Selbyville, Delaware, May 22, 2023 (GLOBE NEWSWIRE) —
Residential Heat Pump Market size is expected to cross a valuation of USD 121.5 billion by 2032, according to the recent research report by Global Market Insights Inc.
The introduction of strict emission control standards worldwide is a key driver for industry growth. Many governments across the globe have rolled out stringent building energy codes to ensure low-carbon systems. For instance, in July 2022, the U.S. government announced an investment of more than USD 225 million to reduce utility bills through efficient building codes. This, coupled with stern policies for cutting down greenhouse gas emissions has increased the adoption of heat pumps in residential spaces.
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Green building infrastructure investment to favor adoption of ground source heat pumps
The ground source residential heat pump market will surpass USD 2 billion by 2032. Numerous initiatives by the government to encourage green building infrastructure are contributing to segment growth. In fact, in March 2023, the UK government allocated £1.8 billion (USD 2.2 billion) for accelerating the energy efficiency of residential buildings and public infrastructure across England.
Growing real estate investments to foster product uptake in multi-family residences
The multi-family segment share will grow at over 13% during 2023 to 2032. Rising investments in the real estate sector to accommodate the rapidly growing population in developed and developing economies has increased the demand for heat pumps in multi-family residences.
Europe to serve as major growth hub for the residential heat pump industry
Europe residential heat pump market share will bolster at 18% through 2032. The tightening regulatory scenario for deployment of low-carbon technologies is a major factor backing regional expansion. Initiatives such as the European Green Deal are favoring the adoption of energy-efficient systems such as heat pumps in EU households. Moreover, the regional governments are also offering tax credits, subsidies, and other financial benefits to homeowners for the installation of these systems.
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Residential Heat Pump Market Players
STIEBEL ELTRON GmbH & Co. KG, OCHSNER, Daikin, Mitsubishi Electric Corporation, Lochinvar, Viessmann, Trane, SAMSUNG, and LG Electronics, among others.
Residential Heat Pump Market News:
- In March 2023, Vaillant Group, a leading heating system manufacturer, announced to setup a new heat pump manufacturing unit in Senica, Slovakia, having an output capacity of around 300,000 units annually. The new facility is scheduled to begin operations in May 2023 and is expected to help the company in achieving a two-fold growth in its manufacturing output by delivering around half a million heat pumps every year.
- In March 2023, Mitsubishi Electric, a Japanese multinational electronics manufacturer, unveiled a new range of R290 Ecodan monoblock heat pump systems that operate on low global warming potential, developed essentially for residential applications.
- In October 2022, Samsung Electronics, a South Korean electronics corporation, launched EHS Mono HT Quiet in the UK, which is a low noise high-temperature heat pump suitable for home and building renovations.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Residential heat pump industry 360° synopsis, 2019 – 2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Residential Heat Pump Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.1.1 Growing inclination towards low carbon heating & cooling alternatives
3.4.1.2 Positive regulatory framework to support heat pump deployment
3.4.1.3 Significant fluctuations in climatic conditions
3.4.1.4 Rapid technological advancements with new research & development initiatives
3.4.2 Industry pitfalls & challenges
3.4.2.1 Prevalence of conventional heating & cooling systems
3.5 Growth potential analysis
3.6 Porter’s Analysis
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.