LEWES, Del. — The global heat pump market is projected to grow at a compound annual growth rate of 10.60% from 2024 to 2031, according to a new report published by Verified Market Research (VMR).
The report shows that the market is valued at $74.73 billion in 2024 and is expected to reach $167.32 billion by the end of the forecast period.
The heat pump market is driven by rising energy-efficiency demands, government incentives, and advancements in technology that have enhanced system performance and reduced costs, a press release from VMR said. Increasing awareness of the importance of environmental sustainability also boosts heat-pump adoption.
However, market growth is also restrained by high initial installation costs, limited awareness in emerging economies, and the complexity of retrofitting existing systems, VMR said. Additionally, fluctuations in raw material prices and regulatory challenges can impede market expansion, VMR said.
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