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Surge in installation of residential heat pumps in homes for maintaining warm and cool temperature drive the growth of the market

PORTLAND, OREGON, UNITED STATES, July 30, 2022 /EINPresswire.com/ -- “Global Residential Heat Pump Market," The residential heat pump market was valued at $33.5 billion in 2021, and is estimated to reach $77.5 billion by 2030, growing at a CAGR of 9.7% from 2022 to 2030. Residential heat pumps are widely installed in residential zones for maintaining warm and cool temperature in homes. These are an energy and environment efficient and a popular alternative to air conditioners and furnaces.

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The global residential heat pump industry is segmented on the basis of type and power source. By type, the market is classified as air source, water source, and geothermal.
Based on power source, the electric powered segment held the largest market share in 2021, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 10.1% from 2022 to 2030. The report also analyzes the air powered segment.

Based on region, Asia-Pacific is contributed to the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 10.3% during the forecast period. Other regions analyzed in the report include North America, Europe, and LAMEA.

The key players profiled in this report include Midea Group, Johnson Controls, Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.

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The report focuses on the global residential heat pump market analysis and the major products & applications, where residential heat pumps are used, and roles of different key players that shape the market. Also, the report focuses on the overall demand and residential heat pump market share in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices and residential heat pump market trends are studied comprehensively.

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COVID-19 scenario:
• COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operations due to fewer resources. Therefore, a major decline in growth rate was observed in the global residential heat pump market.
• The manufacturing facilities of heat pumps have been highly impacted by the lockdown. The supply of raw materials such as iron and sensors was decreased due to transportation restrictions, which, in turn, adversely affected the manufacturing of residential heat pumps, thereby affecting the global market.

Key Findings of the Study
• On the basis of type, the air source segment dominated the global residential heat pump market in 2021 and is projected to be the fastest-growing segment during the forecast period.
• On the basis of power source, the electric powered segment dominated the global residential heat pump market in 2021 and is also projected to be the fastest-growing segment during the forecast period.
• On the basis of region, Asia-Pacific market is projected to grow fast during the forecast period.

David Correa
Allied Analytics LLP
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