Heat Pump Market will Grow Rapidly in Near Future
A heat pump is an electrical device that uses electricity to transfer heat from one place to another. Refrigerants play a key role in the movement of heat from one set of coils in the heat pump to another. Thus, the heat exchange process allows the heat pump to warm the room/building/facility during the winter and cool during the summer. The heat pump has four main components—an evaporator, a condenser, a compressor, and an expansion device. Refrigerant is the working fluid that passes through all these components. The heat pump only transfers heat and does not generate it. It is considered an energy-efficient alternative to furnaces and air conditioners in all climates.
The global heat pump market is expected to grow from an estimated USD 90.1 billion in 2024 to USD 157.8 billion by 2029, at a CAGR of 11.8% during the forecast period.
领英推荐
Heat Pump is a more reliable way of heating & cooling on a large scale. The versatile nature of heat pump could enable the transition to a cleaner world and a stronger global economy this is pivotal in propelling the expansion of the heat pump market. Furthermore, The global expansion of heating and cooling solutions has heightened the adoption of heat pump. The amalgamation of these systems with renewable energy contributes to their increased demand, aligning with global efforts to diminish reliance on fossil fuels and minimize carbon footprints. Government support and stringent safety regulations are pivotal factors driving the growth of the heat pump market. To incentivize the development and expansion of heat pump, many governments provide financial support, subsidies, and favorable regulatory environments.
Heat pumps can be integrated with renewable energy sources such as solar and wind power, enabling more sustainable and eco-friendly heating and cooling solutions, which align with the global trend towards renewable energy adoption. Implementation of building codes and standards that mandate minimum energy performance requirements for HVAC systems, including heat pumps, drives demand for higher-efficiency equipment and encourages market growth. Smart home platforms provide detailed insights into energy usage patterns, allowing users to monitor and analyze the performance of their heat pump systems in real time. This visibility empowers users to identify opportunities for further energy savings and make informed decisions about their heating and cooling needs.
The Global Geothermal Alliance states that approximately 90 nations, including the US, Mexico, Indonesia, and Italy, have great potential for geothermal energy use. These countries stand to gain from improved exploration and drilling as well as improved oil and gas industry operations. The Climate Policy Initiative, an analysis and advisory organization, stated in September 2017 that in order to attract private investments and meet the 23 GW target by 2030, public financing for geothermal energy must increase from USD 7.4 billion to USD 73 billion. This is due to the fact that global spending on oil field exploration and development is on the rise.