The lead analyst at AMR highlighted that the heat pump market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the metaverse market. The findings of the report states that the global market for metaverse generated $55.2 billion in 2018, and is projected to reach $99.6 billion by 2026, witnessing a CAGR of 7.74% from 2019 to 2026. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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“Heat pump is a cost-effective modern heating method that is replacing fuel-based convention methods. As a result, increase in awareness regarding modern heating methods and their benefits is not only a way to move toward a smart heating solution but also is a sustainable way to reduce CO2emission. This shift from conventional to modern heating methods is shaping a growth trajectory of this market.” said Eswara Prasad, Manager, Chemical and Materials, at Allied Market Research.
The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Rise in adoption of heat pumps in the residential sector and benefits related to reduction of CO2 emissions fuel the growth of the global heat pump market. On the other hand, high investment costs impede the market growth. However, growing prominence of geothermal heat pump technology and favorable regulatory policies offer new opportunities in the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the heat pump market globally. It is helpful for market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. The outbreak of the pandemic gave way to temporary closure of a number of industrial and commercial units, which in turn decreased the demand for heat pumps from several industry verticals, thus impacting the global heat pump market negatively. However, as the global situation started getting back on trail, the market for heat pump also recovered slowly and steadily.
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By type, the air-to-air segment accounted for nearly three-fourths of the total share of the global heat pump market in 2018, and is projected to maintain the lion’s share during the forecast period. However, the water source segment would portray the fastest CAGR of 8.1% from 2019 to 2026.
By application, the residential segment contributed to the highest market share of the global heat pump market, contributing for nearly three-fourths of the total share in 2018. Simultaneously, the commercial segment would cite the fastest CAGR of 8.3% during the forecast period.
By region, Asia-Pacific held the major share in terms of revenue in 2018, holding more than two-fifths of the global heat pump market. Moreover, this region is also anticipated to maintain the fastest CAGR of 8.1% from 2019 to 2026.
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The key market players analyzed in the global heat pump market report include Daikin Industries Ltd., Glen Dimplex Group, Ingersoll Rand Plc, Melrose Industries PLC, Mitsubishi Electric Corporation, NIBE Industrier AB, Stiebel Eltron, Vaillant Group, Viessmann Werke GmbH & Co. KG, Panasonic Corporation, and others.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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