In its latest market analysis, Fact.MR provided convincing insights into various factors affecting global heat pump sales.The research highlights the driving factors, opportunities, threats and challenges that affect the growth of various market segments in terms of product types, systems, rated capacities and applications
global heat pump sales are expected to grow at a compound annual growth rate of 9%, reaching a valuation of 140 billion U.S. dollars by 2031 .The energy production of renewable heating and cooling technologies is expected to supplement the growth of the heat pump market during the forecast period.
Increasing use of environmentally friendly alternatives to replace traditional heating solutions is expected to boost the sales of heat pumps.In response to the implementation of strict government regulations that encourage the reduction of carbon emissions, the demand for heat pumps is expected to increase significantly in the next few years.
Supported by the ongoing urbanization process, the rapid adoption of heating, ventilation, and air conditioning (HVAC) systems in the residential and commercial sectors is stimulating the demand for energy-efficient heat pumps.According to Fact.MR, sales of heat pumps accounted for nearly 35% of the entire HVAC market in 2020, and this trend is expected to continue during the evaluation period.
In addition, the development of low-GWP alternative refrigerants in heat pumps is expected to bode well for the market.Major players are using innovative technologies to develop compressors, mechanical compression cycle refrigeration, fan motors and coils to improve their application in heat pumps.
According to the report, by 2031, the East Asian heat pump market is expected to grow 1.5 times.The growth in this region is attributed to the increased demand for dual-source heat pumps in the context of rapid industrialization and urbanization.
“In the residential, hotel and commercial sectors, people’s awareness of the advantages of heat pumps over gas boilers is increasing, which has led to their higher adoption rate. In addition, consumers’ preference for geothermal energy is expected to increase by 2031. It bodes well for the global heat pump market,” said Fact.MR analysts.
Leading companies operating in the global heat pump market are investing in research and development to improve their product portfolio.In addition to this, the participants’ goal is to expand their production facilities through mergers, acquisitions, collaborations and partnerships to expand their global footprint.For example:
As part of a strategic partnership with Swedish ventilation company Systemair, Panasonic launched a new heat pump chiller in March 2019.The new product is called ECOi-W, which can be extended to heat recovery and ventilation for residential and commercial applications.
Fact.MR conducted a fair analysis of the heat pump market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.The study revealed compelling insights about global heat pumps, and detailed breakdowns based on the following:
Canned motor pump market scope-Faced with fluctuating market conditions, it is expected that the adoption rate of canned motor pumps in various end-use industries such as chemical, oil and gas, and electric power will remain low.Due to the implementation of blockades in many countries, the supply chain has been hindered, resulting in irregular and insufficient supply of raw materials.At the same time, the demand for canned motor pumps dropped sharply due to the interruption of operations in the end-use sector.In the global canned motor pump market, reverse circulation canned motor pumps occupy most of the market share.Due to their ability to handle highly volatile fluids including liquefied petroleum gas, liquefied natural gas, liquid ammonia and refrigerants, these pumps are widely used in oil and natural gas and industrial applications.
Rotary pump market insight-In most developing countries, the increasing importance of water supply and sanitation is creating various opportunities for participants in the rotary pump market.In addition, the increase in consumer disposable income has led to an increase in discretionary expenditures, especially expenditures on chemicals and fuels, which has promoted the demand for rotary pumps in the processing and manufacturing industries in developing countries.Recent infrastructure advancements and growing industrialization in emerging markets such as India and China have contributed to the introduction of rotary pumps.
Oil and gas pump market forecast-The oil and gas pump market is expected to grow slowly.As the demand for oil and gas increases, so does the demand for equipment such as oil and gas pumps.End users in the oil and gas industry require efficient oil and gas pumps to ensure smooth operation and compliance with strict emission regulations.Centrifugal pumps are widely used by oil and gas terminal customers because of their low product and maintenance costs, as well as superior load and pressure handling capabilities.As part of the application of multiphase pumps, the upstream oil and gas industry has a great demand for centrifugal pumps
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