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Know in depth about Heat Pumps Market: 2019 What recent study say about top companies like United Technologies Corporation, Daikin Industries, NIBE Industrier etc

January 29, 2020 GMT

The market for heat pumps was valued at US$ 50.25 billion in 2018 and is expected to grow at CAGR by 7.9% over the forecast period from 2019 to 2027.

Increased greenhouse gas emissions worldwide will boost the market for heat pumps Increased greenhouse gas emissions and rising government energy efficiency regulations worldwide will increase the market for heat pumps over the forecast period 2019-2027. The increasing need for renewable energy sources, together with the rapid development of infrastructure, are further factors driving the market growth. The Asia Pacific dominates the global market for heat pumps backed by North America in 2018.

Rising concentrations of CO2 in the atmosphere are another factor in the growth of the market. According to Our World in Data, CO2 concentrations are now at the highest levels in more than 800,000 years at 400 ppm. The heat pumps are therefore used to increase carbon emissions. Globally, more than 36 billion tons of CO2 are emitted per year and are constantly increasing.

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Asia Pacific became the leading regional market and represented 41 per cent of the overall market in 2018. Industrial manufacturing processes, such as paper manufacturing, textiles, chemical industry, pharmaceuticals, iron steel, and others, require heat as the primary energy input, which is expected to drive pump demand over the forecast period. Growing residential and commercial construction activity in Asia Pacific developing countries is expected to have a positive impact on the growth of pumps. Major regional markets such as China and India continue to emerge as major production hubs with leading players shifting their manufacturing facilities to those countries.

North America was the largest market in 2018 and is set to grow over the forecast period with a CAGR of 7.3 per cent. The rapid recovery of the U.S. construction industry complemented by repair renovation activities is expected to drive demand for technologically advanced, compact heating solutions in the residential sector. It is anticipated that Europe will experience high demand for energy-efficient products. It is projected that favorable government policies related to reducing energy consumption will boost demand for these pumps. The recovering building sector is estimated to contribute to market growth.

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Geographic Coverage

North America Heat Pumps Market Revenue and Forecast

Europe Heat Pumps Market Revenue and Forecast

Asia Pacific Heat Pumps Market Revenue and Forecast

Latin America Heat Pumps Market Revenue and Forecast

Middle East and Africa Heat Pumps Market Revenue and Forecast

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List of Companies Covered:

United Technologies Corporation

Daikin Industries, Ltd.

NIBE Industrier AB

The Viessmann Group

Stiebel Eltron

Ingersoll-Rand, Inc.

Robert Bosch GmbH

Vaillant Group

The Danfoss Group

Mitsubishi Electric Corporation

Midea Group

Panasonic Corporation

Key questions answered in this report

What are the current market trends and dynamics in the heat pumps market and valuable opportunities for emerging players?

Which segment accounts for the fastest CAGR during the forecast period?

What are the drivers of the heat pump market?

Are low and middle-income economies investing in the heat pump market?

Notable developments going on in the heat pumps market.

What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East Africa?

Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

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Research methodology devised for this study:

Our methodology comprises a blend of primary and secondary research for engineering the market size, shares and estimations for global Heat Pumps market specific to key segments, and regional segmentation.

Secondary Research

Some of the basic, but most important sources referred during the study included company annual reports, press releases, and relevant documents throwing light upon the recent developments in the global Heat Pumps market. Reliable sources such as scientific journals, university research papers and government websites were equally referred for recognizing business opportunities in various geographical markets and market penetration of various products/services. In addition, paid databases were referred to collect information useful for the extensive commercial study of the key players operating in the Heat Pumps market. In case where no data was available on the public domain, we used modeling and estimates to arrive at comprehensive data sets. Secondary research helped to prepare a base for Heat Pumps market study.

Primary Research

The extensive secondary research carried out was complemented by extensive primary research to validate data and analysis. Primary research involved telephonic interviews, e-mail interactions as well as face-to-face interviews with leading industry experts.

The participants tracked for primary interviews include:

Vice President/ CEOs

Marketing/product managers

Market intelligence managers

National sales managers

Purchasing managers


Other stakeholders

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