The "Heat Pump Market by Type, Rated Capacity, End-User and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The heat pump market is projected to grow from an estimated USD 54.34 billion in 2018 to USD 94.42 billion by 2023, at a CAGR of 11.68%, from 2018 to 2023.
Increasing investments in the residential and commercial sectors are driving the market for heat pumps across the world. The lack of awareness about the heat pump technology and the higher installation cost are some of the restraining factors that can hamper the growth of the heat pump market.
The residential segment of the global heat pump market is expected to grow at a fast pace during the forecast period. This can be attributed to rapid growth in industrialization and urbanization across the world. Increasing use of heat pumps across residential, commercial, and industrial end-use sectors would drive the market to grow at the fastest rate during the forecast period.
Asia Pacific is the largest market for heat pumps, followed by Europe and North America. The heat pump market would be mainly driven by the demand from the Chinese market, particularly from the air-to-water heat pump type. Growing air-to-air type heat pump demand in Italy, Spain, and France are likely to impact the heat pump market in Europe positively. Moreover, focus on developing new residential and commercial infrastructure, especially in the US and Canada would aid in increasing the demand for heat pumps in the North American region.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Heat Pump Market, By Type
7 Heat Pump Market, By Rated Capacity
8 Heat Pump Market, By End User
9 Heat Pump Market, By Region
10 Competitive Landscape
11 Company Profiles
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180713005426/en/