New York, Feb. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Heat Pumps Global Market Report 2023” – https://www.reportlinker.com/p06282489/?utm_source=GNW
The global heat pumps market will grow from $115.74 billion in 2022 to $127.71 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The heat pumps market is expected to grow to $160.04 billion in 2027 at a CAGR of 5.8%.
The heat pumps market consists of sales of closed loop, open loop and direct expansion ground-source heat pump.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Heat pumps refer to an apparatus that move heat from a cool space to a warm space, making the cool space cooler and the warm space warmer.
The Asia Pacific was the largest region in the heat pumps market in 2022.North America was the second largest region in the heat pumps market.
The regions covered in the heat pumps report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of heat pumps are air source, air-to-air, air-to-water, water source, and ground source.Ground source heat pumps are highly effective space heating and cooling technologies that is extracting heat from the ground.
The rated capacity is up to 10 kW, 10–20 kW, 20–30 kW, and above 30 kW. The various end-users involved are residential, commercial, and industrial.
Government regulations and policies to improve energy efficiency are boosting the demand for renewable energy sources, thereby contributing to the growth of the heat pumps market.Heat pumps offer a low carbon footprint, minimal installation time, and reduce energy consumption in the household and industrial applications.
Energy efficiency has tremendous potential to boost economic growth and reduce greenhouse gas emissions.The government of various countries is adopting energy conservation policies.
For instance, the UK government formed an Energy Efficiency Office embracing various departments to monitor, coordinate, and develop energy conservation policies.Moreover, in the USA, all industries consuming more than one million GJ/A (100) are required to report their energy conservation and consumption efforts to the Department of Energy for seeking guidance on greater efficiency of energy use.
Therefore, growing efforts to reduce energy usage is likely to propel the demand for energy-efficient products including heat pumps.
The coronavirus outbreak restricted the growth of the heat pumps market.Governments across the world imposed restrictions on the movement of people, resulting in supply chain disruptions.
COVID-19 lockdowns forced many industries to shut down or operate with minimum capacity, hampering the revenues of various industries including the HVAC (heating, ventilation, and air conditioning) industry. For instance, Lennox International Inc., a US-based provider of climate control products for air conditioning, heating, ventilation, and refrigeration, depends heavily on a complex global supply chain. The company has manufacturing facilities in Georgia, Arkansas, Mississippi, and South Carolina, and the company’s network includes local and regional distribution stores and centers. The company is also engaged in selling products through contractors and dealers, therefore COVID-19 lockdown restrictions have impacted Lennox’s ability to deliver its products to the customers, thus restraining the market growth of the heat pumps during the period.
Major companies operating in the heat pumps industry are focusing on developing new technology for cost-effective heating, which is likely to gain popularity in the heat pumps market.The heat pump manufacturers are developing new pump technology including contractor-friendly designs, higher efficiencies, and innovative two-stage compressors that run at lower speeds, consume less energy, and are cost-effective.
For instance, in July 2020, Daikin Industries, Ltd. announced the launch of Daikin SmartSource, Dedicated Outdoor Air System (DOAS). It is a next-generation heat pump technology that allows efficient and cost-effective cooling and heating in all conditions and achieves 49% higher efficiency than other heat pumps.
In March 2020, NIBE Industrier AB (NIBE Group), a Sweden-based provider of energy-efficient solutions for homes, acquired WATERKOTTE GmbH for an undisclosed amount.The acquisition of WATERKOTTE GmbH is expected to help NIBE Industrier AB to strengthen its position in the European heat pump market, especially in Germany.
Furthermore, WATERKOTTE GmbH will also provide the company with access to handling large projects and heat pumps with higher capacity. WATERKOTTE GmbH is a German-based company engaged in manufacturing and selling advanced heat pumps and integrated sustainable energy solutions for single-family homes and commercial applications.
The countries covered in the heat pumps market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The heat pumps market research report is one of a series of new reports that provides heat pumps market statistics, including heat pumps industry global market size, regional shares, competitors with a heat pumps market share, detailed heat pumps market segments, market trends and opportunities, and any further data you may need to thrive in the heat pumps industry. This heat pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06282489/?utm_source=GNW
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