LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global heat pump market to post a CAGR of more than 8%, according to their latest market research report.
The increased adoption of solar powered heat pumps is one of the major trends being witnessed in the global heat pump market 2018-2022. Installing a heat pump with a solar PV system offers dual benefits in terms of energy savings and reduced dependency on fossil fuels. This also helps organizations cut down on the overall carbon footprint. Most state governments are also emphasizing on increasing the dependency on clean sources of energy.
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In this report, according to Technavio analysts, one of the key factors contributing to the growth of the global heat pump market is the growing construction sector:
Global heat pump market: Growing construction sector to boost growth
The construction sector plays a major role in driving the demand for heat pumps owing to the increase in construction of commercial and residential buildings. Air-conditioning, refrigeration, and space heating are the common applications of heat pumps in both residential and commercial buildings. Other applications include hot water supply in commercial buildings, cold storage warehouses, and process heat and steam for industrial applications.
According to a senior analyst at Technavio, “An increase in the trend of developing green buildings owing to growing environmental concerns will further drive the demand for heat pumps. APAC is emerging as a major construction hub due to ongoing developments in infrastructure and real estate sectors in the region.”
Global heat pump market: Market segmentation and analysis
This market research report segments the global heat pump market by product (ASHP, GSHP, and EAHP), and geography (APAC, the Americas, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
In 2017, EMEA accounted for a major share in the global heat pump market, followed by the Americas and APAC. However, the region is expected to witness a decline during the forecast period, while APAC is expected to witness a significant increase of more than 3% in its market share by 2022.
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