The heat pump market is anticipated to exhibit robust growth by 2028 owing to mounting demand for space heating in key regions across the globe. In addition, the booming renewable energy sector is likely to foster industry expansion over the forecast period.

Heat pumps use a compressor and a liquid or gas refrigerant to pump heat from one location to another. Heat is taken from the outer environment and pumped indoors. Heat pump systems can be reversed, which enables them to transmit heat into the home during the winter and pull heat out during the summer. Favorable government policies for the reduction of carbon emissions and growing consumer preferences for sustainable heating systems have boosted product demand across the world.

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Furthermore, industry players are employing profitable strategies to cater to the escalating demand for sustainable and energy-efficient systems, thereby enhancing the overall business landscape. For instance, in August 2021, NIBE Industrier AB, a leading heating technology company, announced the acquisition of 50% shares in Go Geothermal Ltd., a major distributor of heat pumps in the United Kingdom. The deal enabled NIBE to expand its products and services across the UK by leveraging Go Geothermal's strong presence in the British market.

The heat pump market has been segmented on the basis of application, product, and region. With respect to application, the market has further been categorized into commercial and residential.

Under residential application, the heat pump market has been divided into multi family and single family. The single family segment held a valuation of more than USD 20 billion in 2020 and is projected to expand steadily over the forecast period. Meanwhile, the multi family segment is slated to exceed a revenue of USD 24 billion by the end of 2028.

Under commercial application, the heat pump market has been segregated into hospitality, educational institutes, offices, healthcare, logistics & transportation, and retail. The educational institutes segment is expected to progress at a rate of about 6% over the study timeline. In 2020, the healthcare segment was valued at nearly USD 2 billion and is speculated to observe notable growth through 2028.

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The retail segment is anticipated to record annual installation of more than 350,000 units by 2028. The logistics & transportation segment is poised to surpass a valuation of USD 1.5 billion by the end of 2028. In 2020, the offices segment attained a valuation of around USD 2 billion and is estimated to witness sturdy expansion through the review period. The hospitality segment is set to grow at approximately 7% CAGR over the assessment timeframe.

From the regional perspective, the Middle East & Africa heat pump market is likely to gain considerable momentum, expanding at a CAGR of above 4% over the analysis period. The Latin America heat pump market registered over USD 1 billion in revenue in 2020 and is projected to amass significant gains over the stipulated timespan.

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