Global Heat Pumps Market 2019 | Impelled by Rising Adoption Rates of HVAC Systems

BROOKLYN, N.Y. - Jan. 22, 2020 - PRLog -- The global heat pumps market is primarily driven by the increasing sales of heating, ventilation, and air conditioning (HVAC) systems. Altering global climatic conditions and improving standards of living have increased the uptake of these systems, thereby impelling the demand for heat pumps. Apart from this, steadily increasing population, rapid urbanization and inflating per capita income levels have created the need for the expansion of residential spaces. This trend, coupled with the rising trend of renovation and modernization across the residential and commercial sectors, is boosting the sales of these pumps on a global level. Moreover, the widespread adoption of green buildings, owing to an enhanced preference for sustainable development among the masses, is expected to create a positive outlook for the market growth. Furthermore, since these pumps have an efficient conversion rate of energy to heat, and their utilization reduces carbon emissions, governments of various countries, such as the United States, are undertaking initiatives to promote their usage and offering numerous benefits on their installation. In confluence with this, the growing popularity of dual source heat pumps (DSHP) among users, owing to their improved efficiency and performance, is further facilitating the market growth. On account of the aforementioned factors, the market is projected to grow at a CAGR of around 10% during 2019-2024.

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Global Heat Pumps Market Segmentation:

Market Breakup by Rated Capacity

1. Up to 10 kW
2. 10–20 kW
3. 20–30 kW
4. Above 30 kW

Market Breakup by Product Type

1. Air Source Heat Pump
2. Ground Source Heat Pump
3. Water Source Heat Pump
4. Exhaust Air Heat Pump
5. Others

Market Breakup by End Use Sector

1. Residential
2. Commercial
3. Hospitality
4. Retail
5. Education
6. Food & Beverage
7. Paper & Pulp
8. Chemicals & Petrochemicals
9. Others

Market Breakup by Region

1. Europe
2. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America

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