Heat Pump Market was Dominated by Air-to-Air Heat Pumps

The heat pump market will power at a compound annual growth rate of 7.8% by the end of this decade to reach a value of USD 105,462.1 million by 2030.

This significant growth of the industry is due to substantial shift from conventional fuel-based heating technology in home appliances to heat pump technology, as a cost-effective heating method.

The collaboration of IoT with these pumps is creating massive growth opportunities as IoT embedded heat pumps allow real-time monitoring, predictive maintenance and remote diagnosis of its parts.

These pumps are installed with smart regulators that support in checking the changes in the environment and connecting with their water heater apparatus. The integration of machine learning and AI in heat pumps to lower energy consumption and improve efficiency can also come good in improving the demand for these pumps.

The heat pump technology helps in significant reduction of CO2 emissions and also follows favorable regulatory policies which in turns leads to the expansion of the industry.

The varying climatic conditions, fast urbanization and demographic transformations are helping in increasing the demand for energy-efficient pumps.

Surging demand of heat pumps to reduce carbon footprint is also boosting their demand. When energy is generated from fossil fuels it results in emission of GHGs in large volumes due to which, there is a depletion of the ozone layer.

Many nations all over the world are finding ways to shift from non-renewable energy sources to renewable sources in order to reduce harmful emissions.

The Government of the Netherlands has come up with National Climate Agreement which says 49% reduction in greenhouse gas emissions by 2030 and a 95% reduction by 2050.

Air-to-air heat pumps had the largest 75% share. Fast and simple installation, prolonged life and low emissions are key features helping to accelerate the demand for these pumps.

These pumps function by absorbing heat from the external air and sending it to an enclosed space via the central heating system. Massive investments in the development of tailored systems for processes across regions with extreme climatic conditions are going to propel business expansion for the prominent manufacturers.