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DUBLIN--(BUSINESS WIRE)--Oct 6, 2022--
The "Heat Pump Market, by Type, by Power Source, by End User, by Refrigerants, and by Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
A heat pump is a mechanical device that transmits thermal energy from a source to a thermal reservoir. Heat pumps transfer heat energy in the opposite direction of spontaneous heat transfer by absorbing heat from cold space and releasing it a warmer one. Refrigerator and air conditioner are the most commonly known heat pumps.
Refrigerator and air conditioner work only on cooling cycle, whereas heat pumps can operate on fully reversible cooling cycle. Increasing demand for eco-friendly and technologically advanced devices in heating and cooling applications is expected to boost the demand for heat pumps. Growing demand for eco-friendly devices worldwide is directly proportional to the global heat pumps demand, as heat pumps are very useful in reducing CO2 emission.
Market Dynamics
Heat pumps require low operation and maintenance cost, which is the major factor boosting its demand. Moreover, growing demand for heat pumps for residential application and significant contribution of heat pump technology in reducing carbon emissions is a major factor that is expected to boost the growth of heat pump market globally.
Significant growth of construction industry combined with growing implementation of strict regulatory policies by governments, especially in China, South Korea, Japan, and the U.S. are expected to boost the demand for heat pumps for residential application. Moreover, subsidies on purchase of heat pumps provided by the government, tax credit schemes and increasing use of energy are expected to boost the market.
Key features of the study:
Market Segmentation
Global Heat Pump Market, By Type:
Global Heat Pump Market, By Power Source:
Global Heat Pump Market, By End User:
Global Heat Pump Market, By Refrigerants:
Global Heat Pump Market, By Region:
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/msw0k7
View source version on businesswire.com:https://www.businesswire.com/news/home/20221006005539/en/
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/06/2022 06:53 AM/DISC: 10/06/2022 06:53 AM
http://www.businesswire.com/news/home/20221006005539/en