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.
Over the assessment period of 2021 to 2031, demand for air source heat pumps is anticipated to grow at a CAGR of 7%.
Heat pump use is boosted by energy-efficient and environmentally friendly heating technologies.
Because various economies are working to move toward a low-carbon future by using cleaner energy to run transportation, heating, cooling, and other applications, heat pumps are continuing to gain popularity as a practical and environmentally friendly alternative to conventional heating equipment. Rapid climate change has increased the need for heating in residential structures, but it has also prompted the development of dual-source heat pump alternatives for efficient temperature control in both warm and cold climes.
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 following ten years, it is anticipated 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.
• East Asia dominates the market with a share of over 50%.
• Market growth in Japan is anticipated to be 5% between 2021 and 2031.
To meet the expanding demand from the home sector and small-scale companies, low-end items with basic characteristics continue to be produced in large quantities and sold. As a result, the number of market participants selling low-end goods keeps growing, creating fierce rivalry for multinational companies in this highly fragmented industry.
Through tactical alliances and technological advancements, market participants in the heat pump sector are always working to diversify their product offerings.
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