Heat Pump Market to Reach $99.6 Bn, Globally, by 2026 at 7.7% CAGR

Allied Market Research - Seite 2

The residential segment to maintain its dominance by 2026

Based on application, the residential segment accounted for the highest market share of the global heat pump market, accounting for nearly three-fourths of the total share in 2018, and is expected to maintain its dominance by 2026. This is attributed to climatic changes promoting adoption of heat pumps to offer heating solutions during cooler seasons and cooling solutions during hot days. However, the commercial segment would register the highest CAGR of 8.3% from 2019 to 2026, owing to versatility, long-term reliability, and low maintenance of heat pumps.

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Asia-Pacific to dominate by 2027, North America to grow steadily

Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2018, accounting for more than two-fifths of the global heat pump market, and is expected to maintain its lead position during the forecast period. Moreover, this region is expected to maintain the highest CAGR of 8.1% from 2019 to 2026. This is due to high adoption of the system in China with population relying on cost- and energy-effective energy products. However, North America is expected to register a CAGR of 7.4% during the forecast period.

Leading market players

• 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
• Panasonic Corporation

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