BENGALUR, India, Oct. 3, 2022 /PRNewswire/ — Global Heat Pump Market Segmentation by Type (Parallel Hybrid, Electric, Turboshaft and Turbo Electric) and Application (Multi-Rotor, Quad-Rotor): Global Opportunity Analysis in 2021 and Industry Forecast – 2028 year. It is published in Valuates Reports under the Energy & Utilities Category. It is published in Valuates Reports under the Energy & Utilities Category. It is published in evaluation reports in the Energy and Utilities category. It is published in evaluation reports in the Energy and Utilities category.
The global heat pump market is expected to grow from USD 8,577.8 million in 2022 to USD 11.76 billion in 2028 at a CAGR of 5.4% in 2023 and 2028, taking into account the economic changes caused by the impact of COVID -19 and Russian -Ukrainian war.
The heat pump market is expanding due to favorable government regulations and incentives for energy efficiency. The growing demand for energy-efficient and economical residential and commercial heating and cooling systems is expected to drive the expansion of the heat pump market.
Government initiatives, including tax incentives for individuals and businesses, and clean heating and cooling programs, are expected to have a positive impact on the expansion of the heat pump market.
In addition, heat pumps are much safer than combustion systems. Heat pumps have an efficient rate of converting energy into heat while reducing carbon emissions. Heat pumps require less maintenance than fuel-based heating systems. All these advantages are expected to contribute to the expansion of the heat pump market.
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The residential heat pump market is expected to grow due to the increased use of heat pumps. Heat pumps can be an effective replacement for stoves and air conditioners in any climate. Heat pumps use cleaner electricity and are more efficient than traditional boilers, reducing a home’s carbon footprint. In addition, switching to heat pumps helps to prevent gas and oil price volatility. Heat pumps extract heat from the ground or air at low temperatures, heat it up to higher temperatures, and supply it to buildings to produce heat and hot water.
The government’s hope for tax incentives is expected to further boost demand for heat pumps. For example, in the UK it has been announced that heat pump installations are exempt from VAT. The UK Government recently announced a zero VAT rate for the installation of biomass heat pumps and boilers for a period of five years, significantly reducing installation costs.
Heat pumps require less maintenance than combustion heating systems. Heat pumps are safer than fuel-based heating systems. They are safe to use, and because they use electricity rather than fuel to generate heat, they pose less of a safety risk than similar devices. These factors are expected to drive further growth in the heat pump market during the forecast period.
Internet of Things (IoT) heat pumps provide real-time component monitoring, predictive maintenance and remote diagnostics. Smart thermostats that help you monitor environmental changes and connect to your water heaters are part of an Internet of Things (IoT) based heat pump. Heat pumps are increasingly being used by end users in various industries. However, their structure and method of work have not changed. When developing new generation heat pumps, much attention is paid to automation and remote control. These factors are expected to increase demand for heat pumps and create lucrative opportunities for market participants.
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With a combined market share of around 40%, China is the largest market, followed by Europe and Japan.
The main players in the global heat pump include Daikin, Mitsubishi, Atlantic, NIBE Industrier, Hitachi, etc. The share of the top five largest players in the world is about 45%.
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- The size of the global industrial heat pump market was estimated at US$573.5 million in 2021 due to the COVID-19 pandemic and is expected to reach US$573.5 million by 2028, growing by an average of 7.6% during the period under review. .
- The global ground source heat pump market size was estimated at $4,480.2 million in 2021 due to the COVID-19 pandemic and is expected to reach an adjusted size of $4,480.2 million by 2028, growing by an average of 9.6% during the period under review. .
- The global carbon dioxide heat pump hot water system market size was estimated at USD 1,970.7 million in 2020 and is expected to reach USD 3,269.5 million by the end of 2027, an increase of an average of 7 .5% during 2021-2027.
- US and Global Commercial Heat Pump and Water Heater Market Report and Forecast 2022-2028
- The size of the global district heating and cooling market was estimated at $186.77 billion in 2020 and is expected to reach $365.48 billion by the end of 2027, growing at a CAGR of 10.1% during the forecast period 2021- 2027 years.
- The size of the global heat exchanger market was estimated at US$16.14 billion in 2022 due to the COVID-19 pandemic and is expected to reach US$22.63 billion by 2028, growing by an average of 5.8% during the period under review.
- The size of the global waste heat power generation market was estimated at US$2,407.1 million in 2022 due to the COVID-19 pandemic and is expected to be adjusted to US$3,207.4 million by 2028, increasing on average by 4.9% over the forecast period. .
- The global electric heat tracing market is expected to grow from US$2,703.4 million in 2021 to US$3,256.6 million by 2028 at a CAGR of 2.7% from 2022 to 2028.
- The HVAC pump market size was estimated at US$31,560.5 million in 2021 and is expected to reach US$55,457.0 million by 2031, growing at a CAGR of 5.7% between 2022 and 2031.
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