PORTLAND, Ore., July 14, 2022 (GLOBE NEWSWIRE) — The global residential heat pump market generated $33.5 billion in 2021 and is expected to reach $77.5 billion by 2030, according to a report published by Allied Market Research, The CAGR is 9.7% from 2022 to 2030.The report provides a detailed analysis of changing market dynamics, top segments, value chains, key investment areas, regional scenarios, and competitive landscape.
The installation of residential heat pumps in homes to maintain warm and cool temperatures and the adoption of energy and cost-effective systems are driving the growth of the residential heat pump market.Furthermore, technological advancements are expected to provide lucrative opportunities for market growth.
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The report provides a detailed breakdown of the global residential heat pump market based on type, power source, and region.
By type, the gas source segment will hold the highest market share in 2021, accounting for more than two-thirds of the total market share, and is expected to maintain its leadership position during the forecast period.Furthermore, the same segment is expected to witness the highest CAGR of 10.0% from 2022 to 2030.Other segments in the report are water and geothermal.
In terms of power sources, the electric segment will account for the largest market share in 2021, accounting for nearly three-quarters of the total market share, and is expected to continue to maintain its leading position during the forecast period.Furthermore, the same segment is expected to witness the highest CAGR of 10.1% from 2022 to 2030.The report also analyzes the pneumatic segment market.
By region, Asia Pacific will account for the highest revenue share in 2021, accounting for more than one-third of the total market share, and is expected to continue to dominate through 2031.Furthermore, the same region is expected to register the fastest CAGR of 10.3% during the forecast period.Other regions analyzed in the report include North America, Europe and LAMEA.
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Key players in the global residential heat pump market analyzed by the research include Midea Group, Johnson Controls, Daikin, Carrier, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.
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