Heat Pump Market Trends, Reginal Opportunities & Growth Outlook To 2030

According to the latest report, the global heat pump market size is projected to exceed USD 94 billion by 2030. Rapidly increasing population and a growing number of household units in developing regions will fuel the demand for power-saving space heating solutions. Renewable heating systems are particularly gaining traction in the service sector, with a growing need for energy-efficient technologies. Several governments worldwide are spreading awareness regarding the harmful impact of fossil fuel-based energy systems, which continue to prevail across commercial as well as residential users.

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Speaking of the product type, the water source heat pump industry share is estimated to be over USD 1 billion by 2030, says the report. High demand for HVAC systems and the rising number of renovation activities in non-residential structures will influence the product adoption. These heat pumps are widely used in the hospitality sector, hospitals, and private properties, due to high-efficiency heating and cooling capabilities. They are also the preferred low-carbon sources of heating with optimum performance reliability and low retrofitting & installation costs.

The study indicates substantial product demand from commercial applications, supported by dramatic growth in investments across the servicing sector. Development of advanced infrastructure for hospitals, universities, office centers, and hotels, are pushing the demand for sustainable heating technologies. In March 2021, Valliant Group introduced brine-water and air-water heat pumps called geoTHERM perform and aroTHERM perform respectively for large and commercial properties.

The Latin America heat pump market size is anticipated to witness steady expansion, with a fast growing population across the region. The report indicates a spurt in consumer expenditure for installing space heating solutions as a key industry driver. A positive outlook toward clean energy alternatives and favorable acceptance of eco-friendlier HVAC systems will foster heat pump deployment in the region. LATAM has a high prevalence of climatic changes and disasters, while it also accounts for 8.4% of global carbon emissions. With significant concerns associated with environmental challenges, consumers will gradually shift to energy-saving heating & cooling systems.

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