Residential Heat Pumps Market Size, Share, Growth, Trends and Industry Analysis Report

The global residential heat pumps market size is expected to reach USD 17.6 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.5% over the forecast period. Rising spending on construction of new environmental friendly buildings in order to cut down the greenhouse gas emissions is expected to be a key driver for the market. In addition, consumers are increasingly adopting these eco-friendly, cost-effective, and sustainable HVAC solutions on account of their shifting inclination towards renovation, along with introduction of technologically advanced HVAC infrastructure in home.

Energy produced around the globe is primarily used for heating and cooling in buildings around the globe. The governments have been focusing on reducing the burden of carbon footprints across the globe, which leads to climate change, by eliminating the wide use of fossil fuels in generating energy and other related purposes. In addition, they are framing stringent policies and regulations for cutting down the greenhouse gas emissions through various initiatives such as offering incentives for installing heat pumps in the houses.

For instance, the governments of various countries including U.S., Japan, Australia, and some European countries are providing subsidies for installation of heat pumps in order to cut down the carbon footprints. Moreover, it helps encouraging and promoting the consumers to adopt renewable energy for heating and cooling.

The air to air technology segment held the largest share of more than 60.0% in 2018 owing to its less requirement of energy, along with higher output. Air sourced heat pumps can usually deliver around three times more heat energy than the amount of electricity they consume. For instance, in June 2017, Stiebel Eltron, introduced its one of its popular WPL air source heat pumps in a plug and play version. This pump has various qualities such as modern compact design and active cooling.

Asia Pacific was the largest market for residential heat pump, accounting for more than 40.0% share of the global revenue in 2018. The growth is attributed to increasing step towards adoption of clean energy by the governments of various countries including China, Japan, and South Korea. Additionally, growing middle-income population in developing countries including China and India has been playing a crucial role in increasing the spending on new residential structures, which, in turn, will promote the utility of various residential heat pumps over the next few years.

Further key findings from the report suggest:

• By technology, water source residential heat pumps are expected to expand at a CAGR of 11.5% from 2019 to 2025
  
  
• Europe is expected to be the fastest growing market, expanding at a CAGR of 12.2% for 2019 to 2025 as a result of increasing awareness regarding global warming in key countries including Germany, U.K., and France
  
  
• Key players in residential heat pumps market include Daikin Industries, Ltd., Emerson Electric Co., Carrier Corporation, Vaillant Group, Mitsubishi Electric Corporation, Robert Bosch LLC, Trane, Viessmann Limited, Nortek Global HVAC LLC, and GLEN DIMPLEX GROUP
  
  
• Product innovation is expected to remain a key strategy among the industry participants.
  
  

Access full research report on global residential heat pumps market: 

www.grandviewresearch.com/industry-analysis/residential-heat-pump-market