- Rising demand for environmentally friendly energy sources across the world is fueling the growth of the global residential heat pump market.
- The COVID-19 pandemic has had a negative impact on the market. the Asia Pacific region is likely to lead the market in the future.
NEW YORK, May 26, 2022 /PRNewswire/ — Research Dive has added a new report to its offerings titled, “Residential Heat Pump Market by Type (Recyclable, Reusable, and Degradable), Application (Food & Beverage, Pharmaceutical & Healthcare, and Chemicals), and Regional Analysis (North America, Europe, Asia Pacificand LAMEA): Global Opportunities Analysis and Industry Forecast, 2022-2030″.
the global residential heat pump market should collect $77,459.80 million by 2030increasing to one 9.7% CAGR from 2022 to 2030. The report provides comprehensive information on the current status and future prospects of the industry by meticulously examining the market drivers and restraints, opportunities, major segments and regions.
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Key Segment Results Residential heat pump Market:
The market is segmented on the basis of type, power source and region.
- The air source sub-segment of the type segment is expected to experience the highest growth and to go past $54,022.10 million within the estimated period. This growth is mainly due to the increasing adoption of residential air-source heat pumps, as these types of heat pumps are ideal for residential buildings and low environmental impact projects.
- The electrical sub-segment of the end-user segment is expected to dominate the market and collect an income of $57,093.90 million within the estimated period. This growth is mainly due to the fact that electric residential heat pumps are cost effective as they run on electricity and release no toxic emissions.
- Between region, the Asia Pacific the residential heat pump market is expected to witness rapid growth growth with a CAGR of 10.3% within the estimated period. The growth of this regional market is mainly due to the increasing implementation of government policies such as the initiation of a coal-to-power project, which has resulted in the increasing deployment of air-source heat pumps and heat pumps residential geothermal energy in countries like China in this region.
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Residential heat pump Market dynamics
Major factors fueling the growth of the global residential heat pump market are significant increase in the demand for residential heat pumps owing to their properties such as high efficiency, flexibility and clean operation and rising awareness about the adoption of energy-efficient and environmentally friendly energy. sources around the world. Additionally, there has recently been an increase in the integration of advanced technologies such as digitalization and the Internet of Things (IoT) into residential heat pumps. These technologies make it easier to add smart controllers to residential heat pumps, providing real-time energy efficiency, improved load profiles, efficient use of electricity, and lower operating expenses. This factor is expected to open doors to innovative opportunities for market growth over the projected period. However, high initial costs and complex installation process of residential heat pumps are estimated to restrain the market growth over the forecast period.
Impact of COVID-19 Pandemic on Residential Heat Pump Market:
The COVID-19 pandemic negatively impacted the growth of the global residential heat pump market in 2020. This is mainly due to the execution of strict lockdown and restrictions on transportation activities and disruptions in supply chains. Additionally, the demand for residential heat pumps has dropped significantly. All these factors are hampering the growth of the market during pandemic times. However, with the easing of the pandemic crisis, governments in various regions are focusing on achieving the goal of net zero carbon emissions, which is likely to fuel the residential heat pump market in the coming years. to come.
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Best players in the world Residential heat pump Market
Key players in the global residential heat pump market are
- Mitsubishi Electric Corporation
- Johnson Controls
- Transport company
- Stiebel Eltron
- Glen Dimplex
- Midea Group
- Danfoss and others
Many business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to achieve a strong position in the global market. – Ask to get access for key companies Strategic Development Report
For example, in March 2022british gas, the UK’s leading energy and home services company, has launched a new air-source heat pump. This launch strengthens British Gas’ position in the global residential heat pump market.
Additionally, the report offers other key details such as key players’ business tactics, financial performance, and product/service mix, along with Porter’s Five Forces analysis and SWOT analysis.
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About research diving
Research Dive is a market research company based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services solely based on its proprietary data model, constrained by the 360-degree research methodology, which guarantees complete and accurate analysis. With unparalleled access to several paid data resources, a team of expert researchers and a strict work ethic, the company offers extremely accurate and reliable information. By reviewing relevant press releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the required services to its clients in a timely manner. His expertise is focused on examining niche markets, targeting their key driving factors and spotting threatening obstacles. Complementarily, he also maintains seamless collaboration with leading industry enthusiasts, which provides an added edge to his research.
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