The latest market report published by Credence Research, Inc. “Heat Pumps Market - Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the heat pumps market was valued at US$ 50.25 Bn in 2018 and expected to grow at a CAGR of 7.9% during the forecast period from 2019 to 2027.

Market Insights

Increased emission of greenhouse gases worldwide will enhance the heat pumps market

Increased emission of greenhouse gases and rising government regulations for energy efficiency worldwide will enhance the demand for the heat pumps market throughout the forecast period from 2019-2027. The increasing need for renewable energy sources along with rapid infrastructural development are some other factors driving the market growth. In 2018, Asia Pacific dominates the global heat pumps market backed by North America.

Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/heat-pumps-market

Rising CO2 concentrations in the atmosphere is another factor for market growth. According to a report by Our World in Data, the CO2 concentrations are now at the highest levels in over 8,00,000 years at 400ppm. Hence, to increase carbon emission the heat pumps are being used. Globally more than 36 Bn tons of CO2 emits per year and it is continuously increasing.

The growing need for energy-efficient heating solutions will boost the market growth. The rapid growth of urbanization & commercialization worldwide and a surge in demand for space heating are some other factors driving the market growth. Heat pumps have various benefits (such as low cost, less maintenance cost, long life span, and others) which is helping the market growth. Rapid technological advancements like IoT integration in heat pumps will also enhance the market growth in years to come.

Major heat pump manufacturers are inclined towards a new product launch strategy with advanced features such as IoT enabled heat pumps that will improve their market presence. Acquisitions, mergers, collaborations, and partnerships are some other major strategies adopted by the major players.

Access Free Sample Copy of Research Report: https://www.credenceresearch.com/sample-request/60156

Industrial Developments

In November 2017, NIBE Industrier AB acquires Europe’s one of the largest water heater manufacturers Serbian TIKI Group. With the acquisition of the TIKI group, NIBE Industrier AB will strengthen its market position and increase its market presence in Europe.
Key Market Movements:

The global heat pumps market is expanding at a CAGR of 7.9% for the projected period from 2019 to 2027
• The Asia Pacific dominates the heat pumps market owing to the rising industrial production process in various industries (such as chemical, packaging, textiles, papermaking, and others) is the primary factor driving the market in the region. Growing infrastructural development in the region will also boost the market.
• Europe's heat pumps market will show significant growth during the forecast period owing to favorable government regulations for energy consumption and recovering infrastructural development will boost the demand in the region.
• Based on technology, air source heat pumps dominate the market in 2019 owing to the wide application of these pumps in residential, commercial and industrial spaces. On the other hand, the ground source heat pump market is expected to show the fastest growth on account of their high-energy efficiency and stable temperature benefit.
• New product launch, acquisitions, collaborations, and mergers will be the key trend in the global heat pumps market during the forecast period.

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

Market Segmentation

By Technology Type

Air Source
Water Source
Ground Source
Hybrid
By End-user Type

Residential
Commercial
Industrial

By Capacity Type

Up to 10 KW
10-20 KW
20-30 KW
Above 30 KW

By Geography Segment Type

North America (the U.S., Rest of North America)
Europe (U.K., Germany, France, Rest of Europe)
Asia Pacific (China, Japan, India, Rest of Asia Pacific)
Rest of the World (the Middle East & Africa, Latin America)

Access Free Sample Copy of Research Report: https://www.credenceresearch.com/sample-request/60156

Medium Blog: https://medium.com/@kumarganeshtr/heat-pumps-market-global-industry-size-share-growth-trends-analysis-and-forecast-2019-to-2027-d1988b477430

Our Blog: https://tcnindustry.com/2020/02/04/heat-pumps-market-global-industry-size-share-growth-trends-analysis-and-forecast-2019-to-2027/