VALLEY COTTAGE, N.Y. – Global heat pump market is estimated to be valued at US$ 7.9 Bn in 2019, according to Future Market Insights’ new market research report. Gains remain primarily driven by gradual shift away from conventional heating equipment and emerging trend of decarbonizing buildings for a ‘zero-carbon’ future.
FMI’s analyst expects that increasing demand for energy-efficient and sustainable heating technologies from residential as well as commercial and industrial sectors will continue to contribute to the market growth. As consumer quest for ecological alternative to conventional heating equipment remains strong, heat pump manufacturers are targeted towards incorporating latest technologies in their products to deliver higher efficiency at lower costs.
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The report opines that key players in the heat pump market are focusing on strategic product innovations, particularly in terms of customization, catering to varying demands generated by region-specific climatic conditions. Today, as energy-efficient products continue to play significant role in reducing greenhouse gas (GHG) emissions and regulating the amount of electricity consumed by residential and industrial sectors, heat pump manufacturers should be looking at a period of sustained demand.
Air-air Heat Pump Takes Center Stage with 44% Revenue Share
FMI’s analyst finds that demand for heat pump is currently based on rapid expansion of construction industry and rapid innovations in HVAC systems. As compared to air-water and ground-source heat pumps, air-air variants continue to witness relatively high demand. As around 5 in 10 heat pumps sold in 2018 were air-source or air-air variants, manufacturers are specifically focused on this category.
Preview Analysis of2019 Analysis and Review of Heat Pump Market by Type – Air-Water Heat Pump, Air-Air Heat Pump, Ground Source Heat Pump, and Hybrid Heat Pump for 2019 – 2029@https://www.futuremarketinsights.com/reports/heat-pumps-market
Suitable for wide range of applications and characterized by relatively low operational and capital costs, air-air heat pump will continue to account for major share of manufacturers’ bottom lines. However, given consideration to operational limitation of air-air heat pumps in colder regions, manufacturers are focusing on including ‘hybrid’ options in their product portfolio. Development of advanced heat pump with variable speed features for maximum efficiency and electrical saving will also remain a key to gaining distinct competitive edge, according to FMI’s analyst.
Surging Adoption in Residential Sector
The report reveals that adoption of heat pump by the residential sector continues to account for increased market share, in comparison with commercial and industrial sectors. This can be attributed to increasing government investment in infrastructural activities and adoption of renewable systems, especially in developing regions.
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“Several high-end products with technically advanced features are manufactured for critical applications in commercial sector. Continuous exploration of ways to implement heat pumps in the future developments of commercial sector and greater emphasis on green technology will continue to influence the market growth,” says FMI’s analyst.
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