as low maintenance requirements, economical operations, low carbon footprint, and longer lifespan expectancy have greatly influenced their demand. Furthermore, its ability to provide water-heating solutions along with heating and cooling of space is expected to boost the demand for air source technology over the forecast years.

The increasing construction activities across residential units in North America along with increased surgical infrastructure investment and the rising demand for efficient space and water heating solutions will augment the demand in the single and multi-family residential building industry.


Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

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Heat Pump Market Segmentation

Grand View Research has segmented the global heat pump market based on technology, application, and region:

Heat Pump Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • Air Source
  • Water Source
  • Ground Source

Heat Pump Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Commercial
  • Residential
  • Industrial

Heat Pump Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies profiled:

Some of the prominent players operating in the global heat pump market are:

  • Carrier
  • Daikin Industries, Ltd
  • NIBE GroupViessmann Group
  • Glen Dimplex
  • BDR Thermea Group
  • Midea Group
  • Hitachi, Ltd.
  • Ingersoll Rand Plc.
  • STIEBEL ELTRON GmbH & Co. KG
  • Vaillant Group
  • Robert Bosch GmbH
  • The Danfoss Group

 

Order a free sample PDF of the Heat Pump Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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