Heat Pump Market Scope, Research, Growth Prediction and
Forecast Report Till 2023
The report "Heat Pump Market by Type (Air-to-Air and Air-to-Water), Rated Capacity (Up to
10 kW, 10–20 kW, 20–30 kW, and Above 30 kW), End-User (Residential, Commercial, and
Industrial), and Region (North America, Europe, APAC, and RoW) - Global Forecast to
2023", The heat pump market is expected to grow from an estimated USD 54.34 billion in 2018
to USD 94.42 billion by 2023, at a CAGR of 11.68%, during the forecast period. The market is set
to witness growth because of increased investments in the residential and commercial sectors,
infrastructure developments, and ability to reduce carbon emissions.
Browse 68 market data Tables and 30 Figures spread through 133 Pages and in-depth TOC
on "Heat Pump Market by Type (Air-to-Air and Air-to-Water), Rated Capacity (Up to 10
kW, 10–20 kW, 20–30 kW, and Above 30 kW), End-User (Residential, Commercial, and
Industrial), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2023"
https://www.marketsandmarkets.com/Market-Reports/heat-pump-market-153294991.html
Early buyers will receive 10% customization on reports.
The up to 10 kW segment is expected to be the largest heat pump market, by rated
capacity, in 2018.
Up to 10 kW rated capacity heat pumps are expected to hold a large share of the total market, in
2018. This dominance is attributed to its large-scale application in the residential and commercial
sectors, and growing investments in those sectors.
The residential end-user segment is expected to generate significant demand for heat
pumps during the forecast period.
The increase in urbanization has led to the demand for smart buildings. These buildings require
efficient heat pumps, leading to the growth of the heat pump market. Smart buildings are not
only green/sustainable but are also intelligent; these buildings are equipped with advanced
technologies, which include heat pumps. Heat pumps provide a comfortable and standard living
environment. Governments are relying on smart buildings, which ensure a lower carbon footprint,
40% reduction in the usage of water, and less electricity consumption. Thus, developers and
owners of buildings are trying to meet energy-efficiency guidelines using equipment such as heat
pumps.