Heat pump market revenue will exceed $84 billion by 2028, says Global Market Insights Inc.

The heat pump industry is set to register around 6% compound annual growth rate between 2021 and 2028 due to increased investments in energy efficiency systems along with appropriate measures to reduce the carbon footprint.

Selbyville, Del.And November 22 2021 /PRNewswire/ – Global heat pump Market value expected to exceed 84 billion dollars by 2028, as stated in the latest study by Global Market Insights Inc. The transition towards sustainability is leading to increased adoption of low-emission technologies due to favorable government regulations and policies that will support product adoption. For example, the UK government has introduced incentives for cost-effective installation and generation of renewable heating technologies under the Renewable Thermal Incentive Scheme.

heat pump market

heat pump market

The water resources sector is set to register more than 6% compound annual growth rate until 2028. The regulatory shift towards energy conservation and reduced carbon emissions is expected to support the market statistics. Offering various incentives including low or zero interest loan along with investment grant, will move clients from traditional to unconventional sources, thus positively affecting business expectations.

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The increasing rate of urbanization along with the increasing population has positively affected the construction of commercial buildings, which has led to an increase in the demand for heat pumps. The products’ ability to provide both heating and cooling along with high efficiency is set to stimulate product formulations across various sectors. In addition, the increased reliance on products in district heating applications due to their ability to provide heating and cooling across buildings will greatly enhance the industry’s outlook.

Some of the primary outcomes of the Heat Pump Market report include:

  • A paradigm shift towards deploying space heating systems across residential and commercial establishments will enhance product roll-out.

  • Shifting the focus toward sustainable energy over traditional sources will boost industry expectations.

  • Major players operating in the heat pump industry include Trane, Viessmann, Bard HVAC, and Mitsubishi Electric Corporation, among others.

Browse key industry insights spread across 420 pages with 627 market spreadsheets and 43 report formats and charts,”Heat pump market forecast by product (air source, ground source, water source), application (residential {single family, multi family}, commercial {educational institutes, healthcare, retail, logistics and transportation, office, hospitality}, industry) , Industry Analysis Report, Regional Forecast Application Potential, Competitive Market Share and Forecast, 2021-2028In detail with the table of contents:


Europe The heat pump market has been evaluated on over 12 billion US dollars In 2020. The industry has seen significant growth in the demand for sustainable energy sources according to renewable establishment targets in line with the 2019 United Nations Climate Change Conference. For example, in July 2020The EU Commission has set out its investment plan to achieve the target and is expected to spend 30% of the EU’s wealth through climate-related plans and measures over the years. Moreover, most countries in the region have large area and practical heating needs due to climatic conditions, which leads to increased demand for heat pump systems.

During the pandemic, the industry has seen an adverse impact in more than 200 countries, and the governments of several countries have imposed lockdowns to curb the coronavirus. However, the heat pump market is expected to witness significant growth at the expense of various countries focusing on enhancing the supply chain and fast-tracking processes as the opportunity arises across North AmaricaAnd Europe, And Asia Pacific. Moreover, manufacturers need innovative approaches and new forms of collaboration to raise overall resilience in limiting the effects of the spreading pandemic on the supply chain.

Browse the table of contents for this report @ https://www.gminsights.com/toc/detail/heat-pump-market

About Global Market Insights

Global Market Insights Inc. , based in DelawareLtd., US, is a global market research and advisory service provider, providing syndicated and customized research reports in tandem with growth advisory services. Business intelligence and industry research reports provide our clients with insights and actionable market data tailored and delivered to aid strategic decision-making. These comprehensive reports are designed via a proprietary research methodology and are available to key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Aaron Heigd
Corporate Sales United States of America
Global Market Insights Inc.
phone: 1-302-846-7766
Toll Free: 1-888-689-0688
email: sales@gminsights.com

Global Market Insights, Inc.  (PRNewsfoto/Global Market Insights, Inc.)

Global Market Insights, Inc. (PRNewsfoto/Global Market Insights, Inc.)



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SOURCE Global Market Insights Inc.

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