Sales Of Heat Pumps Are Projected To Accelerate At A Healthy CAGR Of 9% By 2031

Global Heat Pump Industry Current and Future Outlook


The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.



However, with the relaxations in the government regulations and an expedited vaccination drive in countries like China, the U.S., the UK, and India, the Heat Pump Market industry is slowly picking up its pace. The manufacturers are preparing to reopen their production sites, abiding by the government regulations.

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Energy Consumption in the US is Leading to High Adoption of Heat Pump Market Systems


The US accounts for the largest share in the construction industry. The pandemic has halted many construction-related activities, which in turn has impacted the growth of the Heat Pump Market industry negatively.



However, the development in the Heat Pump Market industry is rising at a steady pace with the resumption of the construction industry. The ever-growing energy consumption in the country is also generating demand for more energy-efficient Heat Pump Market systems in the region.



Prominent players in the Heat Pump Market industry such as Honeywell Int., and new entrants such as Apple and Google NEST are also focusing on residential construction projects to bring more innovation and comfort to the residents. Such new strategies are helping the Heat Pump Market industry gradually recover from the blow of the pandemic.

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Key Segments Covered in Heat Pump Industry Research

Product Type

Air Source Heat Pumps
Water Source Heat Pumps
Ground Source Heat Pumps
System Type
Air-to-Air Heat Pumps
Air-to-Water Heat Pumps
Electric Heat Pumps
Geothermal Heat Pumps
Rated Capacity
Heat Pump Up to 10 kW
10-20 kW Heat Pump
20-30 kW Heat Pump
Heat Pump Above 30 kW

Application

Use of Heat Pumps in Residential sector
Use of Heat Pumps in Commercial Sector
Use of Heat Pumps in Hospitality Sector
Use of Heat Pumps in Retail Sector
Use of Heat Pumps in Education Sector
Use of Heat Pumps in Industrial Sector
Use of Heat Pumps in Food & Beverage Sector
Use of Heat Pumps in Paper & Pulp Sector
Use of Heat Pumps in Chemicals & Petrochemicals Sector

Prominent Players in Europe are Focusing on Innovative Solutions

The Heat Pump Market industry in Europe suffered a tremendous fall during the pandemic, with a lack of resources and manpower required for production. Several manufacturing units were shut to contain the virus.


The prevalence of some of the global leaders in the region such as Johnson Controls and ABB Group has provided a noteworthy boost to the market growth in this region.


The high presence of service providers, government regulations to curb electricity consumption and awareness regarding the installation of building automation systems has laid out lucrative opportunities for market growth.


Competitive Landscape

Heat pump market has not only witnessed the provision of ecologically and economically feasible products, but also premium products with advanced features for critical commercial and industrial applications.

Companies are heavily spending in research and development operations as well as innovation centers to acquire a competitive advantage in the market.

Top manufacturers of heat pumps are adapting to contemporary trends and developing high-end products to tap latent opportunities. The production of premium or advanced heat pumps tend to be limited, but represent a high market value. As a result, the heat pump market shows a high level of consolidation for high-end products.

Technological Advancements are Leading Innovations in the Heat Pump Market in China

China is gradually recovering from the adverse effect of the pandemic due to its successful efforts in curbing the spread of the virus within the region. With almost negligible restrictions, the construction, heavy machinery, and automotive industry have started resuming operations.


Rising expenditure in technology and increasing emphasis on environmental safety are propelling the demand in the Heat Pump Market industry in China. The growing interest in billboard automation and industrial displays in allowing manufacturers to gradually attain their pre-pandemic status.

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India is Experiencing High Adoption of Heat Pump Market Systems


The Indian Heat Pump Market industry witnessed a downfall due to the pandemic. In order to follow the safety guideline, many construction sites and manufacturing units were shut until further notice.


With the relaxation of these restrictions, the manufactures operating in the automation, engineering, and construction (AEC) industry managed to gather pace in recovery. However, the second wave of the pandemic hit the Heat Pump Market industry negatively, affecting the overall growth of the industry.


Being a fast-growing economy, global leaders are finding lucrative opportunities in the country, both in commercial and residential spaces, as the demand for multi-modal building automation is surging.


Key Long-Term Trends

The global Heat Pump Market industry is showing notable recovery in 2021 and will continue to offer opportunities for expansion to the players operating in the market. With the penetration of building automation in residential areas, the Heat Pump Market industry will show an upward trend. Some new trends that are boosting the growth in the market are:


Internet of Things (IoT)
The Internet of Things (IoT) and the Industrial Internet of Things (IIoT) are experiencing broader acceptance in the Heat Pump Market industry. The innovative technology which makes everything 'inter-connected is gaining immense popularity in both residential and commercial projects, making them technologically advanced and effective in risk management.


Edge Computing
As the number of residents increases, the data also becomes vaster. Hence, edge computing will act as a key technology in the Heat Pump Market industry. Edge computing enables data security, easy accessibility, and enhanced automation in commercial and residential buildings.


For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html

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This release was published on openPR.