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(EstateNewsWire.com, August 17, 2018 ) Geothermal heat pumps market is estimated to surpass USD 130 billion up to 2024. Superior comfort and silent operation are the key properties driving the product demand. Geothermal products have relatively superior efficiency due to thermal exchange from ground which is at stable temperature. The segment will witness stagnant growth owing to decreasing demand particularly in Europe.
Asia Pacific Heat Pumps Market is set to witness fastest growth in the forecast timeframe. Growing construction accompanied by favorable regulatory policies on energy efficiency particularly in Japan, India and China will fuel the regional demand. Rising demand from the residential segment owing to increasing infrastructure development has enhanced the product development in this region.
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Residential, Industrial and Commercial are major end-use segments of the industry. Residential buildings are major contributor of the thermal activities particularly in North America and Europe. Rising demand for warming in residential segment due to the changing climatic conditions has enhanced the product scope. Heat pumps market has witnessed escalating trend in developed nations due to growing residential applications.
Shifting consumer preference towards ecofriendly and green technology is estimated to surge the business growth. Extensive R&D along with technological innovations in the energy efficient equipment will fuel the product development. Depletion of conventional energy sources and petroleum reserves accompanied by growing energy demand and regulatory compliance will create new avenues for the heat pumps market growth.
High initial costs and low consumer consciousness about fuel efficient substitutes are major restraining factors of the industry demand. Lack of government compliance in some regions is a major factor impacting the industry growth. Technical installation complications in existing structures may hamper the heat pumps market.
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Heat pumps market is further segmented based on product as geothermal, air to air and air to water pumps. Air to water is the dominating segment account for a major share in the overall industry in 2016. The segment is set to witness significant growth owing to its increasing applications.
Global heat pumps market share is highly competitive. The major industry players include Viessmann Group, Danfoss Group Global, The Bosch Group, United Technologies Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, NIBE Group and Daikin Industries Ltd.
Global Market Insights, Inc.
Arun Hegde
1-888-689-0688
sales@gminsights.com
Source: EmailWire.Com
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