Future Market Insights (FMI) estimates that the heat pump market will grow by 3.6% year-on-year in 2022, reaching a value of approximately $33.156 billion by the end of 2022.
Rising demand for advanced technology cooling solutions with a low carbon footprint, government initiatives to curb greenhouse gas emissions, and advancements in heating, ventilation and air conditioning (HVAC) systems are factors contributing to the heat pump market revenue pool.
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During a health crisis, cooling and heating systems are critical to meeting the immediate needs of consumers, such as providing thermal comfort in hospitals and homes, preserving food and medicine, and keeping data centers running.Consistent with this, refrigeration and heat pumps are essential for consumers.
As the world tries to combat the COVID-19 pandemic, it has caused production delays at several heat pump production facilities in major coronavirus-hit countries such as the United States, China and Germany, which are expected to dampen heat pump sales across the U.S. by $1 billion in 2022.
Additionally, the COVID-19 pandemic will significantly impact consumer behavior in the short term, with domestic shipments of air source heat pumps (ASHP) from China falling by more than a third in January 2022.
The heat pump market is set to witness a V-shaped recovery growth due to the increasing preference for innovative building solutions, especially in countries such as India, China and Mexico.
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“As the world moves towards sustainable and green energy solutions, heat pumps are expected to rapidly replace traditional heating systems in the near term. Additionally, the ongoing spread of coronavirus (COVID-19) could change how companies organize supply chains in the coming years the way, there is more pressure on decentralization”.
The study provides vital insights into the competitive landscape of the Heat Pump Market along with various strategies employed by prominent players.The heat pump market is quite competitive with manufacturers offering the same.Some of the major manufacturers in the heat pump market are Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group and Danfoss Group Worldwide.
Market players are investing in R&D activities to develop new products with higher energy efficiency and are also focusing on providing after-sales services.
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By the end of 2022, the post-heat pump market will be worth approximately $33.156 billion.appeared first on Future Market Insights.
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