According to the most recent analysis released by Fact.MR, sales of heat pumps are predicted to grow at a consistent CAGR of 5% from 2021 to 2031, reaching a worth of US$ 2 Bn.
During the assessment period of 2021 to 2031, the demand for air source heat pumps is anticipated to grow at a CAGR of 7%.
Over the projection period, what is the anticipated global demand for air source heat pumps?
Over the projection period, sales of air-source heat pumps are anticipated to grow by 2.2X.
Using electricity, the air source heat pump (ASHP) can heat water to 90 degrees Celsius by absorbing heat from the air around it. As heat is removed from the ambient air, it gets colder. As a result, the growth of air source heat pumps is fueled by the demand for both hot water and cold air.
The air source variations will continue to hold larger market shares in contrast to water source and ground source heat pumps.
Key Market Study Conclusions
• The market for heat pumps will reach US$ 140 billion by 2031.
• The market for air source heat pumps is expected to reach over US$ 80 billion by 2031.
Over the next ten years, it is expected that the CAGR for water source heat pumps would be above 6%.
• By 2031, ground source heat pumps are anticipated to be worth $20 billion.
• More than 50% of the market is in East Asia.
• Market growth in Japan is predicted to be 5% between 2021 and 2031.
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