LONDON--(BUSINESS WIRE)--TechNavio has published a new report on the Global Heat Pumps Market, which is expected to grow at a CAGR of 10.79 percent from 2014-2019.
According to the new report, using heat pumps for heating, cooling and refrigeration will be instrumental in helping to reduce CO2 emissions in the residential, commercial and industrial building sectors.
The new TechNavio report indicates that heat pumps aim to use energy efficiently, which can help save on building heating and cooling costs and help preserve the environment. Vendors in the market are working on developing new green technologies to create even more energy-efficient heat pumps for retrofitting.
“In developed regions like Europe, a lot of energy is used for heating. About 80 percent of the residential buildings in Europe are more than 20 years old, and heat pumps can prove to be a good replacement for old and less efficient fossil fuel-based heating equipment,” says Faisal Ghaus, Vice President of TechNavio.
The competitive business environment in this market is expected to intensify further in the future with increased product extensions and technological innovations.
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About TechNavio
TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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