The residential heat pump market is expected to reach $77.5

Portland, OR, July 14 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the residential heat pump market generated $33.5 billion in 2021 and is expected to reach $77.5 billion by 2030, growing at a CAGR of 9.7% from 2022 to 2030. The report provides a detailed analysis of the changing dynamics of the market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.

The surge in the installation of residential heat pumps in homes to maintain warm and cool temperature, along with the adoption of energy-efficient and economical systems, is driving the growth of the residential heat pump market. Additionally, advancements in technology are expected to provide lucrative opportunities for market growth.

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COVID-19 scenario:

  • COVID-19 has affected almost every industry by hampering various industrial operations and disrupting the supply chain. A maximum of companies have interrupted their operations due to the decrease in resources. Hence, a significant decline in the growth rate has been witnessed in the global residential heat pump market.
  • Heat pump manufacturing facilities have been strongly impacted by the lockdown. The supply of raw materials such as iron and collectors has dwindled due to transportation restrictions, which in turn have hurt the manufacturing of residential heat pumps, thus affecting the global market.

The report offers detailed segmentation by type, power source, and region of the global Residential Heat Pump market.

By type, the air source segment held the highest market share in 2021, holding more than two-thirds of the total market share, and is expected to maintain its leading status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 10.0% from 2022 to 2030. The other segments in the report are water source and geothermal.

Get a detailed analysis of the impact of COVID-19 on residential heat pump market Request here

Based on energy source, the electric power segment held the largest market share in 2021, holding nearly three-quarters of the total market share, and is expected to maintain its leading status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 10.1% from 2022 to 2030. The report also analyzes the compressed air segment.

Based on region, Asia-Pacific contributes the highest share in terms of revenue in 2021, holding more than one-third of the total market share, and is expected to maintain its dominant share by 2031. In addition, the same region should manifest fastest CAGR 10.3% over the forecast period. Other regions analyzed in the report include North America, Europe and LAMEA.

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Key players in the global residential heat pump market analyzed in the research include Midea Group, Johnson Controls, Daikin, Carrier Corporation, Glen Dimplex, NIBE, Stiebel Eltron, Viessmann, Mitsubishi Electric Corporation, and Danfoss.

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