Heat Pump Market Size By Type (Air to Air, Air to Water), By Rated Capacity (Up to 10 kW, 10–20 kW, 20–30 kW, Above 30 kW), By End User (Residential, Commercial, Industrial), By Geographic Scope & Forecast

Report Highlights

Heat Pump Market Size And Forecast
The Global Heat Pump market was valued at USD 51.12 Billion in 2018 and is projected to reach USD 120.12 Billion by 2026, growing at a CAGR of 11.21% from 2019 to 2026.

Global Heat Pump Market Overview
Heat Pumps are in high demand since they are eco-friendly devices. This is one of the biggest drivers of the market. Heat pumps significantly contribute to reducing CO2 emissions as these emissions are the main cause of global warming due to the greenhouse effect. Heat Pumps offer an energy efficient way to extract the outside heat when it is warm outside and act like an air conditioner by removing heat from buildings and vice versa. The heat pump systems do not use fossil fuels which automatically reduces their CO2 emissions. Governments of various countries are concerned with the high emissions of CO2 that lead to global warming and are implementing rules and regulations to use devices that do not release too much CO2. There are two government incentive schemes - Domestic Renewable Heat Incentive (RHI) for homeowners, social and private landlords, self-builders etc. and Non-Domestic Renewable Heat Incentive for public sectors such as businesses, industries and organizations. These initiatives implemented by the government are also major drivers of the market as they lead to an increase in the demand for heat pumps all over the world. The Heat Pump Market also has an opportunity ot introduce solar heat pumps to completely get rid of carbon emissions. This can fuel the growth of the market in the forecast period.

Global Heat Pump Market Segment Analysis
The Global Heat Pump Market is segmented on the basis of Type, Rated Capacity, End-User, and Geography Scope.