Portland,, OR, April 08, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global heat pump market was pegged at $52.4 billion in 2018, and is projected to reach $94.7 billion by 2026, growing at a CAGR of 7.7% from 2019 to 2026.
High adoption in the residential sector and contribution of heat pump technology in reducing CO2 have boosted the growth of the global heat pump market. However, high costs associated with heat pumps hamper the market growth. On the contrary, surge in popularity of geothermal heat pump technology is expected to create lucrative opportunities in the near future.
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The global heat pump market is segmented on the basis of type, application, and geography. Based on type, the market is categorized into air-to-air, water source, and geothermal. The air-to-air segment dominated the market in 2018, accounting for more than three-fourths of the market. However, the water source segment is projected to register the highest CAGR of 8.1% during the forecast period.
On the basis of application, the market is divided into residential, industrial, and commercial. The residential segment held the lion’s share in 2018, contributing to nearly three-fourths of the market. However, the commercial segment is anticipated to manifest the highest CAGR of 8.3% during the study period.
The global heat pump market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2018, holding more than two-fifths of the market. Moreover, the region is projected to portray the highest CAGR of 8.1% during the forecast period.
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The global heat pump market report includes an in-depth analysis of the major market players such as Daikin Industries Ltd., Ingersoll Rand Plc, Glen Dimplex Group, Mitsubishi Electric Corporation, Melrose Industries PLC, StiebelEltron, NIBE Industrier AB, ViessmannWerke GmbH & Co. KG, Vaillant Group, and Panasonic Corporation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.