The heat pumps market is gaining from growing urbanization along with rising living standards over the past couple of years. As construction volumes is estimated to witness an astronomical 85% rise over the next ten years, the heat pumps market is predicted to accrue worth US$ 15.5 trillion over the end of the period.
A heat pump is a device that employs mechanical energy for the transfer of heat from a colder area to a hotter area. Heat pumps offer advantages of low maintenance, superior safety, and reduced operational costs that aid in fuelling the heat pump market.
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Rising environmental concerns of fossil fuels due to carbon emissions as well as fluctuating energy prices is resulting in shift for renewable energy sources. And, exploding demand of energy for industrial, commercial, and residential use is necessitating the adoption of energy-efficient technologies. Such measures for energy saving will eventually fuel the heat pumps market.
And, with growing demand for heating indoor spaces in some regions such as America, Europe, and parts of Asia Pacific, the demand for energy-efficient methodologies such as use of heat pump is poised to continue to rise.
Efforts to Tap Renewable Energy Sources underpins Growth
Meanwhile, as stakeholders world over scurry to handle the burgeoning energy crisis, the merits of renewable sources of energy and their viability for energy needs in the long run receives the nod of large populations. And, most governments across the world agree to this. Thus, in a bid to meet energy needs and validate the use of renewable energy, the heat pumps market is benefitted in the form of incentives and subsidiaries.
The heat pumps market has presence of some large well-entrenched players who hold considerable share, and are expected to maintain their position in the years ahead. Key players in the heat pumps market include United Technologies Corporation, NIBE Group, Ingersoll-Rand, Robert Bosch GmbH, Mitsubishi Electric Corporation, Daikin Industries, and The Viessmann Group.
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