Fatpos Global has released a report titled “Heat Pump Market - Analysis of Market Size, Share & Trends for 2016 – 2019 and Forecasts to 2030” which is anticipated to reach USD 1,04,713 million by 2030. According to a study by Fatpos Global, the market is anticipated to portray a CAGR of 10.19% between 2020 and 2030. According to the report, the increase in adoption of heat pumps in the residential sector and the benefits related to reduction in CO2 is most likely to drive the growth of the market during the forecast period.
Development in the building and housing sector for single-unit and multi-unit dwellings is expected to fuel demand for heat pumps over the forecast era. Improved customer purchasing habits are anticipated to raise sales from restaurants and other commercial outlets, which are projected to further fuel demand for such pumps in the industrial sector.

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The market report on global heat pump includes in-depth insights as:
• The estimated value of the market was USD 51,500 million in the year 2019.
• Region wise, the market in Asia Pacific, which held the largest market share of xx% in the year 2019, emerged as a key market for heat pump.
• Based on type, the air-to-air segment emerged as a key segment in the global heat pump market.
• Based on technology, the air source segment emerged as a key segment in the worldwide heat pump market, holding a market share of xx% in the year 2019.
• On the basis of applications, residential segment came out to be the leading segment in the global heat pump market, holding a market share of xx% in the year 2019.
• Key players are likely to focus on product innovations and expansion through union to retain their positions in developed markets.

“Rising demand for energy-efficient products is expected to drive the market over the forecast period. Rising energy consumption in residential and industrial sectors is expected to drive the demand for energy-efficient products and technologies that decrease operation cost and enhance energy savings”, said a lead analyst at Fatpos Global.

The heat pump is a mechanical compression cycle refrigeration device that supports reversing functionality and activity to either cool or heat a restricted room. It moves heat from one stage to the other in the important parts of the cooling and heating processes. The heat pump consists of two major parts, namely an indoor air handler and an outside arm. The outdoor device contains a pump that circulates a refrigerant that collects and removes heat as it passes through indoor and outdoor systems. Heat pump absorbs the outside heat when it becomes warm outside and serve as an air conditioner, reducing the heat from the buildings, and vice versa.
The global heat pump market is segmented by type into air-to-air and air-to-water, out of which, the air-to-air segment held the largest market share of xx% in the year 2019. The market is segmented by technology into water source, air source and ground source. Among these, the air-sourcesegment held the largest market share of xx% in the year 2019. The market for heat pump is further segmented by applications into residential, industrial and commercial, out of which, the residential segment emerged as a key segment holding the largest market share of xx% in the year 2019. Region-wise, the worldwide market for heat pump is segmented into North America, Europe, Latin America, Middle East & Africa and Asia Pacific. The market in Asia Pacific emerged as the key segment, capturing xx% of the total market share in the year 2019.

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Key Players in the Market
Some of the key players operating in the global heat pump market are Panasonic Corporation, Daikin Industries Ltd., Vaillant Group, Ingersoll Rand Plc, Viessmann Werke CmbH & Co. KG, Glen Dimplex Group, NIBE Industrier AB, Mitsubishi Electric Corporation, Stiebel Eltron and Melrose Industries PLC.

Get Valuable Insights into Heat Pump Market
In the new report, Fatpos Global thrives to present an unbiased analysis of the global heat pump market that covers the historical demand data as well as the forecast figures for the period, i.e. 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by type into air-to-air and air-to-water. Based on technology, the market is segmented into water source, air source and ground source.On the basis of applications, the market is segmented into residential, industrial and commercial. Geographically, the market is segmented into North America, Latin America, Europe, APAC and MENA.

About Fatpos Global
Fatpos Global is a leading management consulting, advisory and market research organization that serves its clients globally by its team of experts and industry veterans that have years of expertise for management consulting, advisory and market research analysis. The organization functions across business consulting, strategy consulting, market research, operations consulting, financial advisory, human resources, risk & compliance, environmental consulting, software consulting and sales consulting amongst others, and aim to aid businesses with bold decisions that help them embrace change for their sustainable growth.
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