Research Reports
Global Heat Pumps Market to hit US$ 50 Bn by 2030 – FMI study
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The global heat pumps market is set to reach $50 billion by 2030, driven by sustainable energy solutions and tech-advanced cooling systems.
According to FMI’s recent study, the global heat pumps market was valued at around US$ 32 Bn in 2019 and is estimated to expand at a CAGR of 5% over the forecast period of 2020-2030, with a limited impact of the current pandemic situation on long-term growth forecasts. Increasing demand for tech-advanced cooling solutions with low carbon footprint, government initiatives to curb greenhouse gas emissions, and advancements in heating, ventilation, and air conditioning (HVAC) systems are factors contributing to the revenue pool of the global heat pumps market.
Amidst the global health crisis, cooling as well as heating systems are critical to fulfil the immediate needs of consumers, such as providing thermal comfort in hospitals and homes, preserving food and medicines, and keeping data centers running. In line with this, refrigeration and heat pumps are essential for consumers.
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As the world attempts to fight the COVID-19 pandemic, it has led to delayed production across several heat pump production facilities in major coronavirus hit countries such as the US, China, and Germany, This is expected to dampen heat pump sales by around US$ 1 Bn in 2020. Moreover, the COVID-19 pandemic will significantly impact consumer behavior in the short term, with domestic shipments from China for air source heat pumps (ASHPs) registering drop of over one-third in January 2020.
“As the world moves towards sustainable and green energy solutions, heat pumps are expected to replace conventional heating systems rapidly in the near term. In addition, the ongoing coronavirus (COVID-19) spread can alter how companies organize their supply chains in the coming years, with more stress being layed on decentralization”.
The global heat pumps market will witness v-shaped recovery growth, owing to rising inclination towards innovative construction solutions, especially in countries such as India, China, and Mexico.
Key Takeaways from Heat Pumps Market Study
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Heat Pumps Market: Key Insights
Heat Pumps Market: Structure Analysis
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Heat Pumps Market: Competitive Landscape
The study provides vital insights of the competition landscape in the heat pumps market, along with various strategies adopted by prominent players. The global heat pumps market is fairly competitive, with manufacturers offering identical products. Some of the key manufactures in the heat pumps market are Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group, and Danfoss Group Global.
Market participants are investing in R&D activities to develop new products with better energy efficiency, and are also focusing on providing aftersales services.
Explore FMI’s Extensive ongoing Coverage on Industrial Automation Domain
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The article discusses the projected growth of the global heat pumps market, expected to reach $50 billion by 2030.
Demand for tech-advanced cooling solutions, government initiatives to reduce emissions, and advancements in HVAC systems.
The pandemic has caused production delays and short-term changes in consumer behavior, but long-term growth remains positive.
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