The latest market report published by Acute Market Reports “Heat Pumps Market: Growth, Future Prospects, and Competitive Analysis, 2023 - 2030” the heat pumps market was valued at US$ 62.15 Bn in 2021 and expected to grow at a CAGR of 7.9% during the forecast period from 2023 to 2030.

Market Insights

Increased emission of greenhouse gases worldwide will enhance the heat pumps market

Increased emission of greenhouse gases and rising government regulations for energy efficiency worldwide will enhance the demand for heat pumps market throughout the forecast period from 2023-2030. Increasing need for renewable energy sources along with rapid infrastructural development are some another factors driving the market growth. In 2021, Asia Pacific dominates the global heat pumps market backed by North America.

Rising CO2 concentrations in the atmosphere is another factor for the market growth. According to a report by Our World in Data, the CO2 concentrations are now at the highest levels in over 8,00,000 years at 400ppm. Hence, to increase carbon emission the heat pumps are being used. Globally more than 36 Bn tons of CO2 emits per year and it is continuously increasing.

Growing need for energy-efficient heating solutions will boost the market growth. Rapid growth of urbanization & commercialization worldwide and surge in demand for space heating are some other factors driving the market growth. Heat pumps have various benefits (such as low cost, less maintenance cost, long life span, and others) which is helping the market growth. Rapid technological advancements like IoT integration in heat pumps will also enhance the market growth in years to come.

Major heat pumps manufacturers are inclined towards new product launch strategy with advanced features such as IoT enabled heat pumps that will improve their market presence. Acquisitions, mergers, collaborations and partnerships are some other major strategies adopted by the major players.

Industrial Developments

• In November 2020, NIBE Industrier AB acquires Europe’s one of the largest water heater manufacturers Serbian TIKI Group. With the acquisition of TIKI group, NIBE Industrier AB will strengthen their market position and increase its market presence in Europe.

Key Market Movements:

• The global heat pumps market is expanding at a CAGR of 7.9% for the projected period from 2023 to 2030
• Asia Pacific dominates the heat pumps market owing to rising industrial production process in various industries (such as chemical, packaging, textiles, papermaking, and others) is the primary factor driving the market in the region. Growing infrastructural development in the region will also boost the market.
• Europe heat pumps market will show significant growth during the forecast period owing to favorable government regulations for energy consumption and recovering infrastructural development will boost the demand in the region.
• Based on technology, air source heat pumps dominates the market in 2023 owing to wide application of these pumps in residential, commercial and industrial spaces. On the other hand, the ground source heat pump market is expected to show fastest growth on account of their high-energy efficiency and stable temperature benefit.
• New product launch, acquisitions, collaborations and mergers will be the key trend in the global heat pumps market during the forecast period.

List of Companies Covered:

• United Technologies Corporation
• Daikin Industries, Ltd.
• NIBE Industrier AB
• The Viessmann Group
• Stiebel Eltron
• Ingersoll-Rand, Inc.
• Robert Bosch GmbH
• Vaillant Group
• The Danfoss Group
• Mitsubishi Electric Corporation
• Midea Group
• Panasonic Corporation

Browse Full Report At https://www.acutemarketreports.com/report/heat-pumps-market

The Global Heat Pumps Market is Segmented into:

*Complete segmentation list is on report page