Summary

The global heat pump market is projected to reach USD 83.5 billion by 2026 from an estimated market size of USD 53.2 billion in 2021, at a CAGR of 9.5% during the forecast period. The factors driving the growth for heat pump market are the supportive government laws and subsidies to enhance energy efficiency. “Air-to-Air heat pump segment dominates the global market”The air-to-air heat pump segment is estimated to have the largest market share and is expected to grow at the with a CAGR of 9.5% during the forecast period. The air-to-air heat pump type is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to emit the lowest amount of CO2 compared to other heat pump types.“Residential segment to lead the global heat pumps market “The residential end user segment holds the largest share in the heat pumps market, followed by commercial. The government initiatives to enhance energy efficiency in the residential sector is expected to drive the residential segment during the forecast period.“Asia Pacific dominates the global heat pumps market in terms of annual growth rate” The Asia Pacific region is estimated to be the largest market for the heat pump market, followed by North America. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the residential, commercial, and industrial sectors.Breakdown of Primaries:In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows: By Company Type: Tier I–65%, Tier II–24%, and Tier III–11%By Designation: C-Level–30%, Director Level–25%, and Others–45%By Region: Middle East & Africa–7%, Asia Pacific–34%, North America–27%, South & Central America–12%, Europe–20% Note: Others includes sales managers, marketing managers, product managers, and product engineers. The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3:

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