ShareThe global heat pumps market
The global heat pumps market is estimated at 58.3 million units in 2013 and forecasted to grow at a 2014-2020 Compound Annual Growth Rate (CAGR) of 10.6%.
According to a new Industry Experts market report proposed by Reportlinker, the global heat pumps market is estimated at 58.3 million units in 2013 and forecasted to grow at a 2014-2020 Compound Annual Growth Rate (CAGR) of 10.6%.
The heat pumps market worldwide is further projected to reach 116.9 million units by 2020. In terms of value, global demand for heat pumps is anticipated to reach a projected USD 116.6 billion by 2020 from an estimated USD 56.9 billion in 2013.
Heat pump types analyzed, for space cooling, space heating and sanitary hot water heating, in this study include air-to- air, air to water and ground source heat pumps. Sales of air to water heat pumps were the fastest growing segment at a CAGR of 21.5% over 2007-2010, reaching 1.3 million units in 2010 from an estimated 730 thousand units in 2007.
Further, volume sales of air to water heat pumps are likely to surpass the other heat pump categories by registering a 2014-2020 compounded annual growth rate of 13.6% in regions such as the United States and China.
Among various types of heat pump technologies, gas driven, hybrid and CO2 heat pumps are expected to gain the market share in the coming years.
Heat pump types analyzed, for space cooling, space heating and sanitary hot water heating, in this study include air-to- air, air to water and ground source heat pumps. Sales of air to water heat pumps were the fastest growing segment at a CAGR of 21.5% over 2007-2010, reaching 1.3 million units in 2010 from an estimated 730 thousand units in 2007.
Further, volume sales of air to water heat pumps are likely to surpass the other heat pump categories by registering a 2014-2020 compounded annual growth rate of 13.6% in regions such as the United States and China.
Among various types of heat pump technologies, gas driven, hybrid and CO2 heat pumps are expected to gain the market share in the coming years.