Reversible Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial) & Forecast, 2023 - 2032

Reversible Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial) & Forecast, 2023 - 2032

Reversible Heat Pump Market Size

Reversible Heat Pump Market size surpassed USD 10 billion in 2022 and is anticipated to register 14% CAGR from 2023 to 2032 driven by rising disposable income, increasing purchasing power, and shifting consumer focus towards efficient heat pump technologies.

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The mounting use of advanced heating & cooling technologies is propelling the business growth. The launch of new small and large-scale heating and cooling projects using renewable energy sources is contributing to the surging product uptake. Additionally, ongoing R&D initiatives by top heat pump manufacturers are speculated to enhance operational capabilities and play a pivotal role in shaping the reversible heat pump industry dynamics.
 

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Availability of economical alternatives may restrain industry progression

Despite a positive outlook for product adoption, the easy availability of conventional heating and cooling systems with renewable or fossil fuel sources is hindering reversible heat pump market expansion. However, functional advantages of reversible heat pumps viz., operational costs, incentives, and tax refunds are poised to fuel the sales. In order to balance the cost restraints for customers, many administrative agencies have also created beneficial schemes, such as the Boiler Upgrade Scheme in the UK that was introduced to control carbon heating systems in homes, which is foreseen to prove lucrative for the industry landscape.

Reversible Heat Pump Market Analysis

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The air source reversible heat pump industry size is slated to foresee 14.5% growth during 2023-2032. The improving living standards of people, along with the increasing demand for cost-efficient and compact heating & cooling technologies, is set to bolster the demand for these pumps. Furthermore, cumulative concerns regarding carbon footprint are likely to boost the requirement for clean and energy-efficient technologies.

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The residential reversible heat pump market segment is primed to depict remarkable growth by 2032 propelled by the expanding population base, which is propelling the demand for heating & cooling solutions across various geographies. However, the introduction of favorable measures in line with the significant espousal of advanced systems is flourishing product utilization in residential settings. To cite an instance, in March 2022, the U.S. Department of Energy announced an investment of more than USD 3 billion toward making low-income homes more energy-efficient while reducing utility expenses.

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Europe reversible heat pump industry exceeded USD 4.5 billion in 2022 attributed to favorable regulatory initiatives reinforced in the form of numerous fiscal schemes and policies. In addition, the strong presence of major industry participants and supportive government collaborations focused on rigorous R&D initiatives are fueling regional industry expansion. Moreover, in October 2022, Mitsubishi Electric, a Japanese electronics and electrical equipment manufacturer, launched the R32 air-cooled chiller and an R32 reversible heat pump produced in its Italian manufacturing facility.

Reversible Heat Pump Market Share

Key participants involved in the reversible heat pump market scenario are

• Carrier
• Glen Dimplex Group
• Trane
• Panasonic Corporation
• Systemair AB
• Vaillant Group
• HOVAL
• Daikin Industries Ltd
• Toshiba Air Conditioning
• Viessmann
• Hitema SRL
• Swegon Group AB
• Johnson Controls
• Keyter Technologies S.L.,
• Rhoss Deutschland GmbH.

These firms are engaging in product innovation and organic business tactics, such as partnerships and acquisitions, to gain a competitive edge in the industry.

Recently, in March 2023, Viessmann, a manufacturer of heating and refrigeration systems, launched Vitocal 250-A and Vitocal 252-A, a novel series of air-to-water heat pumps designed to modernize oil and gas heating systems projects. These units can be installed in lesser time and are not required to redesign floor heating or the heating system.

This market research report on reversible heat pump includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” and “USD Million” from 2019 to 2032 for the following segments

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Market, By Product

• Air Source
• Ground Source
• Water Source

Market, By Application

• Residential
• Commercial
• Industrial

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • Turkey
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina