The heavy duty heat pump market has witnessed impressive growth in the past few years. This growth is projected to remain constant or increase due to the increase in demand for heating and cooling each year. Heavy duty heat pumps provide heating and cooling for large scale purposes such as residential parks, commercial buildings such as district heating and cooling, data centers, etc., industrial and CHPCs. Heavy duty heat pumps can be air source heat pumps, geothermal heat pumps and absorption heat pumps.
In this study, the demand for heavy-duty heat pumps is examined. The impact of COVID-19, macroeconomic variables, market trends, and market history have all been researched in the market for heavy duty heat pumps worldwide.
According to the study’s intended audience, FMI has examined the market based on a variety of market segments, consumer interests, and geographic regions. On the major rivals in the market, the study provides both qualitative and quantitative information. Additionally, the market is looked at in this essay from both the supply and demand sides.
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Key Takeaways
- Heavy duty heat pumps market is expected to surpass a valuation of US$ 450 Mn by 2021, as demand continues to increase in commercial, industrial, and residential sectors
- Backed by increasing application of district heating and cooling, the U.S. will account for over 68% of sales in North America in 2021
- Despite significant drop in demand amid pandemic, the year 2021 will be positive, allowing the U.K. market to register 2.9% y-o-y growth in 2021
- Expansion of construction sector will be a boon for the market in China and Japan
- Rising construction of commercial space in India, will create a conducive environment for the expansion of the heavy duty heat pumps market
“Surge in demand for imperishable and green energy solutions is expected to provide an impetus to heavy duty heat pump sales. The substantial increase in the demand from the supplier side and from end-use industries across the globe is propelling the heavy duty heat pump market growth. The use of heavy duty heat pumps for replacing conventional heating systems in the commercial, industrial and other sectors for heating and cooling is rising.” says an FMI analyst.
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The heavy duty heat pump market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop more in the field of commercial and industrial requirements. Collaboration with local players and developing new technology in the form of advanced heavy duty heat pumps is a prime strategy expected to flourish in the forecast period.
Heavy-duty heat pumps are mostly used in residential, commercial, and industrial industries. It also finds application in CHPCs for ensuring seamless uninterrupted supply of heating and cooling.
Read More:
https://penzu.com/journals/26115562/81696161
https://www.promorapid.com/read-blog/284122
https://issuu.com/sonufmi/docs/heat_recovery_steam_generator_market.docx